**Exhibit            (p)(1)**

 

**CODE OF ETHICS**

**Effective as of February 1, 2006**

| **I.** | **INTRODUCTION** |
|--------|------------------|

This Code of Ethics (the “Code”) is adopted            by:

 

|   | (i) | Aberdeen Asset Management Inc. |
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|   | (ii) | Aberdeen Asset Management                            Limited |
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|   | (iii) | Aberdeen Asset Management Asia                            Limited |
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|   | (iv) | Aberdeen Asset Management Investment                            Services Limited |
|--------|------|----------------------------------------------------------------------------------|

 

(each hereinafter referred to individually as an            “Adviser” and, together, as the “Advisers”) in compliance with            the requirements of Rule 17j-1 adopted under the Investment Company Act of 1940, as            amended (the “1940 Act”), and Sections 204A and 206 of the Investment            Advisers Act of 1940, as amended (the “Advisers Act”), and specifically            Rules 204A-1 and 204-2 thereunder, to effectuate the purposes and objectives of those            provisions.

 

Additionally, the Federal Securities Laws (as defined            below) require investment advisers, funds and others to adopt policies and procedures            to identify and prevent the misuse of material, non-public information. Section V of            this Code discusses the prohibitions from trading on material non-public information or            communicating material, non-public information to others in violation of the Federal            Securities Laws.

 

| **A.** | **Applicable Provisions of the 1940 Act                            and Advisers Act** |
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Access Persons (as defined below) may not, in connection            with the purchase or sale, directly or indirectly, by such person of a Security Held or            to be Acquired (as defined below) by any Client (as defined below) or otherwise            directly or indirectly:

|   | (i) | employ any device, scheme or artifice to                            defraud any Client (as defined below) or prospective Client; |
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|   | (ii) | make to any Client, any untrue statement of                            a material fact or omit to state a material fact necessary in order to                            make the statements made to the Client, in light of the circumstances                            in which they are made, not misleading; |
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|   | (iii) | engage in any act, transaction, practice or                            course of business that operates or would operate as a fraud or deceit                            upon any Client or prospective Client; |
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|   | (iv) | engage in any act, practice, or course of                            business which is fraudulent, deceptive or manipulative; |
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|   | (v) | acting as principal for his/her own                            account, knowingly to sell any security to or purchase any Reportable                            Security (as defined below) from a Client, or acting as a broker for a                            person other than such Client, knowingly to effect any sale or purchase                            of any Reportable Security for the account of such Client, without                            disclosing to such Client in writing before the completion of such                            transaction the capacity in which he/she is acting and obtaining the                            consent of the Client to such transaction; and |
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|   | (vi) | engage in any act, practice, or course of                            business in violation of any applicable government law, rule or                            regulation, including but not limited to the Federal Securities                            Laws. |
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Under the Advisers Act the Advisers are required            to:

 

|   | **•** | adopt and enforce Codes of Ethics setting                            forth standards of conduct for advisory personnel, and to address                            conflicts arising from personal trading by advisory personnel (Rule                            204A-1) |
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|   | **•** | establish and enforce policies and                            procedures reasonably designed to prevent the misuse of material,                            non-public information by investment advisers (Section 204A) |
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|   | **•** | maintain records with respect to the                            personal securities transactions of Access Persons (as defined below)                            (Section 204-2). |
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This Code is based on the principle that the Directors and            officers of the Advisers and any of their Supervised Persons (as defined below)            employed by Aberdeen Asset Management PLC or any of its subsidiaries or affiliates            (collectively, the “Aberdeen Group”)owe            a fiduciary duty to Clients to conduct their affairs, including their personal            securities transactions, in such a manner as to avoid:

 

|   | (i) | serving their own personal interests ahead                            of Clients; |
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|   | (ii) | taking inappropriate advantage of their                            position within the respective Adviser; and |
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|   | (iii) | any actual or potential conflicts of                            interest or any abuse of their position of trust and                            responsibility. |
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Supervised Persons are expected to maintain objectivity and            avoid undisclosed conflicts of interest. In the performance of their duties and            responsibilities for the Advisers, Supervised Persons must not subordinate their            judgment to personal gain and advantage, or be unduly influenced by their own interests            or by the interests of others. Supervised Persons must avoid participation in any            activity or relationship that constitutes a conflict of interest unless that conflict            has been completely disclosed to affected parties. A conflict of interest would            generally arise if a Supervised Person directly or indirectly participated in any            investment, interest, association, activity or relationship that may impair or appear            to impair the Supervised Person's objectivity. Any Supervised Person who may be            involved in a situation or activity that might be a conflict of interest or give the            appearance of a conflict of interest should consider reporting such situation or            activity to the Chief Compliance Officer of the respective Adviser.

 

**The Board of Directors of each of the Advisers has            adopted this Code.**

 

**This Code and any amendments to this Code shall be given            to all Supervised Persons of the Advisers. All Supervised Persons will sign an            acknowledgement, upon receipt of the Code and any amendments, certifying that they have            received, understand and will comply with this Code. Upon request, this Code shall be            delivered, without charge, to any Client of the Advisers, as stated in the            Advisers’ ADV s Part II, Schedule F.**

 

| **II.** | **DEFINITIONS** |
|---------|-----------------|

As used in this Code, the following terms have the            following meanings:

 

|   | (i) | **“Access Person”**includes (a) any director, partner, or                            officer of an Adviser; (b) any Supervised Person who (1) has access to                            non-public information regarding any Clients’ purchase or sale of                            securities, or non-public information regarding the portfolio holdings                            of any Client; or (2) is involved in making securities recommendations                            to Clients or has access to such recommendations that are nonpublic;                            (c) any employee of an Adviser who, in connection with his or her                            regular functions or duties, makes, participates in, or obtains                            information regarding the purchase or sale of Reportable Securities by                            a Client, or whose functions relate to the making of any                            recommendations with respect to such purchases or sales; (d) any                            natural person in a control relationship to an Adviser who obtains                            information concerning recommendations made to a Client with regard to                            the purchase or sale of Reportable Securities of the Client; and (e)                            any other person who any Adviser’s CCO determines to be an Access                            Person. |
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**For purposes of this document, all Supervised Persons of            the Advisers will be considered Access Persons.**

 

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|   | (ii) | **“Automatic Investment                            Plan”**means any program in                            which regular periodic purchases (or withdrawals) are made                            automatically in (or from) investment accounts in accordance with a                            predetermined schedule and allocation, including, but not limited to,                            any dividend reinvestment plan (“DRIP”). |
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|   | (iii) | **“Beneficial                            Ownership”**generally means                            any interest in a Security for which an Access Person or any member of                            his or her immediate family sharing the same household can directly or                            indirectly receive a monetary (“pecuniary”) benefit. It                            shall be interpreted in the same manner as it would be under Rule                            16a-1(a)(2) of the Securities Exchange Act of 1934, as amended (the                            “1934 Act”) in determining whether a person is the                            beneficial owner of a security for purposes of Section 16 of the 1934                            Act and the rules and regulations thereunder, that, generally speaking,                            encompasses those situations where the beneficial owner has the right                            to enjoy a direct or indirect economic benefit from the ownership of                            the security. A person is normally regarded as the beneficial owner of                            securities held in (a) the name of his or her spouse, domestic partner,                            minor children, or other relatives living in his or her household; (b)                            a trust, estate, or other account in which he/ she has a present or                            future interest in the income, principal or right to obtain title to                            the securities or (c) the name of another person or entity by reason of                            any contract, understanding, relationship, agreement or other                            arrangement whereby he or she obtains benefits substantially equivalent                            to those of ownership. |
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|   | (iv) | **“Chief Compliance Officer”                            or “CCO”**means the                            person appointed by each Adviser designated to be responsible for                            administering the policies and procedures adopted under the Advisers                            Act. The CCO may delegate any or all of his or her responsibilities                            under the Code. In instances when the Code is applied to the CCO, any                            other executive officer of the appropriate Adviser may act as the                            designee of the CCO. |
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|   | (v) | **“Client”**means any person or entity to which the                            Advisers provide investment advisory services, including Reportable                            Funds, unregistered investment companies, and any account, trust or                            other investment vehicle over which the Aberdeen Group has management                            discretion. |
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|   | (vi) | **"Control"**means the power to exercise a controlling                            influence over the management or policies of a company, unless such                            power is solely the result of an official position with such company.                            Any person who owns beneficially, either directly or through one or                            more controlled companies, more than twenty-five percent (25%) of the                            voting securities of a company shall be presumed to control such                            company. Any person who does not so own more than twenty-five percent                            (25%) of the voting securities of any company shall be presumed not to                            control such company. A natural person shall be presumed not to be a                            controlled person. |
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|   | (vii) | **“Federal Securities                            Laws”**means (a) the                            Securities Act of 1933, as amended (“Securities Act”); (b)                            the Securities Exchange Act of 1934, as amended (“Exchange                            Act”); (c) the Sarbanes-Oxley Act of 2002; (d) the 1940 Act; (e)                            the Advisers Act; (f) Title V of the Gramm-Leach-Bliley Act; (g) any                            rules adopted by the U.S. Securities and Exchange Commission                            (“SEC”) under the foregoing statutes; (h) the Bank Secrecy                            Act, as it applies to funds and investment advisers; and (i) any rules                            adopted under relevant provisions of the Bank Secrecy Act by the SEC or                            the Department of the Treasury. |
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|   | (viii) | **“Initial Public Offering”                            (“IPO”)**means an                            offering of securities registered under the Securities Act, the issuer                            of which, immediately before the registration, was not subject to the                            reporting requirements of Sections 13 or 15(d) of the 1934 Act, or a                            similar offering of securities in another market. |
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|   | (ix) | **“Investment                            Personnel”**means (a) any                            Portfolio Manager of the Aberdeen Group; (b) any employee of the                            Aberdeen Group (or of any company in a control relationship to a                            Reportable Fund or the Aberdeen Group) who, in connection with his                            regular |
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functions or duties, makes or participates in making            recommendations regarding the purchase or sale of securities by the Aberdeen Group,            including securities analysts and traders; or (c) any person employed by the Aberdeen            Group who obtains or otherwise has access to information concerning recommendations            made to a Client regarding the purchase or sale of securities by any Client.

|   | (x) | **“Limited Offering"**means an offering that is exempt from                            registration under the Securities Act pursuant to Section 4(2) or                            Section 4(6) or Rules 504, 505 or 506 under the Securities Act. Limited                            offerings are commonly referred to as private placements and include                            offerings of hedge funds and private funds. |
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|   | (xi) | **“Portfolio                            Manager”**means an employee                            of the Aberdeen Group entrusted with the direct responsibility and                            authority to make investment decisions affecting the Client portfolios                            managed by the Aberdeen Group. |
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|   | (xii) | **“Purchase or sale of a                            Security”**includes, among                            other things, the writing of an option to purchase or sell a                            Security. |
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|   | (xiii) | **“Reportable Fund”**means: (a) any US registered investment                            company advised or sub-advised by an Adviser; or (b) any US registered                            investment company whose investment adviser or principal underwriter                            controls, is controlled by or is under common control with any Aberdeen                            Group entity. References to registered investment companies include                            exchange traded funds.1 A list of Reportable Funds is                            maintained by each respective Adviser’s CCO. |
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|   | (xiv) | **"Security"**shall have the meaning set forth in Section                            202(a)(18) of the Advisers Act and Section 2(a)(36) of the 1940 Act                            except as noted in the following paragraph. Further, for purposes of                            this Code, “Security” shall include any commodities                            contracts as defined in Section 2(a)(1)(A) of the Commodity Exchange                            Act and shares of exchange traded funds. This definition includes but                            is not limited to futures contracts on equity indices. |
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**“Reportable Security”**shall have the same definition as Security above but shall            not include direct obligations of the United States national government, bankers’            acceptances, bank certificates of deposit, high quality short-term debt instruments            (maturity of less than 366 days at issuance and rated in one of the two highest rating            categories by a Nationally Recognized Statistical Rating Organization), including            repurchase agreements, commercial paper and shares of U.S. registered money market            funds that limit their investments to the exempted securities enumerated above. Also            excluded from the definition are any U.S. registered open-end investment companies            (*e*.*g*., open-end mutual            funds, but not exchange traded funds) that are not advised or sub-advised by the            Advisers. Shares of exchange traded funds, whether registered as open-end investment            companies or unit investment trusts, are deemed to be Reportable Securities. Any            question as to whether a particular investment constitutes a “Security” or            a “Reportable Security” should be referred to the respective Compliance            Officer.

             

|   | (xv) | **“Security Held or to be                            Acquired”**means (a) any                            Reportable Security which, within the most recent 15 days, is or has                            been held by Client, or (b) is being or has been considered for                            purchase by a Client or an Adviser, or (c) any option to purchase or                            sell, and any security convertible into or exchangeable for, a                            Reportable Security. |
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|   | (xvi) | **“Supervised                            Person”**means (a) any                            partner, officer, director (or other person occupying a similar status                            or performing similar functions), or employee of an Adviser, |
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_________________________

| 1  | “Exchange traded funds,” or                            “ETFs,” are registered investment companies that operate                            pursuant to an order from the SEC exempting the ETF from certain                            provisions of the 1940 Act so that the ETF may issue securities that                            trade in a secondary market, and which are redeemable only in large                            aggregations called creation units. An ETF registers with the SEC under                            the 1940 Act either as an open-end management investment company or as                            a unit investment trust. |
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or (b) any other person who provides investment advice on            behalf of the Adviser and is subject to the supervision and control of the Adviser,            such as those persons covered under a Memorandum of Understanding with an            Adviser.

| **III.** | **PROHIBITED TRANSACTIONS** |
|----------|-----------------------------|

No Access Person shall engage in any act, transaction,            practice or course of conduct, which would violate the provisions of Rule 17j-1 of the            1940 Act or Section 206 of the Advisers Act as described in Section I.A.            above.

 

| **A.** | **Access Persons** |
|--------|--------------------|

Except as provided in Section III.B. below,**no Access Person            shall**:

 

|   | (i) | purchase or sell, directly or indirectly,                            any Security in which he/she has, or by reason of such transaction                            acquires, any direct or indirect Beneficial Ownership and which to                            his/her actual knowledge at the time of such purchase or sale, the same                            Reportable Security is: |
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|   | (a) | being considered for purchase or sale by                            any Client; |
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|   | (b) | being purchased or sold by any Client;                            or |
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|   | (ii) | disclose to other persons the Reportable                            Securities activities engaged in or contemplated for any                            Client; |
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|   | (iii) | accept any gift or other thing of more than                            de minimis value from any person or entity that does business with or                            on behalf of the Aberdeen Group. For the purposes of the Code “de                            minimis” shall be considered to be the annual receipt of gifts                            from the same source valued at $100 USD or the receipt of any                            entertainment from any source that an individual has current or                            prospective business dealings unless such entertainment is business                            related, reasonable in cost, appropriate as to time and place, and not                            so frequent as to raise any question of impropriety. Any gifts in                            excess of $50 USD, however, must be reported to the Compliance                            Department. |
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|   | (iv) | acquire a Beneficial Ownership in any                            securities in an IPO or a Limited Offering, without having received                            prior written approval from the appropriate Investment Director and an                            Executive Director of the Aberdeen Group. Compliance will maintain a                            record of any decision which includes the reasons supporting the                            decision made by the Investment Director and Executive Director, to                            approve the Access Person’s acquisition of an IPO or private                            placement for at least five years after the end of the fiscal year in                            which the approval was granted. |
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Before granting such approval, the Investment Director will            carefully evaluate such investment to determine that the investment could create no            material conflict between the Access Person and a Client. The Investment Director may            make such determination by looking at, among other things, the nature of the offering            and the particular facts surrounding the purchase. For example, the Investment Director            may consider approving the transaction if it can be determined that: (a) the investment            did not result from directing Client or Aberdeen Group business to the underwriter or            issuer of the Security; (b) the Access Personis not            misappropriating an opportunity that should have been offered to a Client; and (c) an            Investment Person's investment decisions for a Client will not be unduly influenced by            his or her personal holdings and investment decisions are based solely on the best            interests of a Client.

             

In addition, no Access Person shall acquire a Beneficial            Ownership in any securities issued in a Limited Offering by a private fund advised or            sub-advised by any member of the Aberdeen Group without having received prior written            approval from the Compliance Department.

             

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**Any Access Person authorized to purchase securities in            an IPO or Limited Offering shall disclose that investment when they play a part in a            Client’s subsequent consideration of an investment in that issuer. In such            circumstances, a Client's decision to purchase securities of the issuer shall be            subject to independent review by Investment Personnel with no personal interest in the            issuer.**

             

|   | (v) | serve on the board of directors of any                            publicly traded company without prior authorization of the Aberdeen                            Group Chief Executive. Any such authorization shall be based upon a                            determination that the board service would be consistent with the                            interests of the Aberdeen Group and the Clients under their management.                            Authorization of board service shall be subject to the implementation                            by the Aberdeen Group of "Chinese Wall" or other procedures to isolate                            such Access Persons from making decisions about trading in that                            company's Securities. |
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|   | (vi) | No employees may profit in the purchase and                            sale, or sale and purchase, of any Reportable Securities within ninety                            (90) calendar days. Trades made in violation of this prohibition should                            be unwound, if possible. Otherwise, any profits realized on such                            short-term trades shall be subject to disgorgement to the appropriate                            charity of the Aberdeen Group’s choosing. |
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| **B.** | **Portfolio Managers** |
|--------|------------------------|

In addition to the prohibitions listed above, no Portfolio            Manager shall acquire or dispose of any Beneficial Ownership            ina Reportable Security within fifteen (15) calendar            days before or after any Client trades in that security. Any trades made within the            proscribed period shall be unwound, if possible. Otherwise, any profits realized on            trades within the proscribed period shall be disgorged to a charity of the Aberdeen            Group’s choosing.

 

| **C.** | **Waivers** |
|--------|-------------|

Notwithstanding any other provision in this Code to the            contrary, transactions described in Section III.A and III.B above which appear upon            reasonable inquiry and investigation to present no reasonable likelihood of harm to a            Client and which are otherwise transacted in accordance with Rule 17j-1 under the 1940            Act and Sections 204A and 206 of the Advisers Act**may be permitted within the discretion afforded under            the Aberdeen Group’s Personal Account Dealing authorization process on a            case-by-case basis**.

 

| **IV.** | **COMPLIANCE PROCEDURES** |
|---------|---------------------------|

With respect to the pre-clearance and reporting            requirements contained herein, Access Persons shall pre-clear in accordance with the            Aberdeen Group’s Personal Account Dealing Procedures.

 

| **A.** | **Pre-Clearance Procedures** |
|--------|------------------------------|

All Access Persons must receive prior approval before            engaging in any transaction in Reportable Securities in which the Access Person            acquires or disposes of Beneficial Ownership of such Reportable Security that is not            otherwise specifically prohibited by this Code. The Access Person should request            pre-clearance by completing the Personal Account Deal Request Form located on the            Compliance Forms and Reports Database on Lotus Notes, and sending the form for approval            to a dealer or company secretary, fund management desk head and executive director as            indicated on the Dealing Request Formprior to            trading. A list of persons currently authorized to approve Personal Account Deals is            maintained by the Compliance Department and is available on the Compliance Forms and            Reports Database. Access Persons should note the specific additional requirements            discussed in Section III.A.(iv) above with respect to IPOs and Limited Offerings,            including private fund investments.

 

Any conflicts of interest related to Reportable Securities            in which the Access Person is seeking pre-clearance or any Client must be disclosed on            the Personal Account Deal Request Form.

 

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In addition, where the Access Person intends to trade in            securities issued by a closed-end investment company advised by the Aberdeen Group, a            Reportable Fund, or in the shares of Aberdeen Asset Management PLC, the written            approval of the Secretary of the investment company or, as the case may be, the Company            Secretary of Aberdeen Asset Management PLC, must first be obtained.

 

Pre-clearance approval will expire 24 hours after the            authorization is granted. If the trade instruction is not placed before such            pre-clearance expires, the Access Person is required to again obtain pre-clearance for            the trade. In addition, if before placing the trade instruction, the Access Person            becomes aware of any additional information with respect to a transaction that was            pre-cleared, such Access Person shall not proceed further with the trade, without            submitting a fresh application for approval.

 

Access Persons are not required to pre-clear the following            types of transactions:

 

|   | (i) | purchases or sales which are non-volitional                            on the part of the Access Person; |
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|   | (ii) | transactions effected for, and Reportable                            Securities held in, any account over which the Access Person has no                            direct or indirect influence or control; |
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|   | (iii) | purchases which are part of an Automatic                            Investment Plan or DRIP or other regular investment in a selected                            security or securities subject to pre-clearance of the first purchase                            under the scheme; |
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|   | (iv) | for those Access Persons residing outside                            the United States, registered open-end investment vehicles within their                            respective jurisdictions; and |
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|   | (v) | securities acquired by the exercise of                            rights issued*pro rata*by an issuer to all holders of a class of                            its securities, to the extent such rights were acquired from such                            issuer, and sales of such rights so acquired. |
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| **B.** | **Excessive Trading** |
|--------|-----------------------|

The Aberdeen Group understands that it is appropriate for            Access Persons to participate in the public securities markets as part of their overall            personal financial planning.

 

As in other areas, however, this should be done in a way            that creates no potential conflicts with the interests of any Client. Further, it is            important to recognize that otherwise appropriate trading, if excessive, may compromise            the best interests of any Clients if such trading is conducted during work-time or            using Client resources**. Accordingly, if personal            trading rises to such dimension as to create an environment that is not consistent with            the Code, approval for such personal transactions may either be refused or may be            limited by the Aberdeen Group.**

 

No Access Person should engage in excessive trading or            market timing activities with respect to any mutual funds whether managed by the            Aberdeen Group or otherwise.

 

| **C.** | **Reporting by Access                            Persons** |
|--------|------------------------------------------------------------|

Reports submitted pursuant to this Code shall be            confidential and shall be provided only to the officers and Directors of the Advisers,            their legal advisers/or regulatory authorities upon appropriate request.            Notwithstanding the above, reports submitted by an Access Person pursuant to this Code            may also be provided to any Reportable Fund to the extent such Access Person is            considered an “access person” of the Reportable Fund for purposes of Rule            17j-1.

 

Any statements made in any report submitted pursuant to the            reporting requirements below will not be construed as an admission that the person            making the report has any direct or indirect Beneficial Ownership in the Security or            Securities to which the report relates.

 

All Access Persons must make the following            reports:

 

| **1.** | **Initial Holdings Reports** |
|--------|------------------------------|

 

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No later than 10 days after a person becomes an Access            Person, such person must file an Initial Report of Access Persons (“Initial            Report”) with Compliance reflecting the Access Person’s holdings as of a            date not more than 45 days prior to becoming an Access Person. Such Initial Report must            contain the following information:

 

|   | (i) | the title and type of security, and as                            applicable the exchange ticker symbol or CUSIP number, the number of                            shares and principal amount of each Reportable Security in which such                            person has any direct or indirect Beneficial Ownership; |
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|   | (ii) | the name of any broker, dealer or bank with                            whom the Access Person maintains an account in which any Securities are                            held for the direct or indirect benefit of the Access Person;                            and |
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|   | (iii) | the date the Initial Report is                            submitted. |
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In addition to reporting holdings of Reportable Securities,            every Access Person shall certify in their Initial Report that:

 

|   | (i) | they have received, read and understand the                            Code and recognize that they are subject thereto; and |
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|   | (ii) | they have no knowledge of the existence of                            any personal conflict of interest relationship which may involve a                            Client, such as any economic relationship between their transactions                            and securities held or to be acquired by a Client. |
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| **2.** | **Quarterly Transaction                            Reports** |
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All Access Persons are required to report to Compliance all            transactions involving a Reportable Security in which the Access Person had, or as a            result of the transaction, acquired, any direct or indirect Beneficial Ownership            conducted during each calendar quarter within thirty (30) days after the close of the            quarter and to provide duplicate statements for all brokerage accounts. This disclosure            includes the:

 

|   | (i) | date of the transaction, title of the                            security, and as applicable the exchange ticker symbol or CUSIP number,                            interest rate and maturity date (if applicable), number of shares, and                            principal amount of each Reportable Security involved; |
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|   | (ii) | nature of the transaction (i.e., purchase,                            sale or any other type of acquisition or disposition); |
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|   | (iii) | the price of the Reportable Security at                            which the transaction was effected; |
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|   | (iv) | name of the broker, dealer or bank with or                            through which the transaction was effected; and |
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|   | (v) | date the report is submitted. |
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In addition, with respect to any account established by an            Access Person in which any securities were held during the quarter for the direct or            indirect benefit of the Access Person, the Access Person must provide on the Quarterly            Transaction Report:

 

(i)           name            of the broker, dealer or bank with whom the Access Person established the account;            and

 

|   | (ii) | date the account was                            established. |
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The reporting requirements set out above apply to all            transactions in Reportable Securities other than:

|   | (i) | transactions with respect to Reportable                            Securities held in accounts over which the |
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|   | Access Person had no direct or indirect                            influence or control; and |
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|   | (ii) | transactions effected pursuant to an                            Automatic Investment Plan or DRIP. |
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Access Persons must provide duplicate copies of their            contract confirmations for each transaction in Reportable Securities to Compliance in            accordance with the Aberdeen Group Procedures for Personal Account Dealing. Duplicate            holding/trading statements are to be provided to Compliance at least quarterly, where            available, within 30 days after the period end. The Procedures however, recognize that            some Access Persons either reside in countries or maintain brokers where such            statements are not regularly issued or available, and therefore these individuals are            to be exempt from providing quarterly statements within the 30 day time period. In such            circumstances, brokerage statements or their equivalent holdings reports must be            provided annually, at a minimum.

In the event that an Access Person opens a new account            during a quarter, the account is to be noted on their quarterly report and duplicate            statements, or the equivalent of such, with respect to such new account, are to be            forwarded to Compliance within the 30 day period after the end of the quarter in which            the new account is opened, or as appropriate if exempt from the 30 day rule.

 

| **3.** | **Annual Holdings Reports** |
|--------|-----------------------------|

No later than January 31 of each year, every Access Person            must submit a report to Compliance which contains the following information:

 

|   | (i) | the title and type of security, and as                            applicable the exchange ticker symbol or CUSIP number, number of shares                            and principal amount of each Reportable Security or shares in a                            Reportable Fund in which such person has any direct or indirect                            Beneficial Ownership as of December 31 of the prior calendar                            year; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the name of the broker, dealer or bank with                            whom such person maintained an account in which any Securities were                            held for the direct or indirect benefit of such person as of December                            31 of the prior calendar year; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the date the report is                            submitted. |
|--------|-------|--------------------------------------------------------------|

| **4.** | **Certification of Compliance with the                            Code** |
|--------|--------------------------------------------------------------------------|

Compliance shall provide notice to all Access Persons of            their status under this Code, and shall deliver a copy of the Code to each Access            Person when they become an Access Person and annually thereafter. Additionally, each            Access Person will be provided a copy of any amendments to the Code. After reading the            Code or any amendment to the Code, each Access Person shall certify to the following in            the form provided by Compliance:

 

|   | (i) | they have read and understand the Code and                            recognize that they are subject thereto; |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (ii) | they have complied and/or will comply with                            the requirements of the Code; |
|--------|------|-----------------------------------------------------------------------------------------------------|

|   | (iii) | they have reported and/or will report all                            personal securities transactions required to be reported pursuant to                            the requirements of the Code; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | they have not disclosed and/or will not                            disclose pending "buy" or "sell" orders for a Client except where the                            disclosure occurred subsequent to the execution or withdrawal of an                            order; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | they have no knowledge of the existence of                            any personal conflict of interest relationship which may involve any                            Client, such as any economic relationship between their transactions                            and securities held or to be acquired by a Client. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

This Certification of Compliance shall be maintained on the            Compliance Forms & Reports Database on Lotus Notes and made available to the            respective CCO.

 

----

 

In the event that an Access            Personhas any knowledge of a potential or actual            violation of the Certification of Compliance, that person should notify the respective            CCO in accordance with the procedures set forth below in Section E.

 

| **D.** | **REPORTING TO THE BOARD OF                            DIRECTORS** |
|--------|--------------------------------------------------------------------|

Each CCO will prepare an annual report relating to the Code            of Ethics for the Board of Directors of the applicable Adviser. Such annual report            shall:

 

|   | (i) | summarize existing procedures concerning                            personal investing and any changes in the procedures made during the                            past year; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | identify any violations requiring                            significant remedial action during the past year and any sanctions                            imposed; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | identify any recommended changes in the                            existing restrictions or procedures based upon the Adviser's experience                            under the Code of Ethics, evolving industry practices or developments                            in applicable laws or regulations; and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | state the CCO’s conclusions regarding                            whether the Adviser has adopted procedures reasonably necessary to                            prevent Access Persons from violating the Code. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

The CCO shall promptly report to the applicable            Adviser’s Board of Directors all apparent violations of the Code and the            reporting requirements thereunder. The Board of Directors of each Adviser shall            consider reports made hereunder and shall determine whether or not this Code has been            violated and what sanctions, if any, should be imposed.

 

| **E.** | **Reports to Chief Compliance                            Officer** |
|--------|--------------------------------------------------------------------|

The Advisers’ CCOs will provide, within 60 days after            each calendar quarter end, certification to the chief compliance officer (each a            “Fund CCO”) or other designee of each Reportable Fund that, as of the prior            quarter end:

 

|   | (i) | all documentation required by the Code and                            Rule 17j-1 as it applies to the Advisers or their Supervised Persons                            has been collected and is being retained on behalf of the Reportable                            Fund; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | there have been no material violations to                            the Code and, if there have been violations to the Code, the violation                            has been documented and reported to each Fund CCO; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the firm has appointed appropriate                            management or compliance personnel to review transactions and reports                            filed by Access Persons under the Code, and adopted procedures                            reasonably necessary to prevent Access Persons from violating the                            Code. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

The Advisers’ CCOs will also provide, within 60 days            after each calendar quarter end, a description of any issues arising under the Code            since the last quarter end, including, but not limited to, information about material            violations of the Code and sanctions imposed in response to material            violations.

 

Each quarter the respective Adviser’s CCO will also            provide to each Fund CCO or their designee a list of Access Persons who are subject to            this Code and the names of the relevant personnel responsible for pre-clearing and            reviewing personal securities transactions.

 

The CCOs will provide such information, including, but not            limited to, initial and annual holdings reports and quarterly transaction reports for            all Access Persons, pre-clearance reports and approvals for participation in IPOs and            Limited Offerings, as is requested by a Fund CCO.

 

| **F.** | **REPORTING OF ILLEGAL OR UNETHICAL                            BEHAVIOR** |
|--------|---------------------------------------------------------------------------|

 

----

 

Supervised Persons should promptly report any conduct or            actions by a Supervised Person that does not comply with the Federal Securities Laws,            other applicable laws, rules or regulations or this Code. Any Supervised Person who            questions whether a situation, activity or practice is acceptable must immediately            report such practice to the CCO of the Adviser. The CCO of the Adviser shall consider            the matter and respond to the Supervised Person within a reasonable amount of time. The            CCO of the Adviser will contact the Adviser's legal counsel when he/she believes it to            be necessary. To the extent possible and as allowed by law, reports made by Supervised            Persons under this Section F will be treated as confidential.

 

| **G.** | **SANCTIONS** |
|--------|---------------|

Upon discovering a violation of this Code, the Board of            Directors of any of the Advisers may impose such sanctions as they deem appropriate,            including, among other things, verbal or written warnings and censures, monetary            sanctions, disgorgement, suspensions or dismissal.

 

| **H.** | **RETENTION OF RECORDS** |
|--------|--------------------------|

The following records must be maintained by the Advisers in            the manner and to the extent set out below. These records must be made available to the            SEC or any representative of the SEC at any time and from time to time for reasonable            periodic, special or other examination:

|   | (i) | A copy of the Code that is in effect, or at                            any time within the past five years was in effect, must be maintained                            in an easily accessible place; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | A record of any violation of the Code, and                            of any action taken as a result of the violation, must be maintained in                            an easily accessible place for at least five years after the end of the                            fiscal year in which the violation occurs; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | A copy of each report required to be                            submitted by Access Persons under Sections IV.C.1, IV.C.2, and IV.C.3                            of the Code, including any information provided on broker transaction                            confirmations and account statements, must be maintained for at least                            five years after the end of the fiscal year in which the report is made                            or the information is provided, the first two years in an easily                            accessible place; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | A record of the names of all persons who                            are currently, or within the past five years were, Access Persons of                            the Adviser; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | A record of all Access Persons, currently                            or within the past five years, who are or were required to make reports                            under the Code must be maintained in an easily accessible                            place; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | A record of all persons, currently or                            within the past five years, who are or were responsible for reviewing                            reports of Access Persons must be maintained in an easily accessible                            place; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | A copy of each Personal Account Deal                            Request Form (including a record of all approvals to acquire securities                            in an IPO or Limited Offering, indicating the reasons for such                            approvals) must be maintained for at least five years after the end of                            the fiscal year in which the form was submitted or the approval is                            granted, whichever is later; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | A record of any decision, and the reasons                            supporting the decision, to approve the acquisition by an Access Person                            of securities in an IPO or Limited Offering for at least five years                            after the end of the fiscal year in which approval is                            granted; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | A copy of each report to the Board of the                            Advisers or to a Reportable Fund of the Code must be maintained for at                            least five years after the end of the fiscal year in which it is made,                            the first two years in an easily accessible place; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

----

 

|   | (x) | A record of all accounts, currently or                            within the past five years, in which an Access Person has or had a                            Beneficial Ownership interest in a Reportable Security solely by reason                            of an indirect pecuniary interest described in Rule 16a-1(a)(2)(ii)(B)                            or (C) under the Exchange Act must be maintained in an easily                            accessible place; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xi) | A record of all Certifications of                            Compliance for each person who is currently, or within the past five                            years was, a Supervised Person of the Adviser. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **V.** | **POLICY STATEMENT ON INSIDER                            TRADING** |
|--------|--------------------------------------------------------------------|

| **A.** | **Definition of Insider                            Trading** |
|--------|--------------------------------------------------------------|

The Aberdeen Group prohibits any “Affected            Person” (i.e., any officer or director of an Adviser and employees of the Group)            from trading, either personally or on behalf of others, including accounts managed by            the Aberdeen Group, on material non-public information or communicating material            non-public information to others in violation of the law.**This conduct is frequently referred to as "insider            trading."**The policy applies to every such            Affected Person and extends to activities within and outside their duties within the            Aberdeen Group. Any questions regarding this policy and the procedures below should be            referred to the CCO of the respective Adviser.

The term "insider trading" is not defined in the Federal            Securities Laws, but is generally understood to prohibit the following            activities:

|   | (i) | trading by an insider while in possession                            of material non-public information; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (ii) | recommending the purchase or sale of                            securities while in possession of material non-public information;                            or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | communicating material non-public                            information to others. |
|--------|-------|-------------------------------------------------------------------------------------|

| **B.** | **The Concept of                            “Insider”** |
|--------|---------------------------------------------------------------------|

The concept of "insider" is broad and it includes officers,            directors, partners, members and employees of a company. In addition, a person can be a            "temporary insider" if he or she is given material inside information about a company            or the market for the company’s securities on the reasonable expectation that the            recipient would maintain the information in confidence and would not trade on            it.

A temporary insider can include, among others, a            company’s legal advisers***,***accountants, consultants, bank lending officers, and the            employees of such third parties. In addition, a company may become a temporary insider            of a company it advises or for which it performs other services. For that to occur,            that company must expect the subsidiary to keep the disclosed non-public information            confidential and the relationship must at least imply such a duty before the subsidiary            will be considered an insider.

| **C.** | **Material Information** |
|--------|--------------------------|

Trading, tipping or recommending securities transactions            while in position of inside information is not a basis for liability unless the            information is “material.” "Material information" generally is defined            as:

|   | (i) | information for which there is a                            substantial likelihood that a reasonable investor would consider it                            important in making his or her investment decisions; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | information that would significantly alter                            the total mix of information made available. |
|--------|------|--------------------------------------------------------------------------------------------------------------------|

Information that should be considered material includes,            but is not limited to: dividend changes, earnings estimates, changes in previously            released earnings estimates, a joint venture, the borrowing of significant funds, a            major labor dispute, merger or acquisition proposals or agreements, major litigation,            liquidation problems, and extraordinary management developments. For information to be            considered material it need not be so important that it would have changed an            investor’s decision to

 

----

 

purchase or sell particular securities; rather it is enough            that it is the type of information on which reasonable investors rely in making            purchase or sale decisions. The materiality of information relating to the possible            occurrence of any future event may depend on the likelihood that the event will occur            and its significance if it did occur.

| **D.** | **Non-Public Information** |
|--------|----------------------------|

Information is non-public until it has been effectively            communicated to the market place. One must be able to point to some fact to show that            the information is generally public. For example, information found in a report filed            with the SEC***,***or appearing in*Dow            Jones*,*Reuters Economic            Services*,*The Wall Street Journal*or other publications of general circulation would be            considered public. Information in bulleting and research reports disseminated by            brokerage firms are also generally considered to be public information.

**Before trading for yourself or others in the securities            of a company about which you may have potential inside information, or revealing such            information to others or making a recommendation based on such information, you should            ask yourself the following questions**:

|   | (i) | Is the information material? Is this                            information that an investor would consider important in making his or                            her investment decisions? Is this information that would substantially                            affect the market price of the securities if generally                            disclosed? |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Is the information non-public? To whom has                            this information been provided? Has the information been effectively                            communicated to the marketplace? |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

If, after consideration of the above, you believe that the            information is material and non-public, or if you have questions as to whether the            information may be material and non-public, you should take the following            steps:

|   | (i) | **Report the matter immediately to                            the CCO.** In consulting with the CCO, you should disclose all                            information that you believe may bear on the issue of whether the                            information you have is material and non-public. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | **Do not purchase or sell the                            securities** on behalf of yourself or others. |
|--------|------|--------------------------------------------------------------------------------------------------------|

|   | (iii) | **Do not communicate the                            information** either inside or outside the Aberdeen Group, other than                            to the CCO or another appropriate member of the Compliance                            Department. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | After the CCO has reviewed the issue, you                            will either be (a) instructed to continue the prohibitions against                            trading, tipping or communication, or (b) allowed to trade and                            communicate the information. In appropriate circumstances, the CCO will                            consult with counsel as to the appropriate course to follow. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Information in your possession that you identify, or            which has been identified to you as material and non-public, must not be communicated            to persons outside the Aberdeen Group, without the prior authorization of the            CCO.**In addition, care should be taken so that            such information is secure. For example, files containing material non-public            information should be sealed and access to computer files containing material            non-public information should be restricted.

| **E.** | **Monitoring Procedures** |
|--------|---------------------------|

The role of Compliance is critical to the implementation            and maintenance of the Aberdeen Group’s policy and procedures against insider            trading. The supervisory procedures can be divided into the following two parts: (1)            the prevention of insider trading; and (2) the detection of insider trading. Each part            of the supervisory procedures is discussed in further detail below.

| **1.** | **The Prevention of Insider                            Trading** |
|--------|------------------------------------------------------------------|

To prevent insider trading Compliance will:

 

----

 

|   | (i) | provide, on a regular basis, an educational                            program to familiarize Affected Persons with the policy and procedures;                            and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | when it has been determined that an                            Affected Person has material non-public information: |
|--------|------|---------------------------------------------------------------------------------------------------------------------|

|   | (a) | implement measures to prevent dissemination                            of such information; and |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (b) | where necessary, restrict Affected Persons                            from trading in the securities. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

| **2.** | **The Detection of Insider                            Trading** |
|--------|-----------------------------------------------------------------|

To detect insider trading, Compliance will:

 

|   | (i) | review the trading activity reports filed                            by each Affected Person; |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (ii) | review the trading activity on behalf of                            Clients; and |
|--------|------|----------------------------------------------------------------------------------|

|   | (iii) | to the extent applicable, such other                            information as the CCO deems necessary or appropriate. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------|

             

10449045.12.BUSINESS