# EDGAR Filing Document

**Accession Number:** 0000798290
**File Stem:** 0001206774-23-000056
**Filing Date:** 2023-1
**Character Count:** 77130
**Document Hash:** 4bf2505eafec9aa713e29721baa23d7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-23-000056.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001206774-23-000056

**CONFORMED SUBMISSION TYPE**: 485BXT

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HSBC FUNDS
- **CENTRAL INDEX KEY:** 0000798290
- **IRS NUMBER:** 043084306
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BXT
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04782
- **FILM NUMBER:** 23556849

**BUSINESS ADDRESS:**
- **STREET 1:** C/O HSBC FUNDS
- **STREET 2:** 452 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 11108
- **BUSINESS PHONE:** 614-470-8000

**MAIL ADDRESS:**
- **STREET 1:** C/O CITI
- **STREET 2:** 4400 EASTON COMMONS, SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43219-3035

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HSBC INVESTOR FUNDS
- **DATE OF NAME CHANGE:** 20010531

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** REPUBLIC FUNDS
- **DATE OF NAME CHANGE:** 19941013

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FUNDTRUST /NY
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HSBC FUNDS
- **CENTRAL INDEX KEY:** 0000798290
- **IRS NUMBER:** 043084306
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BXT
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-07647
- **FILM NUMBER:** 23556848

**BUSINESS ADDRESS:**
- **STREET 1:** C/O HSBC FUNDS
- **STREET 2:** 452 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 11108
- **BUSINESS PHONE:** 614-470-8000

**MAIL ADDRESS:**
- **STREET 1:** C/O CITI
- **STREET 2:** 4400 EASTON COMMONS, SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43219-3035

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HSBC INVESTOR FUNDS
- **DATE OF NAME CHANGE:** 20010531

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** REPUBLIC FUNDS
- **DATE OF NAME CHANGE:** 19941013

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FUNDTRUST /NY
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### HSBC U.S. Government Money Market Fund (Series ID: S000005047)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000238466 | Class P      |  |

### HSBC U.S. Treasury Money Market Fund (Series ID: S000005052)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000238467 | Class P      |  |

### HSBC ESG Prime Money Market Fund (Series ID: S000068529)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000238468 | Class P      |  |

Registration Nos. 033-07647<br> 811-04782

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JANUARY 26, 2023

SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549<br> FORM N-1A

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE |  |
| SECURITIES ACT OF 1933 | ⌧ |
| Pre-Effective Amendment No. | □ |
| Post-Effective Amendment No. 293 | ⌧ |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE |  |
| INVESTMENT COMPANY ACT OF 1940 | ⌧ |
| Amendment No. 305 | ⌧ |
| (Check appropriate box or boxes) |  |

---

HSBC FUNDS<br> (Exact name of registrant as specified in charter)<br> 452 Fifth Avenue

New York, New York 10018-2786<br> (Address of principal executive offices)<br> Registrant's Telephone Number, including area code: (800) 782-8183

Stefano Michelagnoli, President<br> 452 Fifth Avenue<br> New York, New York 10018-2786<br> (Name and address of agent for service)<br> Please send copies of all communications to:

Brenden P. Carroll, Esq.<br> Dechert LLP<br> 1900 K Street, N.W.<br> Washington, D.C. 20006-2401

---

| | | |
|:---|:---|:---|
| It is proposed that this filing will become effective: | It is proposed that this filing will become effective: | It is proposed that this filing will become effective: |
|  | □ | immediately upon filing pursuant to paragraph (b) of Rule 485 |
|  | ⌧ | on February 24, 2023 pursuant to paragraph (b) of Rule 485 |
|  | □ | 60 days after filing pursuant to paragraph (a)(1) of Rule 485 |
|  | □ | on [date] pursuant to paragraph (a)(1) of Rule 485 |
|  | □ | 75 days after filing pursuant to paragraph (a)(2) of Rule 485 |
|  | □ | on [date] pursuant to paragraph (a)(2) of Rule 485 |
| If appropriate, check the following box: | If appropriate, check the following box: | If appropriate, check the following box: |
|  | ⌧ | this post-effective amendment designates a new effective date for a previously filed post-effective amendment. |

---

------

**Explanatory Note**

Post-Effective Amendment No. 288 (the "Amendment") to the Registration Statement of HSBC Funds was filed pursuant to Rule 485(a)(2) under the Securities Act of 1933 on August 5, 2022 to register Class P Shares of the HSBC U.S. Government Money Market Fund, HSBC U.S. Treasury Money Market Fund and HSBC ESG Prime Money Market Fund. Pursuant to Rule 485(a)(2), the Amendment would have become effective on October 4, 2022. Post-Effective Amendment No. 289 was filed pursuant to Rule 485(b)(1)(iii) for the purpose of designating November 2, 2022 as the date upon which the Amendment would have become effective. Post-Effective Amendment No. 290 was filed pursuant to Rule 485(b)(1)(iii) for the purpose of designating December 1, 2022 as the date upon which the Amendment would have become effective. Post-Effective Amendment No. 291 was filed pursuant to Rule 485(b)(1)(iii) for the purpose of designating December 30, 2022 as the date upon which the Amendment would have become effective. Post-Effective Amendment No. 292 was filed pursuant to Rule 485(b)(1)(iii) for the purpose of designating January 27, 2023 as the date upon which the Amendment would have become effective. This Post-Effective Amendment No. 293 is being filed pursuant to Rule 485(b)(1)(iii) for the purpose of designating February 24, 2023 as the new date upon which the Amendment shall become effective. This Post-Effective Amendment No. 293 incorporates by reference the information contained in [Parts A and B of the Amendment](https://www.sec.gov/Archives/edgar/data/798290/000120677422001952/hsbc4080491-485apos.htm). Part C is filed herewith.

------

**PART C**

**Other Information**

ITEM 28. <u>EXHIBITS</u>

(a) (1) [Amended and Restated Agreement and Declaration of Trust dated October 13, 2017. (2)](http://www.sec.gov/Archives/edgar/data/798290/000120677418000633/hsbc3348441-ex99a.htm)

(2) [Amended Schedule A dated June 15, 2022 to the Amended and Restated Agreement and Declaration of Trust. (8)](https://www.sec.gov/Archives/edgar/data/798290/000120677422001619/hsbc4076111_ex99a2.htm)

(b) [By-Laws dated March 10, 2016. (1)](http://www.sec.gov/Archives/edgar/data/798290/000120677416006274/exhibit99_b.htm)

(c) *Not applicable.* 

(d) (1) (i) [Master Investment Advisory Contract, dated June 24, 2016, between HSBC Funds and HSBC Global Asset Management (USA) Inc. (1)](http://www.sec.gov/Archives/edgar/data/798290/000120677416006274/exhibit99_d1-i.htm)

(1) (ii) [Investment Advisory Contract Supplement, dated June 24, 2016, regarding HSBC U.S. Treasury Money Market Fund. (1)](http://www.sec.gov/Archives/edgar/data/798290/000120677416006274/exhibit99_d1-iii.htm)

(1) (v) [Investment Advisory Contract Supplement, dated June 24, 2016, regarding HSBC U.S. Government Money Market Fund. (1)](http://www.sec.gov/Archives/edgar/data/798290/000120677416006274/exhibit99_d1-xvii.htm)

(1) (vi) [Investment Advisory Contract Supplement, dated June 24, 2016, regarding HSBC RadiantESG U.S. Smaller Companies Portfolio. (1)](http://www.sec.gov/Archives/edgar/data/798290/000120677416006274/exhibit99_d1-xix.htm)

(1) (v) [Investment Advisory Contract Supplement, dated March 24, 2021, regarding HSBC ESG Prime Money Market Fund. (5)](http://www.sec.gov/Archives/edgar/data/798290/000120677421002152/hsbc3943631-ex99d1v.htm)

(2) [Sub-Advisory Agreement, effective June 28, 2022, between HSBC Global Asset Management (USA) Inc. and RadiantESG Global Investors LLC regarding HSBC RadiantESG U.S. Smaller Companies Portfolio. (8)](https://www.sec.gov/Archives/edgar/data/798290/000120677422001619/hsbc4076111_ex99d2i.htm)

(e) (1) [Form of Selling Agreement. (1)](http://www.sec.gov/Archives/edgar/data/798290/000120677416006274/exhibit99_e1.htm)

(2) [Form of Dealer Agreement. (1)](http://www.sec.gov/Archives/edgar/data/798290/000120677416006274/exhibit99_e2.htm)

(3) [Distribution Agreement, dated May 31, 2017, between HSBC Funds and Foreside Distribution Services, L.P. (2)](http://www.sec.gov/Archives/edgar/data/798290/000120677418000633/hsbc3348441-ex99e3.htm)

(4) [First Amendment to the Distribution Agreement, dated June 7, 2018, between HSBC Funds and Foreside Distribution Services, L.P. (3)](http://www.sec.gov/Archives/edgar/data/798290/000120677419000283/hsbc3530581-ex99eiv.htm)

(5) [Third Amendment to the Distribution Agreement, dated March 24, 2021, between HSBC Funds and Foreside Distribution Services, L.P. (5)](http://www.sec.gov/Archives/edgar/data/798290/000120677421002152/hsbc3943631-ex99e5.htm)

(6) [Novation to the Distribution Agreement, dated September 30, 2021, between HSBC Funds and Foreside Distribution Services, L.P. (6)](http://www.sec.gov/Archives/edgar/data/0000798290/000120677422000567/s135270_14829ex99-e6.htm)

(f) *Not applicable.* 

(g) [Master Services Agreement, effective November 7, 2022, between State Street Bank and Trust Company and HSBC Funds. (9)](https://www.sec.gov/Archives/edgar/data/798290/000120677422002712/hsbc4133711-ex99_g.htm)

------

(h) (1) [Operational Support Services Agreement, dated December 10, 2021, between HSBC Global Asset Management (USA) Inc. and HSBC Funds on behalf of HSBC U.S. Government Money Market Fund, HSBC U.S. Treasury Fund and HSBC ESG Prime Money Market Fund. (6)](http://www.sec.gov/Archives/edgar/data/0000798290/000120677422000567/s135270_14829ex99-h1i.htm)

(2) [Expense Limitation Agreement, dated April 25, 2022, between HSBC Global Asset Management (USA) Inc. and HSBC Funds. (8)](https://www.sec.gov/Archives/edgar/data/798290/000120677422001619/hsbc4076111_ex99h6.htm)

(3) [Amended and Restated Administration Services Agreement, effective November 7, 2022, between HSBC Global Asset Management (USA) Inc. and HSBC Funds. (9)](https://www.sec.gov/Archives/edgar/data/798290/000120677422002712/hsbc4133711-ex99_h3.htm)

(4) [Transfer Agency and Service Agreement, effective November 7, 2022, between State Street Bank and Trust Company and HSBC Funds. (9)](https://www.sec.gov/Archives/edgar/data/798290/000120677422002712/hsbc4133711-ex99_h4.htm)

(5) [Fund PFO/Treasurer, CCO, Secretary and AMLO Agreement, effective November 7, 2022, between Foreside Fund Officer Services, LLC and HSBC Funds. (9)](https://www.sec.gov/Archives/edgar/data/798290/000120677422002712/hsbc4133711-ex99_h5.htm)

(i) Opinion and Consent of Counsel. (*to be filed by amendment*)

(j) (1) [Power of Attorney. (10)](https://www.sec.gov/Archives/edgar/data/798290/000120677422002985/hsbc4145351-ex99_j1.htm)

(2) Consent of Independent Registered Public Accounting Firm. (*to be filed by amendment*)

(k) *Not applicable.* 

(l) *Not applicable.* 

(m) (1) [Master Distribution Plan relating to Class A Shares, dated June 24, 2016. (1)](http://www.sec.gov/Archives/edgar/data/798290/000120677416006274/exhibit99_m1.htm)

(2) [Master Distribution Plan relating to Class C Shares, dated June 24, 2016. (1)](http://www.sec.gov/Archives/edgar/data/798290/000120677416006274/exhibit99_m3.htm)

(3) [Master Distribution Plan relating to Class D Shares, dated June 24, 2016. (1)](http://www.sec.gov/Archives/edgar/data/798290/000120677416006274/exhibit99_m4.htm)

(n) Multiple Class Plan (*to be filed by amendment*)

(o) *Not applicable.* 

(p) (1) [Code of Ethics for HSBC Funds. (3)](http://www.sec.gov/Archives/edgar/data/798290/000120677419000283/hsbc3530581-ex99p1.htm)

(2) [Amended Code of Ethics for HSBC Global Asset Management (USA) Inc. (4)](http://www.sec.gov/Archives/edgar/data/798290/000120677419003909/hsbc3688041-ex99p2.htm)

(3) [Code of Ethics for RadiantESG Global Investors LLC (7)](https://www.sec.gov/Archives/edgar/data/0000798290/000120677422001294/hsbc4050751-ex99p5.htm)

(4) Code of Ethics for Foreside Fund Officer Services, LLC. (11)

\* \* \* \* \* \* \* \* \* \* \* \*

(1) Incorporated herein by reference from post-effective amendment No. 214 to the Registration Statement as filed with the SEC on June 27, 2016.

(2) Incorporated herein by reference from post-effective amendment No. 227 to the Registration Statement as filed with the SEC on February 28, 2018.

(3) Incorporated herein by reference from post-effective amendment No. 230 to the Registration Statement as filed with the SEC on January 31, 2019.

(4) Incorporated herein by reference from post-effective amendment No. 243 to the Registration Statement as filed with the SEC on December 20, 2019.

(5) Incorporated herein by reference from post-effective amendment No. 284 to the Registration Statement as filed with the SEC on August 13, 2021.

------

(6) Incorporated herein by reference from post-effective amendment No. 285 to the Registration Statement as filed with the SEC on February 28, 2022.

(7) Incorporated herein by reference from post-effective amendment No. 286 to the Registration Statement as filed with the SEC on April 29, 2022.

(8) Incorporated herein by reference from post-effective amendment No. 287 to the Registration Statement as filed with the SEC on June 28, 2022.

(9) Incorporated herein by reference from post-effective amendment No. 291 to the Registration Statement as filed with the SEC on November 30, 2022.

(10) Incorporated herein by reference from post-effective amendment No. 292 to the Registration Statement as filed with the SEC on December 29, 2022.

(11) Filed herewith.

ITEM 29. <u>PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT</u>

Not applicable.

ITEM 30. <u>INDEMNIFICATION</u>

Article VII, Section 7.5 of the Registrant's Amended and Restated Agreement and Declaration of Trust provides for the indemnification of the trustees, officers, employees, agents and other controlling persons of the Registrant. The [Amended and Restated Agreement and Declaration of Trust is incorporated by reference as Exhibit (a)(1)](https://www.sec.gov/Archives/edgar/data/798290/000120677418000633/hsbc3348441-485bpos.htm). Section 17(h) of the Investment Company Act of 1940 provides that no instrument pursuant to which Registrant is organized or administered shall contain any provision which protects or purports to protect any trustee or officer of Registrant against any liability to Registrant or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

Pursuant to the Distribution Agreement, Foreside Distribution Services, L.P. agrees to indemnify the Registrant, its officers, trustees, employees, and any person who controls the Trust (within the meaning of Section 15 of the Securities Act of 1933) against certain liabilities. [A copy of the Registrant's Distribution Agreement is incorporated by reference as Exhibit (e)(3)](http://www.sec.gov/Archives/edgar/data/798290/000120677418000633/hsbc3348441-ex99e3.htm).

The Registrant may be party to other agreements that include indemnification, or substantially similar, provisions for the benefit of the Registrant's trustees, officers, employees and any person who controls the Trust.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Registrant's organizational instruments or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act of 1933 and, therefore, is unenforceable.

ITEM 31. <u>BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISERS</u>

HSBC Global Asset Management (USA) Inc., 452 Fifth Avenue, New York, New York 10018, serves as investment adviser ("Adviser") and is a wholly-owned subsidiary of HSBC USA, Inc., a registered bank holding company. Information as to the directors and officers of the Adviser, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the directors and officers of the Adviser in the last two years, is included in its application for registration as an investment adviser on Form ADV (File No. 801-69413) filed under the Investment Advisers Act of 1940, as amended, and is incorporated by reference thereto.

Information as to the directors and officers of RadiantESG Global Investors LLC ("RadiantESG") together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the directors and officers of RadiantESG in the last two years, is included in its application for registration as an investment adviser on Form ADV (File No. 801-123268) filed under the Investment Advisers Act of 1940, as amended, and is incorporated by reference thereto.

------

ITEM 32. <u>PRINCIPAL UNDERWRITER</u>

(a) Foreside Distribution Services, L.P. (the "Distributor") serves as principal underwriter
for the following investment companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. HSBC Funds (f/k/a HSBC Investor Funds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Princeton Long/Short Treasury Fund, Series of Northern Lights Fund Trust

(b) The following are the Officers of the Distributor, the Registrant's underwriter. The Distributor's
main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| <u>**<u>Name</u>**</u> | <u>**<u>Address</u>**</u> | <u>**<u>Position with <br> Underwriter</u>**</u> | <u>**<u>Position with Registrant</u>**</u> |
| Teresa Cowan | 111 E. Kilbourn Ave, Suite 2200,<br> Milwaukee, WI 53202 | President |  |
| Chris Lanza | Three Canal Plaza, Suite 100, <br> Portland, ME 04101 | Vice President |  |
| Kate Macchia | Three Canal Plaza, Suite 100, <br> Portland, ME 04101 | Vice President |  |
| Jennifer Brunner | 111 E. Kilbourn Ave, Suite 2200,<br> Milwaukee, WI 53202 | Vice President and Chief<br> Compliance Officer |  |
| Kelly B. Whetstone | Three Canal Plaza, Suite 100, <br> Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 111 E. Kilbourn Ave, Suite 2200, <br> Milwaukee, WI 53202 | Treasurer |  |

---

(c) Not applicable.

ITEM 33. <u>LOCATION OF ACCOUNTS AND RECORDS</u>

The account books and other documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and the Rules thereunder will be maintained at the offices of: HSBC Global Asset Management (USA) Inc., 452 Fifth Avenue, New York, New York 10018; RadiantESG Global Investors LLC, 21 Orinda Way, Suite C-546, Orinda, CA 94563; DST Asset Manager Solutions, Inc., 2000 Crown Colony Drive, Quincy, MA 02169; State Street Bank and Trust Company, 1 Lincoln St., Boston, MA 02111; Foreside Fund Officer Services, LLC, Three Canal Plaza, Suite 100, Portland, ME 04101.

ITEM 34. <u>MANAGEMENT SERVICES</u>

Not applicable.

ITEM 35. <u>UNDERTAKINGS</u>

None.

------

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this registration statement on Form N-1A (File No. 033-07647) (the "Registration Statement") to be signed on its behalf by the undersigned, thereto duly authorized, in the City of New York, and State of New York on the 26<sup>th</sup> day of January, 2023.

**HSBC FUNDS**

---

| | |
|:---|:---|
| By: | /s/ Stefano Michelagnoli\* |
|  | Stefano Michelagnoli |
|  | President |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated as of the 26<sup>th</sup> day of January, 2023.

---

| | |
|:---|:---|
| /s/ Stefano Michelagnoli\* | /s/ Maria Clem Sell |
| Stefano Michelagnoli | Maria Clem Sell |
| President | Treasurer |
| /s/ Susan C. Gause\* | /s/ Susan S. Huang\* |
| Susan C. Gause | Susan S. Huang |
| Trustee | Trustee |
| /s/ Marcia L. Beck\* | /s/ Hugh T. Hurley\* |
| Marcia L. Beck | Hugh T. Hurley |
| Trustee | Trustee |
| \*/s/ Brenden Carroll |  |
| Brenden Carroll |  |

---

\* Brenden Carroll, as attorney-in-fact, on behalf of Susan C. Gause, Susan S. Huang, Marcia L. Beck, Hugh T. Hurley, and Stefano R. Michelagnoli pursuant to a [power of attorney](https://www.sec.gov/Archives/edgar/data/798290/000120677422002985/hsbc4145351-ex99_j1.htm) incorporated herein by reference from post-effective amendment No. 292 to the Registration Statement as filed with the SEC on December 29, 2022.

------

**CERTIFICATE**

The undersigned Secretary for HSBC Funds (the "Trust") hereby certifies that the Board of Trustees of the Trust duly adopted the following resolution at a meeting of the Board held on December 14, 2022.

**RESOLVED,** that the Trustees and officers of the Trust who may be required to execute any amendments to the Trust's Registration Statements be, and each hereby is, authorized to execute a power of attorney appointing Brenden Carroll, Devon Roberson and Elise Kletz, jointly and severally, their attorneys-in-fact, each with power of substitution, for said Trustees and officers in any and all capacities to sign the Registration Statements under the Securities Act of 1933 and the 1940 Act of the Trust and any and all amendments to such Registration Statements, and to file the same, with exhibits thereto, and other documents in connection therewith, with the SEC, the Trustees and officers hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or may have caused to be done by virtue hereof.

Dated: January 26, 2023

<u>/s/ Patrick Keniston</u>

Patrick Keniston,

Secretary

------

**<u>EXHIBITS</u>**

[(p)](hsbc4156561-ex99_p4.htm) [(4)](hsbc4156561-ex99_p4.htm) [Code of Ethics for Foreside Fund Officer Services, LLC.](hsbc4156561-ex99_p4.htm)

------

## Ex-99.P4

[**Table of Contents**](#toc)

**Exhibit (p)(4)**

![](hsbc4156561xcodec.jpg)

**RULE 17j-1 CODE OF ETHICS**

------

[**Table of Contents**](#toc)

Rule 17j-1 Code of Ethics

Contents

---

| | | | |
|:---|:---|:---|:---|
| [INTRODUCTION](#hsbc4156561a001) | [INTRODUCTION](#hsbc4156561a001) | [INTRODUCTION](#hsbc4156561a001) | [1](#hsbc4156561a001) |
| [1.](#hsbc4156561a002) | &nbsp;&nbsp;&nbsp;[STANDARDS OF PROFESSIONAL CONDUCT](#hsbc4156561a002) | &nbsp;&nbsp;&nbsp;[STANDARDS OF PROFESSIONAL CONDUCT](#hsbc4156561a002) | [2](#hsbc4156561a002) |
|  | [a.](#hsbc4156561a003) | [Fiduciary Duties](#hsbc4156561a003) | [2](#hsbc4156561a003) |
|  | [b.](#hsbc4156561a004) | [Compliance with Laws](#hsbc4156561a004) | [2](#hsbc4156561a004) |
|  | [c.](#hsbc4156561a005) | [Corporate Culture](#hsbc4156561a005) | [2](#hsbc4156561a005) |
|  | [d.](#hsbc4156561a006) | [Professional Misconduct](#hsbc4156561a006) | [3](#hsbc4156561a006) |
|  | [e.](#hsbc4156561a007) | [Disclosure of Conflicts](#hsbc4156561a007) | [3](#hsbc4156561a007) |
|  | [f.](#hsbc4156561a008) | [Undue Influence](#hsbc4156561a008) | [3](#hsbc4156561a008) |
|  | [g.](#hsbc4156561a009) | [Confidentiality and Protection of Material Nonpublic Information](#hsbc4156561a009) | [3](#hsbc4156561a009) |
|  | [h.](#hsbc4156561a010) | [Personal Securities Transactions](#hsbc4156561a010) | [4](#hsbc4156561a010) |
|  | [i.](#hsbc4156561a011) | [Gifts](#hsbc4156561a011) | [4](#hsbc4156561a011) |
|  | [j.](#hsbc4156561a012) | [Service on Boards](#hsbc4156561a012) | [4](#hsbc4156561a012) |
|  | [k.](#hsbc4156561a013) | [Prohibition Against Market Timing](#hsbc4156561a013) | [4](#hsbc4156561a013) |
| [2.](#hsbc4156561a014) | &nbsp;&nbsp;&nbsp;[WHO IS COVERED BY THIS CODE](#hsbc4156561a014) | &nbsp;&nbsp;&nbsp;[WHO IS COVERED BY THIS CODE](#hsbc4156561a014) | [5](#hsbc4156561a014) |
| [3.](#hsbc4156561a015) | &nbsp;&nbsp;&nbsp;[PROHIBITED TRANSACTIONS](#hsbc4156561a015) | &nbsp;&nbsp;&nbsp;[PROHIBITED TRANSACTIONS](#hsbc4156561a015) | [5](#hsbc4156561a015) |
|  | [a.](#hsbc4156561a016) | [Blackout Period](#hsbc4156561a016) | [5](#hsbc4156561a016) |
|  | [b.](#hsbc4156561a017) | [Requirement for Pre-clearance](#hsbc4156561a017) | [5](#hsbc4156561a017) |
|  | [c.](#hsbc4156561a018) | [Fund Officer Prohibition](#hsbc4156561a018) | [6](#hsbc4156561a018) |
| [4.](#hsbc4156561a019) | &nbsp;&nbsp;&nbsp;[REPORTING REQUIREMENTS OF ACCESS PERSONS](#hsbc4156561a019) | &nbsp;&nbsp;&nbsp;[REPORTING REQUIREMENTS OF ACCESS PERSONS](#hsbc4156561a019) | [6](#hsbc4156561a019) |
|  | [a.](#hsbc4156561a020) | [Reporting](#hsbc4156561a020) | [6](#hsbc4156561a020) |
|  | [b.](#hsbc4156561a021) | [Exceptions from Reporting Requirement of Section 4](#hsbc4156561a021) | [6](#hsbc4156561a021) |
|  | [c.](#hsbc4156561a022) | [Initial Holdings Reports](#hsbc4156561a022) | [6](#hsbc4156561a022) |
|  | [d.](#hsbc4156561a023) | [Quarterly Transaction Reports](#hsbc4156561a023) | [7](#hsbc4156561a023) |
|  | [e.](#hsbc4156561a024) | [New Account Opening; Quarterly New Account Report](#hsbc4156561a024) | [7](#hsbc4156561a024) |
|  | [f.](#hsbc4156561a025) | [Annual Holdings Reports](#hsbc4156561a025) | [7](#hsbc4156561a025) |
|  | [g.](#hsbc4156561a026) | [Alternative Reporting](#hsbc4156561a026) | [8](#hsbc4156561a026) |
|  | [h.](#hsbc4156561a027) | [Report Qualification](#hsbc4156561a027) | [8](#hsbc4156561a027) |
|  | [i.](#hsbc4156561a028) | [Providing Access to Account Information](#hsbc4156561a028) | [8](#hsbc4156561a028) |
|  | [j.](#hsbc4156561a029) | [Confidentiality of Reports](#hsbc4156561a029) | [8](#hsbc4156561a029) |
| [5.](#hsbc4156561a030) | &nbsp;&nbsp;&nbsp;[ACKNOWLEDGEMENT AND CERTIFICATION OF COMPLIANCE](#hsbc4156561a030) | &nbsp;&nbsp;&nbsp;[ACKNOWLEDGEMENT AND CERTIFICATION OF COMPLIANCE](#hsbc4156561a030) | [8](#hsbc4156561a030) |
| [6.](#hsbc4156561a031) | &nbsp;&nbsp;&nbsp;[REPORTING VIOLATIONS](#hsbc4156561a031) | &nbsp;&nbsp;&nbsp;[REPORTING VIOLATIONS](#hsbc4156561a031) | [9](#hsbc4156561a031) |
| [7.](#hsbc4156561a032) | &nbsp;&nbsp;&nbsp;[TRAINING](#hsbc4156561a032) | &nbsp;&nbsp;&nbsp;[TRAINING](#hsbc4156561a032) | [9](#hsbc4156561a032) |
| [8.](#hsbc4156561a033) | &nbsp;&nbsp;&nbsp;[REVIEW OFFICER](#hsbc4156561a033) | &nbsp;&nbsp;&nbsp;[REVIEW OFFICER](#hsbc4156561a033) | [9](#hsbc4156561a033) |
|  | [a.](#hsbc4156561a034) | [Duties of Review Officer](#hsbc4156561a034) | [9](#hsbc4156561a034) |
|  | [b.](#hsbc4156561a035) | [Potential Trade Conflict](#hsbc4156561a035) | [10](#hsbc4156561a035) |
|  | [c.](#hsbc4156561a036) | [Required Records](#hsbc4156561a036) | [10](#hsbc4156561a036) |
|  | [d.](#hsbc4156561a037) | [Post-Trade Review Process](#hsbc4156561a037) | [11](#hsbc4156561a037) |
|  | [e.](#hsbc4156561a038) | [Submission to Fund Board](#hsbc4156561a038) | [11](#hsbc4156561a038) |
|  | [f.](#hsbc4156561a039) | [Report to the Risk Committee](#hsbc4156561a039) | [12](#hsbc4156561a039) |
| [APPENDIX A-Foreside Companies](#hsbc4156561a040) | [APPENDIX A-Foreside Companies](#hsbc4156561a040) | [APPENDIX A-Foreside Companies](#hsbc4156561a040) | [13](#hsbc4156561a040) |
| [APPENDIX B-Definitions](#hsbc4156561a041) | [APPENDIX B-Definitions](#hsbc4156561a041) | [APPENDIX B-Definitions](#hsbc4156561a041) | [14](#hsbc4156561a041) |
| [ATTACHMENT A-Access Person Acknowledgment](#hsbc4156561a042) | [ATTACHMENT A-Access Person Acknowledgment](#hsbc4156561a042) | [ATTACHMENT A-Access Person Acknowledgment](#hsbc4156561a042) | [16](#hsbc4156561a042) |
| [ATTACHMENT B-Pre-Clearance Form](#hsbc4156561a043) | [ATTACHMENT B-Pre-Clearance Form](#hsbc4156561a043) | [ATTACHMENT B-Pre-Clearance Form](#hsbc4156561a043) | [17](#hsbc4156561a043) |

---

i

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**INTRODUCTION**

This Rule 17j-1 Code of Ethics (the "Code") has been adopted by Foreside Financial Group, LLC ("Foreside") and each of its affiliated entities and direct or indirect wholly owned subsidiaries as listed in <u>Appendix A</u> (each, a "Company" and collectively, the "Companies"), collectively doing business as ACA or ACA Foreside. This Code pertains to the Companies' distribution services to registered management investment companies or series thereof, as well as those funds for which certain employees of the Companies (or an affiliate thereof) serve as an officer or director of a registered investment company ("Fund Officer") or have been designated an Access Person by the Review Officer<sup>1</sup> (each a "Fund" and as set forth in the List of Access Persons & Reportable Funds). This Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. establishes standards of professional conduct;

2. establishes standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of a Fund may abuse their fiduciary duties to the Fund; and

3. addresses other types of conflict-of-interest situations.

Definitions of <u>underlined</u> terms are included in <u>Appendix B.</u>

Each Company, through its President, may impose internal sanctions should <u>Access</u> <u>Persons</u> of any Company (as identified on the List of Access Persons & Reportable Funds maintained by the Review Officer) violate these policies or procedures. A registered broker-dealer and its personnel may be subject to various regulatory sanctions, including censure, suspension, fines, expulsion or revocation of registration for violations of securities rules, industry regulations and the Company's internal policies and procedures. In addition, negative publicity associated with regulatory investigations and private lawsuits can negatively impact and severely damage business reputation.

Furthermore, failure to comply with this Code is a very serious matter and may result in internal disciplinary action being taken. Such action may include, among other things, warnings, reprimands, restrictions on activities and/or suspension or termination of employment. Violations also may result in referral to regulatory, civil or criminal authorities where appropriate.

Should Access Persons require additional information about this Code or have ethics-related questions, please contact the Review Officer, as defined under Section 8 below, directly.

<sup>1</sup> Each Company is adopting this Code pursuant to Rule 17j-1 with respect to certain funds that it distributes or for which an employee of the Company serves as a Fund Officer or has been designated as an Access Person. Pursuant to the exception noted under Rule 17j-1(c)(3), adopting and approving a Rule 17j-1 code of ethics with respect to a Fund, as well as the Code's administration, by a principal underwriter is not required unless:

⮚ the principal underwriter is an affiliated person of the Fund or of the Fund's adviser, or <br> ⮚ an officer, director or general partner of the principal underwriter serves as an officer, director or general partner of the Fund or of the Fund's investment adviser.

A <u>Fund Officer</u> is permitted to report as an <u>Access Person</u> under this Code with respect to the Funds listed on the List of Access Persons & Reportable Funds maintained by the Review Officer.

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&nbsp;&nbsp;&nbsp;&nbsp;**1.** **STANDARDS OF PROFESSIONAL CONDUCT** 

Each Company forbids any Access Person from engaging in any conduct that is contrary to this Code. Furthermore, certain persons subject to the Code are also subject to other restrictions or requirements that affect their ability to open securities accounts, effect securities transactions, report securities transactions, maintain information and documents in a confidential manner and other matters relating to the proper discharge of their obligations to the Company or to a Fund.

Each Company has always held itself and its employees to the highest ethical standards. Although this Code is only one manifestation of those standards, compliance with its provisions is essential. Each Company adheres to the following standards of professional conduct, as well as those specific policies and procedures discussed throughout this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Fiduciary Duties.** 

Each Company and its Access Persons are fiduciaries and at all times shall:

— act solely for the benefit of the Funds; and <br> — place each Fund's interests above their own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Compliance with Laws.** 

Access Persons shall maintain knowledge of and comply with all applicable federal and state securities laws, rules and regulations, and shall not knowingly participate or assist in any violation of such laws, rules or regulations.

It is unlawful for Access Persons to use any information concerning a <u>security held or to be acquired</u> by a Fund, or their ability to influence any investment decisions, for personal gain or in a manner detrimental to the interests of a Fund.

Access Persons shall not, directly or indirectly, in connection with the trading of a Fund's shares or the purchase or sale of a security held or to be acquired by a Fund for which they are an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud a Fund or engage in any manipulative practice with respect to a Fund;

(ii) make to a Fund any untrue statement of a material fact or omit to state to a Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

(iii) engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon a Fund; or

(iv) engage in any manipulative practice with respect to securities, including price manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Corporate Culture.** 

Access Persons, through their words and actions, shall act with integrity, encourage honest and ethical conduct and adhere to a high standard of business ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Professional Misconduct.** 

Access Persons shall not engage in any professional conduct involving dishonesty, fraud, deceit or misrepresentation, or commit any act that reflects adversely on their honesty, trustworthiness or professional competence. Access Persons shall not knowingly misrepresent, or cause others to misrepresent, facts about a Company to a Fund, a Fund's shareholders, regulators or any member of the public. Disclosure in reports and documents should be fair and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Disclosure of Conflicts.** 

As a fiduciary, each Company and Access Person has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of a Fund. Compliance with this duty can be achieved by trying to avoid conflicts of interest and by fully disclosing all material facts concerning any conflict that does arise with respect to any Fund. Access Persons must try to avoid situations that have even the appearance of conflict or impropriety.

This Code prohibits inappropriate favoritism of one Fund over another that would constitute a breach of fiduciary duty. Access Persons shall support an environment that fosters the ethical resolution of, and appropriate disclosure of, conflicts of interest, and shall comply with any prohibition on activities imposed by a Company if a conflict of interest exists. If any Access Person is (or becomes) aware of a personal interest that is, or might be, in conflict with the interest of a Fund, that Access Person must promptly disclose the situation or transaction and the nature of the conflict to the Review Officer for appropriate consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Undue Influence.** 

Access Persons shall not cause or attempt to cause any Fund to purchase, sell or hold any security in a manner calculated to create any personal benefit to them or others whose accounts they hold a beneficial ownership interest (i.e., their spouse or domestic partner, minor children or relatives who reside in the Access Person's household) or over which they have direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Confidentiality and Protection of Material Nonpublic Information.** 

The term "Material Nonpublic Information" refers to information that is both material information and nonpublic information, and also may be referred to as "Inside Information." Information is considered to be "Nonpublic Information" unless it has been publicly disclosed, for example, through public filing with a securities regulator, issuance of a press release or the issuance of a prospectus. The term "Material Information" has no specific definition, but, for the purposes of this Code, it shall refer to any information that might have an effect on the market for a security generally or any information that a reasonable person would consider important in a decision to buy, hold or sell a security. Examples of material nonpublic information may include, but are not limited to: sales results; earnings (or loss) estimates (including significant changes to previously released information); dividend actions; strategic plans; new products, discoveries or services; significant personnel changes; acquisition, merger and divestiture plans; liquidity issues; proposed securities offerings; major pending or threatened litigation or potential claims; restructurings and recapitalizations; and the negotiation or termination of major contracts or relationships.

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Information concerning the identity of portfolio holdings and financial circumstances of a Fund is confidential. Access Persons are responsible for safeguarding such material nonpublic information about a Fund, including portfolio recommendations and fund holdings. Except as required in the normal course of carrying out their business responsibilities **<u>and</u>** as permitted by a Fund's policies and procedures, Access Persons shall not reveal information relating to the investment intentions or activities of any Fund, or securities that are being considered for purchase or sale on behalf of any Fund.

Access Persons in possession of material nonpublic information must maintain the confidentiality of such information, and each Company shall be bound by a Fund's policies and procedures with regard to disclosure of an investment company's identity, affairs and portfolio holdings. The obligation to safeguard such Fund information would not preclude Access Persons from providing necessary information to, for example, persons providing services to a Company or a Fund's account such as brokers, accountants, custodians and fund transfer agents, or in other circumstances when the Fund consents, as long as such disclosure conforms to the Fund's portfolio holdings disclosure policies and procedures.

In any case, Access Persons shall not:

— trade based upon inside information, especially where Fund trades are likely to be pending or imminent; or <br> — use or share knowledge of any material nonpublic information of a Fund for personal gain or benefit or for the personal gain or benefit of others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.** **Personal Securities Transactions.** 

All personal securities transactions shall be conducted in such a manner as to be consistent with this Code and to avoid any actual or potential conflict of interest or any abuse of any Access Person's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Gifts.** 

Access Persons shall not accept or provide anything in excess of $100.00 (per individual per year) or any other preferential treatment, in each case as a gift, to or from any broker-dealer or other entity with which a Company or a Fund does business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j.** **Service on Boards.** 

Access Persons shall not serve on the boards of trustees (or directors) of publicly traded companies, absent **<u>prior</u>** authorization based upon a determination by the Review Officer that the board service would be consistent with the interests of the Company, a Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k.** **Prohibition Against Market Timing.** 

Access Persons shall not engage in market timing of shares of <u>Reportable Funds</u> (a list of which are provided in the List of Access Persons & Reportable Funds maintained by the Review Officer). For purposes of this section, an Access Person's trades shall be considered 'market timing' if made in violation of any stated policy in the Fund's prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;**2.** **WHO IS COVERED BY THIS CODE** 

All Access Persons, in each case only with respect to the Reportable Funds as listed on the List of Access Persons & Reportable Funds maintained by the Review Officer, shall abide by this Code. Access Persons are required to immediately notify the Review Officer of their appointment as an officer of a Reportable Fund. Access Persons are required to comply with specific reporting requirements as set forth in Sections 3 and 4 of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **PROHIBITED TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Blackout Period.** 

Access Persons shall not purchase or sell a <u>Reportable Security</u> in an account in their name, or in the name of others in which they hold a beneficial ownership interest or over which they have direct or indirect influence or control, if they had actual knowledge at the time of the transaction that, during the 24 hour period immediately preceding or following the transaction, the security was purchased or sold or was considered for purchase or sale by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Requirement for Pre-clearance.** 

Access Persons must obtain **<u>prior</u>** written approval from the Review Officer before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) directly or indirectly acquiring beneficial ownership in securities in an initial public offering for which no public market in the same or similar securities of the issue has previously existed;

(ii) directly or indirectly acquiring beneficial ownership in securities in a private placement; and

(iii) directly or indirectly purchasing, selling or acquiring shares of a Reportable Fund for which they are an Access Person.

All requests for pre-clearance of securities transactions must be submitted to the Review Officer for review using the Pre-Clearance Request Form, in the form of <u>Attachment B</u>.

In determining whether to pre-clear the transaction, the Review Officer shall consider, among other factors, whether such opportunity is being offered to the Access Person by virtue of his or her position with the Fund or would result in a conflict of interest. Other factors to be considered may include: discussion with the Access Person concerning the reason for the requested transaction and how he or she became aware of the investment; the Access Person's work role; the size and holding period of the proposed investment; the market capitalization of the issuer; the liquidity of the security; and other relevant factors. The Review Officer granting or denying the request must document the basis for the decision and notify the requesting person whether the trading request is approved or denied.

A pre-clearance request should not be submitted for a transaction that the requesting person does not intend to execute. Pre-clearance trading authorization *is valid* only from the time when approval is granted through the next business day. If the transaction is not executed within this period, an explanation of why the pre-cleared transaction was not completed must be submitted to the Review Officer within five (5) days. With respect to any effected transaction, the Access Person must provide the Review Officer with a transaction report evidencing the transaction consistent with the reporting requirements of Section 4.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Fund Officer Prohibition.** 

No Fund Officer shall directly or indirectly seek to obtain information (other than that necessary to accomplish the functions of the office) from any Fund portfolio manager regarding (i) the status of any pending securities transaction for a Fund or (ii) the merits of any securities transaction contemplated by the Fund Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **REPORTING REQUIREMENTS OF ACCESS PERSONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Reporting.** 

Access Persons must report the information described in this Section with respect to transactions in any <u>Reportable Security</u> in which they have, or by reason of such transaction acquire, any direct or indirect <u>beneficial ownership</u>. Access Persons must submit the appropriate reports to the Review Officer, unless they are otherwise required by a Fund, pursuant to a Code of Ethics adopted by the Fund, to report to the Fund or another entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Exceptions from Reporting Requirement of Section 4.** 

Access Persons need not submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any report with respect to securities held in accounts over which the Access Person had no direct or indirect influence or control;

(ii) a quarterly transaction report with respect to transactions effected pursuant to an automatic investment plan. However, any transaction that overrides the pre-set schedule or allocations of the automatic investment plan must be included in a quarterly transaction report;

(iii) a quarterly transaction report with respect to transactions effected which were non-volitional on the part of the Access Person, including acquisitions of Reportable Securities by gift or inheritance; or

(iv) a quarterly transaction report if the report would duplicate information contained in broker trade confirmations or account statements that the Company holds in its records so long as the Company receives the confirmations or statements no later than thirty (30) days after the end of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Initial Holdings Reports.** 

No later than ten (10) days after a person becomes an Access Person, the person must report the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Reportable Security (whether or not publicly traded) in which the person has any direct or indirect beneficial ownership as of the date the person became an Access Person;

(ii) the name of any broker, dealer or bank with whom the person maintains an account in which any securities were held for the Access Person's direct or indirect benefit as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date that the report is submitted by the Access Person.

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The information contained in the initial holdings report must be current as of a date no more than forty-five (45) days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Quarterly Transaction Reports.** 

No later than thirty (30) days after the end of a calendar quarter, each Access Person must submit a quarterly transaction report which includes, at a minimum, the following information with respect to any transaction during the quarter in a Reportable Security (whether or not publicly traded) in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Reportable Security involved;

(ii) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

(iii) the price of the Reportable Security at which the transaction was effected;

(iv) the name of the broker, dealer or bank with or through which the transaction was effected; and

(v) the date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **New Account Opening; Quarterly New Account Report.** 

Each Access Person shall provide written notice to the Review Officer **<u>prior</u>** to opening any new account with any entity through which a Reportable Securities (whether or not publicly traded) transaction may be effected for which the Access Person has direct or indirect beneficial ownership.

In addition, no later than thirty (30) days after the end of a calendar quarter, each Access Person must submit a Quarterly New Account Report with respect to any account established by such a person in which any Reportable Securities (whether or not publicly traded) were held during the quarter for the direct or indirect benefit of the Access Person. The Quarterly New Account Report shall cover, at a minimum, all accounts at a broker-dealer, bank or other institution opened during the quarter and provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the name of the broker, dealer or bank with whom the Access Person has established the account;

(2) the date the account was established; and

(3) the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Annual Holdings Reports.** 

Annually, each Access Person must report the following information (which information must be current as of a date no more than forty-five (45) days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and principal amount of each Reportable Security (whether or not publicly traded) in which the Access Person had any direct or indirect beneficial ownership;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities are held for the Access Person's direct or indirect benefit; and

(iii) the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Alternative Reporting.** 

The submission to the Review Officer of duplicate broker trade confirmations and account statements on all securities transactions required to be reported under this Section shall satisfy the reporting requirements of Section 4. The annual holdings report may be satisfied by confirming annually, in writing, the accuracy of the information delivered by, or on behalf of, the Access Person to the Review Officer and recording the date of the confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.** **Report Qualification.** 

Any report may contain a statement that the report shall not be construed as an admission by the person making the report that he or she has any direct or indirect beneficial ownership in the Reportable Securities to which the report relates.

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| | |
|:---|:---|
| **i.** | **Providing Access to Account Information.** |
|  | Access Persons will promptly: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide full access to a Fund, its agents and attorneys to any and all records and documents which a Fund considers relevant to any securities transactions or other matters subject to the Code;

(ii) cooperate with a Fund, or its agents and attorneys, in investigating any securities transactions or other matter subject to the Code;

(iii) provide a Fund, its agents and attorneys with an explanation (in writing if requested) of the facts and circumstances surrounding any securities transaction or other matter subject to the Code; and

(iv) promptly notify the Review Officer or such other individual as a Fund may direct, in writing, from time to time, of any incident of noncompliance with the Code by anyone subject to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j.** **Confidentiality of Reports.** 

Transaction and holdings reports will be maintained in confidence, except to the extent necessary to implement and enforce the provisions of this Code or to comply with requests for information from regulatory or government agencies or law enforcement where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **ACKNOWLEDGEMENT AND CERTIFICATION OF COMPLIANCE** 

Each Access Person is required to acknowledge in writing, initially and annually (in the form of <u>Attachment A</u>), that the person has received, read and understands the Code (and in the case of any amendments thereto, shall similarly acknowledge such amendment) and recognizes that he or she is subject to the Code. Further, each such person is required to certify annually that he or she has:

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— read, understood and complied with all the requirements of the Code; <br> — disclosed or reported all personal securities transactions pursuant to the requirements of the Code; and <br> — not engaged in any prohibited conduct.

If an Access Person is unable to make the above representations, he or she shall report any violations of this Code to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **REPORTING VIOLATIONS** 

Access Persons shall report any violations of this Code promptly to the Review Officer, unless the violations implicate the Review Officer, in which case the individual shall report the violations to the Chief Risk Officer or Chief Executive Officer of Foreside, as appropriate. Such reports will be confidential, to the extent permitted by law, and investigated promptly and appropriately. Retaliation against an individual who reports a violation is prohibited and constitutes a further violation of this Code.

Reported violations of the Code will be investigated and appropriate actions will be taken. Types of reporting that are required include, but are not limited to:

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| |
|:---|
| Noncompliance with applicable laws, rules and regulations; |
| Fraud or illegal acts involving any aspect of the Company's business; |
| Material misstatements in regulatory filings, internal books and records, Fund records or reports; |
| Activity that is harmful to a Fund, including Fund shareholders; and |
| Deviations from required controls and procedures that safeguard a Fund or a Company. |

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Access Persons should seek advice from the Review Officer with respect to any action or transaction that may violate this Code, and refrain from any action or transaction that might lead to the appearance of a violation. Access Persons should promptly report any apparent or suspected violations in addition to actual or known violations of this Code to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **TRAINING** 

Training with respect to the Code will occur initially upon an employee becoming or being designated an Access Person and at least annually thereafter. In addition, all Access Persons are required to attend any training sessions or read any applicable materials. Training may include, among other things, (1) periodic orientation or training sessions with new and existing personnel to remind them of their obligations under the Code and/or (2) certifications that Access Persons have read and understood the Code, and require re-certification that they have re-read, understand and have complied with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **REVIEW OFFICER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Duties of Review Officer.** 

The Vice President of Foreside has been appointed by the President of each Company as the Review Officer to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review all securities transaction and holdings reports and maintain the names of persons responsible for reviewing these reports;

(ii) identify all persons of each Company who are Access Persons subject to this Code, promptly inform each Access Person of the requirements of this Code and provide them with a copy of the Code and any amendments;

(iii) compare, on a quarterly basis, all Reportable Securities transactions with each Fund's completed portfolio transactions to determine whether a Code violation may have occurred;

(iv) maintain signed acknowledgments and certifications by each Access Person who is then subject to this Code, in the form of <u>Attachment A</u>;

(v) inform all Access Persons of their requirements to obtain prior written approval from the Review Officer prior to directly or indirectly acquiring beneficial ownership of a security in any private placement, initial public offering or Reportable Fund;

(vi) ensure that Access Persons receive adequate training on the principles and procedures of this Code;

(vii) review, at least annually, the adequacy of this Code and the effectiveness of its implementation; and

(viii) submit a written report to a Fund's Board and Foreside's Risk Committee as described in Section 8(e) and (f), respectively.

The Chief Risk Officer of Foreside shall review any reportable securities transactions of the Review Officer and shall assume the responsibilities of the Review Officer in his or her absence. The Review Officer may delegate responsibilities described herein to an appropriate Foreside representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Potential Trade Conflict.** 

When there appears to be a Reportable Securities transaction that conflicts with the Code, the Review Officer shall request a written explanation from the Access Person with regard to the transaction. If, after post-trade review, it is determined that there has been a material violation of the Code, a report will be made by the Review Officer with a recommendation of appropriate action to be taken to the Risk Committee of Foreside, the President of each Company, where applicable, the Chief Compliance Officer of each Company's Broker-Dealer, where applicable, and a Fund's Board of Trustees (or Directors), where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Required Records.** 

The Review Officer shall maintain and cause to be maintained:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of any code of ethics adopted by each Company that is in effect, or at any time within the past five (5) years was in effect, in an easily accessible place;

(ii) a record of any violation of any code of ethics, and of any action taken as a result of such violation, in an easily accessible place for at least five (5) years after the end of the fiscal year in which the last entry was made on any such report, the first two (2) years in an easily accessible place;

(iii) a copy of each holdings and transaction report (including duplicate confirmations and statements) made by anyone subject to this Code as required by Section 4 for at least five (5) years after the end of the fiscal year in which the report is made, the first two (2) years in an easily accessible place;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a record of all written acknowledgements and certifications by each Access Person who is currently, or within the past five (5) years was, an Access Person (records must be kept for 5 years after individual ceases to be an Access Person under the Code);

(v) a list of all persons who are currently, or within the past five years were, required to make reports or who were responsible for reviewing these reports pursuant to any code of ethics adopted by each Company, in an easily accessible place;

(vi) a copy of each written report and certification required pursuant to Section 8(e) of this Code for at least five (5) years after the end of the fiscal year in which it is made, the first two (2) years in an easily accessible place;

(vii) a record of any decision, and the reasons supporting the decision, approving the acquisition of securities by Access Persons under Section 3(b) of this Code, for at least five (5) years after the end of the fiscal year in which the approval is granted; and

(viii) a record of any decision, and the reasons supporting the decision, granting an Access Person a waiver from, or exception to, the Code for at least five (5) years after the end of the fiscal year in which the waiver is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Post-Trade Review Process.** 

Following receipt of trade confirms and statements, transactions will be screened by the Review Officer (or his or her designee) for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *same day trades*: transactions by Access Persons occurring on the same day as the purchase or sale of the same security by a Fund for which they are an Access Person.

(ii) *blackout period trades*: transactions by Access Persons occurring within 24 hours before or after the time as the purchase or sale of the same security by a Fund for which they are an Access Person.

(iii) *fraudulent conduct*: transaction by Access Persons which, within the most recent fifteen (15) days, is or has been held by a Fund or is being or has been considered by a Fund for purchase by a Fund.

(iv) *market timing of Reportable Funds*: transactions by Access Persons that appear to be market timing of Reportable Funds.

(v) *other activities*: transactions which may give the appearance that an Access Person has executed transactions not in accordance with this Code or otherwise reflect patterns of abuse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Submission to Fund Board.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Review Officer shall, at a minimum, annually prepare a written report to the Board of Trustees (or Directors) of a Fund listed in the List of Access Persons & Reportable Funds maintained by the Review Officer that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. describes any issues under this Code or its procedures since the last report to the Trustees (or Directors), including, but not
limited to, information about material violations of the code or procedures and sanctions imposed in response to the material
violations; and

B. certifies that each Company has adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Review Officer shall ensure that this Code and any material amendments are submitted to the Board of Trustees (or Directors) for approval for those funds listed in the List of Access Persons & Reportable Funds maintained by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Report to the Risk Committee.** 

The Review Officer shall prepare a written report to the Risk Committee of Foreside (and the President of each Company, where applicable, and the Chief Compliance Officer of each Company's Broker-Dealer, where applicable) regarding any material issues that arose during the year under the Code, including, but not limited to, material violations of and sanctions under the Code.

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| | |
|:---|:---|
| Adopted: | May 1, 2009 |
| Amended: | October 14, 2009 (updated <u>Appendix A</u>) |
| Amended: | September 29, 2011 (updated <u>Appendix A</u>) |
| Amended: | March 15, 2012 (updated <u>Appendix A</u>) |
| Amended: | April 4, 2012 (updated <u>Appendix A</u>) |
| Amended: | July 5, 2012 (updated <u>Appendix A</u>) |
| Amended: | November 30, 2012 (updated <u>Appendix A</u>) |
| Amended: | December 24, 2013 (updated <u>Appendix A</u>) |
| Amended: | March 26, 2014 |
| Amended: | July 11, 2014 (updated <u>Appendix A</u>) |
| Amended: | June 10, 2015 (updated <u>Appendix A</u>) |
| Amended: | October 16, 2015 (updated <u>Appendix A</u>) |
| Amended: | December 30, 2015 |
| Amended: | April 26, 2016 (updated <u>Appendix A</u>) |
| Amended: | August 1, 2016 (updated <u>Appendix A</u>) |
| Amended: | August 31, 2017 (updated <u>Appendix A</u>) |
| Amended: | December 31, 2017 (updated <u>Appendix A</u>) |
| Amended: | February 28, 2018 (updated <u>Appendices A and B</u>) |
| Amended: | May 1, 2019 (updated <u>Appendix A</u>) |
| Amended: | August 6, 2019 (updated <u>Appendix A</u>) |
| Amended: | January 10, 2020 (updated <u>Appendix A</u>) |
| Amended: | March 31, 2020 (updated <u>Appendix A</u>) |
| Amended: | August 14, 2020 (updated <u>Appendix A</u>) |
| Amended: | June 4, 2021 (updated <u>Appendix A</u>) |
| Amended: | December 31, 2021 |
| Amended: | May 25, 2022 (updated <u>Appendix A</u>) |
| Amended: | June 24, 2022 |

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**RULE 17j-1 CODE OF ETHICS**

**APPENDIX A**

**FORESIDE COMPANIES**

The following affiliated entities and direct or indirect wholly owned subsidiaries of Foreside Financial Group, LLC are subject to the Rule 17j-1 Code of Ethics for Distribution Services, Fund Officers Services, and Designated Access Persons:

Cipperman Compliance Services LLC<br> Compass Distributors, LLC\*<br> Foreside Consulting Services, LLC<br> Foreside Distribution Services, L.P.\*<br> Foreside Distributors, LLC<br> Foreside Financial Services, LLC\*<br> Foreside Fund Officer Services, LLC<br> Foreside Fund Services, LLC\*<br> Foreside Funds Distributors LLC\*<br> Foreside Global Services Limited<br> Foreside Global Services, LLC\*<br> Foreside Investment Services, LLC\*<br> Foreside Management Services, LLC<br> Funds Distributor, LLC\*<br> Hardin Compliance Consulting LLC<br> IMST Distributors, LLC\*<br> JOHCM Funds Distributors, LLC\* *(f/k/a Foreside Fund Partners LLC)*<br> MGI Funds Distributors, LLC\*<br> Northern Funds Distributors, LLC\*<br> Orbis Investments (U.S.), LLC\*<br> Parnassus Funds Distributor, LLC\*<br> Quasar Distributors, LLC\*<br> Sterling Capital Distributors, LLC\*<br> VT Distributors LLC\*

*\* FINRA-registered broker-dealer*

*The companies listed on this <u>Appendix A</u> may be amended from time to time, as required.*

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**RULE 17j-1 CODE OF ETHICS**

**APPENDIX B<br> DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u><u>Access Person</u>:</u> 

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| | |
|:---|:---|
| (i)(1) | of a Company means each director or officer of the Companies who in the ordinary course of business makes, participates in or obtains information regarding the purchase or sale of Reportable Securities for a Fund or whose functions or duties as part of the ordinary course of business relate to the making of any recommendation to a Fund regarding the purchase or sale of Reportable Securities. |
| (ii)(2) | of a Fund, whereby an employee or agent of a Company serves as an officer of a Fund ("<u>Fund Officer</u>"). Such Fund Officer is an Access Person of a Fund and is permitted to report under this Code unless otherwise required by a Fund's Code of Ethics. |
| (iii)(3) | of a Company includes anyone else specifically designated by the Review Officer. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Beneficial Owner</u> shall have the
 meaning as that set forth in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, except that the determination
 of direct or indirect beneficial ownership shall apply to all Reportable Securities that an Access Person owns or acquires. A
 beneficial owner of a security is any person who, directly or indirectly, through any contract, arrangement, understanding,
 relationship or otherwise, has or shares a <u>direct or indirect pecuniary interest</u> (the opportunity, directly or indirectly, to
 profit or share in any profit derived from a transaction in the subject securities) in a security. An Access Person is presumed to
 be a beneficial owner of securities that are held by his or her immediate family members sharing the Access Person's
 household.

(c) <u>Indirect pecuniary interest</u> in a
 security includes securities held by a person's immediate family sharing the same household. <u>Immediate family</u> means any
 child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law,
 daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships).

(d) <u>Control</u> means the power to exercise a
 controlling influence over the management or policies of an entity, unless this power is solely the result of an official position
 with the company. Ownership of 25% or more of a company's outstanding voting securities is presumed to give the holder thereof
 control over the company. This presumption may be rebutted by the Review Officer based upon the facts and circumstances of a given
 situation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Purchase or sale</u> includes, among other things, the writing of an option to purchase or
 sell a Reportable Security.

(f) <u>Reportable Fund</u> (see List of Access Persons & Reportable Funds maintained by
 the Review Officer) means any fund that triggers the Company's compliance with a Rule 17j-1 Code of Ethics or any fund
 for which an employee or agent of the Company serves as a Fund Officer.

(g) <u>Reportable Security</u> means any security such as a stock, bond, future, investment
 contract or any other instrument that is considered a 'security' under Section 2(a)(36) of the Investment Company
 Act of 1940, as amended, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) direct obligations of the Government of the United States;

(ii) bankers' acceptances and bank certificates of deposits;

(iii) commercial paper and debt instruments with a maturity at issuance of less than 366 days and that are rated in one of the two highest rating categories by a nationally recognized statistical rating organization;

(iv) repurchase agreements covering any of the foregoing;

(v) shares issued by money market mutual funds;

(vi) shares of SEC registered open-end investment companies ( ***other than exchange-traded funds or <u>Reportable Funds</u>***); and

(vii) shares of unit investment trusts that are invested exclusively in one or more open-end funds, none of which are exchange-traded funds or Reportable Funds.

*Included* in the definition of Reportable Security are:

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| | |
|:---|:---|
| ⮚ | Shares of a Reportable Fund; |
| ⮚ | Options on securities, on indexes, and on currencies; |
| ⮚ | All kinds of limited partnerships; |
| ⮚ | Foreign unit trusts, UCITs, SICAVs and foreign mutual funds; and |
| ⮚ | Private investment funds, hedge funds and investment clubs. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Security held or to be acquired by</u> the Fund means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Reportable Security which, within the most recent fifteen (15) days (x) is or has been held by the applicable Fund or (y) is being or has been considered by the applicable Fund or its investment adviser for purchase by the applicable Fund; and

(ii) and any option to purchase or sell, and any security convertible into or exchangeable for, a Reportable Security.

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**RULE 17j-1 CODE OF ETHICS**

**ATTACHMENT A**

**ACCESS PERSON ACKNOWLEDGMENT**

I understand that I am an Access Person subject to the Rule 17j-1 Code of Ethics (the "Code") for Distribution Services, Fund Officers Services, and Designated Access Persons adopted by Foreside Financial Group, LLC ("Foreside") and each Foreside company as listed in <u>Appendix A</u>. I hereby certify that I have read and understand the current Code, and will comply with it in all respects. In addition, I certify that I have complied with the requirements of the Code, and that I have disclosed or reported all personal securities accounts and transactions required to be disclosed or reported pursuant to the requirements of the Code.

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| | |
|:---|:---|
| Signature | Date |
| Printed Name |  |

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**This form must be completed and returned to the Risk Management:**

**Foreside Financial Group, LLC**<br> **ATTN: Review Officer (or his or her designee)**<br> **Three Canal Plaza, Third Floor**<br> **Portland, ME 04101**<br>

Received By: <br>Date:

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**RULE 17j-1 CODE OF ETHICS**

**ATTACHMENT B<br> PRE-CLEARANCE REQUEST FORM**

As an Access Person subject to the Rule 17j-1 Code of Ethics (the "Code") for Distribution Services, Fund Officers Services, and Designated Access Persons adopted by Foreside Financial Group, LLC ("Foreside") and each Foreside company as listed in <u>Appendix A</u>, I hereby request approval to purchase an initial public offering, private placement or shares of a Reportable Fund for which I am an Access Person. Pursuant to my request, I provide the following information concerning the security where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;1. Name of security/investment:

2. Type of security/interest:

3. Name of brokerage firm/other entity:

4. Account number:

5. Type of transaction (buy/sell/other-specify):

6. Number of shares/interest:

7. Price of each security/interest:

8. Name of firm offering the investment opportunity:

9. Please describe how you became aware of this investment opportunity:

I understand that it is a violation of the Code to purchase an initial public offering, private placement or shares of a Reportable Fund for which I am an Access Person <u>without</u> receiving ***prior*** written approval from Foreside's Review Officer. I further understand that (i) any pre-clearance trading authorization is valid only from the time when approval is granted through the next business day and (ii) an explanation of why the pre-cleared transaction was not completed must be submitted to the Review Officer within five (5) days if the transaction is not executed within the period. I also agree to provide the Review Officer with a transaction report evidencing the pre-cleared transaction consistent with the reporting requirements of Section 4. of the Code.

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| | |
|:---|:---|
| Signature | Date |
| Print Name | Job Title |

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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

**To be completed by Foreside's Review Officer and returned to the Access Person.**

Approval request granted: Yes: ______ No: ______

The following criteria were considered in assessing the Access Person's pre-clearance request (*use back of page if*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*necessary*):<br>

    <br> Authorized Signature Date

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