Common use of Non-Exclusivity Clause in Contracts

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Adviser, the Portfolio(s) and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Investment Adviser, the Fund(s) and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the directors, officers or directors and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Investment Adviser, the Fund(s) and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Manager, the Allocated Portion and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Sub- Adviser to the Adviser and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Investment Adviser and the Trust Fund are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, managers, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Adviser, the Funds, and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust Company with respect to the Fund are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the officers or and directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Investment Adviser, the Fund(s) and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Adviser, the Fund(s) and the Trust Company are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to Manager, the Adviser Funds and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Sub-Adviser , so long as its services under this Agreement are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companiesimpaired thereby.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Investment Adviser, the Portfolio(s) and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the directors, officers or directors and employees of the Sub-Adviser are not hereby prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Investment Adviser, the Funds and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Manager, the Portfolio(s) and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Manager to the Sub-Adviser to Adviser, the Adviser and the Trust are not to be deemed to be exclusive, and the Sub-Adviser Manager shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Sub-Adviser Manager are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Investment Adviser, the Fund(s) and the Trust Corporation are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Adviser, the Fund and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Manager, the Fund and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities, so long as the services provided hereunder by Sub-Adviser are not impaired. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust Funds are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust with respect to the Master Portfolio are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the officers or and directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to Manager, the Adviser Funds, and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Sub-Sub- Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Investment Adviser, the Fund and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, employees and affiliates of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Adviser, each Fund and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall will be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust with respect to the Portfolio are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the officers or and directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust Company with respect to the Fund are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the officers or and directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other the person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Investment Adviser, the Fund(s) and the Trust Corporation are not to be deemed to be exclusive, and the Sub-Adviser shall will be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Investment Adviser, the Fund(s) and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the Trustees, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors Trustees, trustees, or trustees employees of any other firm or trust, including other investment advisory companiesTrust.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust with respect to the Fund are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the officers or and directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other the person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser Advisor to the Adviser Advisor, the Fund(s) and the Trust Company are not to be deemed to be exclusive, and the Sub-Adviser Advisor shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser Advisor are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Funds and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities, so long as the services provided hereunder by Sub-Adviser are not impaired. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Manager, the Portfolio and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companiesfirms.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Manager, the Funds and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities, so long as the services provided hereunder by Sub-Adviser are not impaired. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Investment Adviser and the Trust Portfolio are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.. It is understood that the Sub-Adviser performs investment advisory services for various clients, including accounts of clients in which the Sub-Adviser or associated persons have a

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Adviser, the Fund(s) and the Trust Company are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or the directors , officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Adviser, the Funds and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Investment Adviser, the Fund and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust Company with respect to the Funds are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the officers or and directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust Company are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other management services to others (including other investment companies) and to engage in other activities, so long as its services under this Agreement are not impaired thereby. It is understood and agreed that the officers or and directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, officers or directors or trustees of any other firm or trustcorporation, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Manager, the Fund and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in any other activities, so long as the services provided hereunder by Sub-Adviser are not impaired. It is understood and agreed that officers or directors the directors, officers, and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Xxxxx Cap Sub-Adviser to the Sub-Adviser, the Adviser and the Trust are not to be deemed to be exclusive, and the Xxxxx Cap Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Xxxxx Cap Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companiesfirms. Section 14.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust hereunder are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Investment Adviser, the Portfolio(s) and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the directors, officers or directors and employees of the Sub-Adviser are not hereby prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees or trustees employees of any other firm or trust, including other investment advisory companies.corporation. Exhibit (d)(iii)

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the officers or and directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser and the Trust with respect to the Fund are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the officers or and directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Adviser, the Fund and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors the directors, officers, affiliates and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees, or trustees employees of any other firm or trust, including other investment advisory companiescorporation.

Non-Exclusivity. The services of the Sub-Adviser to the Adviser Adviser, the Fund and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the directors, officers or directors and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors directors, trustees or trustees employees of any other firm or trust, including other investment advisory companiescorporation.