# EDGAR Filing Document

**Accession Number:** 0000702435
**File Stem:** 0000702435-25-000016
**Filing Date:** 2025-8
**Character Count:** 95499
**Document Hash:** 3ec117e914029e0db7fd9fc83108e698
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000702435-25-000016.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0000702435-25-000016

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 158

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Meeder Funds
- **CENTRAL INDEX KEY:** 0000702435

**ORGANIZATION NAME:**
- **EIN:** 521253995
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03462
- **FILM NUMBER:** 251267839

**BUSINESS ADDRESS:**
- **STREET 1:** 6125 MEMORIAL DR
- **STREET 2:** P O BOX 7177
- **CITY:** DUBLIN
- **STATE:** OH
- **ZIP:** 43017
- **BUSINESS PHONE:** 6147667000

**MAIL ADDRESS:**
- **STREET 1:** 6125 MEMORIAL DRIVE
- **CITY:** DUBLIN
- **STATE:** OH
- **ZIP:** 43017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FLEX FUNDS
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### MUIRFIELD FUND (Series ID: S000003612)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010069 | Retail Class        | FLMFX           |
| C000174337 | Adviser Class       | FLMAX           |
| C000174338 | Institutional Class | FLMIX           |

### CONSERVATIVE ALLOCATION FUND (Series ID: S000003613)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010070 | Retail Class        | FLRUX           |
| C000169633 | Institutional Class | IFAIX           |
| C000176586 | Adviser Class       | IFAAX           |

### SECTOR ROTATION FUND (Series ID: S000003614)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010071 | Retail Class        | FLCGX           |
| C000174339 | Adviser Class       | QNTAX           |
| C000174340 | Institutional Class | QNTIX           |

### DYNAMIC ALLOCATION FUND (Series ID: S000003615)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010072 | Retail Class        | FLDGX           |
| C000174341 | Institutional Class | DYGIX           |
| C000174342 | Adviser Class       | DYGAX           |

### BALANCED FUND (Series ID: S000003619)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010077 | Retail Class        | FLDFX           |
| C000174345 | Institutional Class | BLNIX           |
| C000174346 | Adviser Class       | BLNAX           |

### GLOBAL ALLOCATION FUND (Series ID: S000003620)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010078 | Retail Class        | FLFGX           |
| C000174347 | Institutional Class | GBPIX           |
| C000174348 | Adviser Class       | GBPAX           |

### TACTICAL INCOME FUND (Series ID: S000032099)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000099971 | Retail Class        | FLBDX           |
| C000174349 | Institutional Class | BNDIX           |
| C000174350 | Adviser Class       | BNDAX           |

### SPECTRUM FUND (Series ID: S000036920)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000112985 | Retail Class        | FLSPX           |
| C000174351 | Institutional Class | SRUIX           |
| C000174352 | Adviser Class       | SRUAX           |

### MODERATE ALLOCATION FUND (Series ID: S000049936)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000157689 | Retail Class        | FLDOX           |
| C000174353 | Adviser Class       | DVOAX           |
| C000174354 | Institutional Class | DVOIX           |

### GOVERNMENT MONEY MARKET FUND (Series ID: S000055222)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000173654 | Class E      | FLPXX           |
| C000253095 | Class F      |  |

## Ex-99.Code

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></b></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">CODE OF ETHICS</div></b></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS</div></b></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">OF THE MEEDER FUNDS</div></b></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   This Code of Ethics for Principal Executive and Senior Financial Officers (referred to in this document as the "Code") has been adopted by the Meeder Funds (referred to herein as the "Company"), on behalf of its series (individually, a "Fund" and collectively, the "Funds") to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted pursuant to Section 406.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  This Code applies to the Company's principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions ("Covered Officers").  A listing of positions currently within the ambit of Covered Officers is attached as EXHIBIT A.<sup>1</sup></div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">1.   &nbsp;&nbsp;&nbsp;&nbsp;  <u>Purpose of the Code</u></div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: .5in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote:</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; o     honest and ethical  conduct,  including the ethical handling of actual or apparent  conflicts </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: .5in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">of interest  between  personal and professional relationships;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; o     full, fair, accurate, timely, and understandable disclosure in reports and documents that a </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: .5in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">Fund files with, or submits to, the U.S. Securities and Exchange Commission </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: .5in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">("SEC") and in other public communications made by the Company;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; o     compliance with applicable governmental laws, rules and regulations;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">______________________</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><sup><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">1</div></sup><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by the Company, under Rule 17j-1 of the Investment Company Act of 1940, as amended, and any other code of conduct applicable to Covered Officers in whatever capacity they serve.  This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">Ethics will not be considered a violation or waiver under this Code.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; o     the prompt  internal  reporting of violations of this Code to the Code Administrator </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: .5in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">identified below; and</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; o     accountability for adherence to this Code.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">    &nbsp;&nbsp;&nbsp;&nbsp;     In  general,  the  principles  that  govern honest and ethical  conduct, including  the  avoidance  of  conflicts  of  interest   between   personal  and professional relationships, reflect, at the minimum, the following: (1) the duty at all  times  in  performing  any  responsibilities  as the  Company  financial officer,  accountant  or principal  executive  officer to place the interests  of the  Company  ahead of  personal  interests;  (2) the  fundamental standard that Covered Officers should not take inappropriate  advantage of their positions;  (3) the duty to assure that the Company's  financial  statements and reports to its shareholders  are prepared  honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Company's business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and Meeder Asset Management, Inc. (“MAM”) of which the Covered Officers are also officers or employees.  As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or MAM, or for both), be involved in establishing policies and implementing decisions that will have different effects on MAM and the Company.  The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and MAM and is consistent with the performance by the Covered Officers of their duties as officers of the Company.  Thus, if performed in conformity with the provisions of the Investment Company Act of 1940 and the Investment Advisers Act of 1940, such activities will be deemed to have been handled ethically.  Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. This Code provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive.  The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">2.   &nbsp;&nbsp;&nbsp;&nbsp;  <u>Prohibitions</u></div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: .5in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships.  No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">    &nbsp;&nbsp;&nbsp;&nbsp;     No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund:</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    (i)   &nbsp;&nbsp;&nbsp;&nbsp; employ any  device, scheme or artifice to defraud a Fund or its shareholders;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    (ii)  &nbsp;&nbsp;&nbsp;&nbsp; intentionally cause a Fund to make any  untrue  statement  of a material  fact or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    omit to state a  material  fact  necessary  in order to make the statements made, in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; light of the circumstances under  which  they are  made,  not  misleading  in its &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; official documents,   regulatory   filings,   financial   statements   or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; communications to the public;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    (iii) &nbsp;&nbsp;&nbsp;&nbsp; engage in any  act,  practice,  or  course  of  business  which operates or would  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    operate as a fraud or deceit upon any Fund or its shareholders;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    (iv)      engage in any manipulative practice with respect to any Fund;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    (v)       use his or her personal  influence or personal  relationships to influence  any  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    business decision, investment  decisions, or financial reporting by a Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    whereby the Covered Officer would benefit personally to the detriment of  the </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: .5in;margin-left: .5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">Fund or its shareholders;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    (vi) &nbsp;&nbsp;&nbsp;&nbsp; intentionally cause a Fund to fail to  comply  with  applicable laws,  rules and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    regulations,  including  failure to comply with the  requirement of full,  fair,  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    accurate,  understandable  and timely  disclosure  in reports and  documents  that a &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   Fund files with, or submits to, the SEC and in other public communications &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   made by the Fund;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;        (vii)     intentionally mislead or omit to provide material information to a  Fund's  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    independent auditors  or to the Company's Board of Trustees or the officers &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  of the Company or its investment adviser in connection with financial reporting &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    matters;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    (viii)&nbsp;&nbsp;&nbsp;&nbsp; fail to notify  the Code  Administrator  promptly if he or she becomes aware of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    any existing or potential  violations of this Code or applicable laws;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    (ix)      retaliate against others for, or otherwise discourage the reporting of, actual or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    apparent violations of this Code; or</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    (x)       fails to acknowledge or certify compliance with this Code if requested to do so.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">3.  &nbsp;&nbsp;&nbsp;&nbsp;    <u>Designated Persons Under the Code</u></div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   As set forth in greater detail below, the Covered Officers shall report to either: (i) the Code Administrator or (ii) if the Covered Person is the Principal Executive Officer, the Chairman of the Audit Committee of the Board of Trustees of the Company (the “Audit Committee Chairman”) (the “Code Administrator” and the “Audit Committee Chairman” hereinafter referred to collectively as the “Designated Persons,” and singly as the “Designated Person,” as appropriate).</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Roles and Responsibilities of the Designated Persons and the Independent Trustees</u></div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    As discussed in greater detail below, given the seniority of the Covered Officers:</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">(a)&nbsp;&nbsp;&nbsp;&nbsp;    the Code Administrator shall be responsible for conducting investigations of prospective and past conduct or activity by Covered Officers (other than the Principal Executive Officer of the Company) brought to the attention of the Code Administrator, and:</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  with respect to such prospective conduct or activity, also shall be responsible for making a final determination whether or not such conduct or activity will violate this Code;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to such past conduct or activity, also shall be responsible for making a preliminary determination whether or not such conduct or activity has violated this Code; and</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">iii.&nbsp;&nbsp;&nbsp;&nbsp;    with respect to such prospective and past conduct or activity, also shall be responsible for making a preliminary determination whether or not to grant a waiver to the Covered Officer for such conduct or activity;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">(b)&nbsp;&nbsp;&nbsp;&nbsp;    the Code Administrator promptly shall report to the Trustees of the Company who are not “interested persons” of the Company, as that term is defined in Section 2(a)(19) of the 1940 Act (hereinafter, the “Independent Trustees”):</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  his or her preliminary determination whether or not any such past conduct or activity has violated this Code and any recommended sanction, as appropriate; and</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; his or her preliminary determination whether or not any such prospective or past conduct or activity should be the subject of a waiver;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">(c)&nbsp;&nbsp;&nbsp;&nbsp;    the Audit Committee Chairman shall be responsible for conducting investigations of prospective and past conduct by the Principal Executive Officer of the Company brought to the attention of the Audit Committee Chairman, and:</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  with respect to such prospective conduct or activity, also shall be responsible for making a final determination whether or not such conduct or activity will violate this Code;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to such past conduct or activity, also shall be responsible for making a preliminary determination whether or not such conduct or activity has violated this Code; and</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">iii.&nbsp;&nbsp;&nbsp;&nbsp;    with respect to such prospective and past conduct or activity, also shall be responsible for making a preliminary determination whether or not to grant a waiver to the CEO for such conduct or activity;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">(d)&nbsp;&nbsp;&nbsp;&nbsp;   the Audit Committee Chairman promptly shall report to the Independent Trustees:</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  his or her preliminary determination whether or not any such past conduct or activity has violated this Code and any recommended sanction, as appropriate; and</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; his or her preliminary determination whether or not any such prospective or past conduct or activity should be the subject of a waiver;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">(e)&nbsp;&nbsp;&nbsp;&nbsp;    the Independent Trustees shall be solely responsible for promptly determining whether or not: (a) to accept the preliminary determinations made by the Designated Person with respect to past conduct or activity of the Covered Officer (including the Principal Executive Officer of the Company); and (b) to grant waivers under this Code and these determinations of the Independent Trustees shall be final;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">(f)&nbsp;&nbsp;&nbsp;&nbsp;    the Independent Trustees further shall be solely responsible for:</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  taking all necessary and appropriate disciplinary or preventive action(s) (necessary and appropriate disciplinary or preventive actions(s) may include a letter to censure, suspension, dismissal, or, in the event of criminal or other serious violations of law, notification to the SEC and/or appropriate law enforcement authorities) in regard to any existing, actual, or potential violation of this Code by any Covered Officer including the Principal Executive Officer of the Company); and</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assuring that any changes to or waivers (or implicit waivers<sup>2</sup>) of this Code, to the extent required, shall be disclosed on Form N-CSR, as provided by SEC rules; and</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: -.5in;margin-left: 1.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">(g)&nbsp;&nbsp;&nbsp;&nbsp;    all determinations, both preliminary and final, made by the Designated Persons and Independent Trustees shall be in writing.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">5.   &nbsp;&nbsp;&nbsp;&nbsp;  <u>Reporting Requirements</u></div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   (a) &nbsp;&nbsp;&nbsp;&nbsp;   Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) &nbsp;&nbsp;&nbsp;&nbsp;  At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">    &nbsp;&nbsp;&nbsp;&nbsp;    (c) &nbsp;&nbsp;&nbsp;&nbsp;   At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">    &nbsp;&nbsp;&nbsp;&nbsp;    (d) &nbsp;&nbsp;&nbsp;&nbsp;  The Code Administrator shall submit a quarterly report to the Board of Trustees of the Company containing  (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof;  (ii) a description of any request for a waiver from this Code and the  disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction  imposed;  (iv)  interpretations  issued  under  the  Code by the  Code Administrator;  and (v) any other significant information arising under the Code including any proposed amendments.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   (e) &nbsp;&nbsp;&nbsp;&nbsp;   Each Covered Officer shall notify the Designated Person promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur.  Failure to do so is itself a violation of this Code.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">________________________</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><sup><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">2</div></sup><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> An "implicit  waiver" is the failure to take action within a reasonable period of time  regarding a material  departure  from a provision of this Code that has been made known to the Designated Person.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">6.   &nbsp;&nbsp;&nbsp;&nbsp;  <u>Annual Renewal</u></div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    At least annually, the Board of Trustees of the Company shall review the Code and determine whether any amendments are necessary or desirable, and shall consider whether to renew and/or amend the Code.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">7.   &nbsp;&nbsp;&nbsp;&nbsp;  <u>Administration and Construction</u></div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    (a)  &nbsp;&nbsp;&nbsp;&nbsp;  The administration of this Code of Ethics shall be the responsibility of MAM's</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: .5in;margin-left: .5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">General Counsel as the "Code Administrator" of this Code, acting under the terms of this Code and the oversight of the Trustees of the Company.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   (b)  &nbsp;&nbsp;&nbsp;&nbsp; The duties of such Code Administrator will include:</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (i)   &nbsp;&nbsp;&nbsp;&nbsp; Continuous maintenance of a current list of the names of all</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-indent: .5in;margin-left: .5in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   Covered Officers;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (ii)  &nbsp;&nbsp;&nbsp;&nbsp; Furnishing all Covered Officers a copy of this Code and initially and  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    periodically informing them of their duties and obligations thereunder;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (iii) &nbsp;&nbsp;&nbsp;&nbsp; Maintaining or supervising the maintenance of all records required by this</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    Code, including records of waivers granted hereunder;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (iv)      Issuing interpretations of this Code which appear to the Code</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    Administrator to be consistent with the objectives of this Code and any </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    applicable laws or regulations;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (v)       Conducting such inspections or investigations as shall reasonably be </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    required to detect and report any violations of  this Code,  with his or her  </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    recommendations,  as specified herein.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  (vi)      Periodically conducting educational training programs as needed to </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    explain and reinforce the terms of this Code.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">    &nbsp;&nbsp;&nbsp;&nbsp;     (c) &nbsp;&nbsp;&nbsp;&nbsp;  In carrying out the duties and responsibilities described under this Code, the Designated Person may consult with legal counsel, who may include legal counsel to the applicable Company, and such other persons as the Designated Person shall deem necessary or desirable. The Designated Person shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">8.   &nbsp;&nbsp;&nbsp;&nbsp;  <u>Required Records</u></div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   The Code Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules  (currently six years following the end of the fiscal year of the Company in which the applicable event or report occurred):</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   (a)  &nbsp;&nbsp;&nbsp;&nbsp;  A copy of any Code which has been in effect during the period;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">    &nbsp;&nbsp;&nbsp;&nbsp;    (b)  &nbsp;&nbsp;&nbsp;&nbsp; A record of any violation of any such Code and of any action taken as a result of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    such violation, during the period;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   (c)  &nbsp;&nbsp;&nbsp;&nbsp;  A copy of each annual report pursuant to the Code made by a Covered Officer </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    during the period;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   (d)  &nbsp;&nbsp;&nbsp;&nbsp; A copy of each report made by a Designated Person pursuant to this Code during </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    the period;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   (e)  &nbsp;&nbsp;&nbsp;&nbsp;  A list of all Covered Officers who are or have been required to make reports &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    pursuant to this Code during the period,  plus those person(s) who are or were &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    responsible for reviewing these reports;</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   (f)  &nbsp;&nbsp;&nbsp;&nbsp;  A record of any request to waive any requirement of this Code, the decision &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    thereon and the reasons supporting the decision; and</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   (g)  &nbsp;&nbsp;&nbsp;&nbsp; A record of any report of any conflict of interest or appearance of a conflict of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    interest received by the Designated Person or discovered by the Designated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    Person during the period, the decision thereon and the reasons supporting the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    decision.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">9.  &nbsp;&nbsp;&nbsp;&nbsp;   <u>Amendments and Modifications</u></div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    This Code may not be amended or modified except by an amendment in writing which is approved or ratified by a majority vote of the Independent Trustees of the Company.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">10.  &nbsp;&nbsp;&nbsp;&nbsp; <u>Confidentiality</u></div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;   This Code is identified for the internal use of each Company and MAM. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations.  Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees of the Company and their counsel, the independent auditors of the Company and/or MAM, and to MAM, except as such disclosure may be required pursuant to applicable judicial or regulatory process.</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">Dated as of: February 5, 2004; revised March 7, 2013</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    <div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">Exhibit A</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">POSITIONS COVERED BY THIS CODE OF ETHICS FOR SENIOR OFFICERS</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;text-align: center;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><u><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">Meeder Funds</div></u></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">Principal Executive Officer</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;">Principal Financial Officer, Principal Accounting Officer and Treasurer</div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

```
<pre style="font-size: 10.0pt;font-family: "Arial Unicode MS",serif;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: "Times New Roman",serif;display: inline;"> </div></pre>
```

## Exhibit 99.906

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and 18 U.S.C. ss. 1350, and accompanies the report of Form N-CSR for the period ended June 30, 2025, of the Meeder Funds Trust (the "Trust").

Each of the undersigned officers of the Trust hereby certifies that, to the best of such officer's knowledge:

(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operation of the Trust.

Date:&nbsp;&nbsp;&nbsp;&nbsp; August 26, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Robert S. Meeder, Jr.

Name: Robert S. Meeder, Jr.

Title:&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Bruce E. McKibben

Name: Bruce E. McKibben

Title:&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the SEC or its staff upon request.

## Ex-99.Cert

I, Robert S. Meeder, Jr., certify that:

1. I have reviewed this report on Form N-CSR of the Meeder Funds Trust:

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have significant role in the registrant's internal controls over financial reporting.

/s/ Robert S. Meeder, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

[Signature]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Title]

August 26, 2025

[Date]

I, Bruce E. McKibben, certify that:

1. I have reviewed this report on Form N-CSR of the Meeder Funds Trust:

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have significant role in the registrant's internal controls over financial reporting.

/s/ Bruce E. McKibben&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

[Signature]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Title]

August 26, 2025

[Date]