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Introduction – Standards of Business Conduct

A.

B.

|    |                                                                                  |
|----|----------------------------------------------------------------------------------|
| C. | Conflicts of Interest – Prevention and Management    4 |

|    |                                                                                      |
|----|--------------------------------------------------------------------------------------|
| D. | Additional Standards of Conduct and Regulatory Requirements    4 |

|    |                                                                                                        |
|----|--------------------------------------------------------------------------------------------------------|
| E. | Reporting of Potential Code of Ethics or other Compliance Violations/Breaches    5 |

|    |                                                         |
|----|---------------------------------------------------------|
| F. | Non-Compliance with the Policy    5 |

Applicability of Policy and General Requirements For all Covered Persons

A.

B.

C.

Specific Personal Trading Restrictions For all Covered Persons

A.

B.

C.

D.

E.

F.

G.

Additional Trading Restrictions for Investment Employees

A.

14 Day Blackout Period

B.

C.

3 Day Blackout Period

Reporting and Administration Requirements

A.

B.

C.

D.

E.

Appendix A – Entities that have adopted Global Policy

Appendix B – Other Policies Applicable to Covered Persons

Appendix C – Compliance and Reporting Resources

Appendix D – Individual Securities Requirements

Appendix E – Covered Funds List

Appendix F – Options/Shorting Trading Guidelines

Appendix G – Limited Choice Policy

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|    |                                                            |
|----|------------------------------------------------------------|
| A. | General Principles - Required Standard of Business Conduct |

|    |                      |
|----|----------------------|
| B. | Duty Owed to Clients |

|         |                                                              |
|---------|--------------------------------------------------------------|
| • | To act solely in the best interests of clients at all times. |

|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | To make full and fair disclosure of all material facts, particularly where the Firms’ interests may conflict with those of its clients. |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | To act in a manner which satisfies the fiduciary duty owed to clients. |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | To refrain from favoring the interest of a particular client over the interests of another client. |

|         |                                                                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | To keep all information about clients (including former clients) confidential, including the client’s identity, client’s securities holdings information, and other non-public information. |

|         |                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|
| • | To exercise a high degree of care to ensure that adequate and accurate representations and other information is presented appropriately. |

|         |                                  |
|---------|----------------------------------|
| • | Defrauds a client in any manner. |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | Misleads a client, including any statement that omits material facts. |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | Operates or would operate as a fraud or deceit on a client. |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | Functions as a manipulative practice with respect to a client. |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | Functions as a manipulative practice with respect to securities. |

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|         |                                                                |
|---------|----------------------------------------------------------------|
| • | To have a reasonable, independent basis for investment advice. |

|         |                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------|
| • | To ensure that investment advice is suitable to the client’s investment objectives, needs and circumstances. |

|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | To refrain from effecting Personal Securities Transactions inconsistent with clients’ interests. |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | To obtain best execution for clients’ securities transactions. |

|     |                                                           |
|-----|-----------------------------------------------------------|
| (i) | The Firms’ interests over a client’s interest |

|      |                                                                 |
|------|-----------------------------------------------------------------|
| (ii) | The interest of a Covered Person over a client’s interest |

|       |                                                                  |
|-------|------------------------------------------------------------------|
| (iii) | One client’s interest over another client’s interest |

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|    |                                       |
|----|---------------------------------------|
| A. | Applicability and Scope of the Policy |

|    |                                                                                    |
|----|------------------------------------------------------------------------------------|
| 1. | Employees, Contractors, Directors and others who are “Covered Persons” |

|         |                                                          |
|---------|----------------------------------------------------------|
| • | All Columbia and Threadneedle employees and contractors. |

|         |                                                                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Any other individual with a specific role (including working on a project) which compels Covered Person status due to access to proprietary information (e.g., holdings/transactions), such as the member of a staff group that provides ongoing audit, technology, finance, compliance, or legal support to Firms. |

|         |                                                                 |
|---------|-----------------------------------------------------------------|
| • | Any other persons that may be deemed appropriate by Compliance. |

|    |                                                                                                         |
|----|---------------------------------------------------------------------------------------------------------|
| 2. | Applicability of Policy to Certain Household Members, Trusteeships and Executorships of Covered Persons |

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|         |                                    |
|---------|------------------------------------|
| • | In the Covered Person’s name |

|         |                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
| • | In the name of the Covered Person’s spouse/partner and/or any financially dependent members of the Covered Person’s household, |

|         |                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Of a partnership in which the Covered Person or a member of his/her immediate family is a partner with direct or indirect investment discretion |

|         |                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Of a trust in which the Covered Person (or a member of his/her immediate family) is a beneficiary and a trustee with direct or indirect investment discretion |

|         |                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Of a closely held corporation in which the Covered Person or a member of his/her immediate family holds shares and have direct or indirect investment discretion |

|    |                                                                               |
|----|-------------------------------------------------------------------------------|
| B. | Insider Dealing Restrictions – Misuse of Material Nonpublic Information |

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|    |                                                                                                                 |
|----|-----------------------------------------------------------------------------------------------------------------|
| C. | Notification of Brokerage Accounts and Holding Brokerage Accounts at Designated Broker-Dealers (Limited Choice) |

|    |                                                                    |
|----|--------------------------------------------------------------------|
| A. | Client Conflict – Prohibition on “Front Running” |

|    |                                                                  |
|----|------------------------------------------------------------------|
| B. | Prior Approval (Pre-Clearance) of Personal Security Transactions |

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|    |                                                        |
|----|--------------------------------------------------------|
| C. | Short-Term Trading Prohibition (30 Day Holding Period) |

|    |                                   |
|----|-----------------------------------|
| 1. | Individual Securities at a Profit |

|    |                                                    |
|----|----------------------------------------------------|
| 2. | Covered Funds and other Pooled Investment Vehicles |

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|    |                                                                     |
|----|---------------------------------------------------------------------|
| D. | Initial Public Offerings (“IPOs”) and Limited Offerings |

|    |                                   |
|----|-----------------------------------|
| E. | Participation in Investment Clubs |

|    |             |
|----|-------------|
| F. | Derivatives |

|    |                                       |
|----|---------------------------------------|
| G. | Frequent and Unusual Trading Activity |

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|    |                                                                             |
|----|-----------------------------------------------------------------------------|
| A. | Rules Applicable to Portfolio Managers and other Designated Covered Persons |

|    |                                       |
|----|---------------------------------------|
| B. | Rules Applicable to Research Analysts |

|    |                                       |
|----|---------------------------------------|
| C. | Rules Applicable to Trading Personnel |

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|    |                        |
|----|------------------------|
| A. | Reporting Requirements |

|    |                                                                                                                                                                                                                                                                 |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1. | Initial Holdings Report and Certification:  Upon becoming a Covered Person under this Policy, one must disclose all securities holdings (as indicated in Appendix D) in which they have Beneficial Ownership. All brokerage accounts must be disclosed. |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. | Annual Certification: Covered Persons are also required to complete an annual accounts and holdings certification. This certification allows the Covered Person to validate the Brokerage Accounts and certain securities holdings in which they have Beneficial Ownership. Covered Persons also certify that they have received, read and understand the Policy.  This information must be current as of a date no more than 45 days prior to the date the report was submitted. |

|    |                                                                                                                                                                                                                                                                                     |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3. | Quarterly Certification: On a quarterly basis, Covered Persons must also certify to securities transactions outside of a previously reported and approved Brokerage Account.  The quarterly certification must be completed within 30 calendar days of the last day of the quarter. |

|    |                 |
|----|-----------------|
| B. | Confidentiality |

|    |                                                              |
|----|--------------------------------------------------------------|
| C. | Certification of Compliance with and Annual Review of Policy |

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|    |           |
|----|-----------|
| D. | Resources |

|    |                            |
|----|----------------------------|
| E. | Recordkeeping Requirements |

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