# EDGAR Filing Document

**Accession Number:** 0001413032
**File Stem:** 0001193125-25-261877
**Filing Date:** 2025-11
**Character Count:** 1165397
**Document Hash:** c47eb6e6e4644912d6c8e6ddf874f3ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-261877.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001193125-25-261877

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**EFFECTIVENESS DATE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Columbia Funds Variable Series Trust II
- **CENTRAL INDEX KEY:** 0001413032

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-146374
- **FILM NUMBER:** 251442488

**BUSINESS ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 800-345-6611

**MAIL ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RiverSource Variable Series Trust
- **DATE OF NAME CHANGE:** 20070920

**As filed with the Securities and Exchange Commission on November 3, 2025.**

**Registration Nos. 333-146374** <br>**811-22127**

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**UNITED STATES** <br>**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

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**Form N-1A** <br>**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

☒

Pre-Effective Amendment No.

☐

Post-Effective Amendment No. 101

☒

**and/or**

**REGISTRATION STATEMENT**

***UNDER*** <br>

***THE INVESTMENT COMPANY ACT OF 1940***

☒

Amendment No. 102

☒

**(Check Appropriate Box or Boxes)**

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**COLUMBIA FUNDS VARIABLE SERIES TRUST II**

**(Exact Name of Registrant as Specified in Charter)**

------

**290 Congress Street, Boston, Massachusetts 02210** <br>**(Address of Principal Executive Offices) (Zip Code)**

**Registrant's Telephone Number, Including Area Code: (800) 345-6611**

------

---

| | |
|:---|:---|
| **Michael G. Clarke**<br> **c/o Columbia Management Investment Advisers, LLC**<br> **290 Congress Street**<br> **Boston, Massachusetts 02210**<br>| &nbsp;&nbsp; **Ryan C. Larrenaga, Esq.**<br> **c/o Columbia Management Investment Advisers, LLC**<br> **290 Congress Street**<br> **Boston, Massachusetts 02210**<br>|

---

**(Name and Address of Agents for Service)**

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It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d).

This Post-Effective Amendment relates to all series of the Registrant.

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 101 to the Registration Statement on Form N-1A (File No. 333-146374) is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of adding exhibits to such Registration Statement. Accordingly, this Post-Effective Amendment No. 101 consists only of a facing page, this explanatory note, and Part C of the Registration Statement on Form N-1A. This Post-Effective Amendment No. 101 does not change the form of any prospectus or Statement of Additional Information included in post-effective amendments previously filed with the Securities and Exchange Commission (the "SEC"). As permitted by Rule 462(d), this Post-Effective Amendment No. 101 shall become effective upon filing with the SEC.

------

**PART C. OTHER INFORMATION**

**Item 28. Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Registrant**<br> **that Made**<br> **the Filing**<br>| **File No.**<br> **of Such**<br> **Registrant**<br>| **Type of**<br> **Filing**<br>| **Filing**<br> **Date**<br>|
| (a)(1) | [Amendment No. 1 to the Agreement and](https://www.sec.gov/Archives/edgar/data/1413032/000095013707014818/c18647exv99wxay.txt)<br> [Declaration of Trust effective September](https://www.sec.gov/Archives/edgar/data/1413032/000095013707014818/c18647exv99wxay.txt)<br> [11, 2007](https://www.sec.gov/Archives/edgar/data/1413032/000095013707014818/c18647exv99wxay.txt)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Registration <br> Statement on <br> Form N-1A<br>(a)(1) | 9/28/2007 |
| (a)(2) | [Amendment No. 2 to the Agreement and](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxayx2y.txt)<br> [Declaration of Trust effective April 9,](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxayx2y.txt)<br> [2008](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxayx2y.txt)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #2 <br> on Form N-1A<br>(a)(2) | 4/21/2008 |
| (a)(3) | [Amendment No. 3 to the Agreement and](https://www.sec.gov/Archives/edgar/data/1413032/000095013709003366/c48935bexv99waw3.txt)<br> [Declaration of Trust effective January 8,](https://www.sec.gov/Archives/edgar/data/1413032/000095013709003366/c48935bexv99waw3.txt)<br> [2009](https://www.sec.gov/Archives/edgar/data/1413032/000095013709003366/c48935bexv99waw3.txt)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #5 <br> on Form N-1A<br>(a)(3) | 4/29/2009 |
| (a)(4) | [Amendment No. 4 to the Agreement and](https://www.sec.gov/Archives/edgar/data/1413032/000095012310034834/c57438bexv99waw4.txt)<br> [Declaration of Trust effective January](https://www.sec.gov/Archives/edgar/data/1413032/000095012310034834/c57438bexv99waw4.txt)<br> [14, 2010](https://www.sec.gov/Archives/edgar/data/1413032/000095012310034834/c57438bexv99waw4.txt)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #8 <br> on Form N-1A <br>(a)(4) | 4/14/2010 |
| (a)(5) | [Amendment No. 5 to the Agreement and](https://www.sec.gov/Archives/edgar/data/1413032/000095012310041242/c56664bexv99waw5.txt)<br> [Declaration of Trust effective April 6,](https://www.sec.gov/Archives/edgar/data/1413032/000095012310041242/c56664bexv99waw5.txt)<br> [2010](https://www.sec.gov/Archives/edgar/data/1413032/000095012310041242/c56664bexv99waw5.txt)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #9 <br> on Form N-1A<br>(a)(5) | 4/30/2010 |
| (a)(6) | [Amendment No. 6 to the Agreement and](https://www.sec.gov/Archives/edgar/data/1413032/000095012311041875/c63857bexv99waw6.htm)<br> [Declaration of Trust effective November](https://www.sec.gov/Archives/edgar/data/1413032/000095012311041875/c63857bexv99waw6.htm)<br> [11, 2010](https://www.sec.gov/Archives/edgar/data/1413032/000095012311041875/c63857bexv99waw6.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #15 <br> on Form N-1A<br>(a)(6) | 4/29/2011 |
| (a)(7) | [Amendment No. 7 to the Agreement and](https://www.sec.gov/Archives/edgar/data/1413032/000095012311041875/c63857bexv99waw7.htm)<br> [Declaration of Trust effective January](https://www.sec.gov/Archives/edgar/data/1413032/000095012311041875/c63857bexv99waw7.htm)<br> [13, 2011](https://www.sec.gov/Archives/edgar/data/1413032/000095012311041875/c63857bexv99waw7.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #15 <br> on Form N-1A<br>(a)(7) | 4/29/2011 |
| (a)(8) | [Amendment No. 8 to the Agreement and](https://www.sec.gov/Archives/edgar/data/1413032/000119312512093679/d304191dex99a8.htm)<br> [Declaration of Trust effective September](https://www.sec.gov/Archives/edgar/data/1413032/000119312512093679/d304191dex99a8.htm)<br> [15, 2011](https://www.sec.gov/Archives/edgar/data/1413032/000119312512093679/d304191dex99a8.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #20 <br> on Form N-1A<br>(a)(8) | 3/2/2012 |
| (a)(9) | [Amendment No. 9 to the Agreement and](https://www.sec.gov/Archives/edgar/data/1413032/000119312512093679/d304191dex99a9.htm)<br> [Declaration of Trust effective January](https://www.sec.gov/Archives/edgar/data/1413032/000119312512093679/d304191dex99a9.htm)<br> [12, 2012](https://www.sec.gov/Archives/edgar/data/1413032/000119312512093679/d304191dex99a9.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #20 <br> on Form N-1A<br>(a)(9) | 3/2/2012 |
| (a)(10) | [Amendment No. 10 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312513177401/d493383dex99a10.htm)<br> [and Declaration of Trust effective June](https://www.sec.gov/Archives/edgar/data/1413032/000119312513177401/d493383dex99a10.htm)<br> [14, 2012](https://www.sec.gov/Archives/edgar/data/1413032/000119312513177401/d493383dex99a10.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #31 <br> on Form N-1A<br>(a)(10) | 4/26/2013 |
| (a)(11) | [Amendment No. 11 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312513177401/d493383dex99a11.htm)<br> [and Declaration of Trust effective](https://www.sec.gov/Archives/edgar/data/1413032/000119312513177401/d493383dex99a11.htm)<br> [September 13, 2012](https://www.sec.gov/Archives/edgar/data/1413032/000119312513177401/d493383dex99a11.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #31 <br> on Form N-1A<br>(a)(11) | 4/26/2013 |
| (a)(12) | [Amendment No. 12 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312513177401/d493383dex99a12.htm)<br> [and Declaration of Trust effective](https://www.sec.gov/Archives/edgar/data/1413032/000119312513177401/d493383dex99a12.htm)<br> [January 16, 2013](https://www.sec.gov/Archives/edgar/data/1413032/000119312513177401/d493383dex99a12.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #31 <br> on Form N-1A<br>(a)(12) | 4/26/2013 |
| (a)(13) | [Amendment No. 13 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312513177401/d493383dex99a13.htm)<br> [and Declaration of Trust effective April](https://www.sec.gov/Archives/edgar/data/1413032/000119312513177401/d493383dex99a13.htm)<br> [17, 2013](https://www.sec.gov/Archives/edgar/data/1413032/000119312513177401/d493383dex99a13.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #31 <br> on Form N-1A<br>(a)(13) | 4/26/2013 |
| (a)(14) | [Amendment No. 14 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312514166684/d714318dex99a14.htm)<br> [and Declaration of Trust effective April](https://www.sec.gov/Archives/edgar/data/1413032/000119312514166684/d714318dex99a14.htm)<br> [11, 2014](https://www.sec.gov/Archives/edgar/data/1413032/000119312514166684/d714318dex99a14.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #38 <br> on Form N-1A<br>(a)(14) | 4/29/2014 |
| (a)(15) | [Amendment No. 15 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312515189509/d925686dex99a15.htm)<br> [and Declaration of Trust effective April](https://www.sec.gov/Archives/edgar/data/1413032/000119312515189509/d925686dex99a15.htm)<br> [14, 2015](https://www.sec.gov/Archives/edgar/data/1413032/000119312515189509/d925686dex99a15.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #46 <br> on Form N-1A<br>(a)(15) | 5/15/2015 |
| (a)(16) | [Amendment No. 16 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99a16.htm)<br> [and Declaration of Trust effective April](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99a16.htm)<br> [19, 2016](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99a16.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #50 <br> on Form N-1A<br>(a)(16) | 4/28/2016 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Registrant**<br> **that Made**<br> **the Filing**<br>| **File No.**<br> **of Such**<br> **Registrant**<br>| **Type of**<br> **Filing**<br>| **Filing**<br> **Date**<br>|
| (a)(17) | [Amendment No. 17 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312517047873/d352154dex99a17.htm)<br> [and Declaration of Trust effective](https://www.sec.gov/Archives/edgar/data/1413032/000119312517047873/d352154dex99a17.htm)<br> [November 14, 2016](https://www.sec.gov/Archives/edgar/data/1413032/000119312517047873/d352154dex99a17.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #54 <br> on Form N-1A<br>(a)(17) | 2/17/2017 |
| (a)(18) | [Amendment No. 18 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312517143073/d376967dex99a18.htm)<br> [and Declaration of Trust effective April](https://www.sec.gov/Archives/edgar/data/1413032/000119312517143073/d376967dex99a18.htm)<br> [21, 2017](https://www.sec.gov/Archives/edgar/data/1413032/000119312517143073/d376967dex99a18.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #55 <br> on Form N-1A<br>(a)(18) | 4/27/2017 |
| (a)(19) | [Amendment No. 19 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99a19.htm)<br> [and Declaration of Trust effective](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99a19.htm)<br> [November 14, 2017](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99a19.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #59 <br> on Form N-1A<br>(a)(19) | 12/19/2017 |
| (a)(20) | [Amendment No. 20 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312518051440/d419950dex99a20.htm)<br> [and Declaration of Trust effective](https://www.sec.gov/Archives/edgar/data/1413032/000119312518051440/d419950dex99a20.htm)<br> [December 19, 2017](https://www.sec.gov/Archives/edgar/data/1413032/000119312518051440/d419950dex99a20.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #61 <br> on Form N-1A<br>(a)(20) | 2/21/2018 |
| (a)(21) | [Amendment No. 21 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99a21.htm)<br> [and Declaration of Trust effective May 1,](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99a21.htm)<br> [2018](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99a21.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #66 <br> on Form N-1A<br>(a)(21) | 12/7/2018 |
| (a)(22) | [Amendment No. 22 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99a22.htm)<br> [and Declaration of Trust effective](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99a22.htm)<br> [September 13, 2018](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99a22.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #66 <br> on Form N-1A<br>(a)(22) | 12/7/2018 |
| (a)(23) | [Amendment No. 23 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312519122312/d632544dex99a23.htm)<br> [and Declaration of Trust effective](https://www.sec.gov/Archives/edgar/data/1413032/000119312519122312/d632544dex99a23.htm)<br> [January 31, 2019](https://www.sec.gov/Archives/edgar/data/1413032/000119312519122312/d632544dex99a23.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #68 <br> on Form N-1A<br>(a)(23) | 4/26/2019 |
| (a)(24) | [Amendment No. 24 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d2.htm)<br> [and Declaration of Trust effective June](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d2.htm)<br> [19, 2019](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d2.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #71 <br> on Form N-1A<br>(a)(24) | 4/28/2020 |
| (a)(25) | [Amendment No. 25 to the Agreement](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99a25.htm)<br> [and Declaration of Trust effective](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99a25.htm)<br> [October 9, 2020](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99a25.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #76 <br> on Form N-1A<br>(a)(25) | 4/1/2021 |
| (a)(26) | [Amendment No. 26 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312521312623/d238654dex99a26.htm)<br> [and Declaration of Trust effective July](https://www.sec.gov/Archives/edgar/data/1413032/000119312521312623/d238654dex99a26.htm)<br> [17, 2021](https://www.sec.gov/Archives/edgar/data/1413032/000119312521312623/d238654dex99a26.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #80 <br> on Form N-1A<br>(a)(26) | 10/29/2021 |
| (a)(27) | [Amendment No. 27 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99a27.htm)<br> [and Declaration of Trust effective June](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99a27.htm)<br> [23, 2022](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99a27.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #85 <br> on Form N-1A<br>(a)(27) | 10/31/2022 |
| (a)(28) | [Amendment No. 28 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99a28.htm)<br> [and Declaration of Trust effective June](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99a28.htm)<br> [27, 2024](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99a28.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #95 <br> on Form N-1A<br>(a)(28) | 11/13/2024 |
| (a)(29) | [Amendment No. 29 to the Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99a29.htm)<br> [and Declaration of Trust effective March](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99a29.htm)<br> [27, 2025](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99a29.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #97 <br> on Form N-1A<br>(a)(29) | 4/7/2025 |
| (b) | [By-laws, effective September 6, 2007,](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99b.htm)<br> [most recently amended October 2, 2020](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99b.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #76 <br> on Form N-1A<br>(b) | 4/1/2021 |
| (c)  | Stock Certificate:<br> Not Applicable.<br>|  |  |  |  |  |
| (d)(1) | [Management Agreement (amended and](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d1.htm)<br> [restated), dated April 25, 2016, between](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d1.htm)<br> [Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d1.htm)<br> [Advisers, LLC, Registrant, Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d1.htm)<br> [Funds Series Trust and Columbia Funds](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d1.htm)<br> [Series Trust II](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d1.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #50 <br> on Form N-1A<br>(d)(1) | 4/28/2016 |

---

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Registrant**<br> **that Made**<br> **the Filing**<br>| **File No.**<br> **of Such**<br> **Registrant**<br>| **Type of**<br> **Filing**<br>| **Filing**<br> **Date**<br>|
| (d)(1)(i) | [Schedule A and Schedule B, effective](https://www.sec.gov/Archives/edgar/data/1097519/000119312525164879/d931515dex99d1i.htm)<br> [July 1, 2025, to the Management](https://www.sec.gov/Archives/edgar/data/1097519/000119312525164879/d931515dex99d1i.htm)<br> [Agreement (amended and restated),](https://www.sec.gov/Archives/edgar/data/1097519/000119312525164879/d931515dex99d1i.htm)<br> [dated April 25, 2016, between Columbia](https://www.sec.gov/Archives/edgar/data/1097519/000119312525164879/d931515dex99d1i.htm)<br> [Management Investment Advisers, LLC,](https://www.sec.gov/Archives/edgar/data/1097519/000119312525164879/d931515dex99d1i.htm)<br> [the Registrant, Columbia Funds Series](https://www.sec.gov/Archives/edgar/data/1097519/000119312525164879/d931515dex99d1i.htm)<br> [Trust and Columbia Funds Series Trust](https://www.sec.gov/Archives/edgar/data/1097519/000119312525164879/d931515dex99d1i.htm)<br> [II](https://www.sec.gov/Archives/edgar/data/1097519/000119312525164879/d931515dex99d1i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust<br>| 333-89661 | Post-Effective <br> Amendment <br> #215 on Form <br> N-1A<br>(d)(1)(i) | 7/25/2025 |
| (d)(2) | [Management Agreement, dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99d2.htm)<br> [November 15, 2017, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99d2.htm)<br> [Management Investment Advisers, LLC,](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99d2.htm)<br> [the Registrant, Columbia Funds Series](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99d2.htm)<br> [Trust and Columbia Funds Series Trust](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99d2.htm)<br> [II](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99d2.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #59 <br> on Form N-1A<br>(d)(2) | 12/19/2017 |
| (d)(2)(i) | [Schedule A and Schedule B, effective](https://www.sec.gov/Archives/edgar/data/1352280/000119312521349878/d164111dex99d2i.htm)<br> [December 7, 2021, to the Management](https://www.sec.gov/Archives/edgar/data/1352280/000119312521349878/d164111dex99d2i.htm)<br> [Agreement, dated November 15, 2017,](https://www.sec.gov/Archives/edgar/data/1352280/000119312521349878/d164111dex99d2i.htm)<br> [between Columbia Management](https://www.sec.gov/Archives/edgar/data/1352280/000119312521349878/d164111dex99d2i.htm)<br> [Investment Advisers, LLC, the](https://www.sec.gov/Archives/edgar/data/1352280/000119312521349878/d164111dex99d2i.htm)<br> [Registrant, Columbia Funds Series Trust](https://www.sec.gov/Archives/edgar/data/1352280/000119312521349878/d164111dex99d2i.htm)<br> [and Columbia Funds Series Trust II](https://www.sec.gov/Archives/edgar/data/1352280/000119312521349878/d164111dex99d2i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust II<br>| 333-131683 | Post-Effective <br> Amendment <br> #227 on Form <br> N-1A <br>(d)(2)(i) | 12/7/2021 |
| (d)(3) | [Management Agreement, effective May](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d3.htm)<br> [1, 2016, between Columbia Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d3.htm)<br> [Investment Advisers, LLC and CVPCSF](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d3.htm)<br> [Offshore Fund, Ltd., a wholly-owned](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d3.htm)<br> [subsidiary of Columbia Variable](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d3.htm)<br> [Portfolio - Commodity Strategy Fund, a](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d3.htm)<br> [series of Columbia Funds Variable Series](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d3.htm)<br> [Trust II](https://www.sec.gov/Archives/edgar/data/1413032/000119312516563490/d184816dex99d3.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #50 <br> on Form N-1A<br>(d)(3) | 4/28/2016 |
| (d)(4) | [Subadvisory Agreement between](https://www.sec.gov/Archives/edgar/data/773757/000119312521338023/d231509dex99d12.htm)<br> [Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/773757/000119312521338023/d231509dex99d12.htm)<br> [Advisers, LLC and Allspring Global](https://www.sec.gov/Archives/edgar/data/773757/000119312521338023/d231509dex99d12.htm)<br> [Investments, LLC (formerly known as](https://www.sec.gov/Archives/edgar/data/773757/000119312521338023/d231509dex99d12.htm)<br> [Wells Capital Management](https://www.sec.gov/Archives/edgar/data/773757/000119312521338023/d231509dex99d12.htm)<br> [Incorporated), dated June 15, 2021](https://www.sec.gov/Archives/edgar/data/773757/000119312521338023/d231509dex99d12.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust I<br>| 2-99356 | Post-Effective <br> Amendment <br> #389 on Form <br> N-1A<br>(d)(12) | 11/23/2021 |
| (d)(4)(i) | [Amendment No. 1, dated November 4,](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d4i.htm)<br> [2022, to the Subadvisory Agreement](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d4i.htm)<br> [between Columbia Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d4i.htm)<br> [Investment Advisers, LLC and Allspring](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d4i.htm)<br> [Global Investments, LLC, dated June 15,](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d4i.htm)<br> [2021](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d4i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #86 <br> on Form N-1A <br>(d)(4)(i) | 3/31/2023 |
| (d)(5) | [Subadvisory Agreement, dated April 8,](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d4.htm)<br> [2010, between Columbia Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d4.htm)<br> [Investment Advisers, LLC (formerly](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d4.htm)<br> [RiverSource Investments, LLC) and](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d4.htm)<br> [American Century Investment](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d4.htm)<br> [Management, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d4.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #39 <br> on Form N-1A <br>(d)(4) | 5/15/2014 |
| (d)(5)(i) | [Amendment No. 1, as of September 20,](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99d4i.htm)<br> [2017, to the Subadvisory Agreement,](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99d4i.htm)<br> [dated April 8, 2010, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99d4i.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99d4i.htm)<br> [(formerly RiverSource Investments,](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99d4i.htm)<br> [LLC) and American Century Investment](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99d4i.htm)<br> [Management, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99d4i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #59 <br> on Form N-1A <br>(d)(4)(i) | 12/19/2017 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Registrant**<br> **that Made**<br> **the Filing**<br>| **File No.**<br> **of Such**<br> **Registrant**<br>| **Type of**<br> **Filing**<br>| **Filing**<br> **Date**<br>|
| (d)(5)(ii) | [Amendment No. 2, as of December 16,](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d4ii.htm)<br> [2020, to the Subadvisory Agreement,](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d4ii.htm)<br> [dated April 8, 2010, amended September](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d4ii.htm)<br> [20, 2017, between Columbia](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d4ii.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d4ii.htm)<br> [(formerly RiverSource Investments,](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d4ii.htm)<br> [LLC) and American Century Investment](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d4ii.htm)<br> [Management, Inc.](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d4ii.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #76 <br> on Form N-1A <br>(d)(4)(ii) | 4/1/2021 |
| (d)(5)(iii) | [Amendment No. 3, as of November 12,](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d5iii.htm)<br> [2024, to the Subadvisory Agreement,](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d5iii.htm)<br> [dated April 8, 2010, amended September](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d5iii.htm)<br> [20, 2017 and December 16, 2020,](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d5iii.htm)<br> [between Columbia Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d5iii.htm)<br> [Investment Advisers, LLC (formerly](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d5iii.htm)<br> [RiverSource Investments, LLC) and](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d5iii.htm)<br> [American Century Investment](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d5iii.htm)<br> [Management, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d5iii.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #96 <br> on Form N-1A<br>(d)(5)(iii) | 02/12/2025 |
| (d)(5)(iv) | [Amendment No. 4, as of March 27,](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d5iv.htm)<br> [2025, to the Subadvisory Agreement,](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d5iv.htm)<br> [dated April 8, 2010, amended September](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d5iv.htm)<br> [20, 2017, December 16, 2020 and](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d5iv.htm)<br> [November 12, 2024 between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d5iv.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d5iv.htm)<br> [(formerly RiverSource Investments,](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d5iv.htm)<br> [LLC) and American Century Investment](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d5iv.htm)<br> [Management, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d5iv.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #100 on Form <br> N-1A<br>(d)(5)(iv) | 4/28/2025 |
| (d)(6)(i) | [Amended and Restated Subadvisory](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99d6i.htm)<br> [Agreement, dated April 26, 2018,](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99d6i.htm)<br> [between Columbia Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99d6i.htm)<br> [Investment Advisers, LLC and](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99d6i.htm)<br> [BlackRock Financial Management, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99d6i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #62 <br> on Form N-1A<br>(d)(6)(i) | 4/27/2018 |
| (d)(6)(ii) | [Sub-Subadvisory Agreement, dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99d6ii.htm)<br> [April 26, 2018, between BlackRock](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99d6ii.htm)<br> [Financial Management, Inc. and](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99d6ii.htm)<br> [BlackRock International Limited](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99d6ii.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #62 <br> on Form N-1A<br>(d)(6)(ii) | 4/27/2018 |
| (d)(7) | [Subadvisory Agreement, dated January](https://www.sec.gov/Archives/edgar/data/1413032/000119312518051440/d419950dex99d7.htm)<br> [2, 2018, between Columbia Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312518051440/d419950dex99d7.htm)<br> [Investment Advisers, LLC and](https://www.sec.gov/Archives/edgar/data/1413032/000119312518051440/d419950dex99d7.htm)<br> [CenterSquare Investment Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312518051440/d419950dex99d7.htm)<br> [LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312518051440/d419950dex99d7.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #61 <br> on Form N-1A<br>(d)(7) | 2/21/2018 |
| (d)(8) | [Subadvisory Agreement, dated March](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d8.htm)<br> [27, 2025, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d8.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d8.htm)<br> [and Goldman Sachs Asset Management,](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d8.htm)<br> [L.P.](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d8.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #100 on Form <br> N-1A<br>(d)(8) | 4/28/2025 |
| (d)(9) | [Amended and Restated Subadvisory](https://www.sec.gov/Archives/edgar/data/773757/000119312522044996/d317476dex99d19.htm)<br> [Agreement, dated November 23, 2021,](https://www.sec.gov/Archives/edgar/data/773757/000119312522044996/d317476dex99d19.htm)<br> [between Columbia Management](https://www.sec.gov/Archives/edgar/data/773757/000119312522044996/d317476dex99d19.htm)<br> [Investment Advisers, LLC and J.P.](https://www.sec.gov/Archives/edgar/data/773757/000119312522044996/d317476dex99d19.htm)<br> [Morgan Investment Management Inc.](https://www.sec.gov/Archives/edgar/data/773757/000119312522044996/d317476dex99d19.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust I<br>| 2-99356 | Post-Effective <br> Amendment <br> #392 on Form <br> N-1A<br>(d)(19) | 2/17/2022 |
| (d)(9)(i) | [Amendment No. 1, dated September 9,](https://www.sec.gov/Archives/edgar/data/773757/000119312522256287/d399791dex99d19i.htm)<br> [2022, to the Amended and Restated](https://www.sec.gov/Archives/edgar/data/773757/000119312522256287/d399791dex99d19i.htm)<br> [Subadvisory Agreement between](https://www.sec.gov/Archives/edgar/data/773757/000119312522256287/d399791dex99d19i.htm)<br> [Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/773757/000119312522256287/d399791dex99d19i.htm)<br> [Advisers, LLC and J.P. Morgan](https://www.sec.gov/Archives/edgar/data/773757/000119312522256287/d399791dex99d19i.htm)<br> [Investment Management Inc., dated](https://www.sec.gov/Archives/edgar/data/773757/000119312522256287/d399791dex99d19i.htm)<br> [November 23, 2021](https://www.sec.gov/Archives/edgar/data/773757/000119312522256287/d399791dex99d19i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust I<br>| 2-99356 | Post-Effective <br> Amendment <br> #399 on Form <br> N-1A<br>(d)(19)(i) | 10/3/2022 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Registrant**<br> **that Made**<br> **the Filing**<br>| **File No.**<br> **of Such**<br> **Registrant**<br>| **Type of**<br> **Filing**<br>| **Filing**<br> **Date**<br>|
| (d)(10) | [Subadvisory Agreement, dated March](https://www.sec.gov/Archives/edgar/data/1413032/000119312522125861/d536195dex99d23.htm)<br> [15, 2022, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312522125861/d536195dex99d23.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312522125861/d536195dex99d23.htm)<br> [and Principal Global Investors, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312522125861/d536195dex99d23.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #84 <br> on Form N-1A<br>(d)(23) | 4/28/2022 |
| (d)(10)(i) | [Amendment No. 1, dated June 27, 2024,](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d10i.htm)<br> [to Subadvisory Agreement, dated March](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d10i.htm)<br> [15, 2022, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d10i.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d10i.htm)<br> [and Principal Global Investors, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d10i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #95 <br> on Form N-1A<br>(d)(10)(i) | 11/13/2024 |
| (d)(11) | [Subadvisory Agreement, dated March](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99d12.htm)<br> [22, 2021, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99d12.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99d12.htm)<br> [and Pzena Investment Management,](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99d12.htm)<br> [LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99d12.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #81 <br> on Form N-1A<br>(d)(12) | 4/4/2022 |
| (d)(11)(i) | [Amendment No. 1, dated June 27, 2024,](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d11i.htm)<br> [to Subadvisory Agreement, dated March](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d11i.htm)<br> [22, 2021, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d11i.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d11i.htm)<br> [and Pzena Investment Management,](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d11i.htm)<br> [LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d11i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #95 <br> on Form N-1A<br>(d)(11)(i) | 11/13/2024 |
| (d)(12) | [Subadvisory Agreement, dated March](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99d17i.htm)<br> [17, 2020, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99d17i.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99d17i.htm)<br> [and Schroder Investment Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99d17i.htm)<br> [North America Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99d17i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #72 <br> on Form N-1A<br>(d)(17)(i) | 5/12/2020 |
| (d)(12)(i) | [Sub-Subadvisory Agreement, dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99d17ii.htm)<br> [March 17, 2020, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99d17ii.htm)<br> [Management Investment Advisers, LLC,](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99d17ii.htm)<br> [Schroder Investment Management North](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99d17ii.htm)<br> [America Inc. and Schroder Investment](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99d17ii.htm)<br> [Management North America Ltd](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99d17ii.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #72 <br> on Form N-1A<br>(d)(17)(ii) | 5/12/2020 |
| (d)(12)(ii) | [Amendment No. 1, dated January 26,](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d17iii.htm)<br> [2021, to the Subadvisory Agreement,](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d17iii.htm)<br> [dated March 17, 2020, between](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d17iii.htm)<br> [Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d17iii.htm)<br> [Advisers, LLC and Schroder Investment](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d17iii.htm)<br> [Management North America Inc.](https://www.sec.gov/Archives/edgar/data/0001413032/000119312521103514/d104992dex99d17iii.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #76 <br> on Form N-1A<br>(d)(17)(iii) | 4/1/2021 |
| (d)(12)(iii) | [Amendment No. 2, dated November 4,](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d13iii.htm)<br> [2022, to the Subadvisory Agreement,](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d13iii.htm)<br> [dated March 17, 2020, as amended](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d13iii.htm)<br> [January 26, 2021, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d13iii.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d13iii.htm)<br> [and Schroder Investment Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d13iii.htm)<br> [North America Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d13iii.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #86 <br> on Form N-1A<br>(d)(13)(iii) | 3/31/2023 |
| (d)(13) | [Subadvisory Agreement, dated March](d15837dex99d13.htm)<br> [27, 2025, between Columbia](d15837dex99d13.htm)<br> [Management Investment Advisers, LLC](d15837dex99d13.htm)<br> [and Segall Bryant & Hamill, LLC](d15837dex99d13.htm)<br>| Filed Herewith | Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #101 on Form <br> N-1A<br>(d)(13) | 11/3/2025 |
| (d)(14) | [Subadvisory Agreement, dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312516767270/d477683dex99d29.htm)<br> [September 14, 2016, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312516767270/d477683dex99d29.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312516767270/d477683dex99d29.htm)<br> [and T. Rowe Price Associates, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312516767270/d477683dex99d29.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #53 <br> on Form N-1A<br>(d)(29) | 11/14/2016 |
| (d)(14)(i) | [Amendment No. 1, dated July 24, 2018,](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99d22i.htm)<br> [to the Subadvisory Agreement, dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99d22i.htm)<br> [September 14, 2016, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99d22i.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99d22i.htm)<br> [and T. Rowe Price Associates, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99d22i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #66 <br> on Form N-1A<br>(d)(22)(i) | 12/7/2018 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Registrant**<br> **that Made**<br> **the Filing**<br>| **File No.**<br> **of Such**<br> **Registrant**<br>| **Type of**<br> **Filing**<br>| **Filing**<br> **Date**<br>|
| (d)(14)(ii) | [Amendment No. 2, dated November 9,](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99d22ii.htm)<br> [2018, to the Subadvisory Agreement,](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99d22ii.htm)<br> [dated September 14, 2016, as amended](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99d22ii.htm)<br> [July 24, 2018, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99d22ii.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99d22ii.htm)<br> [and T. Rowe Price Associates, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312518344869/d667242dex99d22ii.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #66 <br> on Form N-1A<br>(d)(22)(ii) | 12/7/2018 |
| (d)(14)(iii) | [Amendment No. 3, dated March 19,](https://www.sec.gov/Archives/edgar/data/1413032/000119312519151401/d750080dex99d20iii.htm)<br> [2019, to the Subadvisory Agreement,](https://www.sec.gov/Archives/edgar/data/1413032/000119312519151401/d750080dex99d20iii.htm)<br> [dated September 14, 2016, as amended](https://www.sec.gov/Archives/edgar/data/1413032/000119312519151401/d750080dex99d20iii.htm)<br> [July 24, 2018 and November 9, 2018](https://www.sec.gov/Archives/edgar/data/1413032/000119312519151401/d750080dex99d20iii.htm)<br> [between Columbia Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312519151401/d750080dex99d20iii.htm)<br> [Investment Advisers, LLC and T. Rowe](https://www.sec.gov/Archives/edgar/data/1413032/000119312519151401/d750080dex99d20iii.htm)<br> [Price Associates, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312519151401/d750080dex99d20iii.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #70 <br> on Form N-1A<br>(d)(22)(iii) | 5/20/2019 |
| (d)(14)(iv) | [Amendment No. 4, dated June 23, 2022,](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16iv.htm)<br> [to the Subadvisory Agreement, dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16iv.htm)<br> [September 14, 2016, as amended July](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16iv.htm)<br> [24, 2018, November 9, 2018 and March](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16iv.htm)<br> [19, 2019 between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16iv.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16iv.htm)<br> [and T. Rowe Price Associates, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16iv.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #85 <br> on Form N-1A<br>(d)(16)(iv) | 10/31/2022 |
| (d)(14)(v) | [Amendment No. 5, dated September 9,](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16v.htm)<br> [2022, to the Subadvisory Agreement,](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16v.htm)<br> [dated September 14, 2016, as amended](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16v.htm)<br> [July 24, 2018, November 9, 2018, March](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16v.htm)<br> [19, 2019 and June 23, 2022 between](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16v.htm)<br> [Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16v.htm)<br> [Advisers, LLC and T. Rowe Price](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16v.htm)<br> [Associates, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312522273554/d377550dex99d16v.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #85 <br> on Form N-1A<br>(d)(16)(v) | 10/31/2022 |
| (d)(14)(vi) | [Amendment No. 6, dated November 15,](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d14vi.htm)<br> [2024, to the Subadvisory Agreement,](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d14vi.htm)<br> [dated September 14, 2016, as amended](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d14vi.htm)<br> [July 24, 2018, November 9, 2018, March](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d14vi.htm)<br> [19, 2019, June 23, 2022 and September](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d14vi.htm)<br> [9, 2022 between Columbia Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d14vi.htm)<br> [Investment Advisers, LLC and T. Rowe](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d14vi.htm)<br> [Price Associates, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312525024796/d886705dex99d14vi.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #96 <br> on Form N-1A<br>(d)(14)(vi) | 02/12/2025 |
| (d)(15) | [Subadvisory Agreement, dated January](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d26.htm)<br> [15, 2014, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d26.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d26.htm)<br> [and TCW Investment Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d26.htm)<br> [Company](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d26.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #39 <br> on Form N-1A<br>(d)(26) | 5/15/2014 |
| (d)(15)(i) | [Amendment No. 1, as of November 1,](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d6.htm)<br> [2019, to the Subadvisory Agreement,](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d6.htm)<br> [dated January 15, 2014, between](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d6.htm)<br> [Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d6.htm)<br> [Advisers, LLC and TCW Investment](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d6.htm)<br> [Management Company LLC (formerly](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d6.htm)<br> [TCW Investment Management](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d6.htm)<br> [Company)](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d6.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #71 <br> on Form N-1A<br>(d)(20)(i) | 4/28/2020 |
| (d)(16) | [Subadvisory Agreement, dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d18.htm)<br> [November 4, 2022, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d18.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d18.htm)<br> [and Thompson, Siegel & Walmsley LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d18.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #86 <br> on Form N-1A<br>(d)(18) | 3/31/2023 |
| (d)(16)(i) | [Amendment No. 1, dated June 27, 2024,](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d17i.htm)<br> [to the Subadvisory Agreement, dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d17i.htm)<br> [November 4, 2022, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d17i.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d17i.htm)<br> [and Thompson, Siegel & Walmsley LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d17i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #95 <br> on Form N-1A<br>(d)(17)(i) | 11/13/2024 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Registrant**<br> **that Made**<br> **the Filing**<br>| **File No.**<br> **of Such**<br> **Registrant**<br>| **Type of**<br> **Filing**<br>| **Filing**<br> **Date**<br>|
| (d)(17) | [Subadvisory Agreement, dated June 19,](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d29.htm)<br> [2013, between Columbia Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d29.htm)<br> [Investment Advisers, LLC and Victory](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d29.htm)<br> [Capital Management Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99d29.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #39 <br> on Form N-1A<br>(d)(29) | 5/15/2014 |
| (d)(17)(i) | [Amendment No. 1, as of May 13, 2019,](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d7.htm)<br> [to Subadvisory Agreement, dated June](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d7.htm)<br> [19, 2013, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d7.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d7.htm)<br> [and Victory Capital Management Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000168386320006248/f3437d7.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #71 <br> on Form N-1A<br>(d)(22)(i) | 4/28/2020 |
| (d)(18) | [Subadvisory Agreement, dated March](https://www.sec.gov/Archives/edgar/data/1413032/000119312520143509/d930611dex99d24.htm)<br> [17, 2020, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312520143509/d930611dex99d24.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312520143509/d930611dex99d24.htm)<br> [and Walter Scott & Partners Limited](https://www.sec.gov/Archives/edgar/data/1413032/000119312520143509/d930611dex99d24.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #73 <br> on Form N-1A<br>(d)(24) | 5/15/2020 |
| (d)(18)(i) | [Amendment No. 1, dated June 27, 2024,](https://www.sec.gov/Archives/edgar/data/773757/000119312524205881/d878746dex99d24i.htm)<br> [to the Subadvisory Agreement between](https://www.sec.gov/Archives/edgar/data/773757/000119312524205881/d878746dex99d24i.htm)<br> [Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/773757/000119312524205881/d878746dex99d24i.htm)<br> [Advisers, LLC and Walter Scott &](https://www.sec.gov/Archives/edgar/data/773757/000119312524205881/d878746dex99d24i.htm)<br> [Partners Limited, on behalf of Multi-](https://www.sec.gov/Archives/edgar/data/773757/000119312524205881/d878746dex99d24i.htm)<br> [Manager International Equity Strategies](https://www.sec.gov/Archives/edgar/data/773757/000119312524205881/d878746dex99d24i.htm)<br> [Fund, dated March 17, 2020](https://www.sec.gov/Archives/edgar/data/773757/000119312524205881/d878746dex99d24i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust I<br>| 2-99356 | Post-Effective <br> Amendment <br> #419 on Form <br> N-1A<br>(d)(24)(i) | 8/23/2024 |
| (d)(19) | [Subadvisory Agreement, dated March](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d19.htm)<br> [27, 2025, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d19.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d19.htm)<br> [and Wellington Management Company](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d19.htm)<br> [LLP](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99d19.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #100 on Form <br> N-1A<br>(d)(19) | 4/28/2025 |
| (d)(20) | [Subadvisory Agreement, dated June 21,](https://www.sec.gov/Archives/edgar/data/1413032/000119312517287178/d457221dex99d36.htm)<br> [2017, between Columbia Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312517287178/d457221dex99d36.htm)<br> [Investment Advisers, LLC and Westfield](https://www.sec.gov/Archives/edgar/data/1413032/000119312517287178/d457221dex99d36.htm)<br> [Capital Management Company, L.P.](https://www.sec.gov/Archives/edgar/data/1413032/000119312517287178/d457221dex99d36.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #57 <br> on Form N-1A<br>(d)(36) | 9/18/2017 |
| (d)(20)(i) | [Amendment No.1, as of March 14, 2024,](https://www.sec.gov/Archives/edgar/data/1413032/000119312524112069/d822764dex99d21i.htm)<br> [to the Subadvisory Agreement, dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312524112069/d822764dex99d21i.htm)<br> [June 21, 2017, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312524112069/d822764dex99d21i.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312524112069/d822764dex99d21i.htm)<br> [and Westfield Capital Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312524112069/d822764dex99d21i.htm)<br> [Company, L.P.](https://www.sec.gov/Archives/edgar/data/1413032/000119312524112069/d822764dex99d21i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #94 <br> on Form N-1A<br>(d)(21)(i) | 4/25/2024 |
| (d)(21) | [Subadvisory Agreement, dated March](https://www.sec.gov/Archives/edgar/data/1413032/000119312519151401/d750080dex99d26.htm)<br> [19, 2019, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312519151401/d750080dex99d26.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312519151401/d750080dex99d26.htm)<br> [and William Blair Investment](https://www.sec.gov/Archives/edgar/data/1413032/000119312519151401/d750080dex99d26.htm)<br> [Management, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312519151401/d750080dex99d26.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #70 <br> on Form N-1A<br>(d)(26) | 5/20/2019 |
| (d)(21)(i) | [Amendment No. 1, as of March 22,](https://www.sec.gov/Archives/edgar/data/1413032/000119312521135923/d161351dex99d25i.htm)<br> [2021, to the Subadvisory Agreement,](https://www.sec.gov/Archives/edgar/data/1413032/000119312521135923/d161351dex99d25i.htm)<br> [dated March 19, 2019, between](https://www.sec.gov/Archives/edgar/data/1413032/000119312521135923/d161351dex99d25i.htm)<br> [Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/1413032/000119312521135923/d161351dex99d25i.htm)<br> [Advisers, LLC and William Blair](https://www.sec.gov/Archives/edgar/data/1413032/000119312521135923/d161351dex99d25i.htm)<br> [Investment Management, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312521135923/d161351dex99d25i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #79 <br> on Form N-1A<br>(d)(25)(i) | 4/28/2021 |
| (d)(21)(ii) | [Amendment No. 2, as of December 15,](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d23ii.htm)<br> [2022, to the Subadvisory Agreement,](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d23ii.htm)<br> [dated March 19, 2019, as amended](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d23ii.htm)<br> [March 22, 2021, between Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d23ii.htm)<br> [Management Investment Advisers, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d23ii.htm)<br> [and William Blair Investment](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d23ii.htm)<br> [Management, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312523087198/d429132dex99d23ii.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #86 <br> on Form N-1A<br>(d)(23)(ii) | 3/31/2023 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Registrant**<br> **that Made**<br> **the Filing**<br>| **File No.**<br> **of Such**<br> **Registrant**<br>| **Type of**<br> **Filing**<br>| **Filing**<br> **Date**<br>|
| (d)(21)(iii) | [Amendment No. 3, as of June 27, 2024,](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d22iii.htm)<br> [to the Subadvisory Agreement, dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d22iii.htm)<br> [March 19, 2019, as amended March 22,](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d22iii.htm)<br> [2021 and December 15, 2022, between](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d22iii.htm)<br> [Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d22iii.htm)<br> [Advisers, LLC and William Blair](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d22iii.htm)<br> [Investment Management, LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99d22iii.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #95 <br> on Form N-1A<br>(d)(22)(iii) | 11/13/2024 |
| (e)(1) | [Distribution Agreement, dated March 1,](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99e1.htm)<br> [2025, by and between Registrant,](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99e1.htm)<br> [Columbia Funds Variable Insurance](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99e1.htm)<br> [Trust, Wanger Advisors Trust and](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99e1.htm)<br> [Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99e1.htm)<br> [Distributors, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99e1.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #97 <br> on Form N-1A<br>(e)(1) | 4/7/2025 |
| (e)(1)(i) | [Schedule I, effective July 1, 2025, and](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99e1i.htm)<br> [Schedule II, dated September 7, 2010, to](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99e1i.htm)<br> [the Distribution Agreement, dated March](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99e1i.htm)<br> [1, 2025, between Registrant, Columbia](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99e1i.htm)<br> [Funds Variable Insurance Trust,](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99e1i.htm)<br> [Columbia Funds Variable Series Trust](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99e1i.htm)<br> [and Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99e1i.htm)<br> [Distributors, Inc.](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99e1i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust<br>| 33-83548 | Post-Effective <br> Amendment #54 <br> on Form N-1A<br>(e)(1)(i) | 7/23/2025 |
| (f) | [Deferred Compensation Plan, adopted as](https://www.sec.gov/Archives/edgar/data/1352280/000119312521056035/d85735dex99f.htm)<br> [of December 31, 2020](https://www.sec.gov/Archives/edgar/data/1352280/000119312521056035/d85735dex99f.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust II<br>| 333-131683 | Post-Effective <br> Amendment <br> #218 on Form <br> N-1A<br>(f) | 2/25/2021 |
| (g)(1) | [Second Amended and Restated Master](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g1.htm)<br> [Global Custody Agreement with](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g1.htm)<br> [JPMorgan Chase Bank, N.A., dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g1.htm)<br> [March 7, 2011](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g1.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #39 <br> on Form N-1A<br>(g)(1) | 5/15/2014 |
| (g)(2) | [Addendum (related to Columbia Variable](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g2.htm)<br> [Portfolio – Emerging Markets Bond](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g2.htm)<br> [Fund and Columbia Variable Portfolio –](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g2.htm)<br> [Managed Volatility Fund, now known as](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g2.htm)<br> [Variable Portfolio – Managed Volatility](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g2.htm)<br> [Moderate Growth Fund), dated March 9,](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g2.htm)<br> [2012, and Addendum (related to](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g2.htm)<br> [Columbia Variable Portfolio –](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g2.htm)<br> [Commodity Strategy Fund), dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g2.htm)<br> [March 15, 2013, to the Second Amended](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g2.htm)<br> [and Restated Master Global Custody](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g2.htm)<br> [Agreement with JPMorgan Chase Bank,](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g2.htm)<br> [N.A., dated March 7, 2011](https://www.sec.gov/Archives/edgar/data/1413032/000119312514200496/d699783dex99g2.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #39 <br> on Form N-1A<br>(g)(2) | 5/15/2014 |
| (g)(3) | [Side letter (related to the China Connect](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99g3.htm)<br> [Service on behalf of Columbia Variable](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99g3.htm)<br> [Portfolio - Emerging Markets Fund and](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99g3.htm)<br> [Columbia Variable Portfolio – Overseas](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99g3.htm)<br> [Core Fund (formerly known as](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99g3.htm)<br> [Columbia Variable Portfolio – Select](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99g3.htm)<br> [International Equity Fund)), dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99g3.htm)<br> [March 6, 2018, to the Second Amended](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99g3.htm)<br> [and Restated Master Global Custody](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99g3.htm)<br> [Agreement with JPMorgan Chase Bank,](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99g3.htm)<br> [N.A., dated March 7, 2011](https://www.sec.gov/Archives/edgar/data/1413032/000119312518139001/d572261dex99g3.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #62 <br> on Form N-1A<br>(g)(3) | 4/27/2018 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Registrant**<br> **that Made**<br> **the Filing**<br>| **File No.**<br> **of Such**<br> **Registrant**<br>| **Type of**<br> **Filing**<br>| **Filing**<br> **Date**<br>|
| (g)(4) | [Addendum (related to Columbia Variable](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99g4.htm)<br> [Portfolio – Select Large Cap Equity](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99g4.htm)<br> [Fund), dated November 8, 2017, to the](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99g4.htm)<br> [Second Amended and Restated Master](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99g4.htm)<br> [Global Custody Agreement with](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99g4.htm)<br> [JPMorgan Chase Bank, N.A., dated](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99g4.htm)<br> [March 7, 2011](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99g4.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #59 <br> on Form N-1A<br>(g)(4) | 12/19/2017 |
| (g)(5) | [Addendum, effective April 4, 2016, to](https://www.sec.gov/Archives/edgar/data/773757/000119312517186756/d395079dex99g7.htm)<br> [the Second Amended and Restated](https://www.sec.gov/Archives/edgar/data/773757/000119312517186756/d395079dex99g7.htm)<br> [Master Global Custody Agreement with](https://www.sec.gov/Archives/edgar/data/773757/000119312517186756/d395079dex99g7.htm)<br> [JPMorgan Chase Bank, N.A., dated](https://www.sec.gov/Archives/edgar/data/773757/000119312517186756/d395079dex99g7.htm)<br> [March 7, 2011](https://www.sec.gov/Archives/edgar/data/773757/000119312517186756/d395079dex99g7.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust I<br>| 2-99356 | Post-Effective <br> Amendment <br> #297 on Form <br> N-1A<br>(g)(7) | 5/30/2017 |
| (g)(6) | [Custody Agreement, effective November](d15837dex99g6.htm)<br> [1, 2025, with State Street Bank and Trust](d15837dex99g6.htm)<br> [Company](d15837dex99g6.htm)<br>| Filed Herewith  | Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #101 on Form <br> N-1A<br>(g)(6) | 11/3/2025 |
| (h)(1) | [Shareholder Services Agreement by and](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99h1.htm)<br> [between the Registrant, Columbia Funds](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99h1.htm)<br> [Variable Insurance Trust, Wanger](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99h1.htm)<br> [Advisors Trust and Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99h1.htm)<br> [Management Investment Services Corp.,](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99h1.htm)<br> [dated April 1, 2025](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99h1.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #97 <br> on Form N-1A<br>(h)(1) | 4/7/2025 |
| (h)(1)(i) | [Schedule A, effective July 1, 2025, and](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99h1i.htm)<br> [Schedule B, effective July 1, 2017, to the](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99h1i.htm)<br> [Shareholder Services Agreement by and](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99h1i.htm)<br> [between the Registrant, Columbia Funds](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99h1i.htm)<br> [Variable Insurance Trust, Columbia](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99h1i.htm)<br> [Funds Variable Series Trust and](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99h1i.htm)<br> [Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99h1i.htm)<br> [Services Corp., dated April 1, 2025](https://www.sec.gov/Archives/edgar/data/929521/000119312525163151/d71314dex99h1i.htm)<br>| Incorporated by <br> Reference <br>| Columbia Funds <br> Variable Series <br> Trust<br>| 33-83548 | Post-Effective <br> Amendment #54 <br> on Form N-1A<br>(h)(1)(i) | 7/23/2025 |
| (h)(2) | [Amended and Restated Fee Waiver and](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [Expense Cap Agreement, effective July](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [1, 2025, between Columbia Management](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [Investment Advisers, LLC, Columbia](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [Management Investment Distributors,](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [Inc., Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [Services Corp., Columbia Acorn Trust,](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [Columbia Credit Income Opportunities](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [Fund, Columbia Funds Series Trust,](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [Columbia Funds Series Trust I,](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [Columbia Funds Series Trust II,](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [Columbia Funds Variable Insurance](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [Trust, Columbia Funds Variable Series](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [Trust, and Columbia Funds Variable](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br> [Series Trust II](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2.htm)<br>| Incorporated by <br> Reference<br>| Columbia Acorn <br> Trust<br>| 2-34223 | Post-Effective <br> Amendment <br> #120 on Form <br> N-1A<br>(h)(2) | 7/18/2025 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Registrant**<br> **that Made**<br> **the Filing**<br>| **File No.**<br> **of Such**<br> **Registrant**<br>| **Type of**<br> **Filing**<br>| **Exhibit of**<br> **Document**<br> **in that**<br> **Filing**<br>| **Filing**<br> **Date**<br>|
| (h)(2)(i) | [Schedule A, as of July 1, 2025, to the](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Amended and Restated Fee Waiver and](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Expense Cap Agreement, effective July](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [1, 2025, between Columbia Management](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Investment Advisers, LLC, Columbia](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Management Investment Distributors,](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Inc., Columbia Management Investment](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Services Corp., Columbia Acorn Trust,](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Columbia Credit Income Opportunities](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Fund, Columbia Funds Series Trust,](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Columbia Funds Series Trust I,](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Columbia Funds Series Trust II,](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Columbia Funds Variable Insurance](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Trust, Columbia Funds Variable Series](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Trust and Columbia Funds Variable](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br> [Series Trust II](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h2i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Acorn <br> Trust<br>| 2-34223 | Post-Effective <br> Amendment <br> #120 on Form <br> N-1A<br>| (h)(2)(i) | 7/18/2025 |
| (h)(3) | [Agreement and Plan of Reorganization,](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [dated September 11, 2007, between](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [RiverSource Variable Portfolio Funds,](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [each a series of a Minnesota corporation,](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [and corresponding RiverSource Variable](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [Portfolio Funds, each a series of](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [RiverSource Variable Series Trust, now](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [known as Columbia Funds Variable](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [Series Trust II, a Massachusetts business](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [trust, and between RiverSource Variable](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [Portfolio – Core Bond Fund, a series of](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [RiverSource Variable Series Trust, and](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [RiverSource Variable Portfolio –](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [Diversified Bond Fund, a series of](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [RiverSource Variable Series Trust, now](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [known as Columbia Funds Variable](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br> [Series Trust II](https://www.sec.gov/Archives/edgar/data/1413032/000095013708005655/c23583aexv99wxhyx5y.txt)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #2 <br> on Form N-1A<br>| (h)(5) | 4/21/2008 |
| (h)(4) | [Agreement and Plan of Reorganization,](https://www.sec.gov/Archives/edgar/data/1413032/000095012311041875/c63857bexv99whw9.htm)<br> [dated December 20, 2010](https://www.sec.gov/Archives/edgar/data/1413032/000095012311041875/c63857bexv99whw9.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #15 <br> on Form N-1A<br>| (h)(9) | 4/29/2011 |
| (h)(5) | [Agreement and Plan of Redomiciling,](https://www.sec.gov/Archives/edgar/data/1413032/000095012311041875/c63857bexv99whw10.htm)<br> [dated December 20, 2010](https://www.sec.gov/Archives/edgar/data/1413032/000095012311041875/c63857bexv99whw10.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #15 <br> on Form N-1A<br>| (h)(10) | 4/29/2011 |
| (h)(6) | [Agreement and Plan of Reorganization,](https://www.sec.gov/Archives/edgar/data/1097519/000119312513241274/d533256dex99h9.htm)<br> [dated October 9, 2012](https://www.sec.gov/Archives/edgar/data/1097519/000119312513241274/d533256dex99h9.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust<br>| 333-89661 | Post-Effective <br> Amendment <br> #117 on Form <br> N-1A<br>| (h)(9) | 5/30/2013 |
| (h)(7) | [Agreement and Plan of Reorganization,](https://www.sec.gov/Archives/edgar/data/1097519/000119312515410981/d104994dex994.htm)<br> [dated December 17, 2015](https://www.sec.gov/Archives/edgar/data/1097519/000119312515410981/d104994dex994.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust<br>| 333-208706 | Registration <br> Statement on <br> Form N-14<br>| (4) | 12/22/2015 |
| (h)(8) | [Amended and Restated Credit](d15837dex99h8.htm)<br> [Agreement, as of October 23, 2025](d15837dex99h8.htm)<br>| Filed Herewith | Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #101 on Form <br> N-1A<br>| (h)(8) | 11/3/2025 |
| (h)(9) | [Master Inter-Fund Lending Agreement,](https://www.sec.gov/Archives/edgar/data/1352280/000119312518174907/d566602dex99h11.htm)<br> [dated May 1, 2018](https://www.sec.gov/Archives/edgar/data/1352280/000119312518174907/d566602dex99h11.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust II <br>| 333-131683 | Registration <br> Statement on <br> Form N-1A<br>| (h)(11) | 5/25/2018 |
| (h)(9)(i) | [Schedule A and Schedule B, effective](https://www.sec.gov/Archives/edgar/data/773757/000119312525164858/d17132dex99h10i.htm)<br> [July 1, 2025, to the Master Inter-Fund](https://www.sec.gov/Archives/edgar/data/773757/000119312525164858/d17132dex99h10i.htm)<br> [Lending Agreement dated May 1, 2018](https://www.sec.gov/Archives/edgar/data/773757/000119312525164858/d17132dex99h10i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust I<br>| 2-99356 | Post-Effective <br> Amendment <br> #428 on Form <br> N-1A<br>| (h)(10)(i) | 7/25/2025 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Registrant**<br> **that Made**<br> **the Filing**<br>| **File No.**<br> **of Such**<br> **Registrant**<br>| **Type of**<br> **Filing**<br>| **Filing**<br> **Date**<br>|
| (h)(10)(i) | [Fund of Funds Investment Agreement,](https://www.sec.gov/Archives/edgar/data/773757/000119312523219837/d539455dex99h11.htm)<br> [dated August 10, 2023, between](https://www.sec.gov/Archives/edgar/data/773757/000119312523219837/d539455dex99h11.htm)<br> [BlackRock ETF Trust, BlackRock ETF](https://www.sec.gov/Archives/edgar/data/773757/000119312523219837/d539455dex99h11.htm)<br> [Trust II, iShares Trust, iShares, Inc.,](https://www.sec.gov/Archives/edgar/data/773757/000119312523219837/d539455dex99h11.htm)<br> [IShares U.S. ETF Trust and Columbia](https://www.sec.gov/Archives/edgar/data/773757/000119312523219837/d539455dex99h11.htm)<br> [Funds Series Trust, Columbia Funds](https://www.sec.gov/Archives/edgar/data/773757/000119312523219837/d539455dex99h11.htm)<br> [Series Trust I, Columbia Funds Series](https://www.sec.gov/Archives/edgar/data/773757/000119312523219837/d539455dex99h11.htm)<br> [Trust II and Columbia Funds Variable](https://www.sec.gov/Archives/edgar/data/773757/000119312523219837/d539455dex99h11.htm)<br> [Series Trust II](https://www.sec.gov/Archives/edgar/data/773757/000119312523219837/d539455dex99h11.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust I<br>| 2-99356 | Post-Effective <br> Amendment <br> #407 on Form <br> N-1A<br>(h)(11) | 8/24/2023 |
| (h)(10)(i)(a) | [Schedule A, as amended May 27, 2025,](https://www.sec.gov/Archives/edgar/data/1097519/000119312525148602/d22297dex99h10i.htm)<br> [to the Fund of Funds Investment](https://www.sec.gov/Archives/edgar/data/1097519/000119312525148602/d22297dex99h10i.htm)<br> [Agreement, dated August 10, 2023,](https://www.sec.gov/Archives/edgar/data/1097519/000119312525148602/d22297dex99h10i.htm)<br> [between BlackRock ETF Trust,](https://www.sec.gov/Archives/edgar/data/1097519/000119312525148602/d22297dex99h10i.htm)<br> [BlackRock ETF Trust II, iShares Trust,](https://www.sec.gov/Archives/edgar/data/1097519/000119312525148602/d22297dex99h10i.htm)<br> [iShares, Inc., iShares U.S. ETF Trust and](https://www.sec.gov/Archives/edgar/data/1097519/000119312525148602/d22297dex99h10i.htm)<br> [Columbia Funds Series Trust, Columbia](https://www.sec.gov/Archives/edgar/data/1097519/000119312525148602/d22297dex99h10i.htm)<br> [Funds Series Trust I, Columbia Funds](https://www.sec.gov/Archives/edgar/data/1097519/000119312525148602/d22297dex99h10i.htm)<br> [Series Trust II, Columbia Funds Variable](https://www.sec.gov/Archives/edgar/data/1097519/000119312525148602/d22297dex99h10i.htm)<br> [Insurance Trust and Columbia Funds](https://www.sec.gov/Archives/edgar/data/1097519/000119312525148602/d22297dex99h10i.htm)<br> [Variable Series Trust II](https://www.sec.gov/Archives/edgar/data/1097519/000119312525148602/d22297dex99h10i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust<br>| 333-89661 | Post-Effective <br> Amendment <br> #214 on Form <br> N-1A<br>(h)(10)(i) | 6/26/2025 |
| (h)(10)(ii) | [Fund of Funds Investment Agreement,](https://www.sec.gov/Archives/edgar/data/773757/000119312522044996/d317476dex99h13.htm)<br> [dated January 19, 2022, between](https://www.sec.gov/Archives/edgar/data/773757/000119312522044996/d317476dex99h13.htm)<br> [Vanguard Funds and Columbia Funds](https://www.sec.gov/Archives/edgar/data/773757/000119312522044996/d317476dex99h13.htm)<br> [Series Trust I, Columbia Funds Variable](https://www.sec.gov/Archives/edgar/data/773757/000119312522044996/d317476dex99h13.htm)<br> [Insurance Trust and Columbia Funds](https://www.sec.gov/Archives/edgar/data/773757/000119312522044996/d317476dex99h13.htm)<br> [Variable Series Trust II](https://www.sec.gov/Archives/edgar/data/773757/000119312522044996/d317476dex99h13.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust I<br>| 2-99356 | Post-Effective <br> Amendment <br> #392 on Form <br> N-1A<br>(h)(13) | 2/17/2022 |
| (h)(10)(ii)(a) | [Schedule A to Fund of Funds Investment](d15837dex99h10iia.htm)<br> [Agreement, dated January 19, 2022,](d15837dex99h10iia.htm)<br> [between Vanguard Funds and Columbia](d15837dex99h10iia.htm)<br> [Funds Series Trust I, Columbia Funds](d15837dex99h10iia.htm)<br> [Variable Insurance Trust and Columbia](d15837dex99h10iia.htm)<br> [Funds Variable Series Trust II](d15837dex99h10iia.htm)<br>| Filed Herewith | Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #101 on Form <br> N-1A<br>(h)(10)(ii)(a) | 11/3/2025 |
| (h)(10)(iii) | [Fund of Funds Investment Agreement,](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99h10iii.htm)<br> [dated January 11, 2022, between Legg](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99h10iii.htm)<br> [Mason Partners Variable Equity Trust](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99h10iii.htm)<br> [and Columbia Funds Variable Insurance](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99h10iii.htm)<br> [Trust and Columbia Funds Variable](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99h10iii.htm)<br> [Series Trust II](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99h10iii.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #81 <br> on Form N-1A<br>(h)(10)(iii) | 4/4/2022 |
| (h)(10)(iv) | [Fund of Funds Investment Agreement,](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99h10iv.htm)<br> [dated January 19, 2022, between SPDR](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99h10iv.htm)<br> [S&P 500 ETF Trust and SPDR Dow](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99h10iv.htm)<br> [Jones Industrial Average ETF Trust and](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99h10iv.htm)<br> [Columbia Funds Variable Insurance](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99h10iv.htm)<br> [Trust and Columbia Funds Variable](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99h10iv.htm)<br> [Series Trust II](https://www.sec.gov/Archives/edgar/data/1413032/000119312522094846/d337233dex99h10iv.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #81 <br> on Form N-1A<br>(h)(10)(iv) | 4/4/2022 |
| (h)(11) | [Form of Indemnification Agreement](https://www.sec.gov/Archives/edgar/data/2110/000119312525160879/d88873dex99h8.htm) | Incorporated by <br> Reference<br>| Columbia Acorn <br> Trust<br>| 2-34223 | Post-Effective <br> Amendment <br> #120 on Form <br> N-1A<br>(h)(8) | 7/18/2025 |
| (i)(1) | [Opinion and consent of counsel as to the](https://www.sec.gov/Archives/edgar/data/1413032/000119312514166684/d714318dex99i.htm)<br> [legality of the securities being registered](https://www.sec.gov/Archives/edgar/data/1413032/000119312514166684/d714318dex99i.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #38 <br> on Form N-1A<br>(i) | 4/29/2014 |
| (i)(2) | [Opinion and consent of counsel as to the](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99i2.htm)<br> [legality of the securities being registered](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99i2.htm)<br> [for Columbia Variable Portfolio – Select](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99i2.htm)<br> [Large Cap Equity Fund](https://www.sec.gov/Archives/edgar/data/1413032/000119312517373718/d501819dex99i2.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #59 <br> on Form N-1A<br>(i)(2) | 12/19/2017 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Registrant**<br> **that Made**<br> **the Filing**<br>| **File No.**<br> **of Such**<br> **Registrant**<br>| **Type of**<br> **Filing**<br>| **Filing**<br> **Date**<br>|
| (j) | [Consent of Independent Registered](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99j.htm)<br> [Public Accounting Firm](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99j.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #100 on Form <br> N-1A<br>(j) | 4/28/2025 |
| (k) | Omitted Financial Statements: Not <br> Applicable.<br>|  |  |  |  |  |
| (l) | Initial Capital Agreement: Not <br> Applicable.<br>|  |  |  |  |  |
| (m)(1) | [Plan of Distribution and Agreement of](https://www.sec.gov/Archives/edgar/data/1413032/000119312514166684/d714318dex99m1.htm)<br> [Distribution, effective May 1, 2009,](https://www.sec.gov/Archives/edgar/data/1413032/000119312514166684/d714318dex99m1.htm)<br> [amended and restated March 7, 2011,](https://www.sec.gov/Archives/edgar/data/1413032/000119312514166684/d714318dex99m1.htm)<br> [between the Registrant and Columbia](https://www.sec.gov/Archives/edgar/data/1413032/000119312514166684/d714318dex99m1.htm)<br> [Management Investment Distributors,](https://www.sec.gov/Archives/edgar/data/1413032/000119312514166684/d714318dex99m1.htm)<br> [Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312514166684/d714318dex99m1.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #38 <br> on Form N-1A<br>(m)(1) | 4/29/2014 |
| (m)(1)(i) | [Schedule A, effective July 1, 2025, to the](d15837dex99m1i.htm)<br> [Plan of Distribution and Agreement of](d15837dex99m1i.htm)<br> [Distribution, effective May 1, 2009,](d15837dex99m1i.htm)<br> [amended and restated March 7, 2011,](d15837dex99m1i.htm)<br> [between the Registrant and](d15837dex99m1i.htm)[Columbia](d15837dex99m1i.htm)<br> [Management Investment Distributors,](d15837dex99m1i.htm)<br> [Inc.](d15837dex99m1i.htm)<br>| Filed Herewith | Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #101 on Form <br> N-1A<br>(m)(1)(i) | 11/3/2025 |
| (n) | [Rule 18f – 3(d) Plan, amended and](d15837dex99n.htm)<br> [restated July 1, 2025](d15837dex99n.htm)<br>| Filed Herewith | Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #101 on Form <br> N-1A<br>(n) | 11/3/2025 |
| (o) | Reserved. |  |  |  |  |  |
| (p)(1) | [Code of Ethics adopted under Rule 17j-1](https://www.sec.gov/Archives/edgar/data/1413032/000119312519122312/d632544dex99p1.htm)<br> [for Registrant, effective March 2019](https://www.sec.gov/Archives/edgar/data/1413032/000119312519122312/d632544dex99p1.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #68 <br> on Form N-1A<br>(p)(1) | 4/26/2019 |
| (p)(2) | [Columbia Threadneedle Investments](https://www.sec.gov/Archives/edgar/data/1551950/000119312524281718/d910302dex99p2.htm)<br> [Global Personal Account Dealing and](https://www.sec.gov/Archives/edgar/data/1551950/000119312524281718/d910302dex99p2.htm)<br> [Code of Ethics, effective December 2024](https://www.sec.gov/Archives/edgar/data/1551950/000119312524281718/d910302dex99p2.htm)<br>| Incorporated by <br> Reference<br>| Columbia ETF <br> Trust I<br>| 333-209996 | Post-Effective <br> Amendment #40 <br> on Form N-1A<br>(p)(2) | 12/19/2024 |
| (p)(3) | [Allspring Global Investments, LLC](d15837dex99p3.htm)<br> [Code of Ethics effective June 1, 2025](d15837dex99p3.htm)<br>| Filed Herewith | Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #101 on Form <br> N-1A<br>(p)(3) | 11/3/2025 |
| (p)(4) | [American Century Investment](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99p4.htm)<br> [Management, Inc. Code of Ethics,](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99p4.htm)<br> [updated January 1, 2025](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99p4.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #97 <br> on Form N-1A<br>(p)(4) | 4/7/2025 |
| (p)(5) | [BlackRock Financial Management, Inc.](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99p5.htm)<br> [Code of Ethics, effective December 7,](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99p5.htm)<br> [2021](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99p5.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #95 <br> on Form N-1A<br>(p)(5) | 11/13/2024 |
| (p)(6) | [BNY Mellon Code of Conduct (for](https://www.sec.gov/Archives/edgar/data/1413032/000119312524082893/d820036dex99p6.htm)<br> [Walter Scott & Partners Limited)](https://www.sec.gov/Archives/edgar/data/1413032/000119312524082893/d820036dex99p6.htm)<br> [effective September 20, 2023](https://www.sec.gov/Archives/edgar/data/1413032/000119312524082893/d820036dex99p6.htm)<br>| Incorporated by <br> Reference <br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #91 <br> on Form N-1A<br>(p)(6) | 4/1/2024 |
| (p)(7) | [CenterSquare Investment Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312521312623/d238654dex99p6.htm)<br> [LLC Code of Ethics, effective May 15,](https://www.sec.gov/Archives/edgar/data/1413032/000119312521312623/d238654dex99p6.htm)<br> [2021](https://www.sec.gov/Archives/edgar/data/1413032/000119312521312623/d238654dex99p6.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #80 <br> on Form N-1A<br>(p)(6) | 10/29/2021 |
| (p)(8) | [J.P. Morgan Investment Management](https://www.sec.gov/Archives/edgar/data/773757/000119312523219837/d539455dex99p14.htm)<br> [Inc. Code of Ethics effective April 26,](https://www.sec.gov/Archives/edgar/data/773757/000119312523219837/d539455dex99p14.htm)<br> [2023](https://www.sec.gov/Archives/edgar/data/773757/000119312523219837/d539455dex99p14.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust I<br>| 2-99356 | Post-Effective <br> Amendment <br> #407 on Form <br> N-1A<br>(p)(14) | 8/24/2023 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** | **Information About the Filing that Includes the Document Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Exhibit Description** | **Filed Herewith or**<br> **Incorporated by** <br> **Reference** | **Registrant**<br> **that Made**<br> **the Filing**<br>| **File No.**<br> **of Such**<br> **Registrant**<br>| **Type of**<br> **Filing**<br>| **Filing**<br> **Date**<br>|
| (p)(9) | [Principal Global Investors, LLC Code of](d15837dex99p9.htm)<br> [Ethics, effective November 11, 2024,](d15837dex99p9.htm)<br> [reviewed February 13, 2025](d15837dex99p9.htm)<br>| Filed Herewith | Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #101 on Form <br> N-1A<br>(p)(9) | 11/3/2025 |
| (p)(10) | [Pzena Investment Management, LLC](d15837dex99p10.htm)<br> [Code of Ethics, revised June 2025](d15837dex99p10.htm)<br>| Filed Herewith | Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #101 on Form <br> N-1A<br>(p)(10) | 11/3/2025 |
| (p)(11) | [Schroder Investment Management North](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99p16.htm)<br> [America Inc. Code of Ethics, effective](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99p16.htm)<br> [May 1, 2017, revised May 2019](https://www.sec.gov/Archives/edgar/data/1413032/000119312520139967/d927026dex99p16.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #72 <br> on Form N-1A<br>(p)(16) | 5/12/2020 |
| (p)(12) | [Segall Bryant & Hamill, LLC Code of](d15837dex99p12.htm)<br> [Ethics, effective January 2, 2025](d15837dex99p12.htm)<br>| Filed Herewith | Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #101 on Form <br> N-1A<br>(p)(12) | 11/3/2025 |
| (p)(13) | [T. Rowe Price Group, Inc. and Its](d15837dex99p13.htm)<br> [Affiliates Code of Ethics, as of July 1,](d15837dex99p13.htm)<br> [2025](d15837dex99p13.htm)<br>| Filed Herewith | Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #101 on Form <br> N-1A<br>(p)(13) | 11/3/2025 |
| (p)(14) | [Code of Ethics of TCW Investment](https://www.sec.gov/Archives/edgar/data/773757/000119312525214321/d945359dex99p21.htm)<br> [Management Company LLC, dated June](https://www.sec.gov/Archives/edgar/data/773757/000119312525214321/d945359dex99p21.htm)<br> [2025](https://www.sec.gov/Archives/edgar/data/773757/000119312525214321/d945359dex99p21.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Series Trust I<br>| 2-99356 | Post-Effective <br> Amendment <br> #430 on Form <br> N-1A<br>(p)(21) | 9/24/2025 |
| (p)(15) | [Thompson, Siegel & Walmsley LLC](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99p17.htm)<br> [Code of Ethics, updated March 29, 2024](https://www.sec.gov/Archives/edgar/data/1413032/000119312524256755/d883708dex99p17.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #95 <br> on Form N-1A<br>(p)(17) | 11/13/2024 |
| (p)(16) | [Victory Capital Management Inc. Code](d15837dex99p16.htm)<br> [of Ethics, effective April 1, 2025](d15837dex99p16.htm)<br>| Filed Herewith | Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #101 on Form <br> N-1A<br>(p)(16) | 11/3/2025 |
| (p)(17) | [Wellington Management Company LLP](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99p17.htm)<br> [Code of Ethics, effective December 2023](https://www.sec.gov/Archives/edgar/data/1413032/000119312525099125/d948740dex99p17.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment <br> #100 on Form <br> N-1A<br>(p)(18) | 4/28/2025 |
| (p)(18) | [Westfield Capital Management](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99p18.htm)<br> [Company, L.P. Code of Ethics, as of](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99p18.htm)<br> [October 21, 2024](https://www.sec.gov/Archives/edgar/data/1413032/000119312525074407/d890727dex99p18.htm)<br>| Incorporated by <br> Reference<br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #97 <br> on Form N-1A<br>(p)(18) | 4/7/2025 |
| (p)(19) | [William Blair Investment Management,](https://www.sec.gov/Archives/edgar/data/1413032/000119312524082893/d820036dex99p21.htm)<br> [LLC Code of Ethics, as of October 25,](https://www.sec.gov/Archives/edgar/data/1413032/000119312524082893/d820036dex99p21.htm)<br> [2023](https://www.sec.gov/Archives/edgar/data/1413032/000119312524082893/d820036dex99p21.htm)<br>| Incorporated by <br> Reference <br>| Columbia Funds <br> Variable Series <br> Trust II<br>| 333-146374 | Post-Effective <br> Amendment #91 <br> on Form N-1A<br>(p)(21) | 4/1/2024 |

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**Item 29. Persons Controlled by or Under Common Control with the Registrant**

Columbia Management Investment Advisers, LLC (the investment manager or Columbia Management), as sponsor of the Columbia funds, may make initial capital investments in Columbia funds (seed accounts). Columbia Management also serves as investment manager of certain Columbia funds-of-funds that invest primarily in shares of affiliated funds (the underlying funds). Columbia Management does not make initial capital investments or invest in underlying funds for the purpose of exercising control. However, since these ownership interests may be significant, in excess of 25%, such that Columbia Management may be deemed to control certain Columbia funds, procedures have been put in place to assure that public shareholders determine the outcome of all actions taken at shareholder meetings. Specifically, Columbia Management (which votes proxies for the seed accounts) and the Boards of Trustees of the affiliated funds-of-funds (which votes proxies for the affiliated funds-of-funds) vote on each proposal in the same proportion as the vote of the direct public shareholders vote; provided, however, that if there are no direct public shareholders of an underlying fund or if direct public shareholders represent only a minority interest in an underlying fund, the Fund may cast votes in accordance with instructions from the independent members of the Board.

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**Item 30. Indemnification**

Article Five of the Bylaws of the Registrant provides that the Registrant shall indemnify each of its trustees and officers (including persons who serve at Registrant's request as directors, officers or trustees of another organization in which Registrant has any interest as a shareholder, creditor or otherwise) who are not employees or officers of any investment adviser to Registrant or any affiliated person thereof and its chief compliance officer, regardless of whether such person is an employee or officer of any investment adviser to Registrant or any affiliated person thereof, and each of its other trustees and officers (including persons who serve at Registrant's request as directors, officers or trustees of another organization in which Registrant has any interest as a shareholder, creditor or otherwise) (i.e., those who are employees or officers of any investment adviser to Registrant or any affiliated person thereof) (Covered Persons), to the fullest extent authorized by applicable law against all liabilities and expenses in connection with the defense or disposition of any proceeding in which such Covered Person may be or may have been involved or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of any alleged act or omission as a trustee or officer or by reason of his or her being or having been such a Covered Person, all as more fully set forth in the Bylaws, which are filed as an exhibit to the registration statement.

The Registrant has also agreed in an indemnification agreement to indemnify to the fullest extent authorized by applicable law against all liabilities and expenses incurred in connection with the defense or disposition any proceeding in which a trustee may be or may have been threatened by reason of any alleged act or omission as a trustee or by reason of being or having been a trustee, except with respect to any matter as to which the trustee shall have been finally adjudicated not to have acted in good faith in the reasonable belief that such trustee's action was in the best interests of the Registrant, all as more fully set forth in the indemnification agreement with each trustee, a form of which has been filed as an exhibit to this registration statement.

Section 17(h) of the Investment Company Act of 1940 (1940 Act) provides that no instrument pursuant to which Registrant is organized or administered shall contain any provision which protects or purports to protect any trustee or officer of Registrant against any liability to Registrant or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

The Registrant's Declaration of Trust, and in the case of a trustee, the indemnification agreement provides that nothing in the Declaration of Trust or indemnification agreement shall protect any trustee or officer against any liabilities to the Registrant or its shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office or position with or on behalf of the Registrant and the Registrant's Bylaws provides that no Covered Person shall be indemnified against any liability to the Registrant or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office.

Pursuant to the Distribution Agreement, Columbia Management Investment Distributors, Inc. agrees to indemnify the Registrant, its officers and trustees against claims, demands, liabilities and expenses under specified circumstances, all as more fully set forth in the Registrant's Distribution Agreement, which has been filed as an exhibit to the registration statement.

The Registrant may be party to other contracts that include indemnification provisions for the benefit of the Registrant's trustees and officers.

The trustees and officers of the Registrant and the personnel of the Registrant's investment adviser and principal underwriter are insured under an errors and omissions liability insurance policy. Registrant's investment adviser, Columbia Management Investment Advisers, LLC, maintains investment advisory professional liability insurance to insure it, for the benefit of Registrant and its non-interested trustees, against loss arising out of any effort, omission, or breach of any duty owed to Registrant or any series of Registrant by Columbia Management Investment Advisers, LLC.

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

**Item 31. Business and Other Connections of the Investment Adviser**

To the knowledge of the Registrant, none of the directors or officers of Columbia Management Investment Advisers, LLC (Columbia Management), the Registrant's investment adviser, or any subadviser to a series of the Registrant, except as set forth below, are or have been, at any time during the Registrant's past two fiscal years, engaged in any other business, profession, vocation or employment of a substantial nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Columbia Management, a wholly owned subsidiary of Ameriprise Financial, Inc., performs investment advisory services for the Registrant and certain other clients. Information regarding the business of Columbia Management and the directors and principal officers of Columbia Management is also included in the Form ADV filed by Columbia Management with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-25943), which information

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is incorporated herein by reference. In addition to their position with Columbia Management, certain directors and officers of Columbia Management also hold various positions with, and engage in business for, Ameriprise Financial, Inc. or its other subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Allspring Global Investments, LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of Allspring Global Investments, LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series subadvised by Allspring Global Investments, LLC and is incorporated herein by reference. Information about the business of Allspring Global Investments, LLC and the directors and principal executive officers of Allspring Global Investments, LLC is also included in the Form ADV filed by Allspring Global Investments, LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-21122), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) American Century Investment Management, Inc. performs investment management services for the Registrant and certain other clients. Information regarding the business of American Century Investment Management, Inc. is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by American Century Investment Management, Inc. and is incorporated herein by reference. Information about the business of American Century Investment Management, Inc. and the directors and principal executive officers of American Century Investment Management, Inc. is also included in the Form ADV filed by American Century Investment Management, Inc. with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-8174), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) BlackRock Financial Management, Inc. performs investment management services for the Registrant and certain other clients. Information regarding the business of BlackRock Financial Management, Inc. is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by BlackRock Financial Management, Inc. and is incorporated herein by reference. Information about the business of BlackRock Financial Management, Inc. and the directors and principal executive officers of BlackRock Financial Management, Inc. is also included in the Form ADV filed by BlackRock Financial Management, Inc. with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-48433), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) BlackRock International Limited performs investment management services for the Registrant and certain other clients. Information regarding the business of BlackRock International Limited is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by BlackRock International Limited and is incorporated herein by reference. Information about the business of BlackRock International Limited and the directors and principal executive officers of BlackRock International Limited is also included in the Form ADV filed by BlackRock International Limited with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-51087), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) CenterSquare Investment Management LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of CenterSquare Investment Management LLC is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by CenterSquare Investment Management LLC and is incorporated herein by reference. Information about the business of CenterSquare Investment Management LLC and the directors and principal executive officers of CenterSquare Investment Management LLC is also included in the Form ADV filed by CenterSquare Investment Management LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-111965), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Goldman Sachs Asset Management, LP (GSAM) performs investment management services for the Registrant and certain other clients. Information regarding the business of GSAM. is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by GSAM and is incorporated herein by reference. Information about the business of GSAM and the directors and principal executive officers of GSAM is also included in the Form ADV filed by GSAM with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-37591), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) J.P. Morgan Investment Management Inc. performs investment management services for the Registrant and certain other clients. Information regarding the business of J.P. Morgan Investment Management Inc. is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by J.P. Morgan Investment Management Inc. and is incorporated herein by reference. Information about the business of J.P. Morgan Investment Management Inc. and the directors and principal executive officers of J.P. Morgan Investment Management Inc. is also included in the Form ADV filed by J.P. Morgan Investment Management Inc. with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-21011), which information is incorporated herein by reference.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Principal Global Investors, LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of Principal Global Investors, LLC is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by Principal Global Investors, LLC and is incorporated herein by reference. Information about the business of Principal Global Investors, LLC and the directors and principal executive officers of Principal Global Investors, LLC is also included in the Form ADV filed by Principal Global Investors, LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-55959), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Pzena Investment Management, LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of Pzena Investment Management, LLC is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by Pzena Investment Management, LLC and is incorporated herein by reference. Information about the business of Pzena Investment Management, LLC and the directors and principal executive officers of Pzena Investment Management, LLC is also included in the Form ADV filed by Pzena Investment Management, LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-50838), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Schroder Investment Management North America Inc. performs investment management services for the Registrant and certain other clients. Information regarding the business of Schroder Investment Management North America Inc. is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by Schroder Investment Management North America Inc. and is incorporated herein by reference. Information about the business of Schroder Investment Management North America Inc. and the directors and principal executive officers of Schroder Investment Management North America Inc. is also included in the Form ADV filed by Schroder Investment Management North America Inc. with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-15834), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Schroder Investment Management North America Ltd performs investment management services for the Registrant and certain other clients. Information regarding the business of Schroder Investment Management North America Ltd is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by Schroder Investment Management North America Ltd and is incorporated herein by reference. Information about the business of Schroder Investment Management North America Ltd and the directors and principal executive officers of Schroder Investment Management North America Ltd is also included in the Form ADV filed by Schroder Investment Management North America Ltd with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-37163), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Segall Bryant & Hamill, LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of Segall Bryant & Hamill, LLC is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by Segall Bryant & Hamill, LLC and is incorporated herein by reference. Information about the business of Segall Bryant & Hamill, LLC and the directors and principal executive officers of Segall Bryant & Hamill, LLC is also included in the Form ADV filed by Segall Bryant & Hamill, LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-47232), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) T. Rowe Price Associates, Inc. performs investment management services for the Registrant and certain other clients. Information regarding the business of T. Rowe Price Associates, Inc. is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by T. Rowe Price Associates, Inc. and is incorporated herein by reference. Information about the business of T. Rowe Price Associates, Inc. and the directors and principal executive officers of T. Rowe Price Associates, Inc. is also included in the Form ADV filed by T. Rowe Price Associates, Inc. with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-856), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) TCW Investment Management Company LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of TCW Investment Management Company LLC is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by TCW Investment Management Company LLC and is incorporated herein by reference. Information about the business of TCW Investment Management Company LLC and the directors and principal executive officers of TCW Investment Management Company LLC is also included in the Form ADV filed by TCW Investment Management Company LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-29075), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Thompson, Siegel & Walmsley LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of Thompson, Siegel & Walmsley LLC is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by Thompson,

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Siegel & Walmsley LLC and is incorporated herein by reference. Information about the business of Thompson, Siegel & Walmsley LLC and the directors and principal executive officers of Thompson, Siegel & Walmsley LLC is also included in the Form ADV filed by Thompson, Siegel & Walmsley LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-6273), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Victory Capital Management Inc. performs investment management services for the Registrant and certain other clients. Information regarding the business of Victory Capital Management Inc. is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by Victory Capital Management Inc. and is incorporated herein by reference. Information about the business of Victory Capital Management Inc. and the directors and principal executive officers of Victory Capital Management Inc. is also included in the Form ADV filed by Victory Capital Management Inc. with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-46878), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Walter Scott & Partners Limited performs investment management services for the Registrant and certain other clients. Information regarding the business of Walter Scott & Partners Limited is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by Walter Scott & Partners Limited and is incorporated herein by reference. Information about the business of Walter Scott & Partners Limited and the directors and principal executive officers of Walter Scott & Partners Limited is also included in the Form ADV filed by Walter Scott & Partners Limited with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-19420), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Wellington Management Company, LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of Wellington Management Company, LLC and certain of its officers is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series subadvised by Wellington Management Company, LLC and is incorporated herein by reference. Information about the business of Wellington Management Company, LLC and the directors and principal executive officers of Wellington Management Company, LLC is also included in the Form ADV filed by Wellington Management Company, LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-15908), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) Westfield Capital Management Company, L.P. performs investment management services for the Registrant and certain other clients. Information regarding the business of Westfield Capital Management Company, L.P. is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by Westfield Capital Management Company, L.P. and is incorporated herein by reference. Information about the business of Westfield Capital Management Company, L.P. and the directors and principal executive officers of Westfield Capital Management Company, L.P. is also included in the Form ADV filed by Westfield Capital Management Company, L.P. with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-69413), which information is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) William Blair Investment Management, LLC performs investment management services for the Registrant and certain other clients. Information regarding the business of William Blair Investment Management, LLC is set forth in the Prospectus(es) and Statement of Additional Information of the Registrant's series that are subadvised by William Blair Investment Management, LLC and is incorporated herein by reference. Information about the business of William Blair Investment Management, LLC and the directors and principal executive officers of William Blair Investment Management, LLC is also included in the Form ADV filed by William Blair Investment Management, LLC with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-80640), which information is incorporated herein by reference.

**Item 32. Principal Underwriter**

(a) Columbia Management Investment Distributors, Inc. acts as principal underwriter for the following investment companies, including the Registrant:

Columbia Acorn Trust; Columbia Funds Series Trust; Columbia Credit Income Opportunities Fund; Columbia Funds Series Trust I; Columbia Funds Series Trust II; Columbia Funds Variable Insurance Trust; Columbia Funds Variable Series Trust (formerly Wanger Advisors Trust); and Columbia Funds Variable Series Trust II.

(b) As to each director, principal officer or partner of Columbia Management Investment Distributors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Name and**<br> **Principal Business Address\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position and Offices** <br> **with Principal Underwriter**<br>| **Positions and Offices with Registrant** |
| William F. Truscott | President, Chief Executive Officer and Chairman of the Board | Senior Vice President |
| Francine Asselta | Vice President and Head of North America Institutional | None |

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| | | |
|:---|:---|:---|
| **Name and**<br> **Principal Business Address\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position and Offices** <br> **with Principal Underwriter**<br>| **Positions and Offices with Registrant** |
| Michael S. Mattox | Chief Financial Officer | None |
| Michael E. DeFao | Vice President, Chief Legal Officer and Assistant Secretary | &nbsp;&nbsp;&nbsp;&nbsp; Vice President and Assistant <br> Secretary<br>|
| Stephen O. Buff | Vice President, Chief Compliance Officer | None |
| James Bumpus | Vice President and Head of Intermediary Markets and Director | None |
| Thomas A. Jones | Vice President and Head of Strategic Relations | None |
| Gary Rawdon | Vice President – Distribution Strategy, Planning and Execution | None |
| Marc Zeitoun | Vice President and Head of North America Product and Director | None |
| Suzanne Lieb | Vice President and Head of North America Marketing | None |
| Wendy B. Mahling | Secretary | None |
| Matthew Bolinksy | Vice President and Assistant Secretary | None |
| Joseph L. D'Alessandro | Vice President and Assistant Secretary | Assistant Secretary |
| Amy L. Hackbarth | Vice President and Assistant Secretary | None |
| Ryan C. Larrenaga | Vice President and Assistant Secretary | &nbsp;&nbsp;&nbsp;&nbsp; Board Member, Senior Vice <br> President, Chief Legal Officer and <br> Secretary<br>|
| Christopher O. Petersen | Vice President and Assistant Secretary | &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President and Assistant <br> Secretary<br>|
| Odeh Stevens | Vice President and Assistant Secretary | None |
| Kayla Sylvia | Vice President and Assistant Secretary | None |
| Lee Thoresen | Vice President and Assistant Secretary | None |
| Shweta J. Jhanji | Vice President and Treasurer | None |
| Kristin Weisser | Conflicts Officer | None |
| Kevin Sullivan | &nbsp;&nbsp;&nbsp;&nbsp; Anti-Money Laundering Officer and Identity Theft Prevention <br> Officer <br>| &nbsp;&nbsp;&nbsp;&nbsp; Anti-Money Laundering Officer, <br> Privacy Officer and Identity Theft <br> Prevention Officer<br>|

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\*

The principal business address of Columbia Management Investment Distributors, Inc. is 290 Congress Street, Boston, MA 02210.

(c) Not Applicable.

**Item 33. Location of Accounts and Records**

Persons maintaining physical possession of accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules thereunder include:

<sup>■</sup>

Registrant, 290 Congress Street, Boston, MA 02210;

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Registrant's investment adviser and administrator, Columbia Management Investment Advisers, LLC, 290 Congress Street, Boston, MA 02210;

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Registrant's subadviser, Allspring Global Investments, LLC, 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203;

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Registrant's subadviser, American Century Investment Management, Inc., 4500 Main Street, Kansas City, MO 64111-7709;

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Registrant's subadviser, BlackRock Financial Management, Inc., 50 Hudson Yards, New York, NY 10001;

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Registrant's sub-subadviser, BlackRock International Limited, Exchange Place One, 1 Semple Street, Edinburgh, EH3 8BL, Scotland;

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Registrant's subadviser, CenterSquare Investment Management LLC, Eight Tower Bridge, 161 Washington Street, 7th Floor, Conshohocken, PA 19428;

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Registrant's subadviser, Goldman Sachs Asset Management, LP, 200 West Street, New York, NY 10282;

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Registrant's subadviser, J.P. Morgan Investment Management Inc., 383 Madison Avenue, New York, NY 10179;

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Registrant's subadviser, Principal Global Investors, LLC, 711 High Street, Des Moines, IA 50392;

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Registrant's subadviser, Pzena Investment Management, LLC, 320 Park Avenue, 8<sup>th</sup> Floor, New York, NY 10022;

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Registrant's subadviser, Schroder Investment Management North America Inc., 7 Bryant Park, New York, NY 10018;

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Registrant's sub-subadviser, Schroder Investment Management North America Ltd, 1 London Wall Place, London EC2Y 5AU, UK;

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Registrant's subadviser, Segall Bryant & Hamill, LLC, 10 S. Wacker Drive, Suite 3100, Chicago IL 60606;

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Registrant's subadviser, T. Rowe Price Associates, Inc., 100 East Pratt Street, Baltimore, MD 21202;

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Registrant's subadviser, TCW Investment Management Company LLC, 515 South Flower Street, Los Angeles, CA 90071;

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Registrant's subadviser, Thompson, Siegel & Walmsley LLC, 6641 West Broad Street, Suite 600, Richmond, VA 23230;

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Registrant's subadviser, Threadneedle International Limited, Cannon Place, 78 Cannon Street, London EC4N 6AG, UK;

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Registrant's subadviser, Victory Capital Management Inc., 15935 La Cantera Parkway, San Antonio, TX 78256;

<sup>■</sup>

Registrant's subadviser, Walter Scott & Partners Limited, One Charlotte Square, Edinburgh EH2 4DR, UK;

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Registrant's subadviser, Wellington Management Company LLP, 280 Congress Street, Boston, MA 02210;

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Registrant's subadviser, Westfield Capital Management Company, L.P., One Financial Center, Boston, MA 02111;

<sup>■</sup>

Registrant's subadviser, William Blair Investment Management, LLC, 150 North Riverside Plaza, Chicago, IL, 60606;

<sup>■</sup>

Former subadviser, AQR Capital Management, LLC, One Greenwich Plaza, 3rd Floor, Greenwich, CT 06830;

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Former subadviser, Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746;

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Former subadviser, Columbia Wanger Asset Management, LLC, 71 S. Wacker Drive, Chicago, IL 60606;

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Former subadviser, Barrow, Hanley, Mewhinney & Strauss, LLC, 2200 Ross Avenue, 31st Floor, Dallas, TX 75201-2761;

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Former subadviser, BMO Asset Management Corp., 320 S. Canal Street, 12th Floor, Chicago, IL, 60606;

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Former subadviser, Eaton Vance Management, One Post Office Square, Boston, MA 02109;

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Former subadviser, FIAM LLC (d/b/a Pyramis Global Advisors), 900 Salem Street, Smithfield, RI 02917;

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Former subadviser, Jacobs Levy Equity Management, Inc., 100 Campus Drive, 4th Floor East, Florham Park, NJ 07932-0650;

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Former subadviser, Jennison Associates LLC, 55 E. 52<sup>nd</sup> Street, New York, NY 10055;

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Former subadviser, Kennedy Capital Management, Inc., 10829 Olive Boulevard, St. Louis, MO 63141;

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Former subadviser, Loomis, Sayles & Company, L.P., One Financial Center, Boston, MA 02111-2621;

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Former subadviser, Los Angeles Capital Management, LLC (formerly Los Angeles Capital Management and Equity Research, Inc.), 11150 Santa Monica Blvd., Suite 200, Los Angeles, CA 90025;

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Former subadviser, Massachusetts Financial Services Company, 111 Huntington Ave., Boston, MA 02199;

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Former subadviser, Morgan Stanley Investment Management Inc., 1585 Broadway, New York, NY 10036;

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Former subadviser, The London Company of Virginia, 1800 Bayberry Court, Suite 301, Richmond, VA 23226;

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Former subadviser, Nuveen Asset Management, LLC, 333 West Wacker Drive, Chicago, IL 60606;

<sup>■</sup>

Former subadviser, OppenheimerFunds, Inc. 225 Liberty Street, New York, NY 10281;

<sup>■</sup>

Former subadviser, River Road Asset Management, LLC, 462 South Fourth Street, Suite 2000, Louisville, KY 40202-3466;

<sup>■</sup>

Former subadviser, Scout Investments, Inc., 1201 Walnut Street, 21<sup>st</sup> Floor, Kansas City, MO 64106;

<sup>■</sup>

Registrant's principal underwriter, Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210;

<sup>■</sup>

Registrant's transfer agent, Columbia Management Investment Services Corp., 290 Congress Street, Boston, MA 02210;

<sup>■</sup>

Registrant's sub-transfer agent, SS&C GIDS, Inc., 30 Braintree Hill Office Park, Suite 400, Braintree, MA 02184; and

<sup>■</sup>

Registrant's custodian, JPMorgan Chase Bank, N.A., 1 Chase Manhattan Plaza, New York, NY 10005.

In addition, Iron Mountain Records Management is an off-site storage facility housing historical records that are no longer required to be maintained on-site. Records stored at this facility include various trading and accounting records, as well as other miscellaneous records. The address for Iron Mountain Records Management is 920 & 950 Apollo Road, Eagan, MN 55121.

Certain information on the above-referenced physical possession of accounts, books and other documents is also included in the Registrant's filings on Form N-CEN filed with the Securities and Exchange Commission on March 12, 2025.

**Item 34. Management Services**

Not Applicable.

------

**Item 35. Undertakings**

Not Applicable.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, COLUMBIA FUNDS VARIABLE SERIES TRUST II, has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and the Commonwealth of Massachusetts on the 3<sup>rd</sup> day of November, 2025.

---

| | |
|:---|:---|
| COLUMBIA FUNDS VARIABLE SERIES TRUST II | COLUMBIA FUNDS VARIABLE SERIES TRUST II |
| By: | /s/ Michael G. Clarke |
|  | Michael G. Clarke <br> President<br>|

---

Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated on the 3<sup>rd</sup> day of November, 2025.

---

| | | | |
|:---|:---|:---|:---|
| Signature | Capacity | Signature | Capacity |
| /s/ Michael G. Clarke | &nbsp;&nbsp; President<br> (Principal Executive Officer) | /s/ Brian J. Gallagher\* | Trustee |
| Michael G. Clarke | &nbsp;&nbsp; President<br> (Principal Executive Officer) | Brian J. Gallagher | Trustee |
| /s/ Charles H. Chiesa\* | &nbsp;&nbsp; Chief Financial Officer, Treasurer, <br> Chief Accounting Officer (Principal <br> Accounting Officer) and Principal <br> Financial Officer | /s/ Douglas A. Hacker\* | Trustee |
| Charles H. Chiesa | &nbsp;&nbsp; Chief Financial Officer, Treasurer, <br> Chief Accounting Officer (Principal <br> Accounting Officer) and Principal <br> Financial Officer | Douglas A. Hacker | Trustee |
| /s/ Pamela G. Carlton\* | Chair of the Board | /s/ Ryan C. Larrenaga\* | Trustee |
| Pamela G. Carlton | Chair of the Board | Ryan C. Larrenaga | Trustee |
| /s/ George S. Batejan\* | Trustee | /s/ Nancy T. Lukitsh\* | Trustee |
| George S. Batejan | Trustee | Nancy T. Lukitsh | Trustee |
| /s/ Kathleen A. Blatz\* | Trustee | /s/ Jeninne C. McGee\* | Trustee |
| Kathleen A. Blatz | Trustee | Jeninne C. McGee | Trustee |
| /s/ Janet Langford Carrig\* | Trustee | /s/ David M. Moffett\* | Trustee |
| Janet Langford Carrig | Trustee | David M. Moffett | Trustee |
| /s/ J. Kevin Connaughton\* | Trustee | /s/ Catherine James Paglia\* | Trustee |
| J. Kevin Connaughton | Trustee | Catherine James Paglia | Trustee |
| /s/ Olive M. Darragh\* | Trustee | /s/ Natalie A. Trunow\* | Trustee |
| Olive M. Darragh | Trustee | Natalie A. Trunow | Trustee |
| /s/ Patricia M. Flynn\* | Trustee | /s/ Sandra L. Yeager\* | Trustee |
| Patricia M. Flynn |  | Sandra L. Yeager |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| \* | By:<br> Name: | /s/ Joseph D'Alessandro |
| \* | By:<br> Name: | Joseph D'Alessandro\*\*<br> Attorney-in-fact<br>|
| \*\* | Executed by Joseph D'Alessandro on behalf of Charles H. Chiesa pursuant to a Power of Attorney, dated September 5, 2025, <br> on behalf of Ryan C. Larrenaga pursuant to a Trustee Power of Attorney, dated September 5, 2025, on behalf of Jeninne C. <br> McGee pursuant to a Trustee Power of Attorney, dated July 29, 2025, and on behalf of each of the Trustees pursuant to a <br> Trustees' Power of Attorney, dated March 1, 2025. | Executed by Joseph D'Alessandro on behalf of Charles H. Chiesa pursuant to a Power of Attorney, dated September 5, 2025, <br> on behalf of Ryan C. Larrenaga pursuant to a Trustee Power of Attorney, dated September 5, 2025, on behalf of Jeninne C. <br> McGee pursuant to a Trustee Power of Attorney, dated July 29, 2025, and on behalf of each of the Trustees pursuant to a <br> Trustees' Power of Attorney, dated March 1, 2025. |

---

------

**COLUMBIA ACORN TRUST**

**COLUMBIA FUNDS SERIES TRUST**

**COLUMBIA FUNDS SERIES TRUST I**

**COLUMBIA FUNDS SERIES TRUST II**

**COLUMBIA FUNDS VARIABLE INSURANCE TRUST**

**COLUMBIA FUNDS VARIABLE SERIES TRUST II**

**COLUMBIA ETF TRUST**

**COLUMBIA ETF TRUST I**

**COLUMBIA ETF TRUST II**

**WANGER ADVISORS TRUST**

**(each a "Registrant")**

**POWER OF ATTORNEY**

Each of the undersigned constitutes and appoints Michael G. Clarke, Joseph D'Alessandro, Michael E. DeFao, Ryan C. Larrenaga, Brian D. McCabe, Christopher O. Petersen, and Megan E. Garcy, each individually, his or her true and lawful attorney-in-fact and agent (each an "Attorney-in-Fact") with power of substitution or resubstitution, in any and all capacities, including without limitation in the undersigned's capacity as a trustee of each Registrant, in the furtherance of the business and affairs of each Registrant: (i) to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable or which may be required to comply with the Securities Act of 1933, the Investment Company Act of 1940, the Securities Exchange Act of 1934 (together the "Acts") and any other applicable federal securities laws, or rules, regulations or requirements of the U.S. Securities and Exchange Commission ("SEC") in respect thereof, in connection with the filing and effectiveness of each Registrant's Registration Statement regarding the registration of each Registrant or its shares of beneficial interest, and any and all amendments thereto, including without limitation any reports, forms or other filings required by the Acts or any other applicable federal securities laws, or rules, regulations or requirements of the SEC; and (ii) to execute any and all federal, state or foreign regulatory or other required filings, including all applications with regulatory authorities, state charter or organizational documents and any amendments or supplements thereto, to be executed by, on behalf of, or for the benefit of, each Registrant. The undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform each and every act and thing contemplated above, as fully and to all intents and purposes as the undersigned might or could do in person, and hereby ratifies and confirms all that said Attorneys-in-Fact, individually or collectively, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney shall not be revoked with respect to any undersigned trustee by any subsequent power of attorney the undersigned may execute unless such subsequent power of attorney specifically refers to this Power of Attorney or specifically states that the instrument is intended to revoke all prior general powers of attorney or all prior powers of attorney (and unless otherwise required by a provision of law that cannot be waived). This Power of Attorney shall terminate automatically with respect to a Registrant if the undersigned ceases to hold the above-referenced office of the Registrant.

<br>Dated: March 1, 2025

<br>[REMAINDER OF THIS PAGE IS LEFT BLANK INTENTIONALLY]

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| /s/ George S. Batejan | Trustee | /s/ Brian J. Gallagher | Trustee |
| George S. Batejan | Trustee | Brian J. Gallagher | Trustee |
| /s/ Daniel J. Beckman | Trustee | /s/ Douglas Hacker | Trustee |
| Daniel J. Beckman | Trustee | Douglas Hacker | Trustee |
| /s/ Kathleen A. Blatz | Trustee | /s/ Nancy T. Lukitsh | Trustee |
| Kathleen A. Blatz | Trustee | Nancy T. Lukitsh | Trustee |
| /s/ Pamela G. Carlton | Trustee | /s/ David M. Moffett | Trustee |
| Pamela G. Carlton | Trustee | David M. Moffett | Trustee |
| /s/ Janet Langford Carrig | Trustee | /s/ Catherine James Paglia | Trustee |
| Janet Langford Carrig | Trustee | Catherine James Paglia | Trustee |
| /s/ J. Kevin Connaughton | Trustee | /s/ Natalie A. Trunow | Trustee |
| J. Kevin Connaughton | Trustee | Natalie A. Trunow | Trustee |
| /s/ Olive M. Darragh | Trustee | /s/ Sandra L. Yeager | Trustee |
| Olive M. Darragh | Trustee | Sandra L. Yeager | Trustee |
| /s/ Patricia M. Flynn | Trustee |  |  |
| Patricia M. Flynn | Trustee |  |  |

---

------

**COLUMBIA ACORN TRUST**

**COLUMBIA CREDIT INCOME OPPORTUNITIES FUND**

**COLUMBIA FUNDS SERIES TRUST**

**COLUMBIA FUNDS SERIES TRUST I**

**COLUMBIA FUNDS SERIES TRUST II**

**COLUMBIA FUNDS VARIABLE INSURANCE TRUST**

**COLUMBIA FUNDS VARIABLE SERIES TRUST**

**COLUMBIA FUNDS VARIABLE SERIES TRUST II**

**COLUMBIA ETF TRUST**

**COLUMBIA ETF TRUST I**

**COLUMBIA ETF TRUST II**

**(each a "Registrant")**

**POWER OF ATTORNEY**

The undersigned constitutes and appoints Michael G. Clarke, Joseph D'Alessandro, Michael E. DeFao, Brian D. McCabe and Christopher O. Petersen, each individually, his true and lawful attorney-in-fact and agent (each an "Attorney-in-Fact") with power of substitution or resubstitution, in any and all capacities, including without limitation in the undersigned's capacity as a trustee of each Registrant, in the furtherance of the business and affairs of each Registrant: (i) to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable or which may be required to comply with the Securities Act of 1933, the Investment Company Act of 1940, the Securities Exchange Act of 1934 (together the "Acts") and any other applicable federal securities laws, or rules, regulations or requirements of the U.S. Securities and Exchange Commission ("SEC") in respect thereof, in connection with the filing and effectiveness of each Registrant's Registration Statement regarding the registration of each Registrant or its shares of beneficial interest, and any and all amendments thereto, including without limitation any reports, forms or other filings required by the Acts or any other applicable federal securities laws, or rules, regulations or requirements of the SEC; and (ii) to execute any and all federal, state or foreign regulatory or other required filings, including all applications with regulatory authorities, state charter or organizational documents and any amendments or supplements thereto, to be executed by, on behalf of, or for the benefit of, each Registrant. The undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform each and every act and thing contemplated above, as fully and to all intents and purposes as the undersigned might or could do in person, and hereby ratifies and confirms all that said Attorneys-in-Fact, individually or collectively, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney shall not be revoked with respect to the undersigned trustee by any subsequent power of attorney the undersigned may execute unless such subsequent power of attorney specifically refers to this Power of Attorney or specifically states that the instrument is intended to revoke all prior general powers of attorney or all prior powers of attorney (and unless otherwise required by a provision of law that cannot be waived). This Power of Attorney shall terminate automatically with respect to a Registrant if the undersigned ceases to hold the above-referenced office of the Registrant.

<br>Dated: September 5, 2025 <br>

---

| | |
|:---|:---|
| /s/ Ryan C. Larrenaga | Trustee |
| Ryan C. Larrenaga | Trustee |

---

------

**COLUMBIA ACORN TRUST**

**COLUMBIA FUNDS SERIES TRUST**

**COLUMBIA FUNDS SERIES TRUST I**

**COLUMBIA FUNDS SERIES TRUST II**

**COLUMBIA FUNDS VARIABLE INSURANCE TRUST**

**COLUMBIA FUNDS VARIABLE SERIES TRUST**

**COLUMBIA FUNDS VARIABLE SERIES TRUST II**

**COLUMBIA ETF TRUST**

**COLUMBIA ETF TRUST I**

**COLUMBIA ETF TRUST II**

**(each a "Registrant")**

**POWER OF ATTORNEY**

The undersigned constitutes and appoints Michael G. Clarke, Joseph D'Alessandro, Michael E. DeFao, Ryan C. Larrenaga, Brian D. McCabe and Christopher O. Petersen, each individually, her true and lawful attorney-in-fact and agent (each an "Attorney-in-Fact") with power of substitution or resubstitution, in any and all capacities, including without limitation in the undersigned's capacity as a trustee of each Registrant, in the furtherance of the business and affairs of each Registrant: (i) to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable or which may be required to comply with the Securities Act of 1933, the Investment Company Act of 1940, the Securities Exchange Act of 1934 (together the "Acts") and any other applicable federal securities laws, or rules, regulations or requirements of the U.S. Securities and Exchange Commission ("SEC") in respect thereof, in connection with the filing and effectiveness of each Registrant's Registration Statement regarding the registration of each Registrant or its shares of beneficial interest, and any and all amendments thereto, including without limitation any reports, forms or other filings required by the Acts or any other applicable federal securities laws, or rules, regulations or requirements of the SEC; and (ii) to execute any and all federal, state or foreign regulatory or other required filings, including all applications with regulatory authorities, state charter or organizational documents and any amendments or supplements thereto, to be executed by, on behalf of, or for the benefit of, each Registrant. The undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform each and every act and thing contemplated above, as fully and to all intents and purposes as the undersigned might or could do in person, and hereby ratifies and confirms all that said Attorneys-in-Fact, individually or collectively, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney shall not be revoked with respect to the undersigned trustee by any subsequent power of attorney the undersigned may execute unless such subsequent power of attorney specifically refers to this Power of Attorney or specifically states that the instrument is intended to revoke all prior general powers of attorney or all prior powers of attorney (and unless otherwise required by a provision of law that cannot be waived). This Power of Attorney shall terminate automatically with respect to a Registrant if the undersigned ceases to hold the above-referenced office of the Registrant.

<br>Dated: July 29, 2025 <br>

---

| | |
|:---|:---|
| /s/ Jeninne C. McGee | Trustee |
| Jeninne C. McGee | Trustee |

---

------

**COLUMBIA ACORN TRUST**

**COLUMBIA CREDIT INCOME OPPORTUNITIES FUND**

**COLUMBIA FUNDS SERIES TRUST**

**COLUMBIA FUNDS SERIES TRUST I**

**COLUMBIA FUNDS SERIES TRUST II**

**COLUMBIA FUNDS VARIABLE INSURANCE TRUST**

**COLUMBIA FUNDS VARIABLE SERIES TRUST**

**COLUMBIA FUNDS VARIABLE SERIES TRUST II**

**COLUMBIA ETF TRUST** 

**COLUMBIA ETF TRUST I**

**COLUMBIA ETF TRUST II**

**COLUMBIA SELIGMAN PREMIUM TECHNOLOGY GROWTH FUND**

**TRI-CONTINENTAL CORPORATION**

**(each a "Registrant")**

**POWER OF ATTORNEY**

The undersigned does hereby constitute and appoint Michael G. Clarke, Joseph D'Alessandro, Michael E. DeFao, Ryan C. Larrenaga and Christopher O. Petersen, each individually, his true and lawful attorney-in-fact and agent (each an "Attorney-in-Fact") with power of substitution or resubstitution, in any and all capacities, including without limitation in the undersigned's capacity as Chief Financial Officer, Principal Financial Officer, Treasurer and Chief Accounting Officer of each Registrant, as applicable, in the furtherance of the business and affairs of each Registrant: (i) to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable or which may be required to comply with the Securities Act of 1933, the Investment Company Act of 1940, the Securities Exchange Act of 1934 (together the "Acts") and any other applicable federal securities laws, or rules, regulations or requirements of the U.S. Securities and Exchange Commission ("SEC") in respect thereof, in connection with the filing and effectiveness of each Registrant's Registration Statement regarding the registration of each Registrant or its shares of beneficial interest, and any and all amendments thereto, including without limitation any reports, forms or other filings required by the Acts or any other applicable federal securities laws, or rules, regulations or requirements of the SEC; and (ii) to execute any and all federal, state or foreign regulatory or other required filings, including all applications with regulatory authorities, state charter or organizational documents and any amendments or supplements thereto, to be executed by, on behalf of, or for the benefit of, each Registrant. The undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform each and every act and thing contemplated above, as fully and to all intents and purposes as the undersigned might or could do in person, and hereby ratifies and confirms all that said Attorneys-in-Fact, individually or collectively, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney shall not be revoked by any subsequent power of attorney I may execute unless such subsequent power of attorney specifically refers to this Power of Attorney or specifically states that the instrument is intended to revoke all prior general powers of attorney or all prior powers of attorney (and unless otherwise required by a provision of law that cannot be waived). This Power of Attorney shall terminate automatically with respect to a Registrant if the undersigned ceases to hold the above-referenced office of the Registrant.

Dated: September 5, 2025

<u>/s/ Charles H. Chiesa</u> <br>Charles H. Chiesa

------

Exhibit Index

Exhibits Related to Item 28 of Part C

---

| | |
|:---|:---|
| (d)(13) | Subadvisory Agreement, dated March 27, 2025, between Columbia Management Investment Advisers, LLC and Segall Bryant <br> & Hamill, LLC<br>|
| (g)(6) | Custody Agreement, effective November 1, 2025, with State Street Bank and Trust Company |
| (h)(8) | Amended and Restated Credit Agreement, as of October 23, 2025 |
| (h)(10)(ii)(a) | Schedule A to Fund of Funds Investment Agreement, dated January 19, 2022, between Vanguard Funds and Columbia Funds <br> Series Trust I, Columbia Funds Variable Insurance Trust and Columbia Funds Variable Series Trust II<br>|
| (m)(1)(i) | Schedule A, effective July 1, 2025, to the Plan of Distribution and Agreement of Distribution, effective May 1, 2009, amended <br> and restated March 7, 2011, between the Registrant and Columbia Management Investment Distributors, Inc.<br>|
| (n) | Rule 18f – 3(d) Plan, amended and restated July 1, 2025 |
| (p)(3) | Allspring Global Investments, LLC Code of Ethics effective June 1, 2025 |
| (p)(9) | Principal Global Investors, LLC Code of Ethics, effective November 11, 2024, reviewed February 13, 2025 |
| (p)(10) | Pzena Investment Management, LLC Code of Ethics, revised June 2025 |
| (p)(12) | Segall Bryant & Hamill, LLC Code of Ethics, effective January 2, 2025 |
| (p)(13) | T. Rowe Price Group, Inc. and Its Affiliates Code of Ethics, as of July 1, 2025 |
| (p)(16) | Victory Capital Management Inc. Code of Ethics, effective April 1, 2025 |

---

------

## Ex-99.(D)(13)

**SUBADVISORY AGREEMENT** 

Agreement made as of the 27<sup>th</sup> day of March, 2025 by and between Columbia Management Investment Advisers, LLC, a Minnesota limited liability company ("Investment Manager"), and Segall Bryant & Hamill LLC, a Delaware limited liability company ("Subadviser").

WHEREAS, the Funds listed in Schedule A (collectively referred to as the "Fund") are each a series of an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act").

WHEREAS, Investment Manager entered into a Management Agreement (the "Advisory Agreement") with the Fund pursuant to which Investment Manager provides investment advisory services to the Fund.

WHEREAS, Investment Manager and the Fund each desire to retain Subadviser to provide investment advisory services to the Fund, and Subadviser is willing to render such investment advisory services.

WHEREAS, the effective date of this Agreement is August 12, 2025.

NOW, THEREFORE, the parties, intending to be legally bound, agree as follows:

1. <u>Subadviser's Duties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Portfolio Management</u>. Subject to supervision by Investment Manager and the Fund's Board of
Directors/Trustees (the "Board"), Subadviser shall manage the investment operations and the composition of that portion of the assets of the Fund which is allocated to Subadviser from time to time by Investment Manager (which portion may
include any or all of the Fund's assets), including the purchase, retention, and disposition thereof, in accordance with the Fund's investment objectives, policies, and restrictions, and subject to the following understandings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Investment Decisions</u>. Subadviser shall determine from time-to-time what investments and securities will be purchased, retained, or sold with respect to that portion of the Fund allocated to it by Investment Manager, and what portion of such assets will be
invested or held uninvested as cash. Subadviser is prohibited from consulting with any other subadviser of the Fund concerning transactions of the Fund in securities or other assets, other than for purposes of complying with the conditions of Rule 12d3-1(a) or (b) of the 1940 Act. Subadviser will not be responsible for voting proxies issued by companies held in the Fund although Investment Manager may consult with Subadviser from time to time regarding
the voting of proxies of securities owned by the Fund. Subadviser will not be

**1** \| P a g e

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responsible for filing claims in class action settlements related to securities currently or previously held by that portion of the Fund allocated to it by Investment Manager, although Investment Manager may consult with Subadviser from time to time regarding the filing of claims in class action settlements. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Investment Limits</u>. In the performance of its duties and obligations under this Agreement, Subadviser
shall act in conformity with applicable limits and requirements, as amended from time to time, as set forth in the (a) Fund's prospectus ("Prospectus") and the Fund's Statement of Additional Information
("SAI"); (b) instructions and directions of Investment Manager and of the Board; and (c) requirements of the 1940 Act, the Internal Revenue Code of 1986, as amended (the "Code"), as applicable to the Fund, and all other
applicable federal and state laws and regulations. Investment Manager agrees to give Subadviser prompt written notice if Investment Manager believes any recommendations, advice or investments to be in violation of (a), (b) or (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Portfolio Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Trading</u>. With respect to the securities and other investments to be purchased or sold for the Fund,
Subadviser shall place orders with or through such persons, brokers, dealers, or futures commission merchants (including, but not limited to, broker-dealers that are affiliated with Investment Manager or Subadviser) selected by Subadviser; provided,
however, that such orders shall be consistent with Subadviser's brokerage policy; conform with federal securities laws; and be consistent with seeking best execution. The Subadviser may consider the research, investment information, and other
services provided by, and the financial responsibility of, brokers, dealers, or futures commission merchants who may effect, or be a party to, any such transaction or other transactions to which Subadviser's other clients may be a party in
accordance with Section 28(e) of the Securities Exchange Act of 1934, as amended. To the extent permitted by law, and consistent with its obligation to seek best execution, Subadviser may execute transactions or pay a broker-dealer a
commission, spread or markup in excess of that which another broker-dealer might have charged for executing a transaction provided that Subadviser determines, in good faith, that the execution is appropriate or the commission, spread or markup is
reasonable in relation to the value of the brokerage and/or research services provided, viewed in terms of either that particular transaction or Subadviser's overall responsibilities with respect to the Fund and other clients for which it acts
as subadviser. Notwithstanding anything herein to the contrary, to the extent Subadviser is directed by Investment Manager to use a particular

**2** \| P a g e

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broker or brokers to borrow securities to cover securities sold short, Subadviser shall have no responsibility for setting the rate charged to borrow a security or otherwise ensuring that the rate charged by such broker to borrow a security is favorable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Aggregation of Trades</u>. Subadviser, to the extent permitted by applicable laws and regulations, may, but
shall be under no obligation to, aggregate the securities or other investments to be sold or purchased for the Fund as well as other clients of Subadviser in order to seek best execution. In such event, allocation of the securities or futures
contracts so purchased or sold, as well as the expenses incurred in the transaction, will be made by Subadviser in the manner Subadviser considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to such other
clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Subadviser will not arrange purchases or sales of securities or other investments between the Fund and other
accounts advised by Subadviser or its affiliates unless (a) such purchases or sales are in accordance with applicable law (including Rule 17a-7 of the 1940 Act) and the Fund's policies and
procedures as provided in writing to Subadviser along with any amendments, and (b) Subadviser determines the purchase or sale is in the best interests of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Records and Reports</u>. Subadviser (a) shall maintain such books and records for such time periods as
are required of a Securities and Exchange Commission ("SEC")-registered investment adviser to an investment company registered under the 1940 Act, (b) shall render to the Board such periodic and special reports as the Board (or a
Committee thereof) or Investment Manager may reasonably request in writing, and (c) shall meet with any persons at the request of Investment Manager or the Board for the purpose of reviewing Subadviser's performance under this Agreement
at reasonable times and upon reasonable advance notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Transaction Reports.</u> Subadviser shall provide Investment Manager a daily trade file with information
relating to all transactions concerning the allocated portion of the Fund's assets for which Subadviser is responsible and shall provide Investment Manager with such other information regarding the Fund upon Investment Manager's
reasonable request. Subadviser shall affirm or send a trade file of these transactions as instruction to the custodian of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Management of Funds with Multiple Subadvisers</u>. Subadviser's responsibilities for providing
services to a Fund shall be limited to the portion of the Fund's assets allocated to Subadviser

**3** \| P a g e

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("Subadviser Account"). Subadviser shall not, without the prior approval of Investment Manager, effect any transactions that would cause the Subadviser Account, treated as a separate fund, to be out of compliance with the Fund's investment objectives, policies and restrictions. Subadviser shall not consult with any other subadviser of a Fund concerning transactions for the Fund in securities or other assets. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance Program and Ongoing Certification(s).</u> As requested, Subadviser shall timely provide to
Investment Manager (i) information and commentary for the Fund's annual and semi-annual reports, in a format approved by Investment Manager, and shall (a) certify that such information and commentary does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the information and commentary not misleading, in a format reasonably requested by Investment Manager, as it may be amended from time to time, and (b) provide (i)
additional certifications related to Subadviser's management of the Fund in order to support the Fund's filings on Form N-CSR and Form N-Q, and the
Fund's Principal Executive Officer's and Principal Financial Officer's certifications under Rule 30a-2 of the 1940 Act, thereon; in a format reasonably requested by Investment Manager, as it
may be amended from time to time, (ii) a quarterly sub-certification with respect to compliance matters related to Subadviser and Subadviser's management of the Fund, in a format reasonably
requested by Investment Manager, as it may be amended from time to time; (iii) an annual certification from Subadviser's Chief Compliance Officer, appointed under Rule 206(4)-7 of the Investment
Advisers Act of 1940 (the "Advisers Act"), or his or her designee with respect to the design and operation of Subadviser's compliance program, in a format reasonably requested by Investment Manager, as it may be amended from time
to time; and (iv) from time to time Subadviser shall provide such certifications to assist Investment Manager in fulfilling Investment Manager's obligations under Rule 38a-1 of the 1940 Act, as are
reasonably requested by the Fund or Investment Manager. In addition, Subadviser will, from time to time, provide a written assessment of its compliance program in conformity with current industry standards that is reasonably acceptable to Investment
Manager to enable the Fund to fulfill its obligations under Rule 38a-1 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Maintenance of Records</u>. Subadviser shall timely furnish to Investment Manager all information relating
to Subadviser's services hereunder which Subadviser is required by law or regulation to keep and which are needed by Investment Manager to maintain the books and records of the Fund required under the 1940 Act. Subadviser agrees that all
records which it maintains for the Fund are the property of the Fund and Subadviser will surrender promptly to the Fund any of such records upon the Fund's request; provided, however, that Subadviser may retain a copy of such records.
Subadviser further agrees to preserve for the periods prescribed under the 1940 Act any such records as are required to be maintained by it pursuant to paragraph 1(a) hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Insurance and Code of Ethics</u>. Subadviser will provide the Fund with reasonable evidence that, with
respect to its activities on behalf of the Fund, Subadviser is maintaining (i) adequate errors and omissions insurance and (ii) an appropriate Code of Ethics and related reporting procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Confidentiality</u>. Each of the parties hereto agrees that it shall exercise the same standard of care that
it uses to protect its own confidential and proprietary information ("Confidential Information"), but no less than reasonable care, to protect the Confidential Information of the other party. As used herein, Confidential Information,
includes, but is not limited, to "Fund Portfolio Information," which refers to confidential and proprietary information with regard to (i) the portfolio holdings and characteristics of the portion of the Fund allocated to Subadviser
that Subadviser manages under the terms of this Agreement, and (ii) any copies of any agreements between the Investment Manager and its various counterparties and all the terms and provisions contained therein, which the Investment Manager
(which term shall include the Investment Manager's directors, officers, employees, agents, advisors, proposed financing sources, attorneys and accountants) may furnish, disclose or reveal to Subadviser (which term shall include
Subadviser's directors, officers, employees, agents, advisors, proposed financing sources, attorneys and accountants). Each party hereby agrees to restrict access to the other party's Confidential Information to its employees who will
use it only for the purpose of providing services under this Agreement. The foregoing shall not prevent a party from disclosing Confidential Information (1) that is publicly known or becomes publicly known through no unauthorized act;
(2) that is rightfully received from a third party without obligation of confidentiality; (3)(a) that, in the case of Investment Manager's Confidential Information, is approved in writing by Investment Manager for disclosure, (3)(b) that,
in the case of Subadviser's Confidential Information, is approved in writing by Subadviser for disclosure; (4) that is disclosed in the course of a regulatory examination or that is required to be disclosed pursuant to a requirement of a
governmental or regulatory agency or law, so long as the disclosing party provides (to the extent permitted under applicable law) the non-disclosing party (i.e., the party whose Confidential Information would
be disclosed) with prompt written notice of such requirement prior to any such disclosure; however, Subadviser is not required to provide such notice if information is provided on an aggregate basis without specific attribution to the Fund;
(5) to affiliates that have a reason to know such information; (6) to the custodian of the Fund; (7) to brokers and dealers that are counterparties for trades for the Fund; (8) to futures commission merchants executing or
clearing transactions in connection with the Fund, if applicable; and (9) to third party service providers to Subadviser subject to confidentiality agreements or duties. Notwithstanding the foregoing, to the extent Fund Portfolio Information is
similar to investments for other clients of Subadviser, Subadviser may disclose such investments without direct reference to the Fund. Investment Manager agrees that Subadviser may identify Investment

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Manager or the Fund by name in Subadviser's current client list. Such list may be used with third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Cooperation</u>. As reasonably requested by Investment Manager or the Board and in accordance with the scope
of Subadviser's obligations and responsibilities contained in this Agreement, Subadviser will cooperate with, and provide reasonable assistance to, Investment Manager or the Fund as needed in order for Investment Manager and the Fund to comply
with applicable laws, rules and regulations, including, but not limited to, compliance with the Sarbanes-Oxley Act and the rules and regulations promulgated by the SEC thereunder and the evaluation of any actions under U.S. or foreign securities
laws pursuant to which the Fund may be able to assert a potential claim.

2. <u>Investment Manager's Duties</u>. Investment Manager shall continue to have responsibility for all
other services to be provided to the Fund pursuant to the Advisory Agreement and shall oversee and review Subadviser's performance of its duties under this Agreement. Investment Manager shall also retain direct portfolio management
responsibility with respect to any assets of the Fund which are not allocated by it to the portfolio management of Subadviser as provided in paragraph 1(a) hereof or to any other subadviser. Investment Manager will periodically provide to Subadviser
a list of the affiliates of Investment Manager or the Fund to which investment restrictions apply, and will specifically identify in writing (a) all publicly traded companies that issue securities in which the Fund may not invest, together with
ticker symbols for all such companies, and (b) any affiliated brokers and any restrictions that apply to the use of those brokers by Subadviser. Neither Subadviser nor any of its directors, officers, partners, principals, employees or agents
shall have responsibility whatsoever for, and shall incur no liability on account of (i) diversification, selection or establishment of such investment objectives, policies and restrictions of the Fund, (ii) advice on, or management of,
any assets for the Fund other than the assets for which Investment Manager has delegated investment discretion to Subadviser, (iii) filing of any tax or information returns or forms, withholding or paying any taxes, or seeking any exemption or
refund, (iv) registration of the Fund with any government or agency, (v) administration of the plans and trusts investing in the Fund, or (vi) overall Fund compliance with requirements of the 1940 Act and Subchapter M of the Code,
relating to percentage limitations applicable to the Fund's assets that would require knowledge of the Fund's holdings other than the assets subject to this Agreement.

3. <u>Documents Provided to Subadviser</u>. Investment Manager has delivered or will deliver to Subadviser current
copies and supplements thereto of each of the Prospectus and SAI pertaining to the Fund, and will promptly deliver to it all future amendments and supplements regarding changes to Subadviser, its services to the Fund or investment policies and
strategies, if any.

4. <u>Compensation of Subadviser</u>. For the services provided and the expenses assumed pursuant to this
Agreement, Investment Manager will pay to Subadviser, effective from the date of this Agreement, a fee which shall be determined daily and paid monthly, on or before the last business day of the next succeeding calendar month, at the annual rates
set

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forth in the attached Schedule A which Schedule can be modified from time to time upon mutual agreement of the parties to reflect changes in annual rates, subject to appropriate approvals required by the 1940 Act, if any. If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proportion that such portion of the month bears to the full month in which such effectiveness or termination occurs. During the term of this Agreement, Subadviser will pay all expenses incurred by it in connection with its activities under this Agreement other than costs in connection with the purchase or sale of securities and other assets (including brokerage commissions, if any) for the Fund. <br>

5. <u>Expenses</u>. Subadviser shall bear all expenses incurred by it and its staff with respect to all activities
in connection with the performance of Subadviser's services under this Agreement, including but not limited to salaries, overhead, travel, preparation of Board materials, review of marketing materials relating to Subadviser or other
information provided by Subadviser to Investment Manager and/or the Fund's distributor, and marketing support. Subadviser agrees to pay to Investment Manager the cost of generating a prospectus supplement, which includes preparation, filing,
printing, and distribution (including mailing) of the supplement, if the Subadviser makes any changes that counsel to the Fund deems to require disclosure in the prospectus or any required regulatory documents that may be caused by changes to its
structure or ownership, to investment personnel, to investment style or management, or otherwise ("Changes"), and at the time of notification to the Fund or Investment Manager by the Subadviser of such Changes, the Fund is not generating
a supplement for other purposes or the Fund or the Investment Manager does not wish to add such Changes to a pending supplement. In the event two or more subadvisers, if applicable, each require a supplement simultaneously, the expense (other than
the costs of printing and mailing) of a combined supplement will be shared pro rata with such other subadviser(s) based upon the number of pages required by each such subadviser, and each such subadviser shall pay its pro rata share of printing and
mailing costs and expenses based upon the number of supplements required to be printed and mailed. All other expenses not specifically assumed by Subadviser hereunder or by Investment Manager under the Advisory Agreement are borne by the applicable
Fund.

In the event that there is a proposed change in control of Subadviser that would act to terminate this Agreement, if a vote of shareholders to approve continuation of this Agreement is at that time deemed by counsel to the Fund to be required by the 1940 Act or any rule or regulation thereunder, Subadviser agrees to assume all reasonable costs associated with soliciting shareholders of the appropriate Fund(s), to approve continuation of this Agreement. Such expenses include the reasonable costs of preparation, filing and mailing of a proxy statement, and of soliciting proxies.

In the event that such proposed change in control of Subadviser shall occur and the Fund is operating under an exemptive order issued by the SEC to Investment Manager with respect to the appointment of subadvisers absent shareholder approval, Subadviser agrees

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to assume all reasonable costs and expenses (including the costs of preparation, mailing and filing) associated with the preparation of an information statement, required by the exemptive order containing all information that would be included in a proxy statement.

6. <u>Representations of Subadviser</u>. Subadviser represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subadviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so
registered for so long as this Agreement remains in effect; (ii) is not an affiliated person of the Investment Manager or of the Fund within the meaning of Section 2(a)(3) of the 1940 Act (other than by virtue of serving as a Subadviser to
the Fund); (iii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iv) has appointed a Chief Compliance Officer under Rule 206(4)-7 of the
Advisers Act; (v) has adopted written policies and procedures that are reasonably designed to prevent violations of the Advisers Act from occurring, detect violations that have occurred, correct promptly any violations that have occurred, and
will provide prompt notice of any material violations relating to the Fund to Investment Manager; (vi) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state
requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (vii) has the authority to enter into and perform the
services contemplated by this Agreement; and (viii) will promptly notify Investment Manager (1) in the event that Subadviser becomes an affiliated person of the Investment Manager or of the Fund within the meaning of Section 2(a)(3)
of the 1940 Act; (2) of the occurrence of any event that would disqualify Subadviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act, (3) in the event the SEC or other
governmental authority has: censured Subadviser; placed limitations upon the activities, functions or operations of Subadviser; or has commenced proceedings or an investigation that may result in any of these actions, (4) upon having a
reasonable basis for believing that the Fund has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Code and (5) of any material fact known to Subadviser respecting or relating to Subadviser that
is not contained in the Prospectus, and is required to be stated therein or necessary to make the statements therein not misleading, or of any statement relating to Subadviser contained therein that becomes untrue in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subadviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and will provide Investment Manager with a copy of the code of ethics. Within 60 days of the end of the last calendar quarter of each year that this Agreement is in effect, a duly authorized
officer of Subadviser shall certify to Investment Manager that there has been no material violation of Subadviser's code of ethics or, if such a violation has occurred, that appropriate action was taken in response to such violation. To the
extent

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Subadviser has approved any material changes to its code of ethics, such revised code together with an explanation of such amendments shall be promptly (but in no event later than 60 days) provided to Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subadviser has provided Investment Manager with a copy of a document intended to address the disclosures
specified in Form ADV Part 2A, and promptly will furnish a copy of any amendments to such document to Investment Manager (at least annually). Investment Manager acknowledges that, under Rule 204-3 under the
Advisers Act, as amended, to the extent Subadviser's only clients are registered investment companies, Subadviser is not required to file a Form ADV, Part 2A, with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subadviser will promptly notify Investment Manager of any changes in the controlling shareholder, in the key
personnel who are either the portfolio manager(s) responsible for the Fund or the Chief Executive Officer of Subadviser, or if there is otherwise an actual change in control or management of Subadviser.

7. <u>Representations of Investment Manager</u>. Investment Manager represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Manager (i) is registered as an investment adviser under the Advisers Act and will continue to
be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has appointed a Chief Compliance Officer under
Rule 206(4)-7 of the Advisers Act; (iv) has adopted written policies and procedures that are reasonably designed to prevent violations of the Advisers Act from occurring, detect violations that have
occurred, correct promptly any violations that have occurred, and will provide prompt notice of any material violations relating to the Fund to the Subadviser; (v) has met and will seek to continue to meet for so long as this Agreement remains
in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (vi) has the
authority to enter into and perform the services contemplated by this Agreement; and (vii) will promptly notify Subadviser (1) of the occurrence of any event that would disqualify Investment Manager from serving as an investment adviser of
an investment company pursuant to Section 9(a) of the 1940 Act or otherwise, (2) in the event the SEC or other governmental authority has: censured Investment Manager; placed limitations upon its activities, functions or operations; or has
commenced proceedings or an investigation that may result in any of these actions or (3) upon having a reasonable basis for believing that the Fund has ceased to qualify or might not qualify as a regulated investment company under Subchapter M
of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment Manager agrees that neither it nor any of its affiliates will in any way refer directly or
indirectly to its relationship with Subadviser, or any of its

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affiliates in offering, marketing, or other promotional materials without the prior written consent of Subadviser; provided that Investment Manager shall not be required to obtain Subadviser's prior written consent to make factual statements regarding the fact that Subadviser serves as subadviser to the Fund, in responding to requests for information, in required disclosures or in responding to regulatory inquiries. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund is and will continue to be the owner of all assets for which Investment Manager delegates investment
discretion to Subadviser from time to time, and there are and will continue to be no restrictions on the pledge, hypothecation, transfer, sale or public distribution of such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investment Manager is establishing and will be maintaining the Fund's account with Subadviser solely for
the purpose of investing the relevant assets and not with a view to obtaining information regarding portfolio holdings or investment decisions in order to effect securities transactions based upon such information or to provide such information to
another party, and that Investment Manager and its employees, officers and directors shall not use account holdings information for any of the foregoing purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board has approved the appointment of Subadviser pursuant to this Agreement.

8. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as may otherwise be provided by the 1940 Act or any other federal securities law, Subadviser, any of its
affiliates and any of the officers, partners, employees, consultants, or agents thereof shall not be liable for any losses, claims, damages, liabilities, or litigation (including legal and other expenses) incurred or suffered by the Fund, Investment
Manager, or any affiliated persons thereof (within the meaning of Section 2(a)(3) of the 1940 Act) or controlling persons thereof (as described in Section 15 of the Securities Act of 1933, as amended (the "1933 Act"))
(collectively, "Fund and Investment Manager Indemnitees") as a result of any error of judgment or mistake of law by Subadviser with respect to the Fund, except that nothing in this Agreement shall operate or purport to operate in any way
to exculpate, waive, or limit the liability of Subadviser for, and Subadviser shall indemnify and hold harmless the Fund and Investment Manager Indemnitees against any and all losses, claims, damages, liabilities, or litigation (including reasonable
legal and other expenses) to which any of the Fund and Investment Manager Indemnitees may become subject under the 1933 Act, the 1940 Act, the Advisers Act, or under any other statute, at common law, or otherwise arising out of or based on
(i) any willful misconduct, bad faith, reckless disregard, or negligence of Subadviser in the performance of any of its duties or obligations hereunder; (ii) any untrue statement of a material fact regarding Subadviser contained in the
Prospectus and SAI, proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Fund or the omission to state therein a material fact regarding Subadviser known to

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Subadviser which was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon written information furnished to Investment Manager or the Fund by Subadviser Indemnitees (as defined below) for use therein; provided, however, that Subadviser has had a reasonable opportunity to review information regarding Subadviser contained in the Prospectus and SAI, proxy materials, reports, advertisements, sales literature or other materials pertaining to the Fund as set forth in section 11; or (iii) any violation of federal or state statutes or regulations by Subadviser. It is further understood and agreed that Subadviser may rely upon information furnished to it by Investment Manager that it reasonably believes to be accurate and reliable. Subadviser shall be liable for any loss incurred by the Fund, the Investment Manager or their respective affiliates to the extent such losses arise out of any act or omission directly attributable to Subadviser which results, directly or indirectly, in an error in the net asset value of the Fund. The federal securities laws impose liabilities in certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which Investment Manager may have under any securities laws. Neither Subadviser nor any Subadviser Indemnitees (as defined below) shall be liable for any loss or damage arising or resulting from the acts or omissions of the custodian of the Fund, any broker, financial institution or any other third party with or through whom Subadviser arranges or enters into a transaction in respect of the Fund, except to the extent that Subadviser or its affiliate instructed such broker, financial institution or third party to take such action or omission. Investment Manager understands and acknowledges that Subadviser does not warrant that the portion of the assets of the Fund managed by Subadviser will achieve any particular rate of return or that its performance will match any benchmark index or other standard or objective. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as may otherwise be provided by the 1940 Act or any other federal securities law, Investment Manager and
the Fund shall not be liable for any losses, claims, damages, liabilities, or litigation (including legal and other expenses) incurred or suffered by Subadviser or any of its affiliated persons thereof (within the meaning of Section 2(a)(3) of
the 1940 Act) or controlling persons (as described in Section 15 of the 1933 Act) (collectively, "Subadviser Indemnitees") as a result of any error of judgment or mistake of law by Investment Manager with respect to the Fund, except
that nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive, or limit the liability of Investment Manager for, and Investment Manager shall indemnify and hold harmless Subadviser Indemnitees against any and all
losses, claims, damages, liabilities, or litigation (including reasonable legal and other expenses) to which any of Subadviser Indemnitees may become subject under the 1933 Act, the 1940 Act, the Advisers Act, or under any other statute, at common
law, or otherwise arising out of or based on (i) any willful misconduct, bad faith, reckless disregard, or negligence of Investment Manager in the performance of any of its duties or obligations hereunder; (ii) any untrue statement of a
material fact contained in the Prospectus and SAI, proxy materials, reports,

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advertisements, sales literature, or other materials pertaining to the Fund or the omission to state therein a material fact known to Investment Manager which was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission concerned Subadviser and was made in reliance upon written information furnished to Investment Manager or the Fund by a Subadviser Indemnitee for use therein, or (iii) any violation of federal or state statutes or regulations by Investment Manager or the Fund. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After receipt by Investment Manager or Subadviser, its affiliates, or any officer, director, employee, or agent
of any of the foregoing, entitled to indemnification as stated in (a) or (b) above ("Indemnified Party") of notice of the commencement of any action, if a claim in respect thereof is to be made against any person obligated to
provide indemnification under this section ("Indemnifying Party"), such Indemnified Party shall notify the Indemnifying Party in writing of the commencement thereof as soon as practicable after the summons or other first written
notification giving information of the nature of the claim that has been served upon the Indemnified Party; provided that the failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability under this section,
except to the extent that the omission results in damages to the Indemnifying Party caused solely as a result of the failure to give such notice. The Indemnifying Party, upon the request of the Indemnified Party, shall retain counsel satisfactory to
the Indemnified Party to represent the Indemnified Party in the proceeding, and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any Indemnified Party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (1) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel, or (2) the named
parties to any such proceeding (including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and representation by both parties by the same counsel would be inappropriate due to actual or potential differing
interests between them. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent or if there be a final
judgment for the plaintiff, the Indemnifying Party agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

9. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless sooner terminated as provided herein, this Agreement shall continue for two years from the date written
above. Thereafter, if not terminated, this Agreement shall continue automatically for successive periods of 12 months each, provided that such continuance is specifically approved at least annually (i) by a vote of a majority of the Board
members who are not parties to this Agreement or interested persons (as defined in the 1940 Act) of any such party, and (ii) by the

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Board or by a vote of the holders of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, this Agreement may be terminated at any time, without the payment of any
penalty, by the Board or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund on 60 days' written notice to Subadviser. This Agreement may also be terminated, without the payment of any penalty,
by Investment Manager (i) upon 60 days' written notice to Subadviser; (ii) upon material breach by Subadviser of any representations and warranties set forth in this Agreement, if such breach has not been cured within 20 days after
written notice of such breach; or (iii) immediately if, in the reasonable judgment of Investment Manager, Subadviser becomes unable to discharge its duties and obligations under this Agreement, including circumstances such as the insolvency of
Subadviser or other circumstances that could adversely affect the Fund. Subadviser may terminate this Agreement at any time, without payment of any penalty, (1) upon 60 days' written notice to Investment Manager; or (2) upon material
breach by Investment Manager of any representations and warranties set forth in the Agreement, if such breach has not been cured within 20 days after written notice of such breach. This Agreement shall terminate automatically in the event of its
assignment (as defined in the 1940 Act) or upon the termination of the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of termination of the Agreement, those paragraphs of the Agreement which govern conduct of the
parties' future interactions with respect to Subadviser having provided investment management services to the Fund(s) for the duration of the Agreement, including, but not limited to, paragraphs 1(a)(iv)(a), 1(c), 1(d), 1(e), 1(f), 8(a), 8(b),
8(c), 15, 17, 18, 20 and 21 shall survive such termination of the Agreement.

10. <u>Subadviser's Services Are Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the
right of Subadviser or any of its partners, officers, or employees to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any business, whether of a similar or a dissimilar nature, or
limit or restrict Subadviser's right to engage in any other business or to render services of any kind to any other mutual fund, corporation, firm, individual, or association or other entity. Subadviser acts as adviser to other clients and
may, subject to compliance with its fiduciary obligations, give advice, and take action, with respect to any of those which may differ from the advice given, or the timing or nature of action taken, with respect to the Fund. Subject to its fiduciary
obligation to the Fund, Subadviser shall have no obligation to purchase or sell for the Fund, or to recommend for purchase or sale by the Fund, any security which Subadviser, its principals, affiliates or employees may purchase or sell for
themselves or for any other clients.

11. <u>References to Subadviser</u>. Subadviser hereby grants to Investment Manager during the term of this
Agreement, the right to use Subadviser's name as required for public filings and marketing materials in accordance with the terms described herein and the right to

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display Subadviser's logo on Investment Manager's website. Investment Manager agrees to furnish to Subadviser at its principal office all prospectuses, SAI's, proxy statements, reports to shareholders, sales literature, screenshot images (with respect to the display of Subadviser's logo on Investment Manager's website) or other material prepared for distribution to sales personnel, shareholders of the Fund or the public, that refer to Subadviser prior to the use thereof, and not to use such material if Subadviser reasonably objects in writing five (5) business days (or such other time as may be mutually agreed upon) after receipt thereof. Such materials may be furnished to Subadviser hereunder by first-class or overnight mail, electronic or facsimile transmission, or hand delivery. <br>

12. <u>Notices</u>. Any notice, statement, consent or approval required or permitted to be given in connection with
this Agreement ("Notice") shall be in writing and shall be sufficiently given if delivered (whether in person, by post, by courier service or other personal method of delivery), or if transmitted by facsimile or other electronic means of
communication:

In the case of Subadviser:

Mark Rewey, Director of Marketing & Bus Development

CI Segall Bryant & Hamill Asset Management

10 S. Wacker Dr., Suite 3100

Chicago, IL 60606

Tel: 312-474-4118

Email: MRewey@sbhic.com

with a copy to:

Jasper Frontz, Chief Compliance Officer

CI Segall Bryant & Hamill Asset Management

200 Clayton St., Suite 300

Denver, CO 80206

Tel: 303-312-5044

Email: JFrontz@sbhic.com

In the case of Investment Manager:

David Weiss

Global Head of Multi-Manager Solutions

Ameriprise Financial, Inc.

290 Congress Street

Boston, MA 02210

Tel: (617) 385-9606

Email: David.Weiss@columbiathreadneedle.com

with a copy to:

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Ryan C. Larrenaga

Vice President and Chief Counsel

Ameriprise Financial, Inc.

290 Congress Street

Boston, MA 02210

Tel: (617) 385-9536

Email: <u>RYAN.C.LARRENAGA@columbiathreadneedle.com</u>

Any Notice delivered or transmitted to a party as provided above shall be deemed to have been given and received on the day it is delivered or transmitted, provided that it is delivered or transmitted on any day that is not a Saturday, Sunday, or statutory holiday in the jurisdiction where the Notice is received ("Business Day") prior to 5:00 p.m. local time in the place of delivery or receipt. However, if the Notice is delivered or transmitted after 5:00 p.m. local time or if such day is not a Business Day, then the Notice shall be deemed to have been given and received on the next Business Day.

Any party may, from time to time, change its address by giving Notice to the other party in accordance with the provisions of this section.

13. <u>Amendments</u>. This Agreement may be amended by mutual consent, subject to approval by the Board and the
Fund's shareholders to the extent required by the 1940 Act.

14. <u>Assignment</u>. No assignment (as defined in the 1940 Act, as amended) of this Agreement shall be made by
Investment Manager or Subadviser without the prior written consent of the Fund, and, if required by law, the Fund's shareholders, and Investment Manager or Subadviser (as applicable). Notwithstanding the foregoing, no assignment shall be
deemed to result from any changes in the directors, officers, or employees of Investment Manager or Subadviser except as may be provided to the contrary in the 1940 Act or the rules and regulations thereunder.

15. <u>Governing Law</u>. This Agreement, and, in the event of termination of the Agreement, those paragraphs that
survive such termination of the Agreement under paragraph 9(c), shall be governed by the laws of the commonwealth of Massachusetts, without giving effect to the conflicts of laws principles thereof, or any applicable provisions of the 1940 Act. To
the extent that the laws of the commonwealth of Massachusetts, or any of the provisions of this Agreement, conflict with applicable provisions of the 1940 Act, the latter shall control. The Investment Manager and Subadviser hereby consent to the
jurisdiction of a state or federal court situated in the Commonwealth of Massachusetts in connection with any dispute arising hereunder. Any action or dispute between the Investment Manager and the Subadviser arising out of this Agreement shall be
brought exclusively in the state or federal courts of the Commonwealth of Massachusetts. The Investment Manager and Subadviser hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which either party may now or
hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum.

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16. <u>Entire Agreement</u>. This Agreement embodies the entire agreement and understanding among the parties
hereto and supersedes all prior agreements and understandings relating to the subject matter hereof.

17. <u>Severability</u>. Should any part of this Agreement be held invalid by a court decision, statute, rule, or
otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement and, in the event of termination of the Agreement, those paragraphs that survive such termination of the Agreement under paragraph 9(c), shall be binding upon
and shall inure to the benefit of the parties hereto and their respective successors.

18. <u>Interpretation</u>. Any questions of interpretation of any term or provision of this Agreement having a
counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision in the 1940 Act and to interpretation thereof, if any, by the federal courts or, in the absence of any controlling
decision of any such court, by rules, regulations, or orders of the SEC validly issued pursuant to the 1940 Act. Where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is altered by a rule, regulation, or
order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation, or order.

19. <u>Headings</u>. The headings in this Agreement are intended solely as a convenience and are not intended to
modify any other provision herein.

20. <u>Authorization</u>. Each of the parties represents and warrants that the execution and delivery of this
Agreement and the consummation of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate action by such party and when so executed and delivered, this Agreement will be the valid and binding obligation
of such party in accordance with its terms.

21. <u>No Third-Party Beneficiaries</u>. The Fund is intended to be a third-party beneficiary of this Agreement.
For the avoidance of doubt, and without in any way implying that there are any other third-party beneficiaries to the Agreement or any other agreement with respect to the Trust or any of its series, no person other than the Investment Manager and
the Subadviser is a party to this Agreement or shall be entitled to any right or benefit arising under or in respect of this Agreement (with the exception of the Fund), and there are no other third-party beneficiaries of this Agreement. Without
limiting the generality of the foregoing, nothing in this Agreement is intended to, or shall be read to, (i) create in any other person (including without limitation any shareholder of any Fund) any direct, indirect, derivative, or other rights
against the Investment Manager or Subadviser, or (ii) create or give rise to any duty or obligation on the part of the Investment Manager or Subadviser (including without limitation any fiduciary duty) to any person other than the Fund, all of
which rights, benefits, duties, and obligations are hereby expressly excluded.

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

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| **Columbia Management Investment**<br> **Advisers, LLC** | **Columbia Management Investment**<br> **Advisers, LLC** | **Segall Bryant & Hamill LLC** | **Segall Bryant & Hamill LLC** |
| By: | /s/ David A. Weiss | By: | /s/ Carolyn Goldhaber |
|  | Signature |  | Signature |
| Name: | David Weiss | Name: | Carolyn Goldhaber |
|  | Printed |  | Printed |
| Title: | Global Head of Multi-Manager<br> Solutions and Assistant Secretary | Title: | President |

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**SUBADVISORY AGREEMENT** 

**SCHEDULE A** 

[SCHEDULE LISTING FUND AND FEE RATE OMITTED]

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## Ex-99.(G)(6)

**CUSTODY AGREEMENT** 

**This Agreement** (the "Agreement") is made as of October 2, 2025 with an effective date of November 1, 2025 (the "Effective Date") **between**:

**(1)** Each entity identified on <u>Appendix A</u> (the "Client"); and

**(2)** **STATE STREET BANK AND TRUST COMPANY**, a bank and trust company organized under the laws of The Commonwealth of
Massachusetts, U.S.A. (the "Custodian").

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| **1** | **Definitions and Interpretation**  |

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Defined terms and the general rules of interpretation agreed by the Parties are set forth in Schedule 1.

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| **2** | **Appointment of the Custodian**  |

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The Client hereby appoints the Custodian to provide the services set out in Sections 3 through 15A below (the "Services") subject to and in accordance with the terms of this Agreement. The Custodian accepts such appointment and agrees to render the services stated herein to the Client.

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| **3** | **Safekeeping Securities**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Holding Securities.** The Custodian will hold Securities delivered or credited to its account under this
Agreement directly or through accounts at Subcustodians or CSDs *.* In turn, Subcustodians will hold Securities directly or through accounts at CSDs. The books and records of the Custodian shall at all times identify those Securities belonging
to the Client, whether held directly at the Custodian or through accounts at Subcustodians or CSDs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Client Entitlements and Segregation.** The Custodian will take the following steps to reflect the Client's
ownership of Securities and to separately identify the Securities of the Client from the proprietary assets of the Custodian, Subcustodians, and CSDs, in accordance with applicable Law and Local Market Practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** **Accounts at the Custodian.** Open and maintain on the records of the Custodian one or more securities accounts in
the name of the Client or such other name as the Client may reasonably request (each, a "Securities Account") and credit Securities to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** **Accounts at the Subcustodians or CSDs.** Open and maintain securities accounts at the Subcustodians or CSDs in
which the Custodian is a direct participant, cause Subcustodians to open and maintain securities accounts at CSDs in which the Subcustodian is a participant, and cause Securities to be credited to the relevant accounts. Such accounts: (i) may
be commingled (or omnibus) accounts for Securities of multiple customers of the Custodian (or Subcustodian, in the case of accounts opened by the Subcustodian at a CSD) or, in limited markets, segregated (or separate) accounts for Securities of the
Client; and (ii) must not include any proprietary securities of the Custodian, the Subcustodian or the CSD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.3** **Physical Securities.** Physically segregate bearer Securities from the proprietary assets of the Custodian, and
require that the Subcustodians

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physically segregate bearer Securities from the Subcustodian's and the Custodian's proprietary assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.4** **Registration Names.** Register certificated Securities (other than bearer securities) in the name of the Client
or in the name of the Custodian, a Subcustodian, a CSD or a nominee of any of them, or otherwise in accordance with Local Market Practice and the laws and regulations applicable to the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.5** **Records of Transactions; Reconciliation.** Maintain records of the Client's transactions in the Securities
Accounts and reconcile its records of clients' securities holdings against the records of its Subcustodians and CSDs in which it is a direct participant in accordance with the Custodian's standard procedures and Local Market Practice.
Subcustodians will likewise maintain records of their client's transactions and reconcile their records of the securities holdings of their clients against the records of the CSDs in which they are a direct participant in accordance with the
Subcustodians' standard procedures and Local Market Practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Securities Interchangeable.** Securities of the Client (whether held in separate or commingled accounts) are
fungible with all other securities of the same issue held in such accounts by the Custodian and its Subcustodians. This means that the Client's redelivery rights in respect of the Securities are not in respect of the Securities actually
deposited with the Custodian or a Subcustodian from time to time, but rather in respect of Securities of the same number, class, denomination, CUSIP/ISIN, and issue as those Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Acceptance of Securities.** Except as otherwise agreed in writing with the Client, the Custodian will only accept
custody of Securities and other assets that it is operationally equipped and licensed to hold in the relevant market where it provides custodial services either directly or through an existing Subcustodian and may decline to accept custody of
certain securities or asset types that it determines present an unacceptable risk profile or that it or its Subcustodians are not operationally equipped or permitted to hold under any law or regulation. The Custodian or relevant Subcustodian shall
provide prompt written notice to the Client in the event it declines to accept custody of a security or asset type.

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| **4** | **Cash**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Cash Accounts.** The Custodian will open and maintain in the name of the Client one or more cash deposit accounts
(each a "Cash Account") in such currencies as may be required in connection with the investment activity of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Location of Cash Deposits.** Cash received for the Client will be deposited with the Custodian, or with a
Subcustodian, depending on the currency and/or the market. The Custodian will designate each currency in a particular market as On Book Cash or Off Book Cash. "On Book Cash" means the currency is maintained in a deposit account with, and
recorded as a liability on the balance sheet of, the Custodian (through any of its branches) and "Off Book Cash" means the currency is maintained in a deposit account with, and recorded as a liability on the balance sheet of, a
Subcustodian (through any of its branches). The Custodian may change the designation of a currency as On Book or Off Book from time to time. Clients will find the designation of currencies

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as On Book Cash and Off Book Cash, and any changes to such designations, in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Cash Records.** The Custodian will reflect Cash balances held in all On Book and Off Book Client deposit
accounts on its books and records and report the balances to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Banking Relationship.** In accepting deposits under this Agreement, the Custodian (for On Book Cash) or the
relevant Subcustodian (for Off Book Cash) acts as banker and (i) does not hold the money deposited on trust or segregated from its proprietary assets and (ii) does not collateralize such deposits *.* Accordingly, the Client is an
unsecured creditor of the Custodian (for On Book Cash) or the relevant Subcustodian (for Off Book Cash), subject to such rights as may arise in an Insolvency Event as determined under the laws of the jurisdiction of the Custodian or relevant
Subcustodian. With respect to Off Book Cash, the Custodian is only responsible for returning the actual amount that the Custodian receives from the Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Interest and Charges.** Cash Accounts may be interest bearing or non-interest bearing and may be subject to charges or fees on the deposit balance or on a per account basis. The Custodian or the relevant Subcustodian will determine on a periodic basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.1** the interest rates, if any, (which may be positive, zero or negative) or equivalent charges or fees paid or
charged to the Client from time to time with respect to a Cash Account; provided, however, where possible, prior to the imposition of a negative rate, the Custodian will use reasonable efforts to provide written notice, including an explanation as
to the circumstances necessitating such negative interest, to the Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.2** the overdraft rates or equivalent charges or fees and the applicable overdraft thresholds (if any) that will
trigger interest charges from time to time for overdrafts,

in each case, acting in their sole discretion, taking into account market conditions and other relevant commercial considerations. Interest and overdraft rates or other account charges or fees will vary by currency. Details on current rates and deposit account charges are available upon request at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Overdrafts.** The Client must maintain sufficient funds in the Cash Accounts to settle all transactions in the
applicable currencies in a timely manner. The Custodian or its Subcustodians may, but are not required to, extend credit under this Agreement. The Custodian reserves the right to decline to process any Proper Instruction or settle any transaction
that would result in an overdraft of the Cash Account. If an overdraft arises in the Cash Account, the Client agrees to repay the principal amount of the overdraft upon demand by the Custodian or within five Business Days, whichever is earlier, plus
any applicable overdraft fees and interest on the principal overdraft.

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| **5** | **Transaction Settlement**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Settlement**. The Custodian will settle all transactions in accordance with Local Market Practice, which may not
always be on a delivery-versus-payment or receipt-versus-payment basis. Except as otherwise provided below regarding Contractual Settlement, the Custodian will credit or debit the appropriate Cash Account on an actual settlement or payment basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Contractual Settlement.** In order to facilitate transaction settlement, the Custodian may provisionally credit
settlement, maturity or redemption proceeds, or income, dividends and other distributions, on a contractual settlement or predetermined income basis ("Contractual Settlement"), for markets, securities and eligible clients as determined
and notified by the Custodian in the Client Publications. The Custodian can terminate or suspend Contractual Settlement for markets, securities, or particular clients at any time; provided that the Custodian will provide prompt written notice to the
Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Use of Funds.** Where Contractual Settlement applies, the Custodian will credit or debit the appropriate Cash
Account on the contractual settlement date or payable date for the relevant transaction. This means that (i) the Client will have use of the funds from the date that a sale was contracted to settle or the payable date, which may be earlier than
the date payment actually occurs and (ii) the Custodian will have use of the funds debited from the Cash Account from the date that a purchase was contracted to settle until the date that settlement actually occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **Reversal.** The Custodian may reverse any Contractual Settlement credit at any time before actual receipt of the
cash payment associated with the credit if the Custodian determines, in its reasonable judgement, that such payment will not be received within 30 days for that transaction or if the Custodian suspends or terminates the provision of Contractual
Settlement for those Securities in that market. The Custodian will use reasonable efforts to notify the Client two Business Days before any such reversal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** **Secured Liability.** To the extent that the Custodian has not received the cash payment associated with a credit,
the amount credited remains a Secured Liability under this Agreement.

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| **6** | **Corporate Actions**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Transmit Information.** The Custodian will promptly transmit or make available to the Client all material written
information customarily provided by a professional global custodian regarding an applicable Corporate Action, or a brief synopsis of that information, affecting Securities then being held under this Agreement, where (i) that information is
received directly from issuers of such Securities or from CSDs or Subcustodians or (ii) that information is publicly available in the relevant market from standard vendors routinely used by professional global custodians provided that the
Custodian can verify the accuracy of such information. The Custodian will transmit or make available such Corporate Action data it receives from primary sources (issuers, CSDs and Subcustodians) without further review although it will generally note
if such information is single sourced. The Custodian generally will not transmit or make available such Corporate Action data it receives from secondary sources (vendors) unless the accuracy of that information can be verified against at least one
additional source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Exercise.** The Custodian will process the Client's elections with respect to any voluntary Corporate
Action at the direction of the Client provided it has actual possession of the relevant Securities and it has received Proper Instructions by the deadline specified in the Custodian's Corporate Action notification ("Corporate Actions
Deadline Date"). The Custodian will use reasonable efforts to effect Proper Instructions received after that deadline but will have no responsibility for any failure to exercise such instructions accurately or timely. In the absence of
receiving Proper Instructions by the Corporate Actions Deadline Date, the Custodian may take the default action specified in the

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corporate action notification. In the event of a mandatory Corporate Action, the Custodian will act without Proper Instructions in accordance with Section 22.10. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Class Actions.** The Custodian will transmit written information received by the
Custodian regarding any class action litigation to the extent set out in the Client Publications. The Custodian will support class action participation by the Client to the extent set forth in the Class Actions Filing Services Addendum attached
hereto. Notwithstanding anything to the contrary in the Agreement, the provision of Class Actions Filing Services shall be governed by the terms of such addendum. For the avoidance of doubt, in no event will the Custodian act as a lead
plaintiff in a class action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Fractional Positions.** Fractional positions resulting from Corporate Actions will be dealt with in accordance
with the Client Publications.

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| **7** | **Proxy Servicing**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Transmit Information.** The Custodian will forward to the Client all proxies and notices related thereto
received by the Custodian relating to the Securities then held under this Agreement, for the markets designated in the Client Publications, unless otherwise instructed by the Client. The Custodian will use an agent to assist in the receipt and
distribution of proxies and will share the Client's position and contact information to facilitate such collection and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Voting.** The Custodian provides proxy voting services for the markets designated in the Client Publications. The
Custodian will cause eligible proxies to be promptly executed by the registered holder in accordance with Proper Instructions and delivered to the issuer of the Securities or its designated agent. In order for the Custodian to provide the voting
services, the Custodian must have received such Proper Instructions, must have actual possession of the relevant Securities, and all requirements set out in the Client Publications must have been met, including where applicable receiving an executed
power of attorney, in each case by the deadline specified in the Custodian's proxy notification.

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| **8** | **Income Collection**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Monitoring and Crediting.** The Custodian will use commercially reasonable efforts to monitor and collect on a
timely basis, in accordance with Local Market Practice, all income and other payments to which the Client is entitled in respect of the Securities held under this Agreement and Securities on loan through the securities lending program sponsored by
the Custodian or its Affiliates. The Custodian will credit such amounts to the Cash Account of the Client as received, except where Contractual Settlement applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Repatriation of Income.** The Client is responsible for directing the repatriation of income into the base
currency of the Portfolio or another currency selected by the Client, and may enter into separate arrangements to do so, as set out in Section 13 **  of this Agreement.

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| **9** | **Statements and Reports**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Contents.** The Custodian will make available reports to the Client regarding the Portfolio on a periodic
basis as selected by the Client from certain online tools made available from time to time by the Custodian or as otherwise agreed with the Client. The

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reports will include Cash balances, an itemized statement of Securities and Cash and Securities transaction activity. Market values contained in these reports are unaudited and based on the Custodian's standard pricing vendors and practices. These reports will not include net asset value calculations. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Cash and Securities Not Held.** The Custodian may agree to incorporate information in respect of cash or
securities not held by the Custodian. In making available such information to the Client, the Custodian will rely upon the information provided by the Client or a third party without any requirement to verify the accuracy of such information. The
Custodian will not perform any other Services in relation to such cash or securities.

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| **10** | **Tax Withholding and Tax Relief**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Withholding.** The Custodian will withhold (or cause to be withheld) the amount of any tax which is required to
be withheld by the Custodian or Subcustodian under the Law applicable to the Custodian or Subcustodian based on the Client's domicile and entity type in respect of any dividend, interest income or other distribution in relation to any
Security, and/or the proceeds or income from the sale or other transfer of any Security held by the Custodian. If the Client has not provided the requisite information and documentation, the Custodian is obligated to arrange for maximum withholding.
In certain markets, the Client will be required to hire a local tax agent to calculate withholding, as set out in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Tax Relief.** The Custodian will apply for a reduction of withholding tax and refund of any tax paid or
tax credits in respect of income payments on Securities based on the Client's entitlement under relevant tax treaties or laws which apply in each market that supports a standard tax reclaim process, in all cases as may be set out from time to
time in the Client Publications *.* The Custodian shall make available a report of all open tax reclaims with respect to the Client and a list of outstanding documentation necessary in connection therewith. The Custodian does not facilitate tax
reclaims for tax transparent or pass-through (i.e., multiple-beneficiary) entities such as partnerships, LLCs, common trusts or any other types of entities that are generally ineligible for tax treaty or domestic law tax entitlements, even where the
partners or beneficial holders of such entities may be eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Documentation.** In order for the Custodian to perform the services in this Section 10, the Client will
provide the Custodian such information and documentation as may be required from time to time by the Custodian for tax purposes, including documentary evidence of its tax domicile, and its entity type and details of any special ruling or treatment
to which the Client may be entitled in relation to countries where the Client engages or proposes to engage in investment activity or where Securities are or will be held. The Client is responsible for ensuring the documentation and information
provided is true and accurate in all material respects and will promptly provide the Custodian with all necessary corrections or updates upon becoming aware of any changes or inaccuracies in the documentation or information supplied. The provision
of documentation and information under this Section 10.3 will be taken to be a Proper Instruction upon which the Custodian will be entitled to rely for all purposes under this Section 10, including calculating withholding and determining
available tax relief, without the need to undertake any further inquiries or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **Client Responsible for Taxes.** The Client will be liable for all taxes, levies or similar obligations which
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to any Cash or Securities held by the Custodian on behalf of the Client, or any related transactions*.* If any taxes become payable in relation to any prior payment made to the Client by the Custodian, the Custodian may withhold any credit balance in the Client's Cash Accounts to the extent necessary to satisfy such tax obligation. The Client will also remain liable for any tax deficiency. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5** **No Tax Advice.** The Client acknowledges that the Custodian is not, and will not be deemed to be, providing tax
advice or tax counsel.

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| **11** | **Physical Safekeeping of Investment Documents**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Document Safekeeping.** The Custodian may agree to provide physical safekeeping for Investment Documents
delivered to it and will return such Investment Documents to the Client upon receipt of Proper Instructions, subject to additional documentation and other requirements as the Custodian may specify from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **No Other Services.** The Custodian will not otherwise perform any other Services in relation to such Investment
Documents.

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| **12** | **Alternative Asset Servicing**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **Alternative Assets.** The Custodian will reflect the Client's derivatives, loans, private equity holdings,
private fund holdings, and investment partnerships on its books and records as belonging to the Client. The Custodian will similarly reflect such other Alternative Assets on its books and records and perform such services and assume such obligations
under this Agreement with respect to Alternative Assets as may be mutually agreed. With respect to derivatives, loans, private equity holdings, private fund holdings, and investment partnerships, the Custodian will maintain records of the
Client's ownership and transaction activity, as instructed; make available to the Client reports and itemized statements reflecting such ownership and transaction activity; perform reconciliations of its records, as may be mutually agreed; and
settle all transactions according to local market practice. Further, the Custodian will collect income and other payments to which the Client is entitled with respect to loans, and will credit such amounts to the Cash Account of the Client as
received, except where Contractual Settlement applies. The Custodian will apply, as may be applicable, for a reduction of withholding tax and refund of any tax paid or tax credits in respect of income payments on Alternative Assets based on the
Client's entitlement under relevant tax treaties or laws which apply in each market that supports a standard tax reclaim process, in all cases as may be set out from time to time in the Client Publications. The Custodian agrees that it
will provide all such services with respect to such Alternative Assets (and any other services as may be mutually agreed to with respect to any other Alternative Assets) and perform all such obligations subject to, and in accordance with, the terms
of this Agreement, including without limitation the standard of care set forth in Section 17.1.

Unless otherwise agreed in writing, the Custodian will not perform any other services or assume any obligations in relation to Alternative Assets. In the event the Custodian does not agree in writing to perform the services and assume the obligations under the Agreement for an instrument which Columbia Management Investment Advisers, LLC has made a good faith determination that it would be in the best interests of the Client's shareholders to acquire, the Agreement will, upon thirty (30) days prior written notice from the Client, terminate with respect to such Client and the Custodian will proceed with the termination actions as set out in Section 25.5. The Custodian may, in limited

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cases, agree to register the Client's interests in Alternative Assets in the name of the Custodian, subject to additional documentation and other requirements as the Custodian may specify from time to time.

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| **13** | **Foreign Exchange**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **Role of Custodian.** The role of the Custodian with respect to foreign exchange transactions is limited to
facilitating the processing and settlement of such transactions. The Custodian does not have any agency, trust or fiduciary obligation to the Client or any other person in connection with the execution of any foreign exchange transactions, other
than the obligation as agent to process the Proper Instructions given by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Role of Counterparties.** If the Client enters into any foreign exchange transaction with State Street Bank and
Trust Company, a Subcustodian or any of their Affiliates, the Client does so on the basis that these entities are acting as a principal dealer and counterparty, and not as fiduciary or agent to the Client, and the execution services are governed by
separate arrangements (including pricing) and do not form part of the Services provided by the Custodian under this Agreement. This applies to foreign exchange transactions entered into by the Client directly with the trading desk of these entities
or by Proper Instruction to the Custodian using the indirect foreign exchange services described in the Client Publications.

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| **14** | **Subcustodians**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** **Use of Subcustodians.** The Custodian is authorized to utilize Subcustodians in connection with its
performance of the Services, and will notify the Client of the Subcustodians so employed from time to time through the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** **Selection and Monitoring.** The Custodian will use reasonable skill, care and diligence in the selection,
monitoring and continued utilization of Subcustodians by taking the following actions: (i) annually assess the financial condition of each Subcustodian by reviewing their publicly available financial information, (ii) on a daily basis
monitoring the performance by each Subcustodian' of its duties relative to the Services, and (iii) confirming on an annual basis that each Subcustodian is licensed to act as a subcustodian in its relevant market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** **Special Subcustodians**. At the request of the Client, the Custodian may agree to appoint one or more
qualified banks, trust companies or other entities designated by the Client to act as a subcustodian (each a "Special Subcustodian") for purposes specified by the Client. In connection with the appointment of a Special Subcustodian, the
Custodian shall enter into a tri-party subcustodian agreement with the Special Subcustodian and the Client in form and substance approved the Custodian, provided that such agreement shall comply with Law
applicable to the Client and shall be consistent with the terms and provisions of this Agreement, to the extent practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.** **Provisions Relating to Rule 17f-5** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.1** **Delegation**. Each Client, by resolution of its Board, delegates to the Custodian, pursuant to Rule 17f-5(b), the obligations to perform as the Client's Foreign Custody Manager and, unless the Custodian advises the Client that it does not accept such delegation with respect to a country, the Custodian
accepts such delegation. The Custodian acting in this capacity shall be referred to as the "Foreign Custody Manager."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.2** **Exercise of Care as Foreign Custody Manager**. The Foreign Custody Manager will exercise such reasonable care,
prudence and diligence in performing the delegated responsibilities as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.3** **Foreign Custody Arrangements.** The Foreign Custody Manager will perform the delegated responsibilities only with
respect to Covered Foreign Countries and will provide the Client with a list on Schedule A of the Eligible Foreign Custodian(s) it selects to maintain the Client's Foreign Assets in each Covered Foreign Country. The Foreign Custody Manager may
amend the list from time to time in its sole discretion upon notice to the Client. For the avoidance of doubt, Eligible Foreign Custodians are Subcustodians, and references to Subcustodians includes Eligible Foreign Custodians.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.4** **Scope of Delegated Responsibilities**. The Foreign Custody Manager, when placing and maintaining Foreign Assets
in the care of an Eligible Foreign Custodian, will determine that: (i) the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the relevant market in which the Foreign Assets will be held by the
Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1), and (ii) the contract between
the Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager will establish a system
to monitor (a) the appropriateness of maintaining the Foreign Assets with the Eligible Foreign Custodian, and (b) the performance of the contract governing the foreign custody arrangements. The Foreign Custody Manager will notify the
Client if it determines that the custody arrangements with an Eligible Foreign Custodian are no longer appropriate and will act in accordance with the Client's Proper Instructions with respect to the disposition of the affected Foreign Assets,
and such disposition will occur as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.5** **Reporting Requirements**. The Foreign Custody Manager will (i) report the withdrawal of Foreign Assets from
an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the Client an updated Schedule A at the end of the calendar quarter in which the action has occurred, and (ii) after the
occurrence of any other material change in the foreign custody arrangements of the Client, make a written report available to the Client containing a notification of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.6** **Representations of Foreign Custody Manager and Client**. The Foreign Custody Manager represents to Client that it
is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5(a)(7). Client represents to the Custodian that its Board has (i) determined that it is reasonable for the Board to rely on the Custodian to
perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Client, and (ii) considered and determined to accept the risk described in the first sentence of Section 19.2 as is
incurred by placing and maintaining the Client's Foreign Assets in each Covered Foreign Country.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.7.** **Withdrawal of Acceptance of Delegation as Foreign Custody Manager.** Upon reasonable prior written notice to the
Client, the Foreign Custody Manager may withdraw its acceptance of such delegated responsibilities generally or with respect to a specified Covered Foreign Country, and the Custodian will have no further responsibility in its capacity as Foreign
Custody Manager to the Client generally or with respect to the designated Covered Foreign Country, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.8.** **Settlement Practices.** The Custodian will provide to each Client the information with respect to custody and
settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at the time or times set out on the Schedule. The Custodian may revise Schedule C from time to time, but no revision will result
in the Client being provided with substantively less information than had been previously provided on Schedule C.

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| **15** | **Central Securities Depositories**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** **Use of Central Securities Depositories.** The Custodian and its Subcustodians will use CSDs in connection with
the performance of the Services, and will notify the Client of the CSDs so employed from time to time through the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** **Rules of Central Securities Depositories.** Where the Custodian or its Subcustodians use CSDs, the Client
acknowledges that they will do so in accordance with the terms and conditions of participation or membership in such CSDs and the rules and procedures governing the operation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3** **Provisions Relating to Rule 17f-4**. The Custodian may deposit and
maintain securities or other financial assets of the Client in a U.S. CSD in compliance with the conditions of Rule 17f-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** **Provisions Relating to Rule 17f-7.** The Custodian will (i) provide
the Client or its Investment Manager with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set out on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7, (ii) monitor such risks on a continuing basis and promptly notify the Client or its Investment Manager of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7, and (iii) exercise reasonable care, prudence and diligence in performing the requirements in subsections (i) and (ii) above.

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| **15A.** | **Provision of ETF Services**  |

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| **15A.1** | **ETF Clients.** Each Client identified on <u>Appendix A</u> as an "ETF Client" is an exchange-traded fund that will issue and redeem shares only in aggregations of a specified number of shares, each called a "Creation Unit," generally in exchange for a basket of securities and/or instruments and a specified cash payment, as more fully described in the Client's currently effective prospectus and statement of additional information (collectively, the "Prospectus"). Capitalized terms used in this Section 15A without definition shall have the meanings given to them in the Prospectus. For the avoidance of doubt, this Section 15A will only apply with respect to the ETF Clients identified on <u>Appendix A</u> hereto.  |

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| **15A.2** | **Determination of Fund Deposit, etc**. Subject to and in accordance with the directions of the Investment Manager, the Custodian shall determine for each Client after the end of each trading day on the NYSE Arca, Inc. (the "Exchange"), in accordance with Board policies and the procedures set forth in the Prospectus, (i) the identity and weighting of the securities in the Deposit Securities and the Fund Securities, (ii) the cash component, and (iii) the amount of cash redemption proceeds (all as described in the Prospectus) required for the issuance or redemption, as the case may be, of Creation Units on such date. The Custodian shall provide or cause to be provided this information to the Client's distributor and other persons as instructed according to Board policies and procedures and shall disseminate such information on each day that the Exchange is open, including through the facilities of the National Securities Clearing Corporation (the "NSCC"), prior to the opening of trading on the Exchange.  |

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| **15A.3** | **Allocation of Deposit Security Shortfalls.** Each Client acknowledges that the Custodian maintains only one account on the books of the NSCC for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Client (collectively, the "ETF Custody Clients"). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian's NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client's required amount (a "Common Deposit Security Shortfall"), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian's NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall.  |

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| **15A.4** | **Creation and Redemption of Creation Units.**  |

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| 15A.4.1 | **Creation**. The Custodian shall receive and deposit into the Client's account such payments as are received for Client shares issued or sold in Creation Units. The Custodian will provide timely notification to the Client and the Client's transfer agent ("Transfer Agent") of any receipt of such payments by the Custodian.  |

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| 15A.4.2 | **Redemption**. Upon receipt of instructions from the Transfer Agent, the Custodian shall set aside funds and securities of the Client to the extent available for payment to, or in accordance with the instructions of, Authorized Participants who have delivered to the Transfer Agent a request for redemption of their shares, in Creation Units, which shall have been accepted by the Transfer Agent, the applicable Fund Securities (or such securities in lieu thereof as may be designated by the Investment Advisor in accordance with the Prospectus) for such Client and the Cash Redemption Amount, if applicable, less any applicable Redemption Transaction Fee. The Custodian will transfer the applicable Fund Securities to or on the order of the Authorized Participant. Any cash redemption payment (less any applicable Redemption Transaction Fee) due to the Authorized Participant on redemption shall be effected through  |

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the DTC system or through wire transfer in the case of redemptions effected outside of the DTC system.

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| **16** | **Delegation**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** **Use of Delegates.** The Custodian will have the right, without prior notice to or the consent of the
Client, to employ Delegates to provide or assist it in the provision of any part of the Services other than Services required by Law applicable to either Party to be performed by a qualified custodian or CSD. Unless otherwise agreed in a fee
schedule, the Custodian will be responsible for the compensation of its Delegates. Any such Delegate shall be subject to the confidentiality obligations and restrictions set forth in Section 24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** **Provision of Information Regarding Delegates.** The Custodian will provide or make available to the Client on a
quarterly or other periodic basis information regarding its global operating model for the delivery of the Services, which information will include the identities of Delegates affiliated with the Custodian that perform or may perform any part of the
Services, and the locations from which such Delegates perform Services, as well as such other information about its Delegates as the Client may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3** **Sole Point of Contact.** Unless otherwise agreed by the Parties, the Custodian will remain the sole point of
contact for the Client regarding any Services provided by the Delegates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4** **Third Parties.** Nothing in this Section limits or restricts the Custodian's right to use Affiliates or
third parties to perform or discharge, or assist it in the performance or discharge of, any obligations or duties under this Agreement other than the provision of the Services. **  

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| **17** | **Standard of Care and Liability**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** **Standard of Care.** The Custodian will at all times exercise the reasonable skill, care and diligence expected of
a professional provider of custody services to institutional investors and act in good faith and in accordance with generally applicable industry standards and practices in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** **Liability for Losses.** Subject to the limitations and exclusions of liability in this Agreement, the
Custodian will be liable for Losses suffered or incurred by the Client to the extent such Losses are caused by the negligence, wilful default, or fraud of the Custodian, its officers, Delegates or employees in the performance of its obligations
under this Agreement. The Parties agree that "negligence" will mean a breach by the Custodian of its obligation to exercise the standard of care described in Section 17.1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3** **Responsibility for Subcustodians.** The Custodian will be liable to the Client for the acts and omissions of its
Subcustodians as if it had committed such acts and omissions itself; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.1** compliance with the standard of care set out in Section 17.1 will be assessed in accordance with the
standards and circumstances prevailing at the time of the act or omission in the local market or jurisdiction (including

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Local Market Practice) in which the Subcustodian is providing the relevant Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.2** the Custodian will have no liability for Losses resulting from the insolvency or other financial default of a
Subcustodian that is not an Affiliate of the Custodian except to the extent that such Losses are caused by the failure of the Custodian to exercise reasonable skill, care and diligence in the selection, monitoring and continued utilization of the
Subcustodian as required under Section 14.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.4** **Responsibility for Special Subcustodians.** Notwithstanding the provisions of Section 17.3 to the
contrary, the Custodian shall not be liable to the Client for Losses suffered or incurred by the Client resulting from the acts or omissions of a Special Subcustodian, except to the extent such Losses are caused by the negligence, wilful default or
fraud of the Custodian. In the event of any such Loss, the Custodian shall use commercially reasonable efforts to enforce such rights as it may have against any Special Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.5** **Responsibility for Delegates.** The Custodian will be liable to the Client for the acts and omissions of its
Delegates as if it had committed such acts and omissions itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.6** **Force Majeure.** Neither Party will be in breach of this Agreement or liable for Losses arising by reason of the
occurrence of a Force Majeure Event that prevents, hinders or delays it from or in performing its obligations under this Agreement, except, in the case of the Custodian, to the extent that such Losses are attributable to its breach of its business
continuity obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7** **No Liability for Certain Losses.** The Custodian will not be liable to the Client for any Losses to the extent
they arise from or are caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.1** the Custodian acting upon any (i) Proper Instruction or (ii) if a Proper Instruction is not required
in a particular circumstance, any other instruction, information, notice, request, consent, certificate, instrument or other writing that the Custodian reasonably believes to be genuine and to be signed or otherwise given by or on behalf of a person
authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.2** a delay in processing or any failure to process any Proper Instruction to the extent permitted under
Section 22, subject to the satisfaction of the conditions set out in that Section, as applicable, to the extent the Losses are not due to the Custodian's negligence, fraud, bad faith or wilful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.3** the failure of the Client or any person authorized by it to comply with the Client's obligations under
this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.4** any other acts and omissions of the Client, any person authorized by it or any third party whose acts or
omissions are not otherwise addressed within this Section 17, including any Third-Party Agent, Market Participant, Authorized Data Source, CSD, or Financial Market Utility, to the extent the Losses are not due to the Custodian's
negligence, fraud, bad faith or wilful misconduct. **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8** **Mutual Exclusion of Indirect and Other Loss.** Notwithstanding any other provision of this Agreement, neither
Party will be liable to the other for: (i) indirect, consequential, speculative, punitive or special Loss or (ii) loss of profit, revenue, opportunity, business,

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anticipated savings, goodwill and damage to reputation, or Loss of any similar kind; in each case whether or not a Party has been advised of or otherwise could have anticipated the possibility of such losses, except to the extent any such losses cannot be excluded or limited as a matter of Law applicable to either Party. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.9** **Limitation on Liability of Trustees .** Notice is hereby given that this Agreement is not executed
on behalf of any directors or trustees of any Client as individuals, and the obligations of this Agreement are not binding on any of the directors, trustees, officers, shareholders or partners of any Client individually, but are binding only upon
the property of each Client. In relation to each Client which is a business trust, this Agreement is executed and made by the trustees of the Client not individually, but as trustees under the Declarations of Trust of the Client and the obligations
of this Agreement are not binding upon any of such trustees or upon any of the shareholders of the Client individually, but bind only the trust estate of the Client. The Custodian agrees that no shareholder, director, trustee, officer or partner of
any Client may be held personally liable or responsible for any obligations of any Client arising out of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.10** **Compliance with Law**. The Custodian will comply with all Law applicable to it in the performance of the Services
and its obligations under this Agreement.

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| **18** | **Error Correction**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** **Error Correction**. If an error results from an act or omission of the Custodian in performing the services under
this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client's assets, where and to the extent reasonably necessary to
place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain
gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by Law.

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| **19** | **Limits on the Scope of the Services**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1** **No Fiduciary or Implied Duties.** The Custodian is responsible only for the duties it has expressly undertaken
under this Agreement and no other duties will be implied or inferred, including any fiduciary duties, except to the extent such fiduciary duties may not be disclaimed as a matter of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2** **Investment and Other Risk, Client Compliance Matters.** The Client bears the risk of investing in Securities or
other assets or holding cash denominated in any currency or holding assets in a particular market, including investment risk and risk arising from the political, regulatory, legal or financial infrastructure of such market or otherwise arising from
Local Market Practice. The Custodian is not responsible for monitoring or enforcing compliance by the Client or its Investment Manager(s) with any investment or other restriction, guideline or requirement imposed by the Client's constituent
documents or by contract or Law applicable to the Client in connection with investment activity undertaken by or on behalf of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3** **Data Accuracy.** The Custodian has no responsibility for, or duty to review, verify or otherwise perform any
investigation as to the completeness, accuracy or sufficiency of,

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any data or information provided by or on behalf of the Client, any persons authorized by the Client, any Third Party Agent, any Market Participant or any Authorized Data Sources, except to the extent the Custodian has agreed in writing to perform reconciliations, variance or tolerance checks or other specific forms of data review under this Agreement. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.4** **Title.** The Custodian is not responsible for title or entitlement to, validity or genuineness, including good
deliverable form, of any asset received by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.5** **Proceedings.** The Custodian is not responsible for commencing legal or administrative proceedings on behalf of
the Client or relating to the assets held under this Agreement, including in respect of the late payment of income or other payments due to the Client or amounts payable on Securities in default if payment is refused after due demand and
presentment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.6** **Laws Applicable to the Custodian or Subcustodian.** Laws applicable to the Custodian or a Subcustodian may from
time to time prohibit or cause delays in the Custodian holding assets, acting on Proper Instructions or providing the Services to the Client in the manner contemplated by this Agreement. In such cases, the Custodian or Subcustodian will be entitled
to comply with the Law and shall promptly provide the Client with written notice of any such delay, where permitted by such Law. Where permitted by such Law, the Parties will seek to resolve the situation to the Parties' mutual satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.7** **Securities on Loan.** Asset servicing is not generally performed for securities on loan unless otherwise noted in
this Agreement or agreed by the Parties in writing. Provision of such services with respect to securities on loan may be covered by a separate securities lending or services agreement.

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| **20** | **Indemnity**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1** **Indemnity by Client.** Subject to this Section 20 and the exclusions and limitations of liability
elsewhere in this Agreement, including Section 17.8, the Client will indemnify the Custodian against any direct Losses incurred by the Custodian (including Losses incurred by Subcustodians or Delegates for which the Custodian is liable) in
connection with the performance of its duties under this Agreement, including acting on Proper Instructions and Losses incurred by virtue of being the holder of record of the Client's Securities, except, in each case, to the extent such Losses
result from the Custodian's negligence, wilful default or fraud (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2** **Indemnity by Custodian.** Subject to this Section 20 and the exclusions and limitations of liability
elsewhere in this Agreement, including Section 17.7 and 17.8, the Custodian will indemnify the Client against any direct Losses incurred by the Client, in each case, to the extent such Losses result from the negligence, wilful misconduct or
wilful default, bad faith or fraud of the Custodian (or that of its Subcustodians, Affiliates, or Delegates) in the discharge of the Custodian's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.3** **Duty to Mitigate.** Each Party will use reasonable efforts to mitigate any Losses in respect of which it claims
indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4** **Notice of Claims.** A Party seeking indemnification under this Section ("Indemnified Party") against
a third-party claim ("Indemnified Claim") will promptly provide written notice of such claim to the Party obligated to indemnify ("Indemnifying Party"). The

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failure to notify the Indemnifying Party will not relieve such Party of any liability under this Section, except to the extent that such failure materially prejudices the investigation and/or defense of the Indemnified Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.5** **Right to Control Third Party Claims.** The Indemnifying Party will, at its own expense, be entitled but not
obligated to control and direct the investigation and defense of any Indemnified Claim, except where the Custodian is the Indemnified Party and is seeking indemnification from multiple customers for claims based on common facts or otherwise related
to the Indemnified Claim, in which case the Custodian will have the right to control and direct the investigation and defense of such claim, at the expense of (i) the Indemnifying Party or (ii) all of the customers from which
indemnification is sought, including the Indemnifying Party, pro rata, as appropriate. Where the Indemnifying Party controls and directs the investigation of the defence of the Indemnified Claim, the Indemnified Party may retain separate counsel at
its own expense. If a conflict of interest exists between the Parties with respect to the defense of such claim, the reasonable cost of separate counsel will be an indemnified expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6** **Settlement of Claims.** Neither Party may settle an Indemnified Claim without the consent of the other Party,
which consent will not be unreasonably withheld, conditioned or delayed, provided that the Indemnifying Party will have the right to settle an Indemnified Claim without the consent of the Indemnified Party if such settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.1** involves only the payment of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.2** fully and unconditionally releases the Indemnified Party from any liability in exchange for the amount paid in
settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.3** does not include any admission of fault or liability in relation to the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.7** **Cooperation.** In all cases, each Party will, as applicable, provide reasonable cooperation and assistance to the
other Party and keep the other Party apprised as to the status of the Indemnified Claim, including any discussions relating to the settlement of the claim and the details of any settlement offer.

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| **21** | **Obligations of the Client**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1** **Provide Information.** The Client will provide or cause to be provided to the Custodian all data, information,
documents and instructions concerning the Client and the investment activity of the Client in relation to the Portfolio as may be reasonably necessary or as the Custodian may reasonably request, in each case in a complete, accurate and timely
manner, in order to enable the Custodian to discharge its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2** **AML Compliance.** The Client will comply with all applicable anti-money laundering, sanctions or other financial
crime legislation applicable to it and will provide the Custodian with all necessary sanctions questionnaires, declarations and other documentation in order for the Custodian to comply with its anti-money laundering policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.3** **Pass Through Representations.** To the extent that the Custodian is required to give (or is deemed to have given)
any representation, warranty or undertaking to a third party relating to the Client in accordance with normal market practice in connection with the

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execution of transaction documents or the issuance or transmission of trade notifications, confirmations and/or settlement instructions, whether using facsimile transmission, industry messaging or matching utilities and/or the proprietary software of Third Party Agents and Market Participants, CSDs or other Financial Market Utilities, the Client will be deemed to have made such representation, warranty or undertaking to the Custodian. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.4** **Operational Requirements.** The Client will adhere to the deadlines and other operational requirements set out in
the Client Publications, to facilitate meeting the requirements of CSD's, Third Party Agents and Market Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.5** **Client Review and Notification.** In accordance with standard market practice, the Client will employ
commercially reasonable review and control measures with respect to information provided by the Custodian under this Agreement and give the Custodian prompt written notice of any suspected error or omission or the Client's inability to access
any such Information so as to prevent, stem or mitigate any Losses that may arise from the use of inaccurate data or the inaccessibility of data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.6** **Fees.** In consideration for the Services provided by the Custodian, the Client will pay the Fees as
agreed in a written fee schedule or otherwise agreed in writing by the Parties from time to time. The Fees and any other amounts payable under this Agreement are stated exclusive of any sales, use, excise, value-added, services, consumption,
withholding or other similar tax that is assessed on the supply of the Services under an agreement. Any such tax will be payable by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.7** **Client Publications.** The Client will ensure that it provides the Custodian with and regularly updates, as
necessary, e-mail and other contact details for its representatives to enable timely distribution and receipt of the Client Publications.

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| **22** | **Proper Instructions**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1** **Dealings in Cash and Securities.** The Custodian will effect all transactions and dealings in Cash and Securities
under this Agreement in accordance with Proper Instructions, subject to any other rights it may have under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2** **Appointment of Authorized Persons.** The Client and each Investment Manager will provide the Custodian with a
list of the names and (if applicable) signatures, of Authorized Persons in a form agreed by the Parties from time to time. The Custodian may rely upon the authority of each Authorized Person until it receives written notice to the contrary from the
Client and has had a reasonable time to act on such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.3** **Authentication Procedures.** The Custodian will implement Authentication Procedures. The Client acknowledges that
the Authentication Procedures are intended to provide a commercially reasonable degree of protection against unauthorized transactions of certain types and are not designed to detect errors. Any purported Proper Instruction received by the Custodian
in accordance with an Authentication Procedure will be taken to have originated from an Authorized Person and will constitute a Proper Instruction under this Agreement for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.4** **Security Measures by Client.** The Client is responsible for ensuring that appropriate security measures are
implemented to prevent unauthorized disclosure or use of any Authentication Procedure made available to it or an Investment Manager in connection with this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.5** **No Duty to Verify.** Except to the extent the Custodian is required to comply with Authentication
Procedures under Section 22.3 above, the Custodian has no duty to verify that personnel of the Client or any Investment Manager engaged in investment activity are authorized to do so or that any instructions received by the Custodian are duly
authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6** **Decline/Delay in Processing.** The Custodian reserves the right to decline to process or delay the processing of
any purported Proper Instruction where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.1** the Custodian, in good faith, determines that the instruction may not have been properly authorized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.2** the instruction is inaccurate, incomplete or unclear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.3** the instruction conflicts with the terms of this Agreement or any Law applicable to either Party, Local Market
Practice or the Custodian's standard operating procedures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.4** the Custodian has not been given a reasonable time period to effect the instruction.

In these circumstances, the Custodian will promptly seek authentication, clarification, correction or amendment of any Proper Instruction, as the case may be. In the event the Custodian refused to act on a Proper Instruction, the Custodian will provide the Client with prompt notice that it has made such refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7** **Cancellation and Amendment**. The Custodian will use reasonable efforts to act on Proper Instructions to cancel
or amend previously issued Proper Instructions if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.1** the Custodian has not already acted on the previously issued Proper Instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.2** the Proper Instruction to cancel or amend is received before the applicable deadlines specified from time to time in
the Client Publications or applicable event notification.

The Custodian is not responsible or liable if the request to cancel or amend cannot be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.8** **Oral Instructions.** If applicable, the Custodian may act on an oral instruction (given in accordance with an
agreed Authentication Procedure) before receipt of any written confirmation and irrespective of whether any subsequent written confirmation conforms to the oral instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.9** **Conflicting Claims.** If there is a bona fide dispute or conflicting claim with respect to Securities or Cash
held by the Custodian under this Agreement, the Custodian is entitled to refuse to act on a Proper Instruction of the Client or any Investment Manager in relation to the particular Securities or Cash until either (i) the dispute or conflicting
claims have been finally determined by a court of competent jurisdiction or settled by agreement between the conflicting parties, and the Custodian has received written evidence satisfactory to it of such determination or agreement, or (ii) the
Custodian has received an indemnity, security or both, satisfactory to it and sufficient to hold it harmless from and against any and all Losses which the Custodian may incur as a result of its actions *.* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.10** **Matters Not Requiring Proper Instructions.** The Client authorises the Custodian in the absence of Proper
Instructions to attend to all matters which may be necessary or appropriate to discharge its duties and give effect to the terms of this Agreement, including the execution, in the Client's name or on its behalf, of any affidavits, certificates
of ownership and other certificates and documents relating to Securities.

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| **23** | **Creditors Rights**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.1** **Security.** To secure the full and timely satisfaction of all Secured Liabilities, the Client hereby grants to
the Custodian a security interest in and a right of retention, sale and set off, as applicable, against (i) all of the Client's Cash, Securities, and other assets, whether now existing or hereafter acquired, in the possession or under the
control of the Custodian or its Subcustodians pursuant to this Agreement and (ii) any and all cash proceeds of any of the above (collectively, the "Collateral"). With respect to any Secured Liabilities, the Custodian shall look for
payment or satisfaction solely to the assets and property of the particular fund or portfolio to which such obligation relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.2** **Rights of the Custodian**. In the event that the Client fails to satisfy in full any of the Secured Liabilities
as and when due and payable, the Custodian will have, in addition to all other rights and remedies arising under this Agreement or under applicable Law, the rights and remedies of a secured party under applicable Law. Without prejudice to the
Custodian's other rights and remedies, the Custodian will be entitled, in each case as and to the extent reasonably necessary to satisfy in full the Secured Liabilities and any related transaction expenses, to (a) exercise its right of
retention and withhold delivery of any Collateral and otherwise refuse to act on any Proper Instruction relating to such Collateral, (b) sell or otherwise realize any Collateral, and (c) set off the net proceeds of such sale or realization
of Collateral and/or the amount of any deposit balances standing to the credit of the Client in any Cash Account(s) against such Secured Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.3** **Exercise of Rights**. The Custodian may exercise its rights and remedies against the Collateral in any manner
(including by any method, at any time or place, and on any terms) as it deems, in good faith, to be commercially reasonable under the circumstances, and will use reasonable efforts to effect any sale of Collateral at the prevailing market price in
the relevant market. Without limiting the foregoing, the Client acknowledges that it will be commercially reasonable for the Custodian to, among other things: (i) accelerate or cause the acceleration of the maturity of any fixed term deposits
comprised in the Collateral and (ii) effect any necessary currency conversions through its own trading desk at such exchange rates as it determines in its reasonable discretion, which rates may include a mark-up from the rates the Custodian receives on the interbank market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.4** **Notice.** The Custodian will use reasonable efforts to give the Client prior notice of any exercise of the right
to sell or otherwise realize Collateral set forth above, provided that the Custodian will not be obligated to give prior notice to the Client or delay exercising its rights pending or after the provision of such notice if, in its reasonable
judgment, giving such notice or any such delay would prejudice its ability to obtain satisfaction in full of the Secured Liabilities.

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| **24** | **Confidentiality and Use of Data**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1** **Confidentiality** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.1** **No Disclosure Without Consent.** Subject to Section 24.2 and Section 24.3,
Confidential Information will not be disclosed by the Receiving Party to any third party without the prior consent of the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.2** **No limitations of obligations under Agreement or at Law.** Except as expressly contemplated by this Agreement,
nothing in this Section 24 will limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and Law applicable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.3** The Custodian agrees that it will not utilize the names Columbia or any derivative thereof, or the name of any
of their Affiliates in connection with any press release or other written public communication related to the Client or this Agreement, unless permission to do so is granted by the Client or its Investment Manager in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2** **Use of Confidential Information and Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.1** **Use of Confidential Information and Data generally.** Subject to this Section 24.2 and Section 24.3,
all Confidential Information, including Data, will be used by the Receiving Party for the purpose of providing or receiving services, as applicable, pursuant to this Agreement or otherwise discharging its obligations under this Agreement. Custodian
agrees that it will maintain and enforce its corporate standard of conduct policy that prohibits the Custodian and its employees from engaging in securities transactions based on knowledge of the portfolio holdings of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.2** **Use of Data for Indicators.** The Custodian and its Affiliates may use Data to develop, publish or otherwise
distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the
"Indicators"), but only so long as (i) the Data is combined or aggregated with (A) information relating to other customers of the Custodian and/or (B) information derived from other sources, in each case such that the
Indicators do not allow for attribution to or identification of such Data with the Client, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Custodian
publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except
as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.3** **Economic benefit from Indicators.** The Client acknowledges that the Custodian may seek and realize economic
benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3** **Disclosure of Confidential Information and Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.1** **Disclosure of Confidential Information to Representatives.** The Receiving Party may disclose the Disclosing
Party's Confidential Information without the Disclosing Party's consent to its attorneys, accountants, auditors, consultants and other similar advisors that have a reasonable need to know such Confidential Information
("Representatives"), provided such Confidential Information is disclosed under obligations of confidentiality that prohibit the

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disclosure or use of such Confidential Information by the Representatives for any purpose other than the specific engagement with the Receiving Party for which the Representative has been retained and that are otherwise no less restrictive than the confidentiality obligations contained in this Agreement. The Parties acknowledge that use of Confidential Information by a Representative to represent its other clients in dealing with the Disclosing Party would constitute a breach of this Section 24.3. Where the Custodian is the Receiving Party, "Representatives" will include its Affiliates and Service Providers (as defined below). <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2** **Disclosure and Use of Confidential Information by Custodian.** The Custodian may disclose and permit use (as
applicable) of Confidential Information of the Client without the Client's consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2.1** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to its Affiliates and any of its third-party agents and service providers ("Service
Providers") in connection with the provision of services, the discharge of its obligations under this Agreement or the carrying out of any Proper Instruction, including in accordance with the standard practices or requirements of any Financial
Market Utility or in connection with the settlement, holding or administration of Cash, Securities or other instruments; **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2.2** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to its Affiliates in connection with the management of the businesses of the Custodian and its
Affiliates, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management and marketing.

Such Confidential Information must be disclosed under obligations of confidentiality or in a manner consistent with industry practice, such that the Custodian is reasonably assured that such person will hold such information in confidence. The Custodian shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 24.3.2.2 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.3** **Confidential Information and Cloud Computing and Storage.** Each Party may, to the extent consistent with its
rights under its agreements with the relevant third parties, store Confidential Information with third-party providers of information technology services, and permit access to Confidential Information by such providers as reasonably necessary for
the receipt of cloud computing and storage services and related hardware and software maintenance and support. Such Confidential Information must be disclosed under obligations of confidentiality. Any third-party cloud storage providers engaged by
the Custodian to store the Client's data are subject to the Custodian's comprehensive review and due diligence process. Notwithstanding the foregoing and subject at all times to the terms and conditions hereof, the Custodian shall be
responsible for any such third-party cloud storage provider's protection of the Client's data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.4** **Disclosure of Confidential Information to comply with law.** The Receiving Party may disclose the Disclosing
Party's Confidential

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Information to the extent such disclosure is required to satisfy any legal requirement (including in response to court-issued orders, investigative demands, audits, examinations, subpoenas or similar processes or to satisfy the requirements of any applicable regulatory authority), provided that in each instance the Receiving Party uses reasonable efforts to notify the Disclosing Party of such disclosure, in each case unless prohibited by applicable Law or requested by any regulatory or law enforcement authority. If Receiving Party discloses Disclosing Party's Confidential Information in connection with pending civil litigation, the Receiving Party agrees to reasonably cooperate with the Disclosing Party's efforts, at Disclosing Party's expense, to obtain protective orders, confidential filing status, or other available protections, unless prohibited by applicable Law, and the Disclosing Party agrees to indemnify the Receiving Party for all related costs and expenses, including but not limited to all legal fees incurred in connection with such assistance. The parties agree that a Receiving Party shall not be liable to a Disclosing Party for failure to notify, or cooperate with, a Disclosing Party in connection with a disclosure to satisfy a legal requirement. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.5** **Harm of Unauthorized Disclosure of Confidential Information.** Each Party acknowledges that the disclosure to any non-authorized third party of Confidential Information or the use of Confidential Information in breach of this Agreement, may immediately give rise to continuing irreparable injury inadequately compensable in
damages at law, and in such cases the Receiving Party agrees to waive any defense that an adequate remedy at law is available if the Disclosing Party seeks to obtain injunctive relief against any such breach or any threatened breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.6** **Responsibility for Representatives.** Each Party will be responsible for any use or disclosure of Confidential
Information of the Disclosing Party in breach of this Agreement by its Representatives as though such Party had used or disclosed such Confidential Information itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.7** **No Disclosure to Custodian Asset Manager Division.** In no event will the Custodian allow representatives of its
asset management division or Affiliates engaged in asset management to have access to or to use Confidential Information of the Client, including Data.

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| **25** | **Term and Termination**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.1** Term. This Agreement will commence on the Effective Date and will continue until terminated in accordance with this
Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2** **Prior Notice.** The Parties agree that this Agreement shall remain in full force and effect for an initial term
of one (1) year from the Effective Date (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive 1-year terms (each, a
"Renewal Term", and all collectively, including the Initial Term, shall be referred to as the "Term") unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. For the avoidance of doubt, subsequent Clients added to the Agreement will
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to individualized Terms but rather are subject to the then-applicable Term applicable to all Clients in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3** **Termination Generally**. Neither Party may terminate this Agreement, any Schedule, or any Service prior to the
expiry of the Term for any for any reason other than as expressly permitted by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.4** **Immediate Effect.** A Party may terminate this Agreement with immediate effect at any time by written notice to
the other Party, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.4.1** an Insolvency Event occurs in relation to the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.4.2** such other Party is the Client and fails to pay any undisputed Fees as and when due and has failed to cure such
breach within 45 days of receipt of notice from the Custodian requesting it to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.4.3** the other Party commits any material breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.4.3.1** &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 law that has a material and negative impact on the non-breaching Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.4.3.2** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its information security obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.4.3.3** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; an obligation under this Agreement,

provided, however, in each case above, if the material breach is capable of remedy, that material breach has not been remedied by the other Party within sixty (60) days of written notice by the first Party or, if such breach is not capable of remedy within such sixty (60) day period, a reasonable time mutually agreed to in writing by the Parties, provided, however, that the other Party commences to cure such breach within such sixty (60) day period and diligently pursues the cure of such breach to completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.5** **Actions on Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.5.1** **Successor Custodian.** Upon termination of the Agreement, the Custodian will deliver the Portfolio to the
successor custodian designated by the Client in Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.5.2** **Remaining Portfolio.** If any part of the Portfolio remains in the possession of the Custodian or its
Subcustodians after the date of termination because the Client fails to designate a successor custodian or otherwise, the Custodian may continue to provide the Services to the Client in consideration of the Fees, as if the Agreement had not
terminated. If no successor custodian has been appointed on or before the termination of this Agreement, then the Custodian will have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing
business in Boston, Massachusetts, or New York, New York, of its own selection, all Cash and Securities of the Client then held by the Custodian, and to transfer to an account of the bank or trust company all of the Securities of the Client held in
any CSD. The transfer will be on such terms as are contained in this Agreement or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense
incurred by the Custodian, in connection with the transfer will be for the account of the Client.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.5.3** **Payment of Fees.** Upon termination of this Agreement, Fees will become due and payable for the period to the
date of such termination, or, if later, to the date at which any part of the Portfolio held by the Custodian has been fully transferred to a successor custodian or to the Client, other than Fees subject to a bona fide good faith dispute.

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| **26** | **Representations and Warranties**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.1** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Each Party.** Each Party represents and warrants to the other that: (i) it has the power to enter
into and perform its obligations under this Agreement; (ii) it has duly executed this Agreement by duly authorized persons so as to constitute valid and binding obligations of that Party; and (iii) it is in material compliance with laws
applicable to such Party (with respect to the Custodian, to its custody business) in the performance of its duties, obligations and services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.2** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Client.** The Client further represents and warrants to the Custodian that: (i) it is the
beneficial owner of the assets comprising the Portfolio or is entitled to deal with the assets comprising the Portfolio under this Agreement as if it were beneficial owner; and (ii) unless otherwise agreed, the Client acts as principal for the
purposes of this Agreement and not as agent for another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.3** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Custodian.** The Custodian further represents and warrants to the Client that: (i) it holds such
authorizations and licenses as are necessary to lawfully perform its obligations under this Agreement; (ii) it is a "qualified custodian" under the 1940 Act; (iii) it will maintain such qualifications, authorizations and
licenses for the term of this Agreement and upon ceasing to be so qualified, authorized or licensed shall promptly notify the Client in writing; (iv) no legal or administrative proceedings have been instituted or threatened which would
materially impair the Custodian's ability to perform its duties and obligations under this Agreement; and (v) its entering into this Agreement shall not cause a material breach or be in material conflict with any other agreement or
obligation of the Custodian or any law or regulation applicable to it.

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| **27** | **Record Retention and Audit Rights**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.1** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Records.** The Custodian will retain the records it is required to maintain under this Agreement in
accordance with the Law applicable to the Custodian. The Custodian agrees that all records which it maintains for the Client shall at all times remain the property of the Client, shall be readily accessible during normal business hours, and shall be
promptly surrendered upon the termination of the Agreement or otherwise on written request except as otherwise provided herein. The Custodian further agrees that all records that it maintains will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records may be surrendered in either written or machine-readable form, at the option of the Custodian. The Custodian will
reasonably cooperate with the Client's independent accountants and take all reasonable actions in the performance of its obligations under this Agreement to provide such information as may be reasonably requested by the Client from time to
time, to such accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.2** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Client and Regulator Access.** The Custodian will allow the Client and the Client's regulators or
supervisory authorities to perform periodic on-site audits as may be reasonably required to examine the Custodian's performance of the Services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.3** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Frequency and Scope.** For inspections requested by the Client (such request will include reasonable
advance notice) and agreed to by the Custodian, the Custodian reserves the right to impose reasonable limitations on the number, frequency, timing, and scope of such audits; provided, however, that the Custodian may not limit the number, frequency
or timing of audits and inspections required by any regulator with supervisory authority over the Client to the extent prohibited by such regulator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.4** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Limitations on Disclosure.** Nothing contained in this Section will obligate the Custodian to
provide access to or otherwise disclose: (i) any information that is unrelated to the Client and the provision of the Services to the Client; (ii) any information that is treated as confidential under the Custodian's corporate
policies, including, without limitation, internal audit reports, compliance or risk management plans or reports, work papers and other reports, and information relating to management functions; or (iii) any other documents, reports, or
information that the Custodian is obligated or entitled to maintain in confidence as a matter of law or regulation. In addition, any access provided to technology will be limited to a demonstration by the Custodian of the functionality thereof and a
reasonable opportunity to communicate with the Custodian's personnel regarding such technology.

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| **28** | **Client's Independent Accounts; Reports**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.1 Opinions.** The Custodian shall take all reasonable action, as the Client may from time to time request, to obtain from year to year favorable opinions from the Client's independent accountants with respect to its activities hereunder in connection with the preparation of the Client's registration statement filings and other annual reports to the SEC and with respect to any other requirements thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.2 Reports.** The Custodian shall use commercially reasonable efforts to provide such reports as the Client may reasonably request or otherwise reasonably require to fulfill its duties under Rule 38a-1 of the 1940 Act or similar legal and regulatory requirements.

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| **29** | **Business Continuity, Internal Controls and Information Security**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Business Continuity Plans.** The Custodian will at all times maintain a reasonably adequate
business contingency plan and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. The Custodian will implement such plans following the occurrence of an event which results in an
interruption or suspension of the Services to be provided by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Internal Controls Review and Repor** t. The Custodian will retain a firm of independent auditors to perform
an annual review of certain internal controls and procedures employed by the Custodian in the provision of the Services and issue a standard System and Organization Controls 1 or equivalent report based on such review. The Custodian will provide a
copy of the report to the Client upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Information Security Systems and Controls.** The Custodian will maintain commercially reasonable
information security systems and controls, which include administrative, technical, and physical safeguards that are designed to: (i) maintain the security and confidentiality of the Client's data; (ii) protect against any
anticipated threats or hazards to the security or integrity of the Client's data, including appropriate measures designed to meet legal and regulatory requirements applying to the Custodian; and (iii) protect against unauthorized access
to or use of the Client's data.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.4** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Virus Detection.** The Custodian will at all times employ a current version of one of the leading
commercially available virus detection software programs to test the hardware and software applications used by it to deliver the Services for the presence of any computer code designed to disrupt, disable, harm, or otherwise impede operation.

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| **30** | **General**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.1** **Services Not Exclusive; Acting in Various Capacities.** The Custodian, its Subcustodians and their
Affiliates are part of groups of companies and businesses that, in the ordinary course of their business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.1.1** provide a wide range of financial services to many clients of different kinds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.1.2** engage in transactions for their own account (including acting as banker as outlined in Section 4.4 and acting as
foreign exchange counterparty as outlined in Section 13) or for the account of other clients;

which may result in actual, perceived or potential conflicts between the interests of the Client and the interest of the Custodian, its Subcustodians and their Affiliates or between the interests of clients. The Custodian maintains a conflicts of interest policy, and has implemented procedures and arrangements to identify and manage conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.2** **Disclosure of Conflicts.** In connection with the matters outlined in Section 29.1.1, the Custodian, its
Subcustodians and their Affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.2.1** may do business with each client on different contractual or financial terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.2.2** will seek to profit and is entitled to receive and retain profits and compensation in connection with such
activities without any obligation to account to the Client for the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.2.3** may act as principal in its own interests, or as agent for its other clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.2.4** may act or refrain from acting based upon information derived from such activities that is not available to the
Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.2.5** are not under a duty to notify or disclose to the Client any information which comes to their notice as a
result of such activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.2.6** do not have an obligation to consider, act in, or provide information to the Client in respect of, the
interests of the Client in connection with such activities, except to the extent (if any) expressly agreed in writing with the Client under the contractual arrangements governing those activities.

The Custodian may (but is not required to) make any disclosure or notification in connection with such activities to the Client via publication on MyStateStreet.com or other notification mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.3** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Notice.** Unless otherwise specified, all notices, requests, demands and other communications under
this Agreement (other than routine operational communications), will be in writing and will be taken to have been given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.3.1** when delivered by hand;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.3.2** on the next Business Day after being sent by e-mail (unless the sender
receives an automated message that the e-mail has not been delivered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.3.3** on the next Business Day after being sent by overnight courier service for next Business Day delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.3.4** on the third Business Day after being sent by certified or registered mail, return receipt requested;

in each case to the applicable Party at the address or e-mail address specified on <u>Schedule 2</u>, or such other address or e-mail address as a Party may specify by written notice from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.4** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Waiver.** No failure on the part of any Party to exercise, and no delay on its part in
exercising, any right or remedy under this Agreement will operate as a waiver, nor will any single or partial exercise of any right or remedy preclude any other or further exercise of that right or remedy, or the exercise of any other right or
remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.5** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Sole Remedy.** Subject to the right to seek relief under the specific circumstances
expressly permitted in this Agreement, each of the Custodian and the Client agrees that, to the maximum extent permitted by law, a claim for breach of contract under and consistent with the terms of this Agreement will be the sole and exclusive
remedy available for any and all matters arising from or in any way relating to this Agreement, the provision of the Services or any conduct (including omissions and alleged conduct) relating to the Agreement or provision of the Services, whether
before, during or after the term of this Agreement. Accordingly, to the maximum extent permitted by law, each of the Custodian and the Client, on behalf of itself and its Affiliates, waives any and all other rights and remedies that otherwise would
be available to such party in law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.6** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assignment and Successors .** The terms of this Agreement are binding on the
Parties' representatives, successors and permitted assigns and this Agreement and any rights or obligations under this Agreement may not be assigned or transferred without the prior written consent of the other Party. However, in the event
that either Party becomes the subject of an Insolvency Event, then such Party will have the right to assign or transfer its rights and obligations under this Agreement to any entity to which the Party transfers its business and assets (including a
bridge bank or similar entity) and the other Party irrevocably consents to such assignment or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.7** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Entire Agreement.** This Agreement is the complete and exclusive agreement of the Parties regarding
the Services and supersedes, as of the Effective Date, all prior oral or written agreements, arrangements or understandings between the Parties relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.8** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amendments.** This Agreement may be amended by written agreement between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.9** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Counterparts and Electronic Signatures.** This Agreement may be executed in separate counterparts,
each of which will be an original, but which together will constitute one and the same agreement. Counterparts may be

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executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the Parties adopt as original any signatures received in electronically transmitted form. This Agreement may be executed by electronic signature (whatever form the electronic signature takes) and the Parties agree that this method of signature is as conclusive of the intention to be bound by this Agreement as if signed by the Parties' manuscript signatures. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.10** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Severance.** In the event that any part of this Agreement will be determined to be void or
unenforceable for any reason, the rest of this Agreement will be unaffected (unless the essential purpose hereof is substantially frustrated by such determination) and will be enforceable in accordance with the rest of its terms as if the void or
unenforceable part were not a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.11** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Survival.** The provisions of Sections 10 (Tax Withholding and Tax Relief), 17 (Standard of Care
and Liability), 20 (Indemnity), 21 (Obligations of the Client-Fees), 23 (Creditors Rights), 24 (Confidentiality and Use of Data) and 25.3 (Actions on Termination) are continuing obligations and will survive termination of this Agreement for any
reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.12** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Governing Law and Jurisdiction.** This Agreement is governed by and interpreted in
accordance with the laws of the Commonwealth of Massachusetts, and any disputes which may arise out of, under or in connection with this Agreement will be determined by the exclusive jurisdiction of the Massachusetts courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.13** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Qualified Financial Contracts.** In the event that the Client is domiciled and organized outside of
the United States, such Client and the Custodian hereby agree to be bound by the terms of the QFC addendum attached hereto as <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.14** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Parties; Additional Clients** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.14.1** All references in this Agreement to the "Client" are to each of the client entities listed on <u>Appendix A</u>, individually, as if this Agreement were between the relevant individual Client and the Custodian. Any reference in this Agreement to "the Parties" shall mean the Custodian and the individual Client as to which the
matter relates. For the avoidance of doubt, the terms of this Agreement will be in effect and apply to an individual Client only upon the commencement of Services being provided to such Client pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.14.2** If any entity in addition to those listed on <u>Appendix A</u> would like the Custodian to render Services
under the terms of this Agreement, the entity may notify the Custodian in writing. If the Custodian agrees in writing to provide the services, <u>Appendix A</u> will be taken to be amended to include such entity as a Client and that entity (together
with the Custodian) will be bound by all Sections of this Agreement.

*[signature page immediately follows]* 

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Signed by the Parties:

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| THE CLIENTS LISTED ON APPENDIX A | THE CLIENTS LISTED ON APPENDIX A |
| By: | <u>/s/ Charles Chiesa</u> |
| Name: | Charles Chiesa |
| Title: | Chief Financial Officer |
| Date: |  |
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: | <u>/s/ Louis Abruzzi</u> |
| Name: | Louis Abruzzi |
| Title: | Senior Vice President  |
| Date: | 10-8-2025 |

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**Schedule 1** 

**Definitions** 

In this Agreement:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended from time to time.

**"Affiliate"** means, with respect to any person, any other person Controlling, Controlled by, or under common Control with, such person at the time in question. For these purposes. "Control" and its derivatives "Controlled" and "Controlling" mean, with regard to any person: (i) the legal or beneficial ownership, directly or indirectly, of fifty percent (50%) or more of the issued share capital or capital stock of that person (or other ownership interest, if not a corporation); (ii) the ability to control, directly or indirectly, fifty per cent (50%) or more of the voting power in relation to that person; or (iii) the legal power to direct or cause the direction of the general management and policies of that person, provided that where Control is being determined with respect to a person that is a limited partnership, Control shall be determined by reference to the satisfaction of any of the above tests with respect to the general partner of the limited partnership

**"Alternative Assets"** means derivatives, real estate, commodities, private placements, loans, infrastructure holdings, private equity holdings, hedge fund holdings or such other assets (i) not typically held in book-entry form and (ii) not typically held in accounts registered in the name of the Custodian or a Subcustodian, in each case as determined by the Custodian.

"**Authentication Procedures**" means the use of security codes, passwords, tested communications or other authentication procedures as may be agreed upon in writing by Parties from time to time for purposes of enabling the Custodian to verify that purported Proper Instructions have been originated by an Authorized Person, and will include a Funds Transfer and Transaction Origination Policy Agreement.

"**Authorized Data Sources**" means third party sources of data and information utilized by the Custodian in the provision of the Services, including issuer and issuer group data; security characteristics and classifications; security prices (OTC and exchange traded); ratings (issuer and issue); exchange, interest, discount and coupon rates; corporate action, dividend, income and tax data; benchmark, index, composite and indice related data (including values, constituents, weights and performance); and other reference and market data and information necessary for the performance of the Services.

"**Authorized Person**" means a person authorized to give Proper Instructions and otherwise act on the Client's behalf in connection with this Agreement.

"**Business Day**" means a day on which the Custodian or the relevant Subcustodian is open for business in the market or country in which a transaction or an action by a Party takes place.

"**Board**" means, in relation to a Client, the board of directors, trustees or other governing body of the Client.

"**Cash**" means cash in any currency from time to time deposited with the Custodian or Subcustodian under this Agreement.

"**Cash Account**" has the meaning given to it in Section 4.1.

"**Client**" means the party named in the preamble. In the case of an investment entity that is structured as a series organization or umbrella scheme or trust, all references in this Agreement to the "Client" are to the individual series or portfolio/fund within the scheme or trust, as applicable.

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**"Client Publications"** means the general client publications of the Custodian from time to time available to clients and their investment managers, including the Investment Managers' Guide, Client Guide, Guide to Custody in World Markets, and FX Client Guide.

**"Collateral"** has the meaning given to it in Section 23.1.

**"Confidential Information"** means all information provided by or on behalf of a party (the "Disclosing Party") to the other party (the "Receiving Party"), or collected by a Receiving Party, under or pursuant to this Agreement that is marked "confidential", "restricted", "proprietary" or with a similar designation, or that the Receiving Party knows or reasonably should know is confidential, proprietary or a trade secret. The terms and conditions of this Agreement (including any related fee schedule or arrangement) and any Fees will be treated as Confidential Information as to which each Party is a Disclosing Party. Confidential Information will not include information that: (i) is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement: (ii) was known to the Receiving Party (without an obligation of confidentiality) prior to its disclosure; (iii) is independently developed by the Receiving Party without the use of other Confidential Information; (iv) is rightfully obtained on a non-confidential basis from a third party source.

**"Contractual Settlement"** has the meaning given to it in Section 5.2.

**"Corporate Actions"** means warrant and option exercises, conversions, exchanges and other capital reorganizations, calls, odd lot tenders/credits, bonus rights, subscription offers/rights, puts, maturities of securities, redemptions, mergers, tender or exchange offers, and rights exercises and expirations. Corporate Actions do not include class actions.

"**Corporate Actions Deadline Date**" has the meaning given to it in Section 6.2.

"**Covered Foreign Country**" means a country listed on Schedule A, which list of countries may be amended from time to time at the request of any Client and with the agreement of the Foreign Custody Manager.

"**CSD**" or "**Central Securities Depository**" means an entity or generally recognised book-entry or other settlement system or clearing house, central clearing counterparty or agency, acting as a local securities depository, central securities depository or international securities depository, the use of which is customary for securities settlement activities in the jurisdiction(s) in which it holds Securities or Cash in connection with this Agreement, and through which the Custodian may transfer, settle, clear, deposit or maintain Securities whether in certificated or uncertificated form and will include any services provided by any network service provider or carriers or settlement banks used by a CSD.

"**Data**" means any Confidential Information of the Client relating to its holdings, transactions or other information that the Custodian obtains with respect to the Client in connection with the provision of the Services under this Agreement or any other agreement.

"**Delegate**" means any agent, subcontractor, consultant and other third party, whether affiliated or unaffiliated with the Custodian. The term Delegate does not include Subcustodians, Eligible Foreign Custodians, CSDs, Authorized Data Sources, suppliers of information technology or related services, or Financial Market Utilities.

**"Effective Date"** has the meaning given to it in the preamble.

"**Eligible Foreign Custodian**" has the meaning set out in Section (a)(1) of Rule 17f-5.

"**Eligible Securities Depository**" has the meaning set out in section (b)(1) of Rule 17f-7.

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**"ETF Clients"** means those Clients identified on <u>Appendix A</u> hereto.

"**Fees**" means the fees charged by the Custodian in consideration for providing the Services and the costs, expenses and disbursements of the Custodian to be reimbursed by the Client, as agreed between the Parties from time to time in a separate written fee schedule, or as otherwise agreed in writing.

"**Financial Market Utility**" means any multilateral system for transferring, clearing, and settling payments, securities, and other financial transactions among or between financial institutions, including payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.

"**Force Majeure Event**" means any event or circumstances beyond the reasonable control of the Custodian, including nationalization, expropriation, currency restrictions, suspension or disruption of the normal procedures and practices, or disruption of the infrastructure, of any securities market or CSD, interruptions in telecommunications or utilities, acts of war or terrorism, riots, revolution, acts of God or other similar events or acts.

"**Foreign Assets**" means a Client's Securities or other investments (including non-U.S. Cash) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions in those investments.

"**Foreign Custody Manager**" has the meaning set forth in section (a)(3) of Rule 17f-5.

"**Foreign Securities System**" means an Eligible Securities Depository listed on Schedule B.

"**Indemnified Claim**", "**Indemnified Party**" **and** "**Indemnifying Party**" each have the meaning given to them in Section 20.4.

"**Insolvency Event**" means the occurrence of any of the following events in relation to any person: (i) the person generally does not pay its debts as such debts become due, or admits in writing its inability to pay its debts generally, or makes a general assignment for the benefit of creditors; or (ii) any proceeding is instituted by or against such person seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, where any such proceeding is instituted against (but not by) such person, such person does not promptly seek dismissal of such proceeding or its motion or request to dismiss such proceeding is denied (whether or not on an initial, interim or final basis); or (iii) such person proposes or takes any corporate action to authorize any of the preceding actions or anything analogous to the foregoing events occurs in relation to such person under the laws of any jurisdiction.

"**Investment Document**" means any agreement, subscription, assignment or other document evidencing in physical form an investment of the Client, or providing for the ownership by the Client, in each case that is acceptable to the Custodian. For the avoidance of doubt, it does not include any Security, instrument, certificate, title, agreement or other document that is accompanied by a stock power or instrument of assignment, endorsed to the Custodian or in blank.

"**Investment Manager**" means each person specified as such by the Client, including its agents and delegates.

"**Law**" means any statute, ordinance, order, judgment, decree, subordinate legislation, rule or regulation promulgated by any regulatory, administrative or judicial authority or otherwise in force in

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any jurisdiction, applicable to a Party, that relates to the performance by such Party of the Services or obligations under this Agreement.

"**Local Market Practice**" means the customary or established practices, procedures and terms in the jurisdiction or market where a transaction occurs, including the rules and procedures of any exchange or over the counter market and any practical constraints that exist with respect to the exercise of shareholder rights, realisation of entitlements or the sale, exchange, purchase, transfer or delivery of Cash or Securities.

"**Losses**" means all direct losses, damages, claims, costs, expenses, or other liabilities (including reasonable attorneys' fees and other litigation expenses), provided that fees due in accordance with this Agreement that are subject to bona fide dispute shall not be considered Losses until completion of the dispute resolution process.

"**Market Participant**" means any issuer, intermediary, exchange, transaction counterparty or other market participant.

"**Off Book Cash**" has the meaning given to it in Section 4.2.

"**On Book Cash**" has the meaning given to it in Section 4.2.

"**Parties"** means the parties set out at the beginning of this Agreement.

"**Portfolio**" means the Securities and Cash delivered to and held by the Custodian which comprise the assets of the Client over which the Custodian provides the Services pursuant to this Agreement.

"**Proper Instructions**" means instructions (which may be standing instructions and which includes any security trade advice) received by the Custodian through an agreed Authentication Procedure in any of the following forms:

(i) in writing given by an Authorized Person including a facsimile transmission;

(ii) in an electronic communication as may be agreed upon between the Custodian and the Client in writing from time to
time; or

(i) by such other means as may be agreed from time to time by the Custodian and the Client .

"**Rule 17f-4, Rule 17f-5, and Rule17f-7**" means Rule 17f-4, Rule 17f-5 and Rule 17f-7 promulgated under the 1940 Act.

"**Schedule" or "Schedules"** are all of the schedules referenced herein and attached to this Agreement.

**"Secured Liabilities"** means all liabilities or obligations owed by the Client to the Custodian or its Affiliates relating to this Agreement, including: (a) the obligations of the Client to the Custodian or its Affiliates in relation to any advance of cash or securities or any other extension of credit for any purpose; (b) the obligations of the Client to compensate the Custodian for the provision of the Services; and (c) the indemnity obligations of the Client to the Custodian under Section 20.

"**Securities**" means securities and such other similar assets as the Custodian may from time to time accept into custody under this Agreement.

"**Securities Account**" has the meaning given to it in Section 3.2.

"**Services**" means the services to be provided by the Custodian to the Client in accordance with this Agreement.

"**Special Subcustodian**" has the meaning given to it in Section 14.3.

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"**Subcustodian**" means any qualified bank, credit institution, trust company or other entity appointed by the Custodian to perform safekeeping, processing and other elements of the Services, including Affiliates or non-Affiliates of the Custodian.

"**Third Party Agent**" means any provider of services to the Client (other than the Custodian, a Subcustodian or Delegate under this Agreement) including any Investment Manager, adviser or sub-advisor, distributor, broker, dealer, transfer agent, administrator, accounting agent, audit firm, tax firm, or law firm.

"**UCC**" means the Uniform Commercial Code of the Commonwealth of Massachusetts, as in effect from time to time.

"**U.S.**" shall mean the United States of America.

"**U.S. CSD**" means a CSD authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

<u>Interpretation</u>: Capitalised terms used in this Agreement have the meanings given to them in this Schedule 1 unless otherwise defined. In this Agreement references to "persons" will include legal as well as natural persons or entities, references importing the singular will include the plural (and vice versa), use of the masculine pronoun will include the feminine, use of the terms "include", "includes" or "including" shall be deemed to be followed by the phrase "without limitation" and any specific examples given following the use of such terms shall be illustrative and in no way limit the general meaning of the words preceding them and numbered schedules, exhibits or Sections will (unless the contrary intention appears) be construed as references to such schedules and exhibits hereto and Sections herein bearing those numbers and any sub-sections thereof. The schedules and exhibits hereto are hereby incorporated herein by reference.

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|  | 34 |

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**Schedule 2** 

**Notices** 

**(Section 29)** 

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|:---|:---|
| CUSTODIAN: | STATE STREET BANK AND TRUST COMPANY |
| Attention: | Senior Vice President – Custody Operations |
| CC: | Legal Department |
| Address: | One Congress Street, Boston, MA 02114 |
| Telephone No:  | 617-662-9719 |
| Email: | douglas.minasian@statestreet.com |
| CLIENT: | [CLIENT NAME] c/o Columbia Management Investment Advisers, LLC |
| Attention: | Michael Clarke |
| Address: | 290 Congress Street, Boston, MA 02110 |
| Telephone No: | 617 385-9594 |
| Email: | michael.clarke@columbiathreadneedle.com |

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| Information Classification: Limited Access |  |
|  | 35 |

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**Appendix A** 

**Clients** 

**List of Trusts/Funds** 

**Columbia Acorn Trust** 

Columbia Acorn European Fund

Columbia Acorn Fund

Columbia Acorn International

Columbia Acorn International Select

Columbia Thermostat Fund

**Columbia Funds Series Trust** 

Columbia California Intermediate Municipal Bond Fund

Columbia Capital Allocation Moderate Aggressive Portfolio

Columbia Capital Allocation Moderate Conservative Portfolio

Columbia Convertible Securities Fund

Columbia Cornerstone Equity Fund

Columbia Large Cap Enhanced Core Fund

Columbia Large Cap Growth Opportunity Fund

Columbia Large Cap Index Fund

Columbia Mid Cap Index Fund

Columbia Select Mid Cap Value Fund

Columbia Short Duration Municipal Bond Fund

Columbia Short Term Bond Fund

Columbia Small Cap Index Fund

Columbia Small Cap Value and Inflection Fund

Columbia Overseas Value Fund

**Columbia Funds Series Trust I** 

Columbia Adaptive Risk Allocation Fund

Columbia Balanced Fund

Columbia Bond Fund

Columbia Contrarian Core Fund

Columbia Cornerstone Growth Fund

Columbia Dividend Income Fund

Columbia Emerging Markets Fund

Columbia Global Technology Growth Fund

Columbia Greater China Fund

Columbia High Yield Municipal Fund

Columbia Intermediate Duration Municipal Bond Fund

Columbia International Dividend Income Fund

Columbia Massachusetts Intermediate Municipal Bond Fund

Columbia Multi Strategy Alternatives Fund

Columbia New York Intermediate Municipal Bond Fund

Columbia Oregon Intermediate Municipal Bond Fund

Columbia Real Estate Equity Fund

Columbia Select Corporate Income Fund

Columbia Select Large Cap Growth Fund

Columbia Select Mid Cap Growth Fund

Columbia Small Cap Growth Fund

Columbia Small Cap Value Discovery Fund

Columbia Strategic California Municipal Income Fund

Columbia Strategic Income Fund

Columbia Strategic New York Municipal Income Fund

Columbia Total Return Bond Fund

Columbia Total Return Municipal Income Fund

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| Information Classification: Limited Access |  |
|  | 36 |

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Columbia U.S. Treasury Index Fund

Columbia Ultra Short Term Bond Fund

Multi-Manager Alternative Strategies Fund

Multi-Manager Directional Alternative Strategies Fund

Multi-Manager Growth Strategies Fund

Multi-Manager International Equity Strategies Fund

Multi-Manager Large Cap Growth Strategies Fund

Multi-Manager Small Cap Equity Strategies Fund

Multi-Manager Total Return Bond Strategies Fund

Multisector Bond SMA Completion Portfolio

Overseas SMA Completion Portfolio

**Columbia Funds Series Trust II** 

Columbia Capital Allocation Aggressive Portfolio

Columbia Capital Allocation Conservative Portfolio

Columbia Capital Allocation Moderate Portfolio

Columbia Commodity Strategy Fund

Columbia Disciplined Core Fund

Columbia Disciplined Growth Fund

Columbia Disciplined Value Fund

Columbia Dividend Opportunity Fund

Columbia Emerging Markets Bond Fund

Columbia Flexible Capital Income Fund

Columbia Floating Rate Fund

Columbia Global Opportunities Fund

Columbia Global Value Fund

Columbia Government Money Market Fund

Columbia High Yield Bond Fund

Columbia Income Builder Fund

Columbia Income Opportunities Fund

Columbia Integrated Large Cap Growth Fund

Columbia Integrated Large Cap Value Fund

Columbia Integrated Small Cap Growth Fund

Columbia Intrinsic Value Fund

Columbia Minnesota Tax-Exempt Fund

Columbia Mortgage Opportunities Fund

Columbia Overseas Core Fund

Columbia Pyrford International Stock Fund

Columbia Quality Income Fund

Columbia Select Global Equity Fund

Columbia Select Large Cap Value Fund

Columbia Select Short Corporate Income Fund

Columbia Select Small Cap Value Fund

Columbia Seligman Global Technology Fund

Columbia Seligman Technology and Information Fund

Columbia Short-Term Cash Fund

Columbia Strategic Municipal Income Fund

Columbia Ultra Short Duration Municipal Bond Fund

Multi-Manager Value Strategies Fund

**Columbia Funds Variable Insurance Trust** 

Columbia Variable Portfolio - Contrarian Core Fund

Columbia Variable Portfolio - Long Government/Credit Bond Fund

Columbia Variable Portfolio - Small Cap Value Fund *(to be known as Columbia Variable Portfolio – Small Cap Value Discovery Fund effective May 1, 2026)*

Columbia Variable Portfolio - Small Company Growth Fund

Columbia Variable Portfolio - Strategic Income Fund

Variable Portfolio - Managed Risk Fund

Variable Portfolio - Managed Risk U.S. Fund

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| Information Classification: Limited Access |  |
|  | 37 |

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Variable Portfolio - Managed Volatility Conservative Fund

Variable Portfolio - Managed Volatility Conservative Growth Fund

Variable Portfolio - Managed Volatility Growth Fund

Variable Portfolio - U.S. Flexible Conservative Growth Fund

Variable Portfolio - U.S. Flexible Growth Fund

Variable Portfolio - U.S. Flexible Moderate Growth Fund

**Columbia Funds Variable Series Trust II** 

Columbia Variable Portfolio - Balanced Fund

Columbia Variable Portfolio - Commodity Strategy Fund

Columbia Variable Portfolio - Core Equity Fund

Columbia Variable Portfolio – Corporate Bond Fund *(to be Columbia Variable Portfolio - Select Corporate Income Fund effective May 1, 2026)*

Columbia Variable Portfolio - Disciplined Core Fund

Columbia Variable Portfolio - Dividend Opportunity Fund

Columbia Variable Portfolio - Emerging Markets Bond Fund

Columbia Variable Portfolio - Emerging Markets Fund

Columbia Variable Portfolio - Global Strategic Income Fund

Columbia Variable Portfolio - Government Money Market Fund

Columbia Variable Portfolio - High Yield Bond Fund

Columbia Variable Portfolio - Income Opportunities Fund

Columbia Variable Portfolio - Intermediate Bond Fund

Columbia Variable Portfolio - Large Cap Growth Fund *(to be Columbia Variable Portfolio - Cornerstone Growth Fund effective May 1, 2026)*

Columbia Variable Portfolio - Large Cap Index Fund

Columbia Variable Portfolio - Limited Duration Credit Fund *(to be Columbia Variable Portfolio - Select Short Corporate Income Fund effective May 1, 2026)*

Columbia Variable Portfolio - Overseas Core Fund

Columbia Variable Portfolio - Select Large Cap Equity Fund *(to be Columbia Variable Portfolio - Cornerstone Equity Fund effective May 1, 2026)*

Columbia Variable Portfolio - Select Large Cap Value Fund

Columbia Variable Portfolio - Select Mid Cap Growth Fund

Columbia Variable Portfolio - Select Mid Cap Value Fund

Columbia Variable Portfolio - Select Small Cap Value Fund

Columbia Variable Portfolio - Seligman Global Technology Fund

Columbia Variable Portfolio - U.S. Government Mortgage Fund

CTIVP - American Century Diversified Bond Fund

CTIVP - BlackRock Global Inflation-Protected Securities Fund

CTIVP - CenterSquare Real Estate Fund

CTIVP - Principal Large Cap Growth Fund

CTIVP - T. Rowe Price Large Cap Value Fund

CTIVP - TCW Core Plus Bond Fund

CTIVP - Victory Sycamore Established Value Fund

CTIVP – Wellington Large Cap Value Fund

CTIVP - Westfield Mid Cap Growth Fund

CTIVP - Westfield Select Large Cap Growth Fund

Variable Portfolio - Aggressive Portfolio

Variable Portfolio - Conservative Portfolio

Variable Portfolio - Managed Volatility Moderate Growth Fund

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| Information Classification: Limited Access |  |
|  | 38 |

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Variable Portfolio - Moderate Portfolio

Variable Portfolio - Moderately Aggressive Portfolio

Variable Portfolio - Moderately Conservative Portfolio

Variable Portfolio - Partners Core Bond Fund

Variable Portfolio - Partners Core Equity Fund

Variable Portfolio - Partners International Core Equity Fund

Variable Portfolio - Partners International Growth Fund

Variable Portfolio - Partners International Value Fund

Variable Portfolio - Partners Small Cap Growth Fund

Variable Portfolio - Partners Small Cap Value Fund

**Columbia Funds Variable Series Trust** 

Columbia Variable Portfolio – Acorn Fund

Columbia Variable Portfolio – Acorn International Fund

**Columbia Seligman Premium Technology Growth Fund, Inc.** 

**Columbia Credit Income Opportunities Fund**

**Tri-Continental Corporation** 

**Columbia Credit Income Opportunities Subsidiary Fund, LLC** 

**ASGM Offshore Fund, Ltd.**

**ASMF Offshore Fund, Ltd.**

**CCSF Offshore Fund, Ltd.**

**CMSAF1 Offshore Fund, Ltd.**

**CMSAF2 Offshore Fund, Ltd.**

**CMSAF3 Offshore Fund, Ltd.**

**CVPCSF Offshore Fund, Ltd.** 

*<u>ETF Clients:</u>*

**Columbia ETF Trust I** 

Columbia AAA CLO ETF

Columbia Core Bond ETF

Columbia Core Plus Bond ETF

Columbia Corporate Bond ETF

Columbia Diversified Fixed Income Allocation ETF

Columbia International Equity Income ETF

Columbia Large Cap Growth ETF

Columbia Multi-Sector Municipal Income ETF

Columbia Research Enhanced Core ETF

Columbia Research Enhanced International Equity ETF

Columbia Research Enhanced Mid Cap ETF

Columbia Research Enhanced Real Estate ETF

Columbia Research Enhanced Small Cap ETF

Columbia Research Enhanced Value ETF

Columbia Select Technology ETF

Columbia Short Duration Bond ETF

Columbia Short Duration High Yield ETF

Columbia U.S. Equity Income ETF

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|:---|:---|
| Information Classification: Limited Access |  |
|  | 39 |

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Columbia U.S. High Yield ETF

**Columbia ETF Trust II** 

Columbia EM Core ex-China ETF

Columbia India Consumer ETF

Columbia Research Enhanced Emerging Economies ETF

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|:---|:---|
| Information Classification: Limited Access |  |
|  | 40 |

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**Appendix B** 

**QFC Addendum** 

**Opt-In to U.S. Special Resolution Regime**. Notwithstanding anything to the contrary in this Agreement or any other agreement, the parties hereto expressly acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event the Custodian becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer or assignment of this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) by the Custodian will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) were governed by the laws of the United States or a state of the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event the Custodian or an Affiliate of the Custodian becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights with respect to this Agreement that may be exercised against the Custodian are permitted to be exercised to no greater extent than the Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) were governed by the laws of the United States or a state of the United States.

**Adherence to the ISDA Protocol.** At such times as the parties to this Agreement have adhered to the ISDA Protocol and this Agreement is or is deemed modified or amended by the ISDA Protocol, the terms of the ISDA Protocol will supersede the terms of this QFC Addendum as included as part of this Agreement, and in the event of any inconsistency between this QFC Addendum and the ISDA Protocol, the ISDA Protocol will prevail.

**Definitions**. As used in this QFC Addendum:

"Affiliate" has the meaning given in section 2(k) of the Bank Holding Company Act (12 U.S.C. §1841(k)) and section 225.2(a) of the Federal Reserve Board's Regulation Y (12 CFR § 225.2(a)).

"Default Right" means any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) right of a party, whether contractual or otherwise (including, without limitation, rights incorporated by reference to any other contract, agreement, or document, and rights afforded by statute, civil code, regulation, and common law), to liquidate, terminate, cancel, rescind, or accelerate such agreement or transactions thereunder, set off or net amounts owing in respect thereto (except rights related to same-day payment netting), exercise remedies in respect of collateral or other credit support or property related thereto (including the purchase and sale of property), demand payment or delivery thereunder or in respect thereof (other than a right or operation of a contractual provision arising solely from a change in the value of collateral or margin or a change in the amount of an economic exposure), suspend, delay, or defer payment or performance thereunder, or modify the obligations of a party thereunder, or any similar rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) right or contractual provision that alters the amount of collateral or margin that must be provided with respect to an exposure thereunder, including by altering any initial amount, threshold amount, variation margin, minimum transfer amount, the margin value of collateral, or any similar amount, that entitles a party to demand the return of any collateral or margin transferred by it to the other party or a custodian or that modifies a transferee's right to reuse collateral or margin (if such right previously existed), or any similar rights, in each case, other

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than a right or operation of a contractual provision arising solely from a change in the value of collateral or margin or a change in the amount of an economic exposure.

"ISDA" refers to the International Swaps and Derivatives Association, Inc.

"ISDA Protocol" means the ISDA 2018 U.S. Resolution Stay Protocol as published by ISDA as of July 31, 2018.

"U.S. Special Resolution Regime" means the Federal Deposit Insurance Act (12 U.S.C. §1811–1835a) and regulations promulgated thereunder and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. § 5381–5394) and regulations promulgated thereunder.

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| Information Classification: Limited Access |  |
|  | 42 |

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## Ex-99.(H)(8)

**COLUMBIA FUNDS** 

**$750,000,000** 

**AMENDED AND RESTATED CREDIT AGREEMENT** 

**Dated as of October 23, 2025** 

**among** 

**THE FUNDS LISTED FROM TIME TO TIME** 

**ON SCHEDULE I HERETO,** 

**VARIOUS BANKS,** 

**JPMORGAN CHASE BANK, N.A.,** 

**as Administrative Agent,** 

**JPMORGAN CHASE BANK, N.A.,** 

**CITIBANK, N.A., and** 

**WELLS FARGO BANK, N.A., as** 

**Joint Lead Arrangers and Joint Bookrunners, and** 

**CITIBANK, N.A.,** 

**as Syndication Agent** 

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**Table of Contents** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  SECTION 1. DEFINITIONS | SECTION 1. DEFINITIONS | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | Defined Terms | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 | Other Definitional Provisions | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.3 | Assumptions Regarding Structure | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.4 | Interest Rates | 21 |
|  SECTION 2. AMOUNT AND TERMS OF COMMITMENTS | SECTION 2. AMOUNT AND TERMS OF COMMITMENTS | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 | Commitments | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 | Procedure for Borrowing | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.3 | Fees | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.4 | Termination and Reduction of Commitments | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.5 | Repayment of Loans; Evidence of Debt | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.6 | Optional and Mandatory Prepayments | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.7 | Interest Rates and Payment Dates | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.8 | Computation of Interest and Fees | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.9 | Pro Rata Treatment and Payments | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.10 | Requirements of Law | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.11 | Taxes | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.12 | Change of Lending Office; Replacement of Lender | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.13 | Swing Line Commitment | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.14 | Procedure for Swing Line Borrowing | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.15 | Refunding of Swing Line Loans | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.16 | Designation of Additional Borrowers; Amendments to Schedule I | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.17 | Interfund Lending | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.18 | Defaulting Lender | 37 |
|  SECTION 3. REPRESENTATIONS AND WARRANTIES | SECTION 3. REPRESENTATIONS AND WARRANTIES | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | Financial Condition | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | No Change | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | Existence; Compliance with Law | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 | Power; Authorization; Enforceable Obligations | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.5 | No Legal Bar | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.6 | No Material Litigation | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.7 | No Default | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.8 | Ownership of Property; Liens | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.9 | No Burdensome Restrictions | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.10 | Taxes | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | Federal Regulations | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.12 | ERISA | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.13 | Certain Regulations | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.14 | Subsidiaries | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.15 | Registration of the Fund | 41 |

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;3.16 | Offering in Compliance with Securities Laws | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.17 | Investment Policies | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.18 | Permission to Borrow | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.19 | Accuracy of Information; Electronic Information | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.20 | Affiliated Persons | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.21 | Anti-Corruption Laws and Sanctions | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.22 | Affected Financial Institutions | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.23 | Outbound Investment Rules | 43 |
|  SECTION 4. CONDITIONS PRECEDENT | SECTION 4. CONDITIONS PRECEDENT | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | Conditions to Closing | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | Conditions to Each Loan | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | Lender Deliverables | 46 |
|  SECTION 5. AFFIRMATIVE COVENANTS | SECTION 5. AFFIRMATIVE COVENANTS | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 | Financial Statements | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.2 | Certificates; Other Information | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.3 | Payment of Obligations | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.4 | Conduct of Business and Maintenance of Existence | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.5 | Maintenance of Property; Insurance | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.6 | Inspection of Property; Books and Records; Discussions | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.7 | Notices | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.8 | Purpose of Loans | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.9 | Payment of Taxes | 50 |
|  SECTION 6. NEGATIVE COVENANTS | SECTION 6. NEGATIVE COVENANTS | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.1 | Financial Condition Covenant | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.2 | Limitation on Indebtedness; Derivatives | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.3 | Limitation on Liens | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.4 | Limitation on Guarantee Obligations | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.5 | Limitation on Fundamental Changes | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.6 | Limitation on Distributions | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.7 | Limitation on Investments, Loans and Advances | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.8 | Limitation on Transactions with Affiliates | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.9 | Limitation on Negative Pledge Clauses | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.10 | Limitation on Changes to Investment Policies | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.11 | Cayman Parent Borrower Activities | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.12 | Cayman Parent Borrower Sale of Assets, Etc. | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.13 | Prohibited Use of Proceeds | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.14 | Outbound Investment Rules | 53 |
|  SECTION 7. EVENTS OF DEFAULT | SECTION 7. EVENTS OF DEFAULT | 54 |
|  SECTION 8. THE ADMINISTRATIVE AGENT | SECTION 8. THE ADMINISTRATIVE AGENT | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 | Authorization and Action | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.2 | Administrative Agent's Reliance, Limitation of Liability, Etc. | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.3 | Posting of Communications | 61 |

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;8.4 | The Administrative Agent Individually | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.5 | Successor Administrative Agent | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.6 | Acknowledgements of Lenders | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.7 | Duties of Syndication Agents | 66 |
|  SECTION 9. MISCELLANEOUS | SECTION 9. MISCELLANEOUS | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1 | Amendments and Waivers | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.2 | Notices | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.3 | No Waiver; Cumulative Remedies | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.4 | Survival of Representations and Warranties | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.5 | Payment of Expenses and Taxes; Indemnification; Etc. | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.6 | Successors and Assigns; Participations and Assignments | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.7 | Adjustments; Set-off | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.8 | Counterparts | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.9 | Severability | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.10 | Waiver of Conflicts; Confidentiality | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.11 | GOVERNING LAW | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.12 | Submission To Jurisdiction; Waivers | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.13 | Acknowledgments | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.14 | WAIVERS OF JURY TRIAL | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.15 | Non-Recourse | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.16 | Integration | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.17 | USA PATRIOT Act | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.18 | Net Asset Value | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.19 | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.20 | [Reserved] | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.21 | No Fiduciary Duty, etc. | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.22 | Interest Rate Limitation | 80 |

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<u>SCHEDULES</u>:

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|:---|:---|
|  Schedule I | Borrowers & Pro Rata Allocations |
|  Schedule II | Commitments, Addresses, Etc. |
|  Schedule III | Investment Management Agreements |
|  Schedule IV | Custody Agreements |
|  Schedule V | Prime Broker Agreements |
|  Schedule 5.1 | Web Addresses For Annual, Semi-Annual and Quarterly Reports |

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<u>EXHIBITS</u>:

Exhibit 2.5(e) Form of Note

Exhibit 2.16(a) Form for Designation of New Borrowers

Exhibit 9.6(c) Form of Assignment and Acceptance

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AMENDED AND RESTATED CREDIT AGREEMENT, dated as of October 23, 2025 (as amended, restated, supplemented or otherwise modified from time to time, this "<u>Agreement</u>") among (i) the trusts listed on <u>Schedule I</u> (the "<u>Registrants</u>"), each of which is executing this Agreement on behalf of its respective underlying series set forth beneath such Registrant's name on <u>Schedule I</u> (each such series, individually, a "<u>Borrower</u>" or "<u>Fund</u>" and, collectively, the "<u>Borrowers</u>" or "<u>Funds</u>"), (ii) the several banks and other financial institutions from time to time parties to this Agreement (the "<u>Lenders</u>"), and (iii) JPMORGAN CHASE BANK, N.A., a national banking association, as administrative agent for the Lenders hereunder (in such capacity, the "<u>Administrative Agent</u>");

W I T N E S E T H :

WHEREAS, each Registrant is an open-end registered investment company under the Investment Company Act of 1940 for which Columbia Management (as defined below) acts as an investment manager;

WHEREAS, each Borrower has requested the Lenders to make Loans (as defined below) severally and not jointly to each Borrower and to make available to it a credit facility for the purposes and on the terms and conditions set forth herein;

WHEREAS, each Lender acknowledges that each Borrower shall be liable hereunder only for the Loans made to such Borrower hereunder and interest thereon and for the fees and expenses associated therewith and as otherwise set forth herein, and that, notwithstanding anything to the contrary herein, each Borrower's obligations hereunder are several and not joint;

WHEREAS, certain of the parties hereto entered into the Amended and Restated Credit Agreement dated as of October 24, 2024 (as amended, restated, terminated, replaced, supplemented or otherwise modified, the "<u>Original Credit Agreement</u>");

WHEREAS, the parties hereto wish to amend and restate the Original Credit Agreement to incorporate terms provided herein;

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties to this Agreement agree as follows:

SECTION 1. DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Defined Terms</u>. As used in this Agreement, the following terms shall have the following meanings:

<u>"</u><u>1940 Act</u><u>"</u>: the Investment Company Act of 1940, as amended, together with all rules and regulations promulgated from time to time thereunder.

"<u>Administrative Agent</u>": JPMorgan Chase Bank, N.A., together with its permitted successors and assigns, as the administrative agent for the Lenders under this Agreement and the other Loan Documents.

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"<u>Administrative Questionnaire</u>": means an Administrative Questionnaire in a form supplied by the Administrative Agent to the Borrower or any Lender, as the context requires.

"<u>Affected Borrowers</u>": with respect to any Bank-Advisor, any Borrower with respect to which (i) such Bank-Advisor or any of its affiliates acts as an advisor or sub-advisor, (ii) such Bank-Advisor is prohibited from lending to by any Applicable Law or (iii) an extension of credit by such Bank-Advisor would subject such Bank-Advisor to lending limits under any Applicable Law (including Regulation W).

"<u>Affected Financial Institution</u>": (a) any EEA Financial Institution or (b) any UK Financial Institution*.*

"<u>Affiliate</u>": as to any Person, any other Person (other than a Subsidiary) which, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, "control" of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of directors of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.

"<u>Aggregate Commitment</u>": the total of all Commitments of all Lenders, as may be reduced from time to time in accordance with the terms of this Agreement. On the Closing Date, the Aggregate Commitment shall be equal to $750,000,000.

"<u>Agreement</u>": as defined in the Preamble hereto.

"<u>Ancillary Document</u>": as defined in <u>Section</u> <u>9.8(b)</u>.

"<u>Anti-Corruption Laws</u>": all laws, rules, and regulations of any jurisdiction applicable to any Borrower or its Subsidiaries from time to time concerning or relating to money laundering, bribery or corruption, including but not limited to, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder, and the UK Bribery Act 2010 or any jurisdiction applicable to any Lender concerning or relating to money laundering.

"<u>Applicable Law</u>": any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"<u>Applicable Margin</u>": 1.00% per annum.

"<u>Arranger</u>": JPMorgan Chase Bank, N.A. in its capacity as lead arranger hereunder.

"<u>Asset Coverage Ratio</u>": with respect to any Borrower, the ratio which the value of the Total Assets of such Borrower less all liabilities and Indebtedness of such Borrower not represented by Senior Securities, bears to the aggregate amount of all Senior Securities representing Indebtedness of such Borrower. For the purposes of calculating the Asset Coverage Ratio, (i) the amount of any liability or Indebtedness deducted from Total Assets of such

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Borrower shall be equal to the greater of (x) the outstanding amount of such liability or Indebtedness and (y) the fair market value of all assets securing such liability or Indebtedness; (ii) the indebtedness incurred by any Borrower under any Interfund Lending shall be deemed to be a Senior Security for purposes of calculating the Asset Coverage Ratio as it applies to such Borrower; (iii) in order to ensure that Borrowers that are part of a fund-of-funds or master-feeder structure do not borrow against the same assets, for purposes of calculating the Asset Coverage Ratio, if any Borrower invests in another Borrower, the value of such assets shall, as between both such Borrowers, only be counted once; (iv) in determining the numerator of said ratio and to the extent that the Investment Company Act does not already require the following deduction, the following shall be deducted: If the Borrower is the Cayman Parent Borrower, the value of (1) all assets belonging to the Cayman Designated Subsidiary and (2) such Borrower's direct or indirect debt, equity or other interests or investments in the Cayman Designated Subsidiary; and (v) indebtedness incurred by the Cayman Designated Subsidiary shall not be included in either the numerator or the denominator of said ratio in determining the Asset Coverage Ratio of the Cayman Parent Borrower.

"<u>Assignee</u>": as defined in <u>Section</u> <u>9.6(c)</u>.

"<u>Available Commitment</u>": as to any Lender at any time, an amount equal to (a) the amount of such Lender's Commitment less (b) the sum of (i) the aggregate principal amount of all Revolving Credit Loans to all Borrowers made by such Lender then outstanding and (ii) such Lender's Swing Line Exposure at such time; collectively, as to all the Lenders, the "<u>Available Commitments</u>".

"<u>Bail-In Action</u>": the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>": (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Bank-Advisor</u>": each of JPMorgan Chase Bank, N.A., Morgan Stanley Bank, N.A., Bank of America, N.A., Wells Fargo Bank, National Association, The Bank of New York Mellon, Goldman Sachs Bank USA, and any other Lender (i) prohibited by any Applicable Law from lending to one or more of the Borrowers or (ii) for whom an extension of credit by it to one or more Borrowers would subject such Bank-Advisor to lending limits under any Applicable Law (including Regulation W).

"<u>Bankruptcy Event</u>": with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the

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reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, <u>provided</u> that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

"<u>Benchmark Replacement Date</u>": the earliest to occur of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of Daily Simple SOFR (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide Daily Simple SOFR; 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;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which Daily Simple SOFR (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of Daily Simple SOFR (or such component thereof) to be no longer representative; <u>provided</u>, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if Daily Simple SOFR (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

"<u>Benchmark Transition Event</u>": the occurrence of one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of Daily Simple SOFR (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide Daily Simple SOFR (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide Daily Simple SOFR (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a public statement or publication of information by the regulatory supervisor for the administrator of Daily Simple SOFR (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator for Daily Simple SOFR (or such component), a

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resolution authority with jurisdiction over the administrator for Daily Simple SOFR (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for Daily Simple SOFR (or such component), in each case, which states that the administrator of Daily Simple SOFR (or such component) has ceased or will cease to provide Daily Simple SOFR (or such component thereof) permanently or indefinitely; *provided* that, at the time of such statement or publication, there is no successor administrator that will continue to provide Daily Simple SOFR (or such component thereof); 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;(3) a public statement or publication of information by the regulatory supervisor for the administrator of Daily Simple SOFR (or the published component used in the calculation thereof) announcing that Daily Simple SOFR (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

"<u>Benchmark Unavailability Period</u>": the period (if any) (A) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred or (B) during which the Administrative Agent has determined (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining Daily Simple SOFR.

"<u>Benefited Lender</u>": as defined in <u>Section</u> <u>9.7(a)</u>.

"<u>Borrower</u>" and "<u>Borrowers</u>": as defined in the Preamble hereto.

"<u>Borrowing Date</u>": any Business Day specified in a notice pursuant to <u>Section</u> <u>2.2</u> or <u>2.14</u> as a date on which a Registrant, on behalf of a series thereof that is a Borrower, requests the Lenders to make Loans hereunder.

"<u>Business Day</u>": a day other than a Saturday, Sunday or other day on which commercial banks in New York City or Minneapolis, Minnesota are authorized or required by law to close.

"<u>Cayman Designated Subsidiaries</u>": CCSF Offshore Fund, Ltd., a wholly-owned subsidiary of CCSF; ASMF Offshore Fund, Ltd. and ASGM Offshore Fund, Ltd., each of which is a wholly-owned subsidiary of MASF; CVPCSF Offshore Fund, Ltd., a wholly-owned subsidiary of CVPCSF; CMSAF1 Offshore Fund, Ltd., CMSAF2 Offshore Fund, Ltd. and CMSAF3 Offshore Fund, Ltd., each of which is a wholly-owned subsidiary of CMSAF.

"<u>Cayman Parent Borrowers</u>": Columbia Commodity Strategy Fund ("CCSF"), Multi-Manager Alternative Strategies Fund ("MASF"), Columbia Variable Portfolio—Commodity Strategy Fund ("CVPCSF") and Columbia Multi Strategy Alternatives Fund ("CMSAF").

"<u>Closing Date</u>": the date on which the conditions precedent set forth in <u>Section</u> <u>4.1</u> shall be satisfied and the Loan Documents are signed by the parties hereto and delivered to the offices of Pryor Cashman LLP at Seven Times Square, New York, New York 10036, which date shall be the date as of which this Agreement is dated.

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"<u>Code</u>": the Internal Revenue Code of 1986, as amended from time to time.

"<u>Columbia Management</u>": Columbia Management Investment Advisers, LLC, a Minnesota limited liability company.

"<u>Commitment</u>": as to any Lender, the obligation of such Lender to make Loans to the Borrowers hereunder in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender's name on <u>Schedule II</u>, as such amount may be reduced pursuant to the terms hereof.

"<u>Commitment Fee</u>": as defined in <u>Section</u> <u>2.3</u>.

"<u>Commitment Fee Accrual Date</u>": each of (a) the last day of March, June, September and December of each year and (b) the Termination Date.

"<u>Commitment Fee Payment Date</u>": (a) with respect to any Commitment Fee Accrual Date described in clause (a) of the definition thereof, the 15th day after such Commitment Fee Accrual Date (or if such day is not a Business Day, the immediately following Business Day) and (b) with respect to any Commitment Fee Accrual Date described in clause (b) of the definition thereof, the Termination Date.

"<u>Commitment Percentage</u>": as to any Lender at any time, the percentage which such Lender's Commitment then constitutes of the aggregate Commitments of all Lenders; <u>provided</u> that when a Defaulting Lender shall exist, "Commitment Percentage" shall mean the percentage of the total Commitments (disregarding any Defaulting Lender's Commitment) represented by such Lender's Commitment. If the Commitments have terminated or expired, the Commitment Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any Lender's status as a Defaulting Lender at the time of determination.

"<u>Commitment Period</u>": the period from and including the Closing Date to but not including, the Termination Date.

"<u>Commonly Controlled Entity</u>": an entity, whether or not incorporated, which is under common control with any Borrower within the meaning of Section 4001 of ERISA or is part of a group which includes any Borrower and which is treated as a single employer under Section 414 of the Code.

"<u>Confidential Information</u>": as defined in <u>Section</u> <u>9.10(b)</u>.

"<u>Contractual Obligation</u>": as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

"<u>Credit Exposure</u>": with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender's Revolving Credit Loans and its Swing Line Exposure at such time.

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"<u>Credit Party</u>": the Administrative Agent, the Swing Line Lender and each other Lender.

"<u>Custody Agreement</u>": as to each Fund, the related Custody Agreement(s) set forth in <u>Schedule IV</u>.

"<u>Daily Simple SOFR</u>": for any day, SOFR for such day. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR in accordance with <u>Section 2.8</u>.

"<u>Default</u>": any of the events specified in <u>Section</u> <u>7</u> (or in <u>Section</u> <u>3(a)</u> of <u>Schedule 9.20</u>), which with notice, or lapse of time, or both, would constitute an Event of Default.

"<u>Defaulting Lender</u>": any Lender that: (a) has failed, within three Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Swing Line Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender's good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied; (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender's good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit; (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations to fund prospective Loans and participations in then outstanding Swing Line Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party's receipt of such certification in form and substance satisfactory to it and the Administrative Agent, (d) has become the subject of (A) a Bankruptcy Event or (B) a Bail-In Action, or (e) ceases to be a "Bank" (as defined in the 1940 Act).

"<u>Designated Borrower</u>": each Borrower listed on <u>Schedule Ia</u> as a Designated Borrower.

"<u>Designated Borrower Asset Coverage Ratio Percentage</u>": with respect to each Designated Borrower, the "Designated Percentage" set forth for such Designated Borrower on <u>Schedule Ia</u>, or, as to any additional Designated Borrower designated pursuant to <u>Section</u> <u>2.16</u>, such other percentage as the Administrative Agent deems appropriate.

"<u>Designated Percentage</u>": as defined in the definition of "Designated Borrower Asset Coverage Ratio Percentage."

"<u>Dollars</u>" and "<u>$</u>": lawful currency of the United States of America.

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"<u>EEA Financial Institution</u>" means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Electronic Signature</u>" means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

"<u>Eligible Lender</u>": an entity that is a "Bank" (as defined in the 1940 Act) and, except for a Bank-Advisor with respect to its respective Affected Borrowers, is not otherwise prohibited by any Applicable Law from lending to any of the Borrowers. Notwithstanding the foregoing, "Eligible Lender" shall not include any Borrower, any Affiliate of any Borrower (other than a Bank-Advisor), any natural person (or a holding company, investments vehicle, investment vehicle or trust for, or owned and operated by or for the primary benefit of a natural person) or any Defaulting Lender.

"<u>ERISA</u>": the Employee Retirement Income Security Act of 1974, as amended from time to time.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

"<u>Event of Default</u>": any of the events specified in <u>Section</u> <u>7</u> (or in <u>Section</u> <u>3(a)</u> of <u>Schedule 9.20</u>), <u>provided</u> that any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied.

"<u>FATCA</u>": Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), or any Treasury regulations promulgated thereunder or official administrative interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code.

"<u>Federal Funds Effective Rate</u>": for any day, the rate calculated by the NYFRB based on federal funds transactions by depository institutions (as determined in such manner as

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shall be set forth on the NYFRB's Website from time to time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate.

"<u>Federal Funds Rate</u>": for any day, a rate per annum equal to the greatest of (a) the sum of (x) Daily Simple SOFR in effect on such day plus (y) 0.10%, (b) the Federal Funds Effective Rate in effect on such day and (c) the Overnight Bank Funding Rate in effect on such day; provided, that during the continuance of a Benchmark Unavailability Period, the Federal Funds Rate shall be, for any day, a rate per annum equal to the sum of (1) the greater of (i) the Federal Funds Effective Rate in effect on such day and (ii) the Overnight Bank Funding Rate in effect on such day plus (2) 0.10%; provided, further that notwithstanding the rate calculated in accordance with the foregoing, at no time shall the Federal Funds Rate be less than 0% per annum.

"<u>Federal Reserve Board</u>": the Board of Governors of the Federal Reserve System of the United States of America.

"<u>Financing Lease</u>": any lease of property, real or personal, the obligations of the lessee in respect of which are required in accordance with GAAP to be capitalized on a balance sheet of such lessee.

"<u>Fund</u>": as defined in the Preamble hereto.

"<u>GAAP</u>": generally accepted accounting principles in the United States of America in effect from time to time.

"<u>Governmental Authority</u>": any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

"<u>Guarantee Obligation</u>": as to any Person (the "<u>guaranteeing person</u>"), any obligation of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the "<u>primary obligations</u>") of any other third Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; <u>provided</u>, <u>however</u>, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the

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lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person's maximum reasonably anticipated liability in respect thereof as determined by such guaranteeing person in good faith.

"<u>Indebtedness</u>": of any Person at any date, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), (b) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar debt instrument, (c) any obligations of such Person under Financing Leases or Interest Rate Agreements or Swap Obligations as calculated daily on a marked-to-market basis in accordance with GAAP, (d) all obligations of such Person in respect of acceptances (as defined in Section 3-410 of the UCC) issued or created for the account of such Person, (e) all reimbursement obligations (contingent or otherwise) of such person arising out of any letters of credit, and (f) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof.

"<u>Indemnitee</u>": as defined in <u>Section</u> <u>9.5(c)</u>.

"<u>Interest Accrual Date</u>": with respect to each Loan (x) the last day of each calendar month in which such Loan is outstanding, (y) in connection with any prepayment, the date of such prepayment, and (z) the Maturity Date.

"<u>Interest Payment Date</u>": with respect to any Loan and any Interest Accrual Date, the earliest of (x) the day five Business Days after such Interest Accrual Date for such Loan, (y) in connection with any prepayment, the date of such prepayment and (z) the Termination Date.

"<u>Interest Rate Agreement</u>": any interest rate protection agreement, interest rate future, interest rate option, interest rate swap, interest rate cap or other interest rate hedge or arrangement under which a Borrower or Registrant, on behalf of a series thereof that is a Borrower, is a party or a beneficiary.

"<u>Interfund Lending</u>": lending by a series advised by Columbia Management to one or more other series advised by Columbia Management, or borrowing by a series advised by Columbia Management from one or more other series advised by Columbia Management, in either case pursuant to an Interfund Lending Exemptive Order, or otherwise allowed by any Applicable Law.

"<u>Interfund Lending Exemptive Order</u>": an exemptive order, including any amended or supplemental order, issued by the Securities and Exchange Commission authorizing Interfund Lending.

"<u>Interfund Loan</u>": a loan to a Borrower pursuant to an Interfund Lending arrangement.

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"<u>Investment Management Agreement</u>": as to each Registrant on behalf of a series thereof that is a Borrower, the Investment Management Services Agreement set forth on <u>Schedule III</u>.

"<u>Investment Policies</u>": as to each Borrower, the fundamental and non-fundamental policies, and related limits and restrictions, on investing by such Borrower set forth in the statement of additional information for such Borrower, as such statement of additional information may be amended or supplemented from time to time.

"<u>JP Morgan</u>": JPMorgan Chase Bank, N.A., a national banking association.

"<u>Lender-Related Person</u>": as defined in <u>Section</u> <u>9.5(b)</u>.

"<u>Lenders</u>": as defined in the Preamble hereto.

"<u>Liabilities</u>" means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

"<u>Lien</u>": any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement and any Financing Lease having substantially the same economic effect as any of the foregoing).

"<u>Loan Documents</u>": this Agreement, the Notes and all other agreements, instruments, and other documents entered into in connection with the commercial lending facility made available hereunder, and all amendments and supplements thereto.

"<u>Loans</u>": all loans made pursuant to this Agreement; individually, a "<u>Loan</u>".

"<u>Material Adverse Effect</u>": a material adverse effect on (a) the business, financial condition, operations or ability to timely perform any of its material obligations under the Loan Documents of a Registrant or a Borrower or (b) the legality, validity, binding nature or enforceability of the Loan Documents or the rights or remedies of the Administrative Agent or the Lenders hereunder or thereunder.

"<u>Maturity Date</u>": as to each Loan, the date which is the earliest of (a) 60 days after the Borrowing Date for such Loan (or, with respect to a Swing Line Loan, seven days after the Borrowing date therefor), (b) the Termination Date and (c) the payment in full of such Loan.

"<u>Moody's</u>": Moody's Investors Service, Inc.

"<u>Non-Excluded Taxes</u>": as defined in <u>Section</u> <u>2.11</u>.

"<u>Non-Pro Rata Lender</u>": any Lender making a Non-Pro Rata Loan.

"<u>Non-Pro Rata Loan</u>": (i) any Loan to an Affected Borrower or (ii) in the event any Loans are outstanding to one or more Affected Borrowers and, as a result thereof, not all of

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the Aggregate Commitment is available to be borrowed by one or more Unaffected Borrowers, any Loan made by the Bank-Advisor to such Unaffected Borrower.

"<u>Non-Recourse Person</u>": as defined in <u>Section</u> <u>9.15</u>.

"<u>Notes</u>": the collective reference to the Revolving Credit Notes; individually, a "<u>Note</u>".

"<u>NYFRB</u>": the Federal Reserve Bank of New York.

"<u>NYFRB's Website</u>": the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"<u>Obligations</u>": all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrowers arising under any Loan Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Borrower or any Affiliate thereof of any proceeding under any debtor relief laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed or allowable claims in such proceeding. Without limiting the foregoing, the Obligations include (a) the obligation to pay principal, interest, charges, expenses, fees, indemnities and other amounts payable by the Borrowers under any Loan Document and (b) the obligation of the Borrowers to reimburse any amount in respect of any of the foregoing that the Administrative Agent or any Lender, in each case in its sole discretion, may elect to pay or advance on behalf of the Borrower.

"<u>Other Lender</u>": any Lender other than a Bank-Advisor.

"<u>Outbound Investment Rules</u>": means the regulations administered and enforced, together with any related public guidance issued, by the United States Treasury Department under U.S. Executive Order 14105 of August 9, 2023, or any similar law or regulation; as of the date of this Agreement, and as codified at 31 C.F.R. § 850.101 et seq.

"<u>Overnight Bank Funding Rate</u>": for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on the NYFRB's Website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

"<u>Payment</u>": as defined in <u>Section</u> <u>8.6(c)</u>.

"<u>Payment Notice</u>": as defined in <u>Section</u> <u>8.6(c)</u>.

"<u>Participant</u>": as defined in <u>Section</u> <u>9.6(b)</u>.

"<u>Person</u>": an individual, partnership, limited liability company, corporation, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

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"<u>Plan</u>": at a particular time, any employee benefit plan covered by ERISA which any Registrant or any Fund maintains.

"<u>Prime Broker Agreement</u>": As to the Funds listed on <u>Schedule V</u>, the related agreement set forth on <u>Schedule V</u>.

"<u>Proceeding</u>" means any claim, litigation, investigation, action, suit, arbitration or administrative, judicial or regulatory action or proceeding in any jurisdiction.

"<u>Pro Rata Allocation</u>": as to each Borrower, the percentage amount stated in <u>Schedule Ia</u>; <u>provided</u> that, if no Event of Default shall have occurred and be continuing, Columbia Management, on behalf of the Borrowers and without the consent of the Lenders, by written notice to the Administrative Agent, may change the Pro Rata Allocations from time to time in Columbia Management' sole discretion; <u>provided</u> <u>further</u>, that while an Event of Default has occurred and is continuing with respect to a Borrower, the Pro Rata Allocations may be changed in such manner as long as the Pro Rata Allocation of any such defaulting Borrower is not increased; and <u>provided</u> <u>further</u>, that, after any change in Pro Rata Allocations, the aggregate amount of all Pro Rata Allocations shall equal 100%. The delivery of such written notice shall constitute a representation and warranty by the Borrowers as of the date thereof that no Event of Default has occurred and is continuing with respect to each Borrower whose Pro Rata Allocation has been increased.

"<u>Prospectus</u>": at a particular time, and as to a Fund, the currently effective prospectus and statement of additional information of such Fund.

"<u>Reference Time</u>": with respect to any setting of Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable discretion and in consultation with the Borrowers.

"<u>Register</u>": as defined in <u>Section</u> <u>9.6(d)</u>.

"<u>Registrant</u>": as defined in the Preamble hereto.

"<u>Registration Statement</u>": as to a Fund, the applicable portions of the registration statement of the Registrant of which such Fund is a series as filed with the Securities and Exchange Commission under the Securities Act and the 1940 Act.

"<u>Regulation T</u>": Regulation T of the Board of Governors of the Federal Reserve System as in effect from time to time.

"<u>Regulation U</u>": Regulation U of the Board of Governors of the Federal Reserve System as in effect from time to time.

"<u>Regulation X</u>": Regulation X of the Board of Governors of the Federal Reserve System as in effect from time to time.

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"<u>Related Parties</u>" means, with respect to any specified Person, such Person's Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person's Affiliates.

"<u>Required Lenders</u>": at any time, Lenders having Credit Exposures and Available Commitments representing more than 50% of the sum of total Credit Exposures and Available Commitments at such time; <u>provided</u> that the Credit Exposure and Available Commitment of any Defaulting Lender shall be disregarded in the determination of the Required Lenders at any time and <u>provided</u> <u>further</u> that the Credit Exposures and Available Commitments of any Bank-Advisor shall be disregarded in the determination of the Required Lenders with respect to any amendment, modification, waiver or forbearance solely relating to the relevant Affected Borrower of such Bank-Advisor.

"<u>Requirement of Law</u>": as to any Person, the certificate of incorporation, by-laws, partnership agreement, operating agreement or other organizational or governing documents of such Person, and any Applicable Law.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible Officer</u>": the president, vice president, treasurer, secretary, assistant treasurer or assistant secretary of a Registrant, or, with respect to financial matters, the treasurer or assistant treasurer of such Registrant.

"<u>Reverse Repurchase Transaction</u>": a transaction whereby a Borrower or Registrant, on behalf of a series thereof that is a Borrower, (i) transfers possession of a security it owns (but not record ownership or the right to receive interest and principal payments thereon) to another party in exchange for a percentage of the value of the security (for purposes of this definition, the "<u>payment proceeds</u>"), and (ii) repossesses the security at an agreed upon future date by remitting the payment proceeds plus interest.

"<u>Revolving Credit Loan</u>": as defined in <u>Section</u> <u>2.1</u>.

"<u>Revolving Credit Note</u>": as defined in <u>Section</u> <u>2.5(e)</u>.

"<u>S&P</u>": Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies.

"<u>Sanctions</u>" means economic or financial sanctions, trade embargoes or similar restrictions imposed, administered or enforced from time to time by the U.S. government, the government of Canada, the United Nations or the European Union and its member countries, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, the United Nations Security Council, the European Union, any European Union member state, His Majesty's Treasury, the Hong Kong Monetary Authority, or other relevant sanctions authority or other relevant authority.

"<u>Sanctioned Country</u>": at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, the so—called Donetsk

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People's Republic, the so- called Luhansk People's Republic, the Crimea, Zaporizhzhia and Kherson Regions of Ukraine, Cuba, Iran, and North Korea).

"<u>Sanctioned Person</u>" means, at any time, any Person subject or target of any Sanctions, including (a) any Person that is the subject of any Sanctions, including without limitation any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the U.S. Department of Commerce or by the United Nations Security Council, the European Union, Canada, any European Union member state, His Majesty's Treasury, the Hong Kong Monetary Authority or other relevant sanctions authority, (b) any Person operating, located, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b) (including, without limitation for purposes of defining a Sanctioned Person, as ownership and control may be defined and/or established in and/or by any applicable laws, rules, regulations, or orders).

"<u>Securities Act</u>": the Securities Act of 1933, as amended, together with all rules and regulations promulgated from time to time thereunder.

"<u>Senior Securities Representing Indebtedness</u>": any Senior Security other than stock or other equity securities.

"<u>Senior Security</u>": any bond, debenture, note or similar obligation or instrument constituting a security and evidencing indebtedness (including without limitation all Loans), and any share of beneficial interest or common stock, as the case may be, of a Fund, of a class (other than a class established in accordance with Section 18 of the 1940 Act) having priority over any other class of shares of such Fund as to distribution of assets or payment of dividends.

"<u>SOFR</u>": for any day, a rate per annum equal to the secured overnight financing rate published by the SOFR Administrator on the SOFR Administrator's Website on the immediately succeeding U.S. Government Securities Business Day.

"<u>SOFR Administrator</u>": the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>": the NYFRB's website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>Subsidiary</u>": as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. For the avoidance of doubt, any Fund or series of capital stock of a Registrant shall not constitute a Subsidiary.

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"<u>Swap Obligation</u>": as to any Person, any net obligation of such Person arising out of (i) any "<u>swap agreement</u>" (as defined in Section 101(53B) of the Bankruptcy Code), (ii) any equity swap, floor, collar, cap or option transaction, (iii) any option to enter into any of the foregoing or (iv) any combination of the foregoing.

"<u>Swing Line Agent</u>": JPMorgan.

"<u>Swing Line Commitment</u>": with respect to each Swing Line Lender, the obligation of such Swing Line Lender to make Swing Line Loans pursuant to <u>Section</u> <u>2.13</u> in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Swing Line Lender's name on <u>Schedule II</u> under the heading "Amount of Swing Line Commitment."

"<u>Swing Line Exposure</u>": at any time, the aggregate principal amount of all Swing Line Loans outstanding at such time to all Borrowers. The Swing Line Exposure of any Lender at any time shall be the amount of such Lender's funded or unfunded obligation to refund the aggregate Swing Line Loans outstanding at such time to all Borrowers (by funding Revolving Credit Loans under <u>Section</u> <u>2.15(a)</u> or by purchasing a participating interest therein under <u>Section</u> <u>2.15(c)</u>) based upon such Lender's Commitment Percentage of the total Swing Line Exposure at such time, as such obligation may be adjusted pursuant to the terms of <u>Section</u> <u>2.2(b)</u>.

"<u>Swing Line Lender</u>": each of JPMorgan, Citibank, N.A., and Wells Fargo Bank, National Association.

"<u>Swing Line Loans</u>": as defined in <u>Section</u> <u>2.13</u>.

"<u>Swing Line Participation Amount</u>": as defined in <u>Section</u> <u>2.15(c)</u>.

"<u>Swing Line Pro Rata Share</u>": (i) as to JPMorgan, 33.34%; (ii) as to Citibank, N.A., 33.33%; and (iii) as to Wells Fargo Bank, National Association, 33.33%.

"<u>Termination Date</u>": October 22, 2026, or such earlier date on which the Commitments shall terminate as provided herein.

"<u>Total Assets</u>": at any time, all assets of a Borrower which in accordance with GAAP would be classified as assets on a balance sheet of such Borrower prepared as of such time; <u>provided</u>, however, that the term Total Assets shall not include (a) equipment, (b) securities owned by a Borrower which are in default, (c) deferred organizational and offering expenses or (d) assets subject to any lien pursuant to a Prime Broker Agreement.

"<u>Transactions</u>" means the execution, delivery and performance by the Borrowers of this Agreement, the borrowing of Loans, the use of the proceeds thereof.

"<u>Transferee</u>": as defined in <u>Section</u> <u>9.6(f)</u>.

"<u>UCC</u>": the Uniform Commercial Code as from time to time in effect in the State of New York.

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"<u>UK Financial Institution</u>": any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>": the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unaffected Borrower</u>": any Borrower other than an Affected Borrower.

"<u>U.S. Government Securities Business Day</u>": any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Person</u>": any United States citizen, lawful permanent resident, entity organized under the laws of the United States or any jurisdiction within the United States, including any foreign branch of any such entity, or any person in the United States.

"<u>Write-Down and Conversion Powers</u>": (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Other Definitional Provisions</u>. (a) Unless otherwise specified therein, all terms defined in this Agreement shall have such defined meanings when used in any Note or other Loan Document or any certificate or other document made or delivered pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used herein and in any Notes or other Loan Document, and any certificate or other document made or delivered pursuant hereto, accounting terms relating to any Registrant or Borrower not defined in <u>Section</u> <u>1.1</u> and accounting terms partly defined in <u>Section</u> <u>1.1</u>, to the extent not defined, shall have the respective meanings given to them under GAAP (as consistently applied).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The words "hereof", "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, subsection, Schedule and Exhibit references are to this Agreement unless otherwise specified.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the avoidance of doubt, as used herein and in any Notes or other Loan Document, (a) the terms "Fund" and "Borrower" shall have the same meaning and (b) any reference to a Fund taking any action shall include the related Registrant, if any, taking such action on behalf of such 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;1.3 <u>Assumptions Regarding Structure</u>. For the sake of clarity and construction, the parties hereto hereby set forth their acknowledgment and agreement that each Borrower that is a series of a Registrant is not a separately existing legal entity entitled to enter into contractual agreements or to execute instruments and, for these reasons, each such Registrant is executing this Agreement and shall execute any respective Note on behalf of its series, as Borrowers, and that such series will utilize the Loans thus made on their behalf. Any action to be taken by a Borrower may be taken by the related Registrant on its behalf. Notwithstanding anything to the contrary in this Agreement, each Borrower shall be liable hereunder only for the Loans made to such Borrower hereunder and interest thereon and for the fees and expenses associated therewith and as otherwise set forth herein, and in no event shall any Borrower or its assets be held liable for the Loans made to any other Borrower hereunder or interest thereon or for the fees and expenses associated therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Interest Rates</u>. The interest rate on a Loan may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. During the continuance of a Benchmark Unavailability Period, the interest rate for Loans will be determined in accordance with the definition of Federal Funds Rate. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including, without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may, in the ordinary course of their business, engage in transactions that affect the calculation of any interest rate permitted to be used in this Agreement or any alternative, successor or alternative rate and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrowers. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrowers, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

SECTION 2. AMOUNT AND TERMS OF COMMITMENTS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Commitments</u>. Subject to the terms and conditions hereof, each Lender severally agrees to make revolving credit loans in Dollars ("<u>Revolving Credit Loans</u>") to each Borrower, from time to time during the Commitment Period, in an aggregate principal amount at any one time outstanding not to exceed the amount of such Lender's Commitment at such time minus the amount of such Lender's Swing Line Exposure at such time. During the Commitment Period, each Borrower may use Commitments by borrowing, prepaying Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof; <u>provided</u> that (i) at no time may the aggregate principal amount outstanding of Revolving Credit Loans and Swing Line Loans to all Borrowers exceed the Aggregate Commitment and (ii) in no event shall any Lender be obligated to make Revolving Credit Loans or Swing Line Loans if it would cause the sum of the aggregate principal amount of such Lender's Revolving Credit Loans, Swing Line Participation Amounts and Swing Line Loans to exceed such Lender's Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Procedure for Borrowing</u>. (a) A Borrower may borrow under the Commitments during the Commitment Period on any Business Day, <u>provided</u> that the Borrower (or a Registrant on its behalf) shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 1:00 P.M. New York City time on the requested Borrowing Date in accordance with <u>Section</u> <u>9.2</u>), specifying (i) the amount to be borrowed, and (ii) the requested Borrowing Date. Subject to <u>Section</u> <u>2.15</u>, the aggregate amount of each borrowing by a Borrower under the Commitments on any Borrowing Date shall be in an amount equal to $100,000 or a whole multiple of $100,000 in excess thereof (or, if the then Available Commitments are less than $100,000, such lesser amount). Upon receipt of any such notice from a Borrower (or a Registrant on its behalf), the Administrative Agent shall promptly notify each Lender thereof. Each Lender will make the amount of its pro rata share of each borrowing available to the Administrative Agent for the account of such Borrower at the office of the Administrative Agent specified in <u>Section</u> <u>9.2</u> prior to 4:00 P.M., New York City time, on the Borrowing Date requested by such Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to such Borrower on such Borrowing Date by the Administrative Agent's transferring by wire to the account of such Borrower the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent; <u>provided</u> that if, on the Borrowing Date of any Revolving Credit Loans of a Borrower, any Swing Line Loans to such Borrower shall be outstanding, the proceeds of such Revolving Credit Loans to such Borrower shall first be applied to pay in full such Swing Line Loans, with any remaining proceeds to be made available to such Borrower as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision hereof to the contrary, the Bank-Advisors may not, and shall not have the obligation to, (i) lend to (including, without limitation as a Swing Line Lender), (ii) participate or purchase a participation in, or make a Revolving Credit Loan to refund, repay or refinance, any Loan (including, without limitation, any Swing Line Loan) made by an Other Lender (including, without limitation, the Swing Line Lender) to, or (iii) share in a Benefited Lender's excess payment or benefits of collateral or proceeds received from, in each case, any of their respective Affected Borrowers. With respect to a borrowing to be made by any Affected Borrower(s) (with borrowings made or to be made by and Loans made or to be made to any Affected Borrower or any Unaffected Borrower to include, for purposes of this <u>Section</u> <u>2.2(b)</u>, borrowings and Loans which are or are to be made to refund, refinance or

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repay Swing Line Loans made to such Affected Borrower or such Unaffected Borrower and participations which are or are to be purchased in Swing Line Loans and other Loans to such Affected Borrower or such Unaffected Borrower), the portion of such borrowing otherwise allocable to the related Bank-Advisor shall be allocated by the Administrative Agent to the Other Lenders (to the extent they have availability under their Commitments, and provided that no Lender shall be required to lend in excess of its Commitment) pro rata according to the amounts of their respective Available Commitments. Whenever borrowings are to be made by one or more Affected Borrowers and one or more Unaffected Borrowers on the same day, then for purposes of calculating the Lenders' respective pro rata shares of borrowings by such Unaffected Borrower(s) there shall first be deducted from the Available Commitment of each Other Lender the amount of the Loans to be made by such Other Lender to the Affected Borrower(s) on such day. In the event that Loans are outstanding to one or more Affected Borrowers and as a result thereof, not all of the Aggregate Commitment is available to be borrowed by one or more Unaffected Borrowers, each Bank-Advisor that has previously not lent to such Affected Borrower(s) shall lend any or all such amounts not lent to such Affected Borrower(s) to such Unaffected Borrower(s) to the extent requested by it in conformance with the terms hereof but in no event more than its Available Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Fees</u>. (a) Each Borrower severally, and neither jointly nor jointly and severally, agrees to pay to the Administrative Agent for the account of each Lender such Borrower's Pro Rata Allocation (as adjusted from time to time in accordance with the terms hereof) of a commitment fee ("<u>Commitment Fee</u>") during the period which shall begin on the first day of the Commitment Period and shall extend to the Termination Date, which Commitment Fee shall be a quarterly fee, computed at the rate of 0.15% per annum on, subject to the last sentence of this <u>Section</u> <u>2.3</u>, the average daily amount of the Available Commitments of all Lenders in the aggregate during each calendar quarter. Such Commitment Fees shall be payable quarterly in arrears for the period ending on each Commitment Fee Accrual Date, payable on the corresponding Commitment Fee Payment Date, commencing on the first Commitment Fee Payment Date to occur after the date hereof. Notwithstanding any other provision hereof to the contrary, solely for the purpose of calculating the Commitment Fee, Swing Line Loans will not be deemed a utilization of the Aggregate Commitments of all Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Borrower severally agrees to pay the Administrative Agent for the account of the Administrative Agent the fees to which it has separately agreed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Termination and Reduction of Commitments</u>. (a) Each Borrower shall have the right, upon not less than three Business Days' notice to the Administrative Agent, to terminate all Commitments and this Agreement, except with respect to provisions which by their terms are expressly stated to survive termination, with respect to such Borrower. Any termination of all Commitments to a Borrower shall be effective as of the last day of the calendar quarter in which such notice is given (or, if effected in connection with a merger permitted under <u>Section</u> <u>6.5</u>, on the effective date of such merger), and shall be accompanied by prepayment in full of the Loans to such Borrower then outstanding, and payment of such Borrower's Pro Rata Allocation of (i) any accrued Commitment Fees payable by such Borrower hereunder and (ii) any other accrued fees, expenses or indemnified liabilities payable by such Borrower hereunder.

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The amount of the Aggregate Commitment shall not be affected by any Borrower's termination. Prior to such termination, Columbia Management shall notify the Administrative Agent in writing as to the Pro Rata Allocations of the remaining Borrowers, effective as of the termination, which notice shall constitute a representation and warranty by each of the remaining Borrowers that no Event of Default has occurred and is continuing with respect to each Borrower whose Pro Rata Allocation has been increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest accrued on the amount of any prepayment relating to such termination and any unpaid Commitment Fee accrued hereunder shall be paid on the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the effective date of such termination, the terminating Borrower shall no longer be obligated to pay Commitment Fees hereunder or any share of any other fees, expenses, or indemnified liabilities that may accrue thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrowers shall have the right, upon not less than three Business Days' notice to the Administrative Agent, to reduce the Aggregate Commitment. Any such reduction shall be accompanied by prepayment in full of the Loans to the Borrowers then outstanding that are in excess of the Aggregate Commitment as reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Administrative Agent shall provide each Lender with prompt notice of any Commitment changes pursuant to this <u>Section</u> <u>2.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Repayment of Loans; Evidence of Debt</u>. (a) Each Borrower hereby severally and unconditionally, but not jointly or jointly and severally, promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan of such Lender to such Borrower on the Maturity Date for such Loan (or such earlier date on which the Loans become due and payable pursuant to <u>Sections 2.4(a)</u>, <u>2.4(d)</u>, <u>2.6(b)</u> or <u>7</u>). Each Borrower hereby further severally, but not jointly or jointly and severally, agrees to pay to the Administrative Agent for the account of each Lender interest on the unpaid principal amount of the Loans to such Borrower from time to time outstanding from the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in <u>Section</u> <u>2.7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of each Borrower to such Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent shall maintain the Register pursuant to <u>Section</u> <u>9.6(d)</u>, and a subaccount therein for each Lender, in which shall be recorded (i) the amount of each Loan made hereunder, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of any principal or interest and any other payments received by the Administrative Agent hereunder from each Borrower and each Lender's share thereof. The Administrative Agent shall provide a copy of the Register to each Borrower promptly upon request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The entries made in the Register and the accounts of each Lender maintained pursuant to <u>Section</u> <u>2.5(b)</u> shall, to the extent permitted by Applicable Law, be <u>prima</u> <u>facie</u> evidence of the existence and amounts of the obligations of the Borrowers therein recorded; <u>provided</u>, <u>however</u>, that the failure of any Lender or the Administrative Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of any Borrower to repay (with applicable interest) the Loans made to such Borrower by such Lender in accordance with the terms of this Agreement. In the event of a conflict between the Register and such accounts, the Register shall be rebuttably presumed to be correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Registrant agrees that, upon the request of any Lender to the Administrative Agent, such Registrant will execute and deliver to such Lender a promissory note evidencing the Loans of such Lender to its applicable Borrower substantially in the form of <u>Exhibit 2.5(e)</u> with appropriate insertions as to date and principal amount (a "<u>Revolving Credit Note</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The obligations of each Borrower under its Notes and this Agreement shall be several and neither joint nor joint and several. Notwithstanding anything to the contrary contained in this Agreement, the parties hereto acknowledge and agree that the sole source of payment of the obligations of each Borrower hereunder, including, without limitation, the principal of and interest on each Loan made hereunder to any Borrower, the Commitment Fee payable pursuant to <u>Section</u> <u>2.3</u> and any other amounts attributable to the Loans made hereunder to any Borrower shall be the revenues and assets of such Borrower, and not the revenues and assets of any other Borrower (except as provided in <u>Section</u> <u>9.5(f)</u>) or the revenues and assets of the respective Registrant acting on behalf of a Borrower (except to the extent of the revenues and assets of such Borrower).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Optional and Mandatory Prepayments</u>. (a) Each Borrower may prepay the Loans made to it, in whole or in part, without premium or penalty, upon at least one Business Day's notice to the Administrative Agent, specifying the date and amount of prepayment. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein. Partial prepayments shall be in an aggregate principal amount of at least $100,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, at any time and from time to time, either (i) (x) for each Borrower other than Designated Borrowers, the Asset Coverage Ratio for such Borrower shall be less than 300%, or (y) for each Designated Borrower, the Asset Coverage Ratio shall be less than the Designated Borrower Asset Coverage Ratio Percentage for such Designated Borrower, or (ii) the aggregate amount of all borrowings of a Borrower (including without limitation the Loans made to a Borrower) then outstanding exceeds the borrowing limits provided in such Borrower's Prospectus; <u>then</u> in each case within three Business Days thereafter such Borrower shall repay Loans made to such Borrower to the extent necessary to ensure that (x) the Asset Coverage Ratio of all borrowings of such Borrower after such payments is in compliance with applicable covenants concerning minimum Asset Coverage Ratios set forth in this Agreement and (y) the

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aggregate amount of all borrowings made to such Borrower then outstanding does not after such payments exceed such limits, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Interest Rates and Payment Dates</u>. (a) Each Loan shall bear interest at a rate per annum equal to the Federal Funds Rate plus the Applicable Margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon (i) the occurrence and continuance of any Event of Default specified in <u>Section</u> <u>7(e)</u> with respect to a Borrower or (ii) notice given by the Administrative Agent or the Required Lenders to the Borrower of any other Event of Default, all Loans outstanding to such Borrower shall bear interest at a rate per annum which is the rate that would otherwise be applicable thereto pursuant to the provisions of <u>Section</u> <u>2.7(a)</u>, plus 2%. If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any Commitment Fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the Federal Funds Rate plus the Applicable Margin plus 2% from the date of such non-payment until such amount is paid in full. For the avoidance of doubt, the parties hereby agree that the maximum amount of interest payable on the principal amount of any Loan pursuant to this <u>Section</u> <u>2.7</u> shall not exceed the sum of the Federal Funds Rate plus the Applicable Margin plus 2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest for the period to, but excluding, each Interest Accrual Date shall be payable in arrears on the relevant Interest Payment Date, <u>provided</u> that interest accruing pursuant to the second sentence of paragraph (b) of this <u>Section</u> <u>2.7</u> shall be payable from time to time on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Computation of Interest and Fees</u>. (a) Commitment Fees and interest shall be calculated on the basis of a 360-day year for the actual days elapsed. Any change in the interest rate on a Loan resulting from a change in the Federal Funds Rate shall become effective as of the opening of business on the day on which such change becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on each Borrower and the Lenders in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Pro Rata Treatment and Payments</u>. (a) Each borrowing by a Borrower from the Lenders hereunder (except as set forth in <u>Section</u> <u>2.2(b)</u>) shall be made pro rata according to the respective Commitment Percentages of the Lenders that are obligated to lend to such Borrower and any reduction of the Commitments of the Lenders shall be made pro rata according to the respective Commitment Percentages of the Lenders. Each payment by a Borrower on account of any Commitment Fee hereunder shall be made pro rata according to the respective Available Commitments of the Lenders. Each payment (including each prepayment) by a Borrower on account of principal of and interest on the Loans shall be made pro rata according to the respective outstanding principal amounts of the Loans of such Borrower then held by the Lenders. All payments (including prepayments) to be made by a Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made no later than 12:00 Noon New York City time, on the due date thereof to the Administrative Agent, for

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the account of the Lenders, at its applicable office or offices as described in an Administrative Questionnaire provided by the Administrative Agent to a Borrower from time to time in Dollars, in immediately available funds and without set-off, counterclaim or deduction of any kind (other than deductions expressly permitted by this Agreement). The Administrative Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received. If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day, and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its Commitment Percentage of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to a Borrower a corresponding amount. If such amount is not made available by a Lender to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon at a rate equal to the daily average Federal Funds Rate for the period commencing with such Borrowing Date until such Lender makes such amount immediately available to the Administrative Agent (it being understood that none of the Borrowers shall be obligated to repay any such interest paid by the non-funding Lender). A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error. If such Lender's Commitment Percentage of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days of such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon from the date of borrowing at the rate per annum applicable to Loans hereunder, on or before three Business Days following demand therefor, from the relevant Borrower (and such Borrower may borrow under the Commitments or under the Swing Line Commitment to satisfy such demand; <u>provided</u> that, for purposes of determining the Available Commitment, the Commitment of any non-funding Lender shall be excluded). The Administrative Agent shall request of each Lender other than the non-funding Lender that it fund the non-funding Lender's defaulted Commitment (each such other Lender having no commitment or obligation so to fund in excess of its Commitment), and if such funding does not occur the Administrative Agent shall use its reasonable efforts to obtain funding of such defaulted Commitment from third-party lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Requirements of Law</u>. (a) If any Lender shall have reasonably determined that any Change in Law regarding capital or liquidity requirements or capital adequacy shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder to a level below that which such Lender or such corporation could have achieved but for such Change in Law (taking into consideration such Lender's or such corporation's reasonable policies with respect to capital adequacy) by an amount determined by such Lender to be material, then from time to time, each Borrower shall promptly pay to such Lender such additional amount or amounts as will reasonably compensate such Lender for such reduction. "<u>Change in Law</u>" means (a) the adoption of any law, rule or

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regulation after the date of this Agreement by any Governmental Authority, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of this <u>Section</u> <u>2.10(a)</u>, by any lending office of such Lender or by such Lender's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives promulgated by any relevant Government Authority thereunder or issued in connection therewith shall be deemed to be a "Change in Law", regardless of the date enacted, adopted or issued, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or any relevant Government Authority, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law" regardless of the date enacted, adopted, issued or implemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender becomes entitled to claim, and determines that it will collect from the Borrowers, any additional amounts pursuant to this Section, it shall promptly notify the Borrowers (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled by providing a certificate setting forth in reasonable detail the basis for the claim for additional amounts, the amounts required to be paid by the Borrowers to such Lender, and the computations made by such Lender to determine the amounts; <u>provided</u> that such Lender shall not be required to disclose any confidential information. Such certificate as to any additional amounts payable pursuant to this Section submitted by such Lender to the Borrowers (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. No Borrower shall be responsible to compensate such Lender for additional amounts attributable to another Borrower's Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such compensation; <u>provided</u> that the Borrowers shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 45 days prior to the date that such Lender notifies the Borrowers of the change in the Requirement of Law giving rise to such increased costs or reductions and of such Lender's intention to claim compensation therefor; <u>provided</u> <u>further</u> that, if the change in the Requirement of Law giving rise to such increased costs or reductions is retroactive, then the 45-day period referred to above shall be extended to include the period of retroactive effect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Lender agrees that, upon the occurrence of any event giving rise to the operation of <u>Section</u> <u>2.10(a)</u> with respect to such Lender, it will, if requested by the Borrowers, use reasonable efforts (subject to overall policy considerations of such Lender) to avoid or mitigate any additional amounts payable to the greatest extent practicable (including transferring the Loans affected by such event to another lending office), unless in the opinion of such Lender, such efforts would result in such Lender (or

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its lending office) suffering an economic, legal or regulatory disadvantage. Nothing in this clause (d) shall affect or postpone any of the obligations of the Borrowers or the right of any Lender provided in this <u>Section</u> <u>2.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The agreements in this Section shall survive termination of the Commitments, this Agreement and repayment of the Loans and all amounts payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Taxes</u>. (a) All payments made by any Borrower under this Agreement and any Notes shall be made free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding (i) all present and future income taxes and franchise taxes (imposed in lieu of net income taxes) imposed on the Administrative Agent or any Lender as a result of a present or former connection between the Administrative Agent or such Lender and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from the Administrative Agent or such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any Note), (ii) any tax imposed by reason of any present or former connection between the jurisdiction imposing such tax and a Lender other than a connection arising from such Lender having executed, delivered or performed its obligations under, or received payment under, or enforced this Agreement, (iii) any tax that is imposed otherwise than by withholding by the Borrowers from such payments (other than a tax imposed on a Lender due to the Borrower's failure to deduct or withhold such tax), and any interest, penalties (unless due to a Lender's actions or failure to take actions that (x) were not caused by a Borrower and (y) are legally required to avoid such penalty) or similar liabilities with respect thereto, or (iv) any U.S. federal withholding taxes imposed under FATCA. If any such non-excluded taxes, levies, imposts, duties, charges, fees deductions or withholdings ("<u>Non-Excluded Taxes</u>") are required to be withheld from any amounts payable to the Administrative Agent or any Lender hereunder or under any Note, the amounts so payable to the Administrative Agent or such Lender shall be increased to the extent necessary to yield to the Administrative Agent or such Lender (after payment of all Non-Excluded Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this Agreement, <u>provided</u>, <u>however</u>, that a Borrower shall not be required to increase any such amounts payable to any Lender that is organized under the laws of a jurisdiction outside the United States of America if such Lender fails to comply with the requirements of paragraph (c) of this Section. Whenever any Non-Excluded Taxes are payable by a Borrower, as promptly as possible thereafter such Borrower shall send to the Administrative Agent for its own account or for the account of such Lender, as the case may be, a certified copy of an original official receipt received by such Borrower showing payment thereof. If a Borrower fails to pay any Non-Excluded Taxes when due to the appropriate taxing authority or fails to remit to the Administrative Agent the required receipts or other required documentary evidence, such Borrower shall indemnify the Administrative Agent and the Lenders for any incremental taxes, interest or penalties that may become payable by the Administrative Agent or any Lender as a result of any such failure. The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Borrower pays any additional amount pursuant to this Section 2.11 to a Lender and such Lender determines in good faith, that it has actually received or realized in connection therewith any refund or any reduction of, or credit against, its Non-Excluded Tax liabilities in or with respect to the taxable year in which the additional amount is paid (a "<u>Tax Benefit</u>"), such Lender shall pay to such Borrower an amount that such Lender shall, in good faith, determine is equal to the net benefit, after tax, which was obtained by such Lender in such year as a consequence of such Tax Benefit, provided, however, that (i) any Lender may determine, in good faith, consistent with the policies of such Lender, whether to seek a Tax Benefit (provided that a Lender shall claim a Tax Benefit if it determines in good faith that claiming such Tax Benefit will not otherwise be disadvantageous to such Lender); (ii) any Non-Excluded Taxes that are imposed on a Lender as a result of a disallowance or reduction (including through the expiration of any tax credit carryover or carryback of such Lender that otherwise would not have expired) of any Tax Benefit with respect to which such Lender has made a payment to a Borrower pursuant to this <u>Section</u> <u>2.11(b)</u> shall be treated as a Non-Excluded Tax for which such Borrower is obligated to indemnify such Lender pursuant to this <u>Section</u> <u>2.11</u>; (iii) nothing in this <u>Section</u> <u>2.11(b)</u> shall require any Lender to disclose any confidential information to any Borrower (including, without limitation, its tax returns); and (iv) no Lender shall be required to pay any amounts pursuant to this <u>Section</u> <u>2.11(b)</u> at any time during which a Default or Event of Default has occurred and is continuing. Any payment (or determination that no payment is due) by a Lender with respect to a Tax Benefit pursuant to this <u>Section</u> <u>2.11</u> shall be accompanied by a schedule reasonably detailing the calculations for determining the amount of the Tax Benefit, provided, however, that no Lender shall be required to substantiate the basis of its calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deliver to Columbia Management and the Administrative Agent prior to any payments being made under this Agreement or the Notes (A) if such Lender is organized under the laws of a jurisdiction outside the United States of America, two duly completed copies of United States Internal Revenue Service Form W-8BEN-E, Form W-8IMY or Form W-8ECI, or successor applicable forms, appropriate for such Lender, or (B) if such Lender is organized under the laws of a jurisdiction within the United States of America, an Internal Revenue Service Form W-9, or successor form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deliver to Columbia Management and the Administrative Agent two further properly completed copies of any such form or certification on or before the date that any such form or certification expires or becomes obsolete and after the occurrence of any event requiring a change in the most recent form previously delivered by it to Columbia Management; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) obtain such extensions of time for filing and complete such forms or certifications as may reasonably be requested by Columbia Management or the Administrative Agent;

unless in any such case an event (including, without limitation, any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such Lender from lawfully completing and delivering any such form with respect to it and such Lender so advises Columbia Management and the Administrative Agent. Such Lender shall certify (A) in the case of a Form W-8BEN-E, Form W-8IMY or Form W-8ECI, that it is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes and (B) in the case of a Form W-9, that it is entitled to an exemption from United States backup withholding tax. Each Person that shall become a Lender or a Participant pursuant to <u>Section</u> <u>9.6</u> shall, upon the effectiveness of the related transfer, be required to provide all of the forms and statements required pursuant to this Section, provided that in the case of a Participant such Participant shall furnish all such required forms and statements to the Lender from which the related participation shall have been purchased. If a payment made to any Lender or the Administrative Agent under this Agreement or any Notes would be subject to U.S. federal withholding tax imposed by FATCA if such Lender or the Administrative Agent were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender or the Administrative Agent shall deliver to the Borrowers and the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrowers or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary for the Borrowers and the Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender or the Administrative Agent has or has not complied with such Lender's or the Administrative Agent's obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this <u>Section</u> <u>2.11(c)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of determining withholding taxes imposed under FATCA, from and after the Closing Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Agreement as not qualifying as a "grandfathered obligation" within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The agreements in this Section shall survive termination of the Commitments, this Agreement and repayment of the Loans and all amounts payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Change of Lending Office; Replacement of Lender</u>. (a) Each Lender agrees that if it makes any demand for payment under <u>Section</u> <u>2.10</u>, or any additional amounts are payable under <u>Section</u> <u>2.11</u>, it will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions and so long as such efforts would not be disadvantageous to it, as determined in its sole discretion) to designate a different lending office if the making of

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such a designation would reduce or obviate the need for a Borrower to make payments under <u>Section</u> <u>2.10</u> or payment of additional amounts under <u>Section</u> <u>2.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender (the "<u>Replaced Lender</u>") (i) shall have required compensation pursuant to <u>Section</u> <u>2.10</u>, or payment of additional amounts under <u>Section</u> <u>2.11</u>, or (ii) is a Defaulting Lender, the Borrowers shall have the right, with the consent of the Administrative Agent (which shall not be unreasonably withheld), to substitute such Replaced Lender with an Eligible Lender whose compensation requirements, if any, in respect of such sections are less than those of the Replaced Lender (such Eligible Lender, a "<u>Replacement Lender</u>") satisfactory to the Borrowers (which may be one or more of the other then existing Lenders if they, in their sole discretion, elect to become such Replacement Lender) to assume the Commitment of such Replaced Lender and to purchase the Notes held by such Replaced Lender, if any, for an amount equal to the principal of, and accrued and unpaid interest on, such Notes, together with the fee specified in <u>Section</u> <u>9.6(e)</u> and any other costs reasonably incurred by such Replaced Lender in connection with its sale of such Notes and the assignment of such Commitment (without recourse to or warranty by such Replaced Lender and subject to all amounts due and owing to such Lender under this Agreement having been paid in full). Upon the exercise of such right by the Borrowers and the satisfaction of such conditions thereto, such Replaced Lender shall convey its interest to the Replacement Lender in accordance with the procedures set forth in <u>Section</u> <u>9.6(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <u>Swing Line Commitment</u>. Subject to the terms and conditions hereof, each Swing Line Lender agrees to make available to each Borrower a portion of the credit otherwise available under the Commitments from time to time during the Commitment Period by making swing line loans ("<u>Swing Line Loans</u>") to such Borrower in an aggregate principal amount not to exceed at any one time outstanding such Swing Line Lender's Swing Line Commitment; <u>provided</u>, <u>however</u>, that the Swing Line Loans outstanding at any time, when aggregated with such Swing Line Lender's other outstanding Revolving Credit Loans hereunder, may not exceed the Swing Line Lender's Commitment then in effect; and <u>provided further</u>, <u>however</u>, that on the date of the making of any Swing Line Loan and while any Swing Line Loan is outstanding, the sum of the aggregate principal amount of all outstanding Revolving Credit Loans and Swing Line Loans shall not exceed the Aggregate Commitment (less the Commitment of any non-funding Lender referred to in <u>Section</u> <u>2.9(b)</u>). During the Commitment Period applicable to each Borrower, such Borrower may use the Swing Line Commitment by borrowing, repaying and reborrowing, all in accordance with the terms and conditions hereof. Each Swing Line Loan shall bear interest at a rate per annum equal to the Federal Funds Rate plus the Applicable Margin. In no event shall any Lender be obligated to make Revolving Credit Loans or Swing Line Loans if it would cause the sum of the aggregate principal amount of such Lender's Revolving Credit Loans, Swing Line Participation Amounts and Swing Line Loans to exceed such Lender's Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 <u>Procedure for Swing Line Borrowing</u>. Whenever a Borrower desires that the Swing Line Lenders make Swing Line Loans under <u>Section</u> <u>2.13</u>, the Borrower (or the applicable Registrant of which it is a series) shall give the Swing Line Agent irrevocable telephonic notice confirmed promptly in writing, by facsimile or other mutually acceptable electronic transmission medium, in the matter set forth in <u>Section</u> <u>9.2</u> hereof, or such other

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person or persons which may be designated by the Swing Line Agent from time to time (which telephonic notice must be received by the Swing Line Agent not later than 1:00 P.M., New York City time, on the proposed Borrowing Date, and which written confirmation must be received by the Swing Line Agent on the proposed Borrowing Date in form and substance satisfactory to the Swing Line Agent), specifying the amount of each requested Swing Line Loan. Each borrowing under the Swing Line Commitment shall be in an amount equal to $250,000 or an integral multiple of $100,000 in excess thereof. Upon receipt of any such notice from a Borrower (or the applicable Registrant), the Swing Line Agent shall promptly notify the Administrative Agent thereof, and the Administrative Agent shall promptly notify the Swing Line Lenders thereof. Upon receipt of notice of a request for a Swing Line Loan from the Administrative Agent, each Swing Line Lender shall make its Swing Line Pro Rata Share of such borrowing available to such Borrower, on the Borrowing Date requested by such Borrower, by transferring such amount by wire or book entry to the account of such Borrower such Swing Line Loan in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 <u>Refunding of Swing Line Loans</u>. (a) Either the Swing Line Agent or the Administrative Agent, at any time in its sole and absolute discretion may, and on the seventh day (or if such day is not a Business Day, the next Business Day following the seventh day) after the Borrowing Date with respect to any Swing Line Loans to a Borrower shall, on behalf of such Borrower (and each Borrower hereby irrevocably directs the Swing Line Agent and Administrative Agent to so act on its behalf and with respect to such Borrower), upon notice given by the Swing Line Agent to the Administrative Agent, or by the Administrative Agent, no later than 10:00 A.M., New York City time, on the relevant refunding date, request each Lender to make, and, subject to <u>Section</u> <u>2.2(b)</u>, each Lender hereby agrees to make, a Revolving Credit Loan to such Borrower, at the rate applicable to the Swing Line Loans of such Borrower, in an amount equal to such Lender's Commitment Percentage of the amount of such Swing Line Loans of such Borrower (the "<u>Refunded Swing Line Loans</u>") outstanding on the date of such notice, to repay the Swing Line Lenders. Each Lender shall make the amount of such Revolving Credit Loan available to the Administrative Agent at its office set forth in <u>Section</u> <u>9.2</u> in immediately available funds, no later than 1:00 P.M., New York City time, on the date of such notice. The proceeds of such Revolving Credit Loans shall be distributed by the Administrative Agent to the Swing Line Lenders and immediately applied by the Swing Line Lenders to repay the Refunded Swing Line Loans. Effective on the day such Revolving Credit Loans are made, the portion of the Swing Line Loans so paid shall no longer be outstanding as Swing Line Loans. Notwithstanding any provision hereof to the contrary, if prior to the seventh day (or if such day is not a Business Day, the next Business Day following such seventh day) after the Borrowing Date with respect to any Swing Line Loan, any Swing Line Lender lending such Swing Line Loan requests the refunding of such Swing Line Loan as described in the first sentence above, the Administrative Agent shall effect the refunding of all outstanding Swing Line Loan as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The making of any Swing Line Loan hereunder at the request of a Borrower shall be subject to the satisfaction of the applicable conditions precedent thereto set forth in <u>Section</u> <u>4</u> (unless otherwise waived in accordance with <u>Section</u> <u>9.1</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If prior to the making of a Revolving Credit Loan to a Borrower pursuant to <u>Section</u> <u>2.15(a)</u> one of the events described in paragraph (e) of <u>Section</u> <u>7</u> shall

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have occurred with respect to such Borrower, each Lender severally, unconditionally and irrevocably agrees that it shall purchase a participating interest in the applicable Swing Line Loans ("<u>Unrefunded Swing Line Loans</u>") in an amount equal to the amount (if any) of Revolving Credit Loans which would otherwise have been made by such Lender pursuant to <u>Section</u> <u>2.15(a)</u>. Each Lender will immediately transfer to the Administrative Agent, in immediately available funds, the amount of its participation (the "<u>Swing Line Participation Amount</u>"), and the proceeds of such participation shall be distributed by the Administrative Agent to the Swing Line Lenders in such amount as will reduce the amount of the participating interest retained by the Swing Line Lenders in their Swing Line Loans to the amount of the Revolving Credit Loans which were to have been made by it pursuant to <u>Section</u> <u>2.15(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever, at any time after any Swing Line Lender has received from any Lender such Lender's Swing Line Participation Amount, such Swing Line Lender receives any payment on account of the Swing Line Loans, such Swing Line Lender will distribute to such Lender its Swing Line Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender's participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Lender's <u>pro</u> <u>rata</u> portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swing Line Loans then due); <u>provided</u>, <u>however</u>, that in the event that such payment received by such Swing Line Lender is required to be returned, such Lender will return to such Swing Line Lender any portion thereof previously distributed to it by such Swing Line Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Lender's obligation to make the Revolving Credit Loans referred to in <u>Section</u> <u>2.15(a)</u> and to purchase participating interests pursuant to <u>Section</u> <u>2.15(c)</u> shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, (i) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against any Swing Line Lender or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in <u>Section</u> <u>4</u>; (iii) any adverse change in the condition (financial or otherwise) of any Borrower; (iv) any breach of this Agreement or any other Loan Document by any Borrower or any Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing, <u>other</u> than solely the gross negligence or willful misconduct of the Swing Line Lender in making a Swing Line Loan with actual knowledge by the officer responsible for the making of such Swing Line Loan that such Swing Line Loan is made without satisfaction of the applicable conditions precedent thereto set forth in <u>Section</u> <u>4</u> and without a waiver in accordance with <u>Section</u> <u>9.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Borrower agrees to pay upon demand by any Swing Line Lender any Swing Line Loan made to such Borrower, or portion thereof, which is not refunded by the Lenders pursuant to this <u>Section</u> <u>2.15</u> (and such Borrower may borrow a Revolving Credit Loan under the Commitments to satisfy such demand; <u>provided</u> that, for purposes of determining the Available Commitment, the Commitment of any non-refunding Lender shall be excluded). Notwithstanding anything to the contrary contained in this Agreement, any Lender that fails to make available a Revolving Credit Loan

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pursuant to <u>Section</u> <u>2.15(a)</u> or purchase a participating interest in a Swing Line Loan pursuant to <u>Section</u> <u>2.15(c)</u> shall be deemed delinquent (a "<u>Delinquent Lender</u>") and to the extent a Borrower subsequently repays any outstanding Revolving Credit Loans, the Delinquent Lender's pro rata share of such repayment, if any, shall be paid by the Administrative Agent to the Swing Line Lenders, until the Delinquent Lender's pro rata share of such Swing Line Loan is repaid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 <u>Designation of Additional Borrowers; Amendments to Schedule I</u>. (a) Other series of the Registrants and other series of other investment companies registered under the 1940 Act, in either case for which Columbia Management or a Subsidiary of Columbia Management acts as the investment manager, may, with the prior written consent of the Administrative Agent, each Lender and each Fund, become parties to this Agreement in addition to those Borrowers listed on <u>Schedule I</u>, and be deemed Borrowers for all purposes of this Agreement by executing an instrument substantially in the form of <u>Exhibit 2.16(a)</u> (with such changes therein as may be approved by the Administrative Agent and the Lenders), which instrument shall (x) have attached to it a copy of this Agreement (as the same may have been amended) with a revised <u>Schedule I</u> and, if applicable, <u>Schedule Ia</u>, reflecting the participation of such additional portfolio or investment company, including (if the Administrative Agent deems it appropriate that the additional Borrower be a Designated Borrower) the appropriate Designated Borrower Asset Coverage Ratio Percentage as determined by the Administrative Agent, and any prior revisions to <u>Schedule I</u> and <u>Schedule Ia</u> effected in accordance with the terms hereof and (y) be accompanied by the documents and instruments required to be delivered by the Borrowers pursuant to <u>Section</u> <u>4.1</u>, including, without limitation, an opinion of general counsel for the Borrowers in a form acceptable to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Person shall be admitted as a party to this Agreement as a Borrower unless at the time of such admission and after giving effect thereto: (i) the representations and warranties set forth in <u>Section</u> <u>3</u> shall be true and correct with respect to such Borrower; (ii) such Borrower shall be in compliance in all material respects with all of the terms and provisions set forth herein on its part to be observed or performed at the time of the admission and after giving effect thereto; and (iii) no Default or Event of Default with respect to such Borrower shall have occurred and be continuing. The addition of any Borrower to this Agreement shall be further conditioned upon the delivery, to the extent requested by the Administrative Agent or any Lender, to the Administrative Agent or such Lender, as applicable, a Form FR U-1 executed by the applicable Registrant on behalf of such Borrower, together with a current list of assets of such Borrower (including all "margin stock" (as defined in Regulation U) of such Borrower) in conformity with the requirements of Form FR U-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 <u>Interfund Lending</u>. (a) Notwithstanding anything in this Agreement to the contrary (including, without limitation, <u>Sections 6.2</u>, <u>6.3</u> and <u>6.8</u>), Interfund Lending shall be expressly permitted hereunder, and the mere making or receipt of an Interfund Loan in and of itself shall not, with respect to any Borrower a party thereto (as a lender or a borrower), constitute a violation of any condition precedent, representation or covenant contained herein or constitute a Default or Event of Default; <u>provided</u> that all other terms and conditions of this Agreement are satisfied, and <u>provided</u> <u>further</u>, that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Interfund Lending (1) is not otherwise prohibited by law, (2) has been duly authorized by each party thereto, (3) is consistent with the terms of the applicable Interfund Lending Exemptive Order, (4) is not in contravention of each applicable Borrower's Prospectus, and (5) is deemed to be a Senior Security for purposes of calculating the Asset Coverage Ratio as it applies to each applicable Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Borrower may not be a lender of an Interfund Loan at any time during which such Borrower has any Loan outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, at any time, an Interfund Loan is outstanding to a Borrower that has any Loans outstanding as well, and if at such time the Asset Coverage Ratio for such Borrower shall be less than the required Asset Coverage Ratio for such Borrower pursuant to this Agreement, then such Borrower shall repay such outstanding Interfund Loans and Loans on a pro rata basis and on the same repayment schedule (subject, in any and all events, to such Borrower's obligation to prepay in accordance with <u>Section</u> <u>2.6(b)</u>) to the extent necessary to ensure that the Asset Coverage Ratio of all borrowings of such Borrower after such payments is in compliance with applicable covenants concerning minimum Asset Coverage Ratios set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if any payment with respect to an Interfund Loan would cause the Asset Coverage Ratio for a Borrower to be less than the required Asset Coverage Ratio for such Borrower pursuant to this Agreement, then such Borrower shall make any payments with respect to such outstanding Interfund Loans on a pro rata basis with payments with respect to Loans to the extent necessary to ensure that the Asset Coverage Ratio of all borrowings of such Borrower after such payments is in compliance with applicable covenants concerning minimum Asset Coverage Ratios set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a default by a Borrower with respect to an Interfund Loan shall constitute an Event of Default with respect to such Borrower for purposes of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if a Default or Event of Default with respect to a Borrower has occurred and is continuing under this Agreement other than as specified above in <u>Section</u> <u>2.17(a)(iii)</u>, then any payments made with respect to outstanding Interfund Loans shall be made on a pro rata basis with payments with respect to Loans until such Default or Event of Default is cured or waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if at any time a Borrower should secure an Interfund Loan or Interfund Loans with collateral, then such Borrower shall collateralize each Loan to such Borrower under this Agreement (I) in substantially the same manner and to substantially the same extent as is required with

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respect to each Interfund Loan to such Borrower, as more particularly described in the applicable Interfund Lending Exemptive Order and (II) with collateral having substantially the same liquidity and substantially similar credit characteristics as that of the collateral securing such Interfund Loan or Interfund Loans, <u>provided</u> that the collateral coverage percentage ratio for Loans shall not be less than the greater of (x) 102% or (y) the collateral coverage ratio for Interfund Loans; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) for purposes of calculating the Asset Coverage Ratio of a Borrower, the amount equal to the aggregate value of the collateral securing an Interfund Loan or Loan minus the amount of such Interfund Loan or Loan, respectively, shall be subtracted from the value of Total Assets in the numerator of such Asset Coverage Ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without otherwise limiting the purposes for which proceeds of a Loan may be used as specified in <u>Section</u> <u>5.8</u>, a Borrower shall be expressly permitted to use the proceeds of a Loan to repay an outstanding Interfund Loan of such Borrower, subject to the conditions set forth in paragraph (a) of this <u>Section</u> <u>2.17</u> and the other conditions of this Agreement (including without limitation <u>Section</u> <u>5.8</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 <u>Defaulting Lender</u>. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Commitment Fee shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Credit Exposure and Available Commitment of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to <u>Section</u> <u>9.1</u>); <u>provided</u>, that (i) such Defaulting Lender's Commitment may not be increased or extended without its consent and (ii) the principal amount of, or interest payable on, Loans of such Defaulting Lender may not be reduced or excused or the scheduled date of payment may not be postponed as to such Defaulting Lender without such Defaulting Lender's consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If any Swing Line Exposure exists at the time such Lender becomes a Defaulting Lender, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all or any part of the Swing Line Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Commitment Percentages, provided that such reallocation does not cause the aggregate Credit Exposure of any non-Defaulting Lender to exceed its Commitment; 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;(b) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the applicable Borrowers shall, within two Business Days following notice by the Administrative Agent, prepay such Swing Line Exposure;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) so long as such Lender is a Defaulting Lender, the Swing Line Lender shall not be required to fund any Swing Line Loan unless it is satisfied that the related exposure will be 100% covered by the Commitments of the non-Defaulting Lenders, and participating interests in any newly made Swing Line Loan shall be allocated among non-Defaulting Lenders in a manner consistent with <u>Section</u> <u>2.18(iii)(a)</u> (and such Defaulting Lender shall not participate therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If a Swing Line Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, such Swing Line Lender shall not be required to fund any Swing Line Loan unless such Swing Line Lender shall have entered into arrangements with the Borrower or such Lender, satisfactory to such Swing Line Lender to defease any risk to it in respect of such Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) In the event that the Administrative Agent, the Borrowers and the Swing Line Lender all agree that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swing Line Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender's Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Commitment Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 <u>Limitation on Lender</u><u>'</u><u>s Obligations</u>. Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document or in any Exhibit or Schedule hereto or thereto, no Lender shall be obligated to make any Loan or purchase a participating interest in any Swing Line Loan if, immediately after giving effect thereto, the sum of (a) the outstanding principal balance of the Loans made by such Lender plus (b) the aggregate purchase prices of all such participating interests purchased by such Lender (less all payments received and retained by such Lender in reduction of such participating interests), would exceed such Lender's Commitment.

SECTION 3. REPRESENTATIONS AND WARRANTIES

To induce the Administrative Agent and the Lenders to enter into this Agreement and to make the Loans, each Registrant, on behalf of each Borrower that is a series thereof, hereby represents and warrants to the Administrative Agent and each Lender that (it being agreed that each Registrant represents and warrants only to matters with respect to itself, if applicable, and each Borrower that is a series thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Financial Condition</u>. For each Borrower, the statement of assets and liabilities as of such Borrower's most recently ended fiscal year for which annual reports have been prepared and the related statements of operations and of changes in net assets for the fiscal year ended on such date, copies of which financial statements, certified by the independent public accountants for such Borrower, have heretofore been delivered to each Lender, fairly present, in all material respects, the financial position of such Borrower as of such date and the results of its operations for such period, in conformity with GAAP (as consistently applied).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>No Change</u>. For each Borrower, since the date of the statement of assets and liabilities for the most recently ended fiscal year for which annual reports have been prepared for such Borrower (such date, the "<u>Reporting Date</u>"), there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect with respect to such Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Existence; Compliance with Law</u>. Each Registrant (a) is duly organized, validly existing and in good standing, under the laws of the jurisdiction of its organization, (b) has the corporate power and authority as to those Registrants that are organized as corporations, and the trust power and authority as to those Registrants that are organized as trusts; and in each case the legal right to own its property and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign corporation or business trust and, if a corporation, is in good standing under the laws of each jurisdiction where its ownership of property or the conduct of its business requires such qualification and (d) is in compliance with all Requirements of Law (including without limitation the 1940 Act and the Securities Act), except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. The shares of each Fund have been validly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Power; Authorization; Enforceable Obligations</u>. Each Registrant, acting on its own behalf and if applicable on behalf of each of its underlying series that is a Borrower, has either (i) the corporate power and authority to the extent that it is organized as a corporation or (ii) the trust power and authority to the extent that it is organized as a trust, and in each case the legal right, to execute, deliver and perform the Loan Documents to which it is a party and to borrow hereunder on behalf of each of its underlying series that is a Borrower, and has taken all necessary action to authorize the borrowings on the terms and conditions of this Agreement and any Notes and to authorize the execution, delivery and performance of the Loan Documents to which it is a party including, but not limited to, receiving the approval of the majority of independent members of the board of trustees or board of directors of each of its underlying series as to entering into the transactions contemplated hereby. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the borrowings hereunder or with the execution, delivery, performance, validity or enforceability of the Loan Documents to which such Registrant, on behalf of its underlying series which are Borrowers, is a party; provided that any filings made in connection with complying with the Investment Company Act of 1940 or the forms adopted thereunder will not result in a breach of this representation. This Agreement has been, and each other Loan Document to which a Registrant is a party will be, duly executed and delivered by such Registrant, on behalf of its underlying series that are Borrowers. This Agreement constitutes, and each other Loan Document to which a Registrant is a party when executed and delivered will constitute, a legal, valid and binding obligation of such Registrant (on behalf of each of its underlying series that is a Borrower) enforceable against such Registrant (on behalf of each of its underlying series that is a Borrower) in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>No Legal Bar</u>. The execution, delivery and performance of the Loan Documents to which each Registrant, on behalf of each of its series that is a Borrower, is a party,

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the borrowings hereunder and the use of the proceeds thereof (i) will not violate any material Requirement of Law (including, without limitation, the 1940 Act) or material Contractual Obligation of such Registrant or any Borrower and (ii) will not result in, or require, the creation or imposition of any material Lien on any of their respective material properties or revenues pursuant to any such Requirement of Law or Contractual Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>No Material Litigation</u>. No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of each Registrant on behalf of its respective series which are Borrowers, threatened by or against such Borrowers or against any of their respective properties or revenues (a) with respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby, or (b) which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>No Default</u>. No Registrant or Borrower is in default under or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Ownership of Property; Liens</u>. Each Registrant on behalf of its respective series which are Borrowers, has good title to all its property, and none of such property is subject to any Lien except as permitted by <u>Section</u> <u>6.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>No Burdensome Restrictions</u>. There exists no Requirement of Law or Contractual Obligation of any Registrant or any Borrower which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Taxes</u>. Each Borrower has filed and has prepared in compliance with all applicable laws all material tax returns which, to the knowledge of such Borrower, are required to be filed (and all such tax returns are true, correct and complete in all respects) and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other taxes, fees, assessments or other charges imposed on it or any of its property by any Governmental Authority whether or not shown on a tax return and including in its capacity as withholding agent (other than any the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of such Borrower). No material tax Lien has been filed, and, to the knowledge of such Borrower, no claim is being asserted, with respect to any such tax, fee or other charge. There is no proposed tax assessment against any Borrower or any of its Subsidiaries which is reasonably expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Federal Regulations</u>. Other than the furnishing of the statement and list referred to in the last sentence of <u>Section</u> <u>5.8</u>, no filing or other action is required under the provisions of Regulations T, U or X in connection with the execution and delivery of this Agreement and the other Loan Documents and the making of the Loans hereunder. No part of the proceeds of any Loans made hereunder will be used in a manner that violates Regulation U.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>ERISA</u>. Neither any Registrant, any Borrower nor any Commonly Controlled Entity has currently or has had at any time any liability or obligation under ERISA or

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the Code with respect to any Plan maintained by any of them that could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Certain Regulations</u>. Neither any Registrant nor any Borrower is subject to regulation under any Federal or State statute or regulation (other than Regulations U and X) which limits its ability to incur Indebtedness, or if so subject is in compliance with such statutes and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Subsidiaries</u>. No Borrower that is not a Cayman Parent Borrower has any Subsidiaries or any equity investment or interest in any other Person (other than portfolio securities that have been acquired in the ordinary course of business). Each Cayman Parent Borrower has no Subsidiaries or any equity investment or interest in any other Person other than (i) portfolio securities that have been acquired in the ordinary course of business, and (ii) its Cayman Designated Subsidiary(ies). Each Cayman Parent Borrower holds all of the issued and outstanding shares of stock of its Cayman Designated Subsidiary(ies) and such shares are not subject to any Lien, pledge or other encumbrance except as may be permitted by <u>Section</u> <u>6.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 <u>Registration of the Fund</u>. Each Registrant is a registered open-end management investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 <u>Offering in Compliance with Securities Laws</u>. Each Registrant has issued all of its securities pursuant to an effective Registration Statement on Form N-1A or as may otherwise be required by Federal and State securities laws applicable thereto in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 <u>Investment Policies</u>. Each Borrower is in compliance in all material respects with all of its fundamental Investment Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 <u>Permission to Borrow</u>. Each Borrower is permitted to borrow hereunder pursuant to the limits and restrictions set forth in its Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 <u>Accuracy of Information; Electronic Information</u>. (a) All factual information heretofore or contemporaneously furnished by or on behalf of each Fund or Registrant on behalf of its respective series which are Borrowers, in writing to the Administrative Agent or any Lender for purposes of or in connection with this Agreement or any transaction contemplated hereby (in each case, as amended, superseded, supplemented or otherwise modified with the knowledge of the Administrative Agent or such Lender) is, and all other such factual information hereafter furnished by or on behalf of such Registrant and such Borrowers to the Administrative Agent or any Lender (in each case, as amended, superseded, supplemented or otherwise modified with the knowledge of the Administrative Agent or such Lender) will be, true and accurate in every material respect on the date as of which such information is dated or certified, and to the extent such information was furnished to the Administrative Agent or such Lender heretofore or contemporaneously, as of the date of execution and delivery of this Agreement by the Administrative Agent or such Lender, and such information is not, or shall not be, as the case may be, incomplete by omitting to state any material fact necessary to make such information not misleading.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Administrative Agent nor any Lender shall be liable to any Registrant or Borrower for any damages arising from its respective use of information or other materials obtained through electronic, telecommunications or other information transmission systems, which is incorrect or incomplete solely because of an electronic transmission error, provided that the Administrative Agent and the Lenders use reasonable industry standard-safeguards to prevent the unauthorized dissemination of such information or other materials through such electronic, telecommunications or other information transmission systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 <u>Affiliated Persons</u>. (a) To the best knowledge of each Registrant, such Registrant, and if applicable each series thereof that is a Borrower, is not an "affiliated person" (as defined in the 1940 Act) of the Administrative Agent or any Lender, except with respect to (i) the Affected Borrowers' relationship with each respective Bank-Advisor and (ii) the Referenced Borrowers' (as defined below) relationship with certain BANA Entities (as defined below); provided, however, that for purposes of this <u>Section</u> <u>3.20</u>, (A) the record ownership, without the power to vote, of five percent or more of the outstanding voting securities of any Person shall be deemed not to constitute the direct or indirect ownership of, control of, or holding with the power to vote of, such securities, and (B) securities of such Borrower held of record by the Administrative Agent or any Lender shall be deemed conclusively, absent written notice to the contrary, to be held without the power to vote such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certain divisions or affiliates of Bank of America, N.A. ("<u>BANA</u>"), including U.S. Trust, the trust department of BANA (collectively, the "<u>BANA Entities</u>") may hold record ownership of five percent or more of the outstanding voting securities of certain Borrowers (the "<u>Referenced Borrowers</u>") in non-proprietary, trust or other fiduciary accounts (the "<u>Fiduciary Accounts</u>") in the relevant BANA Entity's capacity as a fiduciary for the respective principals or beneficiaries of the Fiduciary Accounts. Each Registrant acting on behalf of a Referenced Borrower that is a series thereof, on behalf of such Referenced Borrower hereby represents and warrants to the Administrative Agent and each Lender that (it being agreed that such Registrant represents and warrants only to matters with respect to itself, if applicable, and each Referenced Borrower that is a series thereof) neither the 1940 Act, including without limitation Section 17(a)(4) thereof, nor any rule or regulation promulgated thereunder, prohibits the making of any Loan by Bank of America, N.A. to such Referenced Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 <u>Anti-Corruption Laws and Sanctions</u>. Each Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by such Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and each Borrower, its Subsidiaries and their respective officers, directors and employees and to the knowledge of such Borrower, its affiliates and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions. None of (a) such Borrower, any Subsidiary of such Borrower or any of their respective directors, officers or employees, or (b) to the knowledge of such Borrower, any affiliate or agent of the Borrower or any Subsidiary of such Borrower that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person or is located, organized or resident

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in a Sanctioned Country. No Loan, use of proceeds of any Loan or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 <u>Affected Financial Institutions</u>. No Registrant or Borrower is an Affected Financial Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 <u>Outbound Investment Rules</u>. Neither any Fund nor any Borrower nor any of their respective Subsidiaries is a "covered foreign person" as that term is used in the Outbound Investment Rules. Neither any Fund nor any Borrower nor any of their respective Subsidiaries currently engages, or has any present intention to engage in the future, directly or indirectly, in (i) a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, if such Fund or Borrower were a U.S. Person or (iii) any other activity that would cause the Administrative Agent or any Lender to be in violation of the Outbound Investment Rules or cause the Administrative Agent or any Lender to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.

SECTION 4. CONDITIONS PRECEDENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Conditions to Closing</u>. The agreement of each Lender to enter into this Agreement is subject to the satisfaction of the following conditions precedent (it being agreed that each Registrant need only satisfy the following conditions precedent with respect to itself and if applicable each Borrower that is a series thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Executed Agreement</u>. The Administrative Agent shall have received this Agreement, executed and delivered by a duly authorized officer of each Registrant on behalf of its respective Funds which are Borrowers, with a counterpart for each Lender and the Administrative Agent (which, subject to <u>Section</u> <u>9.9(b)</u>, may include any Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Related Agreements</u>. The Administrative Agent shall have received, with a copy for each Lender, true and correct copies, certified as to authenticity by a Responsible Officer of each Registrant, on behalf of the series thereof which are Borrowers, of (i) designation of the location where the most recent Prospectus is publicly available for each Borrower, and upon the request of any Lender, a copy of any such Prospectus, (ii) the Custody Agreement of each Registrant, with respect to each Borrower, (iii) the Investment Management Agreement of each Registrant, with respect to each Borrower, (iv) the current Statement of Additional Information for each Borrower and (v) if requested by the Lenders, designations of the locations of the most recent annual and semi-annual financial reports for each Borrower and such other documents or instruments as may be reasonably requested by the Administrative Agent, including, without limitation, a copy of any debt instrument, security agreement or other material contract to which any Borrower may be a party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Proceedings of the Registrant and the Borrowers</u>. The Administrative Agent shall have received, with a counterpart for each Lender, a copy of the resolutions, in form and substance satisfactory to the Administrative Agent, of the board of trustees or directors, as the case may be, of each Registrant, on behalf of the series thereof which are Borrowers, authorizing (i) the execution, delivery and performance of this Agreement and the other Loan Documents to which each Registrant, on behalf of the series thereof which are Borrowers, is a party and (ii) the borrowings contemplated hereunder, or such other resolutions as the Administrative Agent may approve, certified by a Responsible Officer of such Registrant as of the Closing Date, which certificate shall be in form and substance satisfactory to the Administrative Agent and shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Incumbency Certificate</u>. The Administrative Agent shall have received, with a counterpart for each Lender, a Certificate of each Registrant, on behalf of the series thereof which are Borrowers, dated the Closing Date, as to the incumbency and signature of the officers of such Registrant executing any Loan Document executed by a Responsible Officer of such Registrant, satisfactory in form and substance to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Organizational Documents</u>. The Administrative Agent shall have received copies of each Registrant's articles of incorporation or declaration of trust, as applicable, and Bylaws, certified as of the Closing Date as complete and correct copies thereof by a Responsible Officer of such Registrant, including without limitation those organizational documents establishing the series thereof which are Borrowers, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Legal Opinions</u>. The Administrative Agent shall have received, with a counterpart for each Lender, the executed legal opinion of general counsel to each Registrant and each of its underlying series which is a Borrower, in a form acceptable to the Administrative Agent. Such legal opinion shall include a New York law enforceability opinion and shall cover such other matters incident to the transactions contemplated by this Agreement as the Administrative Agent or any Lender may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Financial Information</u>. The Administrative Agent shall have received, with a copy for each Lender, the most recent publicly available financial information of the kind described in <u>Sections 5.1</u> and <u>5.2</u> of this Agreement (which includes a list of portfolio securities) for each Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Termination of other Credit Facilities</u>. All credit facilities between the Lenders and any Borrower, other than the credit facility evidenced by this Agreement, shall have been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>KYC</u>. Following its request therefor, each Lender shall have received the documentation and other information that is required by regulatory authorities under applicable "know your customer" and anti-money-laundering rules and

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regulations, including, without limitation, the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Additional Information</u>. The Administrative Agent shall have received all information reasonably requested by any Lender related to compliance by the Borrowers with applicable rules and regulations related to the Borrowers use of derivatives or leverage, including without limitation, Rule 18f-4 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Representations and Warranties</u>. Each of the representations and warranties made by a Registrant, on its own behalf and on behalf of each series thereof which is a Borrower, in or pursuant to the Loan Documents shall be true and correct on and as of the Closing Date or, as to any such representation or warranty that refers to a specific date, as of such specific date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Default</u>. No Default or Event of Default shall have occurred and be continuing with respect to any Registrant, on its own behalf or on behalf of the series thereof which are Borrowers, on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Conditions to Each Loan</u>. The agreement of each Lender to make any Loan requested by a particular Registrant on behalf of any of its respective Funds, to be made by it on any date (including, without limitation, its initial Loan) is subject to the satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties</u>. Each of the representations and warranties (other than the representations and warranties contained in <u>Section</u> <u>3.2</u>) made by a Registrant, on its own behalf and on behalf of each series thereof which is a Borrower, in or pursuant to the Loan Documents shall be true and correct in all material respects (or, in the case of such representations and warranties that are already qualified by materiality, in all respects) on and as of such date as if made on and as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Default</u>. No Default or Event of Default shall have occurred with respect to the requesting Registrant, on its own behalf or on behalf of the series thereof which is a Borrower, and be continuing on such date or after giving effect to the Loans requested to be made on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Maximum Borrowing Limitation</u>. After giving effect to the proposed Loans to be made, the Asset Coverage Ratio for all borrowings of such Borrower (x) if not a Designated Borrower shall not be less than 300% and (y) if a Designated Borrower shall not be less than its applicable Designated Borrower Asset Coverage Ratio Percentage; and the requesting Borrower shall not have violated any Requirements of Law (except such violations as could not reasonably be expected to have a Material Adverse Effect) or exceeded the borrowing limits set forth in its Prospectus and/or Registration Statement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Regulation U; Form U-1</u>. The Lenders shall be satisfied that the Loans and the use of proceeds thereof comply in all respects with Regulation U. To the extent required by Regulation U, the Administrative Agent shall have received a copy of either (i) FR Form U-1, duly executed and delivered by each Registrant on behalf of the

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series thereof which are Borrowers and completed for delivery to each Lender, in form acceptable to the Administrative Agent, or (ii) a current list of the assets of each Borrower (including all "margin stock" (as defined in Regulation U) from each Borrower), in form acceptable to the Administrative Agent and in compliance with Section 221.3(c)(2) of Regulation U.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Additional Matters</u>. All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the transactions contemplated by this Agreement and the other Loan Documents shall be satisfactory in form and substance to the Administrative Agent, and the Administrative Agent shall have received such other documents and legal opinions in respect of any aspect or consequence of the transactions contemplated hereby or thereby as it shall reasonably request.

Each borrowing by a Borrower hereunder shall constitute a representation and warranty by the Registrant of which such Borrower is a series, on its own behalf and on behalf of such Borrower, as of the date thereof that the conditions contained in this Section have been satisfied with respect to such Borrower, and the Registrant of which it is a series if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Lender Deliverables</u>. Each Lender shall prior to the Closing Date deliver to Columbia Management and the Administrative Agent (A) if such Lender is organized under the laws of a jurisdiction outside the United States of America, two duly completed copies of United States Internal Revenue Service Form W-8BEN-E, Form W-8IMY or Form W-8ECI, or successor applicable forms, appropriate for such Lender, or (B) if such Lender is organized under the laws of a jurisdiction within the United States of America, an Internal Revenue Service Form W-9, or successor form.

SECTION 5. AFFIRMATIVE COVENANTS

Each Registrant, on behalf of the series thereof which are Borrowers, hereby agrees that, so long as (i) the Commitments remain in effect with respect to it or any Borrower or (ii) any amount is owing by it on behalf of any Borrower to any Lender or the Administrative Agent hereunder or under any other Loan Document, it on behalf of any Borrower that is a series of such Registrant shall (it being agreed that such Registrant covenants only to matters with respect to each Borrower that is a series thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Financial Statements</u>. Furnish to the Administrative Agent (with copies for each Lender):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as available and in any event within 75 days after the end of each fiscal year of such Borrower, a statement of assets and liabilities of such Borrower as at the end of such fiscal year, a statement of operations for such fiscal year, a statement of changes in net assets for such fiscal year and the preceding fiscal year, a portfolio of investments as at the end of such fiscal year and the per share and other data for such fiscal year prepared in accordance with GAAP (as consistently applied) and all regulatory requirements, and all presented in a manner acceptable to the Securities and Exchange Commission or any successor or analogous Governmental Authority and acceptable to

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PricewaterhouseCoopers LLP or any other independent certified public accountants of recognized standing (with respect to any Borrower, the foregoing obligation may be satisfied by such Borrower's making publicly available its annual report (in printable format) on the website indicated for such Borrower on <u>Schedule 5.1</u> (Borrowers for whom no website is indicated shall deliver such documents as aforesaid));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as available and in any event within 75 days after the close of the first six-month period of each fiscal year of such Borrower, a statement of assets and liabilities as at the end of such six-month period, a statement of operations for such six-month period, a statement of changes in net assets for such six-month period and a portfolio of investments as at the end of such six-month period, all prepared in accordance with regulatory requirements and all certified pursuant to such Borrower's quarterly filings with the Securities and Exchange Commission on Form N-CSR (subject to normal year-end adjustments) as to fairness of presentation and GAAP (as consistently applied) by a Responsible Officer (with respect to any Borrower, the foregoing obligation may be satisfied by such Borrower's making publicly available its semi-annual report (in printable format) on the website indicated for such Borrower on <u>Schedule 5.1</u> (Borrowers for whom no website is indicated shall deliver such documents as aforesaid)); 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;(c) On the last Business Day of each March, June, September and December, (each a "Quarterly Date"), unless previously delivered, the net asset value sheet of such Borrower as of the end of such Borrower's most recently ended annual and semi-annual accounting periods (unless such accounting period shall have ended less than sixty days prior to such Quarterly Date, in which case such statements shall be delivered on the next Quarterly Date), certified by a Responsible Officer as being fairly stated in all material respects (with respect to any Borrower, the foregoing obligation may be satisfied by such Borrower's making publicly available its quarterly report (in printable format) on the website indicated for such Borrower on <u>Schedule 5.1</u> (Borrowers for whom no website is indicated shall deliver such documents as aforesaid)); provided, however, that if any Borrower has Loans outstanding, such Borrower shall provide to the Administrative Agent for each Lender (i) such net asset value sheet described above in this Section and (ii) a certificate of a Responsible Officer showing in reasonable detail the calculations supporting such Borrower's compliance with <u>Section</u> <u>6.1</u>, within two Business Days after the end of each calendar week so long as any Loans to such Borrower remain outstanding;

all such financial statements to be complete and correct in all material respects and to be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Certificates; Other Information</u>. Furnish to the Administrative Agent (with copies for each Lender):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) concurrently with the delivery of the financial statements referred to in <u>Sections 5.1(a)</u>, <u>(b)</u> and <u>(c)</u>, a certificate of a Responsible Officer stating that (i) to the best of such Responsible Officer's knowledge, such Borrower during such period has

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observed or performed all of its covenants and other agreements, and satisfied every condition, contained in this Agreement and the other Loan Documents to be observed, performed or satisfied by it, and (ii) no Default or Event of Default has occurred and is continuing except as specified in such certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within five days after they are sent, copies of all financial statements and reports which each Borrower sends to its investors other those documents described in <u>Section</u> <u>5.1(a)</u> or <u>(b)</u>, and within five Business Days after they are filed, copies of all financial statements and reports which each Borrower may make to, or file with, the Securities and Exchange Commission or any successor or analogous Governmental Authority other than those described in <u>Section</u> <u>5.1(a)</u> or <u>5.1(b)</u> or any report or filing that is publicly available on the Securities and Exchange Commission's website, unless reasonably requested by the Administrative Agent; 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;(c) promptly, such additional financial and other information as any Lender may from time to time reasonably request, including, but not limited to, the current Registration Statement for each Borrower and copies of all changes to each Borrower's Prospectus and Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Payment of Obligations</u>. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent (beyond any allowable grace periods therefor), as the case may be, all such Borrower's Contractual Obligations, except where (i) the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of such Borrower, as the case may be, or (ii) the failure to timely make payment thereof could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Conduct of Business and Maintenance of Existence</u>. Except as otherwise permitted herein, continue to (i) engage in such Borrower's investment business in accordance with its Investment Policies, Prospectus and Registration Statement and preserve, renew and keep in full force and effect its existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business except to the extent that failure to take such actions could not, in the aggregate, be reasonably expected to have a Material Adverse Effect; (iii) comply with all Contractual Obligations and Requirements of Law except to the extent that failure to comply therewith could not, in the aggregate, be reasonably expected to have a Material Adverse Effect; (iv) maintain at all times its status as an investment company registered under the 1940 Act; (v) maintain at all times its (a) current custodian, or (b) a replacement custodian which (x) is JPMorgan Chase Bank, N.A. or (y) is a bank or trust company organized under the laws of the United States or a political subdivision thereof having assets of at least $10,000,000,000 and a long-term debt or deposit rating of at least A from S&P or A2 from Moody's; and (vi) maintain in effect and enforce policies and procedures designed to ensure compliance by such Borrower, such Borrower's Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Maintenance of Property; Insurance</u>. Keep all property useful and necessary in such Borrower's business, if any, in good working order and condition; maintain

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with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks as are customarily insured against in the same general area by entities engaged in the same or similar business or as may otherwise be required by the Securities and Exchange Commission or any successor or analogous Governmental Authority (including, without limitation, (a) fidelity bond coverage as shall be required by Rule 17g-1 promulgated under the 1940 Act or any successor provision and (b) errors and omissions insurance); and furnish to each Lender, upon written request, full information as to the insurance carried.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Inspection of Property; Books and Records; Discussions</u>. Keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all material Requirements of Law shall be made of all dealings and transactions in relation to its business and activities; and permit representatives of (i) the Administrative Agent, upon its own discretion or at the reasonable request of any Lender, and (ii) upon the occurrence and during the continuance of an Event of Default, any Lender, to visit and inspect any of such Borrower's properties and examine any of its books and records during normal business hours and to discuss the business, operations, properties and financial and other condition of such Borrower with officers and employees of such Borrower and with its independent certified public accountants; <u>provided</u> that, unless a Default or an Event of Default shall have occurred and be continuing, the Administrative Agent shall provide the Borrowers with five Business Days' prior notice of such visit and shall conduct such visit not more than once a year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Notices</u>. Promptly give notice to the Administrative Agent and each Lender 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any Default or Event of Default with respect to such Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any (i) default or event of default under any Contractual Obligation of such Borrower or (ii) litigation, investigation or proceeding which may exist at any time between such Registrant, on behalf of the series thereof which are Borrowers and any Governmental Authority, which in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any litigation or proceeding affecting such Borrower, or the Registrant of which it is a series, in which (i) the amount reasonably determined to be at risk is more than 5% of such Borrower's net assets and not covered by insurance or in which injunctive or similar relief affecting more than 5% of such Borrower's net assets is sought or (ii) relates to this Agreement or the credit facility contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any change in such Borrower's Prospectus or Registration Statement involving Investment Policies which could materially increase the risks to the shareholders of the Borrower or which would increase the borrowing limits <u>provided</u> for in such Borrower's Prospectus;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any development or event which could reasonably be expected to have a Material Adverse Effect on such Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any change in such Borrower's custodian, unless such custodian is JPMorgan Chase Bank, N.A., in which case no notice is required to be sent; 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;(g) any name change affecting any Borrower after the effectiveness of such name change, together with updated tax forms and other "know your customer" information requested by the Administrative Agent or any Lender.

Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and if appropriate stating what action such Registrant or such Borrower proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Purpose of Loans</u>. Use the proceeds of the Loans for temporary or emergency purposes, including, without limitation, funding of shareholder redemptions or the payment of dividends (i) which are required by law or in connection with the maintenance of such Borrower's tax status or (ii) for the purpose of avoiding imposition of federal excise tax. Without limiting the foregoing, no Borrower will, directly or indirectly, use any part of such proceeds for any purpose which would violate any provision of its Registration Statement or any applicable statute, regulation, order or restriction, including but not limited to Regulation U; <u>provided</u>, <u>however</u>, that neither the Administrative Agent nor any Lender shall have any responsibility as to the use of any of such proceeds. If requested by any Lender or the Administrative Agent from time to time, each Registrant, on behalf of the series thereof which are Borrowers, will furnish to the Administrative Agent and each Lender a statement and current list of the assets of each Borrower in conformity with the requirements of FR Form U-1 referred to in Regulation U.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Payment of Taxes</u>. File all material tax returns which, to the knowledge of such Registrant and such Borrowers, are required to be filed and pay all taxes shown to be due and payable on said returns (such returns being true, correct and complete in all respects) or on any assessments made against it or any of its property and all other taxes, assessments, levies, fees or other charges imposed on it or any of its property by any Governmental Authority; <u>provided</u>, <u>however</u>, that no such tax, assessment, charge or levy need be paid and discharged so long as the validity thereof shall be contested in good faith by appropriate proceedings and there shall have been set aside on the books of such Person adequate reserves in accordance with GAAP applied with respect thereto.

SECTION 6. NEGATIVE COVENANTS

Each Registrant, on behalf of the series thereof which are Borrowers, hereby agrees that, so long as (i) the Commitments remain in effect with respect to any such Borrower or (ii) any amount is owing by any such Borrower to any Lender or the Administrative Agent hereunder or under any other Loan Document, it and any such Borrower shall not, without the prior written consent of the Lenders except as otherwise specified in this <u>Section</u> <u>6</u>, directly or indirectly (it being agreed that each Registrant agrees only to matters with respect to each Borrower that is a series thereof):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Financial Condition Covenant</u>. Permit the Asset Coverage Ratio of such Borrower to be less than (x) for all Borrowers other than Designated Borrowers, 300%, or (y) for each Designated Borrower, the Designated Borrower Asset Coverage Ratio Percentage for such Borrower; or in either case allow borrowings and/or Indebtedness of such Borrower to exceed the limits set forth in such Borrower's Prospectus or allow borrowings and/or Indebtedness to exceed the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Limitation on Indebtedness; Derivatives</u>. (a) Create, incur, assume or suffer to exist any Indebtedness of such Borrower or any Subsidiary, except Indebtedness of such Borrower or Subsidiary incurred (i) under this Agreement and the Notes, (ii) in the ordinary course of business of such Borrower or such Subsidiary, (iii) pursuant to an Interfund Lending arrangement, (iv) with respect to Indebtedness of a Cayman Designated Subsidiary, in accordance with its articles of association and other related organizational documents, or (v) in the form of Reverse Repurchase Transactions, dollar rolls or other transactions entered into primarily for investment purposes which have the effect of borrowing and, in each case, which is not otherwise prohibited by law, is in the ordinary course of business, is not in contravention of such Borrower's Prospectus and is reflected properly in the calculation of the Asset Coverage Ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Invest in, or incur Indebtedness or other liability to any Person with respect to, any Swap Obligation or derivative instrument (including without limitation any swap, collar, cap, puts, calls, equity derivative or mortgage-backed or debt-backed derivative) unless each of the following is true: (i) the net mark-to-market value of such Swap Obligation or derivative instrument is appropriately reflected in the calculation of Asset Coverage Ratio, and (ii) the purpose of the investment in such Swap Obligation or derivative instrument is to augment the capital appreciation or current income of or by such Borrower, or to hedge or manage the risk of various current or future exposures of such Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Limitation on Liens</u>. Create, incur, assume or suffer to exist any Lien upon any of the property, assets or revenues, whether now owned or hereafter acquired of such Borrower, except for (i) Liens for taxes not yet due or which are being contested in good faith by appropriate proceedings, <u>provided</u> that adequate reserves with respect thereto are maintained on the books of such Borrower in conformity with GAAP, (ii) Liens arising in connection with claims for advances made by or payments due to any custodian under the Custody Agreements set forth in <u>Schedule IV</u>, (iii) Liens arising from any Prime Broker Agreement set forth in <u>Schedule V</u>, (iv) Liens created, incurred, assumed or suffered to exist in compliance with the Registration Statement or organizational documents of such Borrower, (v) Liens arising under an Interfund Lending arrangement, and (vi) any other Liens created, incurred, assumed or suffered to exist in the ordinary course of such Borrower's business, and which, in each case, are not otherwise prohibited by any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Limitation on Guarantee Obligations</u>. Create, incur, assume or suffer to exist any material Guarantee Obligation of such Borrower, except as may occur in the ordinary course of such Borrower's business and which is not otherwise prohibited by any Requirement of Law. In no event may a Cayman Parent Borrower create, incur, assume or suffer to exist any

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material Guarantee Obligation in respect of the Indebtedness of any of their respective Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Limitation on Fundamental Changes</u>. Enter into, or permit any of its Subsidiaries to enter into, any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself or such Borrower (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of substantially all of the property, business or assets of itself, such Borrower, or such Subsidiary in a single transaction or in related transactions, or make any material change in its present method of conducting business; <u>except</u> that, so long as no Default or Event of Default shall have occurred and be continuing, a Borrower will be permitted to (i) without the consent of the Lenders, enter into any merger, consolidation or amalgamation with one or more Borrowers or, with the consent of the Lenders, enter into any merger, consolidation or amalgamation with one or more other Persons if, in each case, Columbia Management or one of its affiliates is the investment advisor to the entity surviving such merger, consolidation or amalgamation and such entity assumes the obligations of such Borrower under the Loan Documents and complies with Applicable Law and with the provisions hereof or (ii) terminate all Commitments with respect to such Borrower and liquidate, wind up or convey, sell, lease, assign, transfer or otherwise dispose of all or substantially all of the property, business or assets of such Borrower if it repays all Loans made to it prior to liquidation, together with all other amounts due and owing hereunder. Any Borrower undertaking any action described in clause (ii) above shall comply with the termination provisions described in <u>Section</u> <u>2.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Limitation on Distributions</u>. At any time, make any distribution to the shareholders (including, without limitation, any dividends or any repurchase of capital interests) of such Borrower, whether now or hereafter existing, either directly or indirectly, whether in cash or property or in obligations of the Borrower if such distribution results in a Default or Event of Default. During the occurrence and continuation of an Event of Default specified in paragraphs (a) or (e) of <u>Section</u> <u>7</u> or an Event of Default arising in connection with a Borrower's having failed to comply with <u>Section</u> <u>6.1</u>, make any distribution to the shareholders (including, without limitation, any dividends or any repurchase of capital interests) of such Borrower, whether now or hereafter existing, either directly or indirectly, whether in cash or property or in obligations of such Borrower. Notwithstanding the foregoing, nothing herein shall prevent a Borrower from making (i) distributions that are required to enable such Borrower to qualify as a "regulated investment company" under Sections 851-855 of the Code or otherwise to minimize or eliminate federal or state income or excise taxes payable by such Borrower, or (ii) distributions that are required by any other Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Limitation on Investments, Loans and Advances</u>. Make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of or make any other investment in, any Person, except those consistent with such Borrower's Investment Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Limitation on Transactions with Affiliates</u>. Enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate unless such transaction is (a) not otherwise prohibited under this Agreement and not in violation of the 1940 Act, (b) in the ordinary course of such

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Borrower's business, and (c) upon fair and reasonable terms no less favorable to such Borrower than it would obtain in a comparable arm's length transaction with a Person which is not an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Limitation on Negative Pledge Clauses</u>. Enter into with any Person any agreement, other than this Agreement or the other Loan Documents, which prohibits or limits the ability of such Borrower to create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than (i) this Agreement or the other Loan Documents or (ii) except as may occur under agreements entered into in the ordinary course of such Borrower's business and which are not otherwise prohibited by any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Limitation on Changes to Investment Policies</u>. Except as may be required by law, make any amendment to the Prospectus or Registration Statement of such Borrower (i) relating to changes in the fundamental Investment Policies of such Borrower, or (ii) increasing the borrowing limits specified therein, in each case without the consent of the Required Lenders, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Cayman Parent Borrower Activities</u>. If it is a Cayman Parent Borrower, such Borrower will not (a) permit its Cayman Designated Subsidiary to engage in any business or activity other than that permitted under the Cayman Parent Borrower's Prospectus or (b) itself engage in any business or activity other than (i) acting as a holding company for its Cayman Designated Subsidiary and (ii) acting as a registered open-end investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>Cayman Parent Borrower Sale of Assets, Etc</u>. If it is a Cayman Parent Borrower, such Borrower will not permit its Cayman Designated Subsidiary to (a) merge into or consolidate with any Person other than such Cayman Parent Borrower or another Borrower hereunder, or (b) sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired), except for assets sold or disposed of in the ordinary course of business and except for any such transfers to such Cayman Parent Borrower or another Borrower hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <u>Prohibited Use of Proceeds</u>. Each Borrower shall not request any Loan, and each Borrower shall not, directly or indirectly, use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan, or lend, contribute or otherwise make available such proceeds to any Person (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions by any Person, including Sanctions applicable to any party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <u>Outbound Investment Rules.</u> Neither any Fund nor any Borrower will, nor will any Fund or any Borrower permit any of its respective Subsidiaries to, (a) be or become a "covered foreign person", as that term is defined in the Outbound Investment Rules, or (b)

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engage, directly or indirectly, in (i) a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, if such Borrower were a U.S. Person or (iii) any other activity that would cause the Administrative Agent or any Lender to be in violation of the Outbound Investment Rules or cause the Administrative Agent or any Lender to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.

SECTION 7. EVENTS OF DEFAULT

Subject to the final paragraph of this <u>Section</u> <u>7</u>, if any of the following events shall occur and be continuing with respect to any Registrant, on its own behalf or on behalf of the series thereof which are Borrowers, as the case may be (each an "<u>Event of Default</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Borrower shall fail to pay any principal of any Loan when due in accordance with the terms thereof or hereof, including without limitation any failure to make a mandatory prepayment due pursuant to the provisions of <u>Section</u> <u>2.6(b)</u>; or a Borrower shall fail to pay any interest on any Loan, or any other amount payable hereunder, within five days after any such interest or other amount becomes due in accordance with the terms thereof or hereof; 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;(b) Any representation or warranty made or deemed made by any Registrant, on its own behalf or on behalf of the series thereof which are Borrowers, or made or deemed made at such Registrant's or Borrower's request, herein or in any other Loan Document or which is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been incorrect in any material respect on or as of the date made or deemed made; 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;(c) A Registrant, on its own behalf or on behalf of the series thereof which are Borrowers, shall default in the observance or performance of (i) <u>Section</u> <u>6.13</u> or (ii) any other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) and (b) of this Section), and such default shall continue unremedied for a period of 30 days; or solely in the case of such default arising under <u>Sections 5.4</u>, <u>5.7</u> or <u>6.5</u>, 5 Business Days; or solely in the case of such default arising under <u>Section</u> <u>5.2(b)</u>, 10 days from the delivery of notice thereof by the Administrative Agent to such Registrant (unless the Administrative Agent shall have reasonably determined that the non-delivery of information giving rise to such default under <u>Section</u> <u>5.2(b)</u> shall have materially impaired the rights of the Lenders hereunder, in which case such default shall ripen into an Event of Default if unremedied after the earlier of 10 days from delivery of notice or 30 days after the occurrence thereof); 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;(d) A Registrant, or on behalf of any series thereof which is a Borrower, shall (i) default in any payment of principal of or interest on any Indebtedness (other than the Loans), Interest Rate Agreement or Swap Obligation or in the payment of any Guarantee Obligation, beyond the grace period (not to exceed 30 days), if any, provided in the instrument or agreement under which such Indebtedness, Interest Rate

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Agreement, Swap Obligation or Guarantee Obligation was created, if the aggregate amount of the Indebtedness or amount owing under an Interest Rate Agreement, Swap Obligation and/or Guarantee Obligations in respect of which such default or defaults shall have occurred is at least 5% of such Borrower's net assets, calculated on a net mark-to-market basis for Interest Rate Agreements and Swap Obligations; or (ii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness, Interest Rate Agreement, Swap Obligation or Guarantee Obligation or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Guarantee Obligation, Interest Rate Agreement, or Swap Obligation (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness, Interest Rate Agreement or Swap Obligation to become due prior to its stated maturity or such Guarantee Obligation to become payable if the aggregate amount of the Indebtedness or amount owing under an Interest Rate Agreement, Swap Obligations and/or Guarantee Obligations subject to becoming so due or so payable is at least 5% of such Borrower's or Registrant's net assets, calculated on a net mark-to-market basis for Interest Rate Agreements and Swap Obligations; 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;(e) (i) A Registrant, on its own behalf or on behalf of any series thereof which is a Borrower, shall commence any case, proceeding or other action with respect to itself or any such Borrower (A) under any then Applicable Law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or a Registrant, on its own behalf or on behalf of any series thereof which is a Borrower, shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against such a Registrant or Borrower, any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment and (B) remains undismissed, undischarged, unstayed, unvacated or unbonded pending appeal within 60 days from the entry thereof; or (iii) there shall be commenced against a Registrant, on its own behalf or on behalf of the series thereof which are Borrowers, any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) such a Registrant or Borrower shall take any action in material furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) a Registrant, on its own behalf or on behalf of the series thereof which are Borrowers, shall not, or shall be unable to, pay its debts as they become due for ten (10) days after written notice thereof to such Registrant or actual knowledge thereof by such Registrant, or shall admit in writing its inability to pay its debts as they become due; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Either a Borrower or any Commonly Controlled Entity of such Borrower incurs any liability to any Plan maintained by any of them which could reasonably be expected to have a Material Adverse Effect; 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;(g) One or more final judgments or decrees shall be entered against a Borrower, involving in the aggregate a liability (not fully covered by insurance or otherwise paid or discharged) of 5% or more of such Borrower's net assets, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days from the entry thereof; 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;(h) Unless consented to by all of the Lenders, Columbia Management or a Person directly controlling, controlled by, or under common control with Columbia Management shall no longer act as investment advisor for a Borrower; 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;(i) A Registrant's registration under the 1940 Act shall lapse or be suspended (or proceedings for such purpose shall have been instituted); 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;(j) A Registrant, on its own behalf or on behalf of the series thereof which are Borrowers, shall fail to materially comply with its Investment Policies in a manner which could reasonably be expected to have a Material Adverse Effect and such default (or the Material Adverse Effect arising therefrom if any) shall continue unremedied for a period of 3 days; 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;(k) A Borrower shall (i) fail to materially comply with the 1940 Act or (ii) default in the observance or performance of <u>Section</u> <u>6.13</u>.

then, and in any such event, (A) if such event is an Event of Default specified in paragraph (e) of this Section with respect to such Borrower (or the Registrant acting on behalf of one or more Borrowers), automatically the Commitments available to such Borrower (or all of the Borrowers which are series of such Registrant) shall immediately terminate and the Loans hereunder made to any such Borrower, or Borrowers as the case may be, (with accrued interest thereon) and all other amounts owing under this Agreement by such Borrower, or Borrowers, as the case may be, shall immediately become due and payable, and (B) if such event is any other Event of Default with respect to such Borrower, any or all of the following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to such Borrower declare the Commitments available to such Borrower (or all of the Borrowers which are series of such Registrant if such Event of Default is a Registrant Event of Default (as defined below)) to be terminated forthwith, whereupon such Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to such Borrower, declare the Loans to such Borrower (with accrued interest thereon) and all other amounts owing under this Agreement by such Borrower (or all of the Borrowers which are series of such Registrant if such Event of Default is a Registrant Event of Default) to be due and payable forthwith, whereupon the same shall immediately become due and payable. Except as expressly <u>provided</u> above in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived.

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Notwithstanding any other provision herein to the contrary, Defaults and Events of Default shall have the following results:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Default or Event of Default with respect to one Borrower shall not constitute a Default or Event of Default with respect to any other Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as set forth in clause (iii) below, a Default or Event of Default with respect to a Registrant acting on behalf of one or more Borrowers that is a series of such Registrant shall constitute a Default or Event of Default, as the case may be, only with respect to the Borrower(s) implicated in, or affected by, the act or omission causing such Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Registrant Default or a Registrant Event of Default (each as defined below) with respect to a Registrant acting on behalf of one or more Borrowers that is a series thereof shall constitute a Default or Event of Default, as the case may be, with respect to any Borrower that is a series thereof to the extent that such Registrant Default or Registrant Event of Default is, in the reasonable discretion of the Administrative Agent or the Required Lenders, expected to have a Material Adverse Effect on such Borrower's ability to perform its obligations under this Agreement and the other Loan Documents; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an Event of Default of the type described in paragraph (h) of this <u>Section</u> <u>7</u> shall constitute an Event of Default with respect to all Borrowers for which Columbia Management no longer acts as investment manager.

"<u>Registrant Event of Default</u>" shall mean an Event of Default with respect to a Registrant (A) of any of the types described in paragraphs (e) or (i) of this <u>Section</u> <u>7</u>, or (B) arising from such Registrant's failure to comply with the covenants set forth in <u>Section</u> <u>5.3</u>, <u>5.4</u>, <u>5.5</u> or <u>6.5</u>. "<u>Registrant Default</u>" shall mean any of the events giving rise to a Registrant Event of Default, whether or not any requirement for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied.

SECTION 8. THE ADMINISTRATIVE AGENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Authorization and Action</u><u>.</u> (a) Each Lender hereby irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its successors and assigns to serve as the administrative agent under the Loan Documents, and each Lender authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto. Without limiting the foregoing, each Lender hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of the

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Loan Documents to which the Administrative Agent is a party, to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender; <u>provided</u>, <u>however</u>, that the Administrative Agent shall not be required to take any action that (i) the Administrative Agent in good faith believes exposes it to liability unless the Administrative Agent receives written indemnification and is exculpated in a manner satisfactory to it from the Lenders with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; <u>provided</u>, <u>further</u>, that the Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided. Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Borrower, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf of the Lenders (except in limited circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. The motivations of the Administrative Agent are commercial in nature and not to invest in the general performance or operations of the Borrower. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender or holder of any other obligation other than as expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred and is continuing (and it is understood and agreed that the use of the term "agent" (or any similar term) herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative relationship between contracting parties); additionally, each Lender agrees

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that it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and the transactions contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or the profit element of any sum received by the Administrative Agent for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory provisions of this <u>Section</u> <u>8</u> shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent and shall apply to their respective activities pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Arranger shall have obligations or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit of the indemnities provided for hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In case of the pendency of any proceeding with respect to any Borrower under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on such Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim under <u>Sections 2.3</u>, <u>2.7</u> and <u>2.10</u>) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under <u>Section</u> <u>9.5</u>). Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The provisions of this <u>Section</u> <u>8</u> are solely for the benefit of the Administrative Agent and the Lenders, and, except solely to the extent of any Borrower's rights to consent pursuant to and subject to the conditions set forth in this <u>Section</u> <u>8</u>, none of the Borrowers or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Administrative Agent</u><u>'</u><u>s Reliance, Limitation of Liability, Etc</u><u>.</u> (a) Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by such party, the Administrative Agent or any of its Related Parties under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and non-appealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Registrant or Borrower or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (including, for the avoidance of doubt, in connection with the Administrative Agent's reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page) or for any failure of any Registrant or Borrower to perform its obligations hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof (stating that it is a "notice of default") is given to the Administrative Agent by a Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Section 4 or elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory note has been assigned in accordance with <u>Section</u> <u>9.6</u>, (ii) may rely on the Register to the extent set forth in <u>Section</u> <u>9.6(d)</u>, (iii) may consult with legal counsel (including counsel to a Registrant or a Borrower), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the

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advice of such counsel, accountants or experts, (iv) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations made by or on behalf of any Borrower in connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender sufficiently in advance of the making of such Loan and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Posting of Communications</u><u>.</u> Each Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders by posting the Communications on IntraLinks<sup>™</sup>, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the "<u>Approved Electronic Platform</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders and each Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders and each Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED "AS IS" AND "AS AVAILABLE". THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER OR ANY OF THEIR RESPECTIVE RELATED PARTIES

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(COLLECTIVELY, "<u>APPLICABLE PARTIES</u>") HAVE ANY LIABILITY TO ANY BORROWER, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY BORROWER'S, ANY LENDER'S OR THE ADMINISTRATIVE AGENT'S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM, EXCEPT TO THE EXTENT OF DIRECT OR ACTUAL DAMAGES AS ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH APPLICABLE PARTY OR RELATED PARTY THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Communications</u>" means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Borrower pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent or any Lender by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Lender agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender's email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each of the Lenders and each Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent's generally applicable document retention procedures and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>The Administrative Agent Individually</u><u>.</u> With respect to its Commitment and Loans (including Swing Line Loans), the Person serving as the Administrative Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender. The terms "Lenders", "Required Lenders" and any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity as a Lender, Required Lenders or other member of a defined group, as applicable. The Person serving as the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, any Borrower, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without any duty to account therefor to the Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Successor Administrative Agent</u>. The Administrative Agent may resign at any time by giving thirty (30) days' prior written notice thereof to the Lenders and the Borrowers, whether or not a successor Administrative Agent has been appointed. Upon any such resignation, the Required Lenders shall have the right (subject to the prior written approval of the Borrowers, which approval may not be unreasonably withheld, conditioned or delayed and shall not be required while an Event of Default has occurred and is continuing) to appoint one of the Lenders to be successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within thirty (30) days after the retiring Administrative Agent's giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint one of the Lenders to be successor Administrative Agent. In either case, such appointment shall be subject to the prior written approval of the Borrowers (which approval may not be unreasonably withheld and shall not be required while an Event of Default has occurred and is continuing). Upon the acceptance of any appointment as Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent. Upon the acceptance of appointment as Administrative Agent by a successor Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents. Prior to any retiring Administrative Agent's resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders and the Borrowers, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative Agent shall be discharged from its duties and obligations as the Administrative Agent hereunder and under the other Loan Documents; <u>provided</u> that, solely for purposes of maintaining any security interest granted to the Administrative Agent for the benefit of the Lenders, the retiring Administrative Agent shall continue to be vested with such security interest as collateral agent for the benefit of the Lenders, and continue to be entitled to the rights set forth in any related security documents, and, in the case of any collateral in the possession of the Administrative Agent, shall continue to hold such collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with this Section (it being understood and agreed that the retiring Administrative Agent shall have no duty or obligation to take any further action under any security document, including any action required to maintain the perfection of any such security interest), and (ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent; <u>provided</u> that (A) all payments required to be made hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (B) all notices and other communications required or contemplated to be given or made to the Administrative Agent shall directly be given or made to each Lender. Following the effectiveness of the Administrative Agent's resignation from its capacity as such, the provisions of this <u>Section</u> <u>8</u> and <u>Section</u> <u>9.5</u>, as well as any exculpatory,

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reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent and in respect of the matters referred to in the proviso under clause (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Acknowledgements of Lenders</u><u>.</u> Each Lender represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility, (ii) in participating as a Lender, it is engaged in making, acquiring or holding commercial loans in the ordinary course of business, and is making the Loans hereunder as commercial loans in the ordinary course of its business and not for the purpose of investing in the general performance or operations of the Borrower, or for the purpose of purchasing, acquiring or holding any other type of financial instrument such as a security (and each Lender agrees not to assert a claim in contravention of the foregoing, such as a claim under the federal or state securities laws), (iii) it has, independently and without reliance upon the Administrative Agent or any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder and (iv) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans is experienced in making, acquiring or holding such commercial loans. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrowers and their Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an Assignment and Acceptance or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a "<u>Payment</u>") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter (or such later date as the Administrative Agent, may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Payment (or

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portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this <u>Section</u> <u>8.6(c)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "<u>Payment Notice</u>") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter (or such later date as the Administrative Agent, may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Borrower hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by such Borrower, except, in each case, to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent or any of its Affiliates from such Borrower for the purpose of making such erroneous Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each party's obligations under this <u>Section</u> <u>8.6(c)</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all obligations under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Lender hereby represents and warrants that it is a Bank (as defined in the 1940 Act). Each Lender will promptly notify the Borrowers and the Administrative Agent if it is no longer a Bank (as defined in the 1940 Act).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Lenders acknowledge that there may be a constant flow of information (including information which may be subject to confidentiality obligations in favor of the Borrowers) between the Borrowers, their Affiliates and/or the Investment Adviser, on the one hand, and JPMorgan Chase Bank, N.A. and its Affiliates, on the other hand. Without limiting the foregoing, the Borrowers, their Affiliates and/or the Investment Adviser may provide information, including updates to previously provided information to JPMorgan Chase Bank, N.A. and/or its Affiliates acting in different capacities, including as Lender, lead bank, arranger or potential securities investor, independent of such entity's role as administrative agent hereunder. The Lenders acknowledge that neither JPMorgan Chase Bank, N.A. nor its Affiliates shall be under any obligation to provide any of the foregoing information to them. Notwithstanding anything to the contrary set forth herein or in any other Loan Document, except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein or in any other Loan Document, the Administrative Agent shall not have any duty or responsibility to provide, and shall not be liable for the failure to provide, any Lender with any credit or other information concerning the Loans, the Lenders, the business, prospects, operations, property, financial and other condition or creditworthiness of any of the Borrowers or any of their respective Affiliates that is communicated to, obtained by, or in the possession of, the Administrative Agent or any of its Affiliates in any capacity, including any information obtained by the Administrative Agent in the course of communications among the Administrative Agent and any Borrower, any Affiliate thereof, the Investment Adviser or any other Person. Notwithstanding the foregoing, any such information may (but shall not be required to) be shared by the Administrative Agent with one or more Lenders, or any formal or informal committee or ad hoc group of such Lenders, including at the direction of a Borrower or the Investment Adviser, and, in each case, subject to the obligations set forth in <u>Section</u> <u>9.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>Duties of Syndication Agents</u>. No Syndication Agent, in its capacity as such, shall have any duty, obligation or responsibility hereunder.

SECTION 9. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Amendments and Waivers</u>. Neither this Agreement nor any other Loan Document, nor any terms hereof or thereof, may be amended, supplemented or modified except in accordance with the provisions of this Section. This Agreement shall not effect a novation or termination of the obligations of the parties under the Original Credit Agreement, but instead shall be merely a restatement and, where applicable, an amendment of the terms governing such obligations. The Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent may, from time to time, (a) enter into with each Registrant, on behalf of the series thereof which are Borrowers, written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of such Borrowers hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; <u>provided</u>, however, that no such waiver and no such amendment, supplement or modification shall (i) reduce the amount or extend the scheduled date of maturity of any Loan or of any installment thereof, or reduce the stated rate of any interest or fee payable hereunder or extend the scheduled date of any payment thereof or increase

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the amount or extend the expiration date of any Lender's Commitment, in each case without the consent of each Lender affected thereby, or (ii) amend, modify or waive any provision of this <u>Section</u> <u>9.1</u> (or any other provision of this Agreement which expressly provides that the consent of all the Lenders is required to take any action) or reduce the percentage specified in the definition of Required Lenders, or consent to the assignment or transfer by any Borrower or any Registrant of any of its rights and obligations under this Agreement and the other Loan Documents, in each case without the written consent of all the Lenders or (iii) amend, waive or modify the first three sentences of <u>Section</u> <u>2.9(a)</u> or any other provision affecting the ratable treatment of the Lenders, in each case without the written consent of all the Lenders, or (iv) amend, waive or modify the requirement contained in the first sentence of <u>Section</u> <u>2.16(a)</u> that consent of all the Lenders is required to approve the addition of Borrowers to this Agreement, in each case without the written consent of all the Lenders, or (v) amend, waive or modify <u>Section</u> <u>2.6(b)</u> without the written consent of all the Lenders (other than any Defaulting Lenders), or (vi) amend, waive or modify <u>Section</u> <u>6.1</u> without the written consent of all the Lenders (other than any Defaulting Lenders), (vii) amend, modify or waive any provision of <u>Section</u> <u>8</u> without the written consent of the then Administrative Agent, or (viii) amend, waive or modify <u>Section</u> <u>4</u> without the written consent of all the Lenders (other than any Defaulting Lenders), or (ix) amend, waive or modify <u>Section</u> <u>2.10</u> without the written consent of all the Lenders (other than any Defaulting Lenders) or (x) amend, waive or modify <u>Section</u> <u>9.7(a)</u> without the written consent of all the Lenders (other than any Defaulting Lenders). Any such waiver and any such amendment, supplement or modification shall be effective (A) only for such Borrower(s) on whose behalf a Registrant executed such document(s) and (B) in the specific instance and for the specific purpose for which given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Notices</u>. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (which writing may be in the form of a facsimile transmission), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or five days after being deposited in the mail, postage prepaid, or, in the case of facsimile notice, when received, addressed as follows in the case of any Registrant, any Borrower and the Administrative Agent, and as set forth in <u>Schedule II</u> in the case of the other parties hereto, or to such other address as may be hereafter notified by the respective parties hereto:

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| | |
|:---|:---|
| If to the Borrowers<br> and Registrants: | COLUMBIA MANAGEMENT INVESTMENT<br> ADVISERS, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> Attention: Mr. Michael G. Clarke |
| with a copy to: | COLUMBIA FUNDS<br> c/o Columbia Management Investment Advisers, LLC<br> 290 Congress Street<br> Boston, MA 02210<br> Attention: Ryan Larrenaga |
| If to The Administrative Agent or Swingline Lender from a Lender: |  |

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| | |
|:---|:---|
|  | JPMORGAN CHASE BANK, N.A.<br> 4041 Ogletown Stanton Rd<br> Floor 02<br> Newark, DE 19713 |
| With a copy to: | Pryor Cashman LLP<br> 7 Times Square<br> New York, NY 10036<br> Attn: Larry Remmel, Esq.<br> Facsimile: (212) 326-0806 |

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If to the Administrative Agent from the Borrowers, to JPMorgan Chase Bank, N.A. at the address separately provided to the Borrowers in writing.

<u>provided</u> that any notice, request or demand to or upon the Administrative Agent or the Lenders pursuant to <u>Section</u> <u>2.2</u>, <u>2.4</u>, <u>2.6</u>, or <u>2.8</u> shall not be effective until received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>No Waiver; Cumulative Remedies</u>. No failure to exercise and no delay in exercising, on the part of any party hereto, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Survival of Representations and Warranties</u>. All representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Payment of Expenses and Taxes; Indemnification</u><u>; Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Expenses</u>. Each Borrower agrees severally (ratably, in accordance with its respective Pro Rata Allocation) to pay (i) all reasonable out of pocket expenses incurred by the Administrative Agent and J.P. Morgan Securities LLC, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the reasonable and documented fees, charges and disbursements of any counsel for the Administrative Agent or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans

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made hereunder, including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Limitation of Liability</u>. To the extent permitted by applicable law (i) no Registrant or Borrower (each a "<u>Loan Party</u>") shall assert, and each Loan Party hereby waives, any claim against the Administrative Agent and any Lender, and any Related Party of any of the foregoing Persons (each such Person a "<u>Lender-Related Person</u>") for any Liabilities arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet); <u>provided</u> that such waiver shall not apply to the extent such claim arises from, with respect to any Lender-Related Person, the gross negligence or willful misconduct of such Lender-Related Person as determined by a court of competent jurisdiction by final and non-appealable judgment, and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof; <u>provided</u> that, nothing in this <u>Section</u> <u>9.5(b)</u> shall relieve any Loan Party of any obligation it may have to indemnify an Indemnitee, as provided in <u>Section</u> <u>9.5(c)</u>, against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnity</u>. Each Borrower agrees severally (ratably, in accordance with its respective Pro Rata Allocation) to indemnify the Administrative Agent and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all Liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, or (iii) any actual or prospective Proceeding relating to any of the foregoing, whether or not such Proceeding is brought by any Borrower or any other Loan Party or its or their respective equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; <u>provided</u> that such indemnity shall not, as to any Indemnitee, be available to the extent that such Liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted primarily from the gross negligence or willful misconduct of such Indemnitee. This Section 9.5(c) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Lender Reimbursement</u>. Each Lender severally agrees to pay any amount required to be paid by any Borrower under paragraphs (a), (b) or (c) of this

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<u>Section</u> <u>9.5</u> to the Administrative Agent and each Related Party of any of the foregoing Persons (each, an "<u>Agent-Related Person</u>") (to the extent not reimbursed by such Borrower and without limiting the obligation of the Borrowers to do so), ratably according to their respective Commitment Percentage in effect on the date on which such payment is sought under this Section (or, if such payment is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Commitment Percentage immediately prior to such date), from and against any and all Liabilities and related expenses, including the fees, charges and disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent-Related Person in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by such Agent-Related Person under or in connection with any of the foregoing; <u>provided</u> that the unreimbursed expense or Liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related Person in its capacity as such; <u>provided</u> <u>further</u> that no Lender shall be liable for the payment of any portion of such Liabilities, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted primarily from such Agent-Related Party's gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Payments</u>. All amounts due under this <u>Section</u> <u>9.5(d)</u> shall be payable not later than 10 days after written demand therefor (which demand shall include a statement describing in reasonable detail the basis for making such demand).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Allocation of Liability</u>. Notwithstanding any other provision in this Agreement to the contrary, to the extent any obligation to reimburse or indemnify any Indemnitee that arises pursuant to <u>Section</u> <u>9.5(b)</u> is not attributable to any particular Borrower or Borrowers, then such reimbursement or indemnification shall be made by each Borrower (ratably, in accordance with its respective Pro Rata Allocation). To the extent any such obligation to reimburse or indemnify any Indemnified Party is attributable to one or more Borrowers, then such reimbursement or indemnification shall be made by such Borrower or, if more than one Borrower, ratably by such Borrowers based on their respective Pro Rata Allocations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Successors and Assigns; Participations and Assignments</u><u>.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be binding upon and inure to the benefit of the Registrants, the Borrowers, the Lenders, the Administrative Agent and their respective successors and assigns, except that, except as may otherwise be provided herein, neither any Registrant nor any Borrower may assign or transfer any of its rights or obligations under this Agreement without the prior written consent of each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Lender may, in the ordinary course of its commercial banking business and in accordance with Applicable Laws, at any time sell to one or more

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Eligible Lenders ("<u>Participants</u>") participating interests in any Loan owing to such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Loan Documents. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender's obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the other Loan Documents, and the Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement and the other Loan Documents. Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the obligations of the Borrowers hereunder, including the right to approve any amendment, modification or waiver of any provision of this Agreement; <u>provided</u> that such participation agreement may provide that (i) such Lender will not agree to any modification, amendment or waiver of this Agreement described in clauses (i) through (ix) of the proviso in <u>Section</u> <u>9.1</u> without the consent of the Participant and (ii) the Participant may obtain voting rights limited to changes in respect of the principal amount, interest rates, fees and term of the Loans. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Notes or other obligations under the Agreement (the "<u>Participant Register</u>"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any Commitments, Loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and each Person whose name is recorded in the Participant Register shall be treated as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Lender may, in the ordinary course of its commercial banking business and in accordance with Applicable Law, at any time and from time to time assign to (I) any Lender or any Affiliate thereof that is an Eligible Lender or (II) with the consent of (1) the Administrative Agent (not to be unreasonably withheld or delayed) and (2) (so long as no Default or Event of Default shall have occurred and be continuing), the Registrants (not to be unreasonably withheld or delayed, and <u>provided</u> that the Registrants shall be deemed to have consented to any such assignment unless they shall object thereto by written notice to the Administrative Agent within three (3) Business Days), to an additional Eligible Lender (an "<u>Assignee</u>") all or any part of its rights and obligations under this Agreement and the other Loan Documents pursuant to an Assignment and Acceptance, substantially in the form of <u>Exhibit 9.6(c)</u>, executed by such Assignee, such assigning Lender and the Administrative Agent (and, <u>provided</u> (i) no Default or Event of Default shall have occurred and be continuing and (ii) the Assignee is

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not a Lender or an Affiliate of a Lender that is an Eligible Lender, the Registrants) and delivered to the Administrative Agent for its acceptance and recording in the Register; <u>provided</u>, <u>however</u>, that assignments to entities other than Lenders or Affiliates thereof must be in amounts of at least $5,000,000 (or, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender's rights and obligations under this Agreement, all of such lesser amount). Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with a Commitment as set forth therein, and (y) the assigning Lender thereunder shall, to the extent provided in such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender's rights and obligations under this Agreement, such assigning Lender shall cease to be a party hereto (except as to <u>Sections 2.10</u>, <u>2.11</u> and <u>9.5</u> in respect of the period prior to the effective date of such Assignment and Acceptance) and the Commitment of the Assignee shall be in an amount equal to that of such assigning Lender prior to the execution of such Assignment and Acceptance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent, acting for this purpose as a non-fiduciary agent on behalf of the Borrowers, shall maintain at one of its offices in the United States a copy of each Assignment and Acceptance delivered to it and a register (the "<u>Register</u>") for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of the Loans owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and each Borrower, the Administrative Agent and the Lenders may (and, in the case of any Loan or other obligation hereunder not evidenced by a Note, shall) treat each Person whose name is recorded in the Register as the owner of a Loan or other obligation hereunder as the owner thereof for all purposes of this Agreement and the other Loan Documents, notwithstanding any notice to the contrary. Any assignment of any Loan or other obligation hereunder not evidenced by a Note shall be effective only upon appropriate entries with respect thereto being made in the Register. The Register shall be available for inspection by the Borrowers or any Lender at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and the Administrative Agent) together with payment by the assigning Lender or Assignee to the Administrative Agent of a registration and processing fee of $3,000 (for which no Borrower shall have an obligation to reimburse), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and to each Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Borrower authorizes each Lender to disclose to any Participant or Assignee (each, a "<u>Transferee</u>") and any prospective Transferee any and all financial information in such Lender's possession concerning such Borrower and its

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Affiliates which has been delivered to such Lender by or on behalf of such Borrower pursuant to this Agreement or which has been delivered to such Lender by or on behalf of such Borrower in connection with such Lender's credit evaluation of the Registrants, the Borrowers and their Affiliates prior to becoming a party to this Agreement subject to the obligations in <u>Section</u> <u>9.10(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this Section concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, any pledge or assignment by a Lender of any Loan or Note to any Federal Reserve Bank, or any other central bank having jurisdiction over such Lender, in accordance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Adjustments; Set-off</u>(a) . (a) Subject to <u>Section</u> <u>2.2(b)</u>, if any Lender (a "<u>Benefited Lender</u>") shall at any time receive any payment of all or part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in <u>Section</u> <u>7(e)</u>, or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender's Loans, or interest thereon, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender's Loans, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; <u>provided</u>, <u>however</u>, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest; <u>provided</u> <u>further</u> that the provisions of this paragraph shall not be construed to apply to any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to any rights and remedies of the Lenders provided by law, upon the occurrence of an Event of Default each Lender and each of its respective Affiliates is hereby authorized at any time or from time to time, without presentment, demand, protest or other notice of any kind to the defaulting Borrower, Registrant, Columbia Management or any other Person, any such notice being hereby expressly waived, to the extent permitted by Applicable Law, upon any amount becoming due and payable by a Borrower hereunder (whether at the stated maturity, by acceleration or otherwise) to set off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or Affiliate or any branch or agency of such Lender or its Affiliates to or for the credit or the account of such Borrower. Each Lender agrees promptly to notify such Borrower and the Administrative Agent after any such set-off and application made by such Lender or its Affiliate, <u>provided</u> that the failure to give such notice shall not affect the validity of such set-off and application.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Counterparts</u><u>; effectiveness; Electronic Execution</u>. (a) This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by all the parties shall be lodged with Columbia Management and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to <u>Section</u> <u>9.2</u>), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an "<u>Ancillary Document</u>") that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; <u>provided</u> that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; <u>provided</u>, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of each Borrower without further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, each Borrower hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, and any Borrower, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (ii) agrees that the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person's business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to

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any signature pages thereto and (iv) waives any claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent's and/or any Lender's reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of such Borrower to use any available security measures in connection with the execution, delivery or transmission of any Electronic 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;9.9 <u>Severability</u>. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>Waiver of Conflicts; Confidentiality</u>. (a) Each Borrower acknowledges that each of the Administrative Agent and each Lender and their respective affiliates (collectively, the "<u>Bank Parties</u>") may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which such Borrowers may have conflicting interests regarding the transactions described herein and otherwise. Except as may otherwise be permitted herein, the Bank Parties will not disclose Confidential Information obtained from such Borrowers and their related Registrants by virtue of the transactions contemplated by this Agreement or their other relationships with such Borrowers and their related Registrants in connection with the performance by each of the Bank Parties of services for other companies, and each of the Bank Parties will not disclose any such Confidential Information to such other companies. Such Borrowers also acknowledge that no Bank Party has any obligation to use in connection with the transactions contemplated by this Agreement, or to furnish to any Borrower, confidential information obtained from other companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Section, "<u>Confidential Information</u>" shall mean all information received from any of the Registrants, the Borrowers or Columbia Management relating to any of them or their business, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis other than as a result of a breach of this Agreement. Each of the Administrative Agent and each Lender agrees to maintain the confidentiality of the Confidential Information, and shall use such Confidential Information only for the purpose of determining the creditworthiness of a Borrower, in connection with the enforcement of the rights of each Lender under this Agreement and in the administration of the credit facility contemplated by this Agreement, except that Confidential Information may be disclosed (i) to its and its Affiliates' directors, officers, employees and agents, including without limitation accountants, legal counsel and other advisors for purposes relating to the transactions contemplated by this Agreement or for conducting legitimate audits (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Confidential Information and will be subject to the provisions of this <u>Section</u> <u>9.10</u> to the same extent as any Lender), (ii) to the extent requested by any legal or regulatory or self-regulatory authority having or claiming jurisdiction over such Person, (iii) to the extent required by Applicable Laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement for purposes relating to the

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transactions contemplated hereby, (v) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (vi) subject to an agreement containing provisions substantially the same as those of this subsection, to any Assignee or Participant or any prospective Assignee or Participant which executes such agreement, or to any actual or prospective party (and its advisor and agents) to any swap, derivative, securitization, credit insurance or other transaction under which payments are to be made by reference to a Borrower and its obligations, the Credit Agreement or payment hereunder, (vii) with the written consent of the Borrowers, or (viii) any rating agency in connection with rating a Borrower or the credit facility evidenced by this Agreement. Any Person required to maintain the confidentiality of Confidential Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Agents or any Lender in connection with the administration of this Agreement, the other Loan Documents, and the Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting the foregoing provisions of this Section, in the event that (I) any party to this Agreement (the "<u>Providing Party</u>") provides to another party to this Agreement (the "<u>Recipient Party</u>") non-public personal information concerning individual investors in any Fund that such Providing Party is required to keep confidential under applicable provisions of the Customer Confidentiality Laws and (II) such Providing Party properly identifies such information as such to the Recipient Party at the time such information is <u>provided</u> by, among other means of identification, prominently marking such information with the words "NON-PUBLIC INFORMATION SUBJECT TO CUSTOMER CONFIDENTIALITY LAWS AND <u>SECTIONS 9.10(b) and (c)</u> OF THE AMENDED AND RESTATED CREDIT AGREEMENT", the Recipient Party shall treat such information as required by the applicable provisions of the Customer Confidentiality Laws, it being understood that this sentence does not, and is not intended to, create independent rights, or rights of action or obligations, for any Person not a party to this Agreement and any such action shall constitute an "<u>indemnified liability</u>" under <u>Section</u> <u>9.5</u>. "<u>Customer Confidentiality Laws</u>" means Title V of Public Law 106-102, known as the "Graham-Leach-Bliley Act", 15 USC 6801 to 6809, and the rules and regulations adopted thereunder. Nothing in this Section shall require any Borrower, any Registrant or Columbia Management to provide any such non-public personal information concerning individual investors in any Fund to any Person.

For the avoidance of doubt, nothing in this Section 9.10 shall prohibit any person from voluntarily disclosing or providing any information within the scope of this confidentiality provisions to any governmental, regulatory or self-regulatory organization (any such entity, a "<u>Regulatory Authority</u>") to the extent that any such prohibition on disclosure set forth in this confidentiality provision shall be prohibited by the laws or regulations applicable to such Regulatory Authority.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 <u>GOVERNING LAW</u>**.** THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD FOR ITS CHOICE OF LAW RULES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 <u>Submission To Jurisdiction; Waivers</u>. Each Registrant, on its own behalf and on behalf of the series thereof which are Borrowers, the Administrative Agent and the Lenders hereby irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submit for themselves and their respective property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which they are a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the Courts of the State of New York located in New York County (the borough of Manhattan), the courts of the United States of America for the Southern District of New York (the borough of Manhattan), and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding (whether in contract, tort, or otherwise and whether at law or in equity) in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Registrant or such Borrower at its address set forth in <u>Section</u> <u>9.2</u> or at such other address of which the Administrative Agent shall have been notified pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right of any party hereto to effect service of process in any other manner permitted by law or shall limit the right of any party hereto to sue in any other jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, indirect, punitive or consequential damages; 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;(f) agrees that nothing in this Agreement or in any other Loan Document shall waive any statutory, regulatory, common law, or other rule, doctrine, legal restriction, provision or the like providing for the treatment of bank branches, bank agencies, or other bank offices as if they were separate juridical entities for certain purposes, including Uniform Commercial Code Sections 4-106, 4-A-105(1)(b), and 5-116(b), UCP 600 Article 3 and ISP98 Rule 2.02, and URDG 758 Article 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 <u>Acknowledgments</u>. Each Registrant, on its own behalf and on behalf of the series thereof which are Borrowers, hereby acknowledges that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has been advised by general counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to such Registrant or any such Borrower arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Administrative Agent and the Lenders, on the one hand, and such Registrant and each Borrower, on the other hand, in connection herewith or therewith is solely that of creditor and debtor; 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;(c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among such Registrant, such Borrowers and the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 <u>WAIVERS OF JURY TRIAL</u>**.** EACH REGISTRANT, ON ITS OWN BEHALF AND ON BEHALF OF THE SERIES THEREOF WHICH ARE BORROWERS, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 <u>Non-Recourse</u>. The Administrative Agent and the Lenders hereby agree for the benefit of Columbia Management and its Affiliates, and each and every shareholder, trustee, director and officer of the Registrants and the Borrowers and any successor, assignee, heir, estate, executor, administrator or personal representative of any such shareholder, trustee, director and officer (a "<u>Non-Recourse Person</u>") that: (a) no Non-Recourse Person shall have any personal liability for any obligation of any Registrant or Borrower under this Agreement or any other Loan Document or any other instrument or document delivered pursuant hereto or thereto (except, in the case of any shareholder, to the extent of his, her or its investment in a Borrower); (b) no claim against any Non-Recourse Person may be made for any obligation of any Registrant or any Borrower under this Agreement or any other Loan Document or any other instrument or document delivered pursuant hereto or thereto, whether for payment of principal of, or interest on, the Loans or for any fees, expense, or other amounts payable by any Registrant or any Borrower hereunder or thereunder, or otherwise; and (c) the obligations of each Borrower under this Agreement or any other Loan Document or any other instrument or document delivered pursuant hereto or thereto are enforceable solely against such Borrower and its properties and assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 <u>Integration</u>. This Agreement and the other Loan Documents represent the entire agreement of each Registrant, on its own behalf and on behalf of the series thereof which are Borrowers, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 <u>USA PATRIOT Act</u>. Each Lender hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law

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October 26, 2001)) (the "<u>Act</u>"), it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of the Borrowers and other information that will allow such Lender to identify the Borrowers in accordance with the Act. The Borrowers will provide such information promptly upon the request of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 <u>Net Asset Value</u>. This Facility is not designed or intended to maintain a stable net asset value or share price of any Registrant or Borrower, and may not be relied upon or utilized by any Registrant or Borrower for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 <u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; 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;(iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 <u>[Reserved]</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21 <u>No Fiduciary Duty, etc</u><u>.</u> (a) Each Borrower acknowledges and agrees, and acknowledges its Subsidiaries' (if any) understanding, that no Credit Party will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm's length contractual counterparty to such Borrower with respect to the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an agent of, such Borrower or any other person. Each Borrower agrees that it will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby. Additionally, each Borrower acknowledges and agrees that no Credit Party is advising such Borrower as to any legal, tax,

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investment, accounting, regulatory or any other matters in any jurisdiction. Each Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to such Borrower with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Borrower further acknowledges and agrees, and acknowledges its Subsidiaries' understanding, that each Credit Party, together with its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, any Credit Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, such Borrower and other companies with which such Borrower may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion. Each Borrower acknowledges and agrees that the Administrative Agent and each Lender and their Affiliates may have economic interests that conflict with those of the Borrowers, their stockholders and/or their Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.22 <u>Interest Rate Limitation.</u> Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the "<u>Charges</u>"), shall exceed the maximum lawful rate (the "<u>Maximum Rate</u>") which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

***[The remainder of this page intentionally left blank; signature pages follow.]***

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**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the day and year first written above.

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| | |
|:---|:---|
| JPMORGAN CHASE BANK, N.A., | JPMORGAN CHASE BANK, N.A., |
| &nbsp;&nbsp;&nbsp; as Administrative Agent and as a Lender | &nbsp;&nbsp;&nbsp; as Administrative Agent and as a Lender |
| By: | <u>/s/ Kenise Henry's Larmond</u> |
| Name: | Kenise Henry's Larmond |
| Title: | Executive Director |

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COLUMBIA FUNDS 2025

AMENDED AND RESTATED CREDIT AGREEMENT

SIGNATURE PAGE

Accepted and agreed to as of

the date first above written:

Each of the Registrants listed on <u>Schedule I</u> on behalf of itself and each of its underlying series for which Columbia Management Investment Advisers, LLC acts as investment manager.

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| | |
|:---|:---|
| By: | /s/ Michael G. Clarke |
| Name: | Michael G. Clarke |
| Title: | \*President |
|  | Treasurer and Principal Accounting and Financial Officer |

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\*(The above-signed officer holds this office with each of the Registrants.)

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COLUMBIA FUNDS 2025

AMENDED AND RESTATED CREDIT AGREEMENT

SIGNATURE PAGE

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| | |
|:---|:---|
| CITIBANK, N.A. | CITIBANK, N.A. |
| By: | <u>/s/Maureen Maroney</u> |
| Name: | Maureen Maroney |
| Title: | Vice President |

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COLUMBIA FUNDS 2025

AMENDED AND RESTATED CREDIT AGREEMENT

SIGNATURE PAGE

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| | |
|:---|:---|
| WELLS FARGO BANK, NATIONAL ASSOCIATION | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| By: | <u>/s/ Nik Broschofsky</u> |
| Name: | Nik Broschofsky |
| Title: | Executive Director |

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COLUMBIA FUNDS 2025

AMENDED AND RESTATED CREDIT AGREEMENT

SIGNATURE PAGE

BANK OF AMERICA, N.A.

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| | |
|:---|:---|
| By: | <u>/s/ Jake Nouri</u> |
| Name: | Jake Nouri |
| Title: | Associate |

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COLUMBIA FUNDS 2025

AMENDED AND RESTATED CREDIT AGREEMENT

SIGNATURE PAGE

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| | |
|:---|:---|
| BANK OF MONTREAL, CHICAGO BRANCH | BANK OF MONTREAL, CHICAGO BRANCH |
| By: | <u>/s/ Lauren Harte</u> |
| Name: | Lauren Harte |
| Title: | Vice President |

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COLUMBIA FUNDS 2025

AMENDED AND RESTATED CREDIT AGREEMENT

SIGNATURE PAGE

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| | |
|:---|:---|
| BNP PARIBAS | BNP PARIBAS |
| By: | <u>/s/ Sara Samarasinghe</u> |
| Name: | Sara Samarasinghe |
| Title: | Managing Director |
| By: | <u>/s/ Michael Maser</u> |
| Name: | Michael Maser |
| Title: | Director |

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COLUMBIA FUNDS 2025

AMENDED AND RESTATED CREDIT AGREEMENT

SIGNATURE PAGE

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| | |
|:---|:---|
| HSBC BANK USA, N.A. | HSBC BANK USA, N.A. |
| By: | <u>/s/ Nicholas R White</u> |
| Name: | Nicholas R White |
| Title: | Managing Director |

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COLUMBIA FUNDS 2025

AMENDED AND RESTATED CREDIT AGREEMENT

SIGNATURE PAGE

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| | |
|:---|:---|
| U.S. BANK NATIONAL ASSOCIATION | U.S. BANK NATIONAL ASSOCIATION |
| By: | <u>/s/ Shelly L. Allen</u> |
| Name: | Shelly L. Allen |
| Title: | Senior Vice President |

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COLUMBIA FUNDS 2025

AMENDED AND RESTATED CREDIT AGREEMENT

SIGNATURE PAGE

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| | |
|:---|:---|
| GOLDMAN SACHS BANK USA | GOLDMAN SACHS BANK USA |
| By: | <u>/s/ Ananda DeRoche</u> |
| Name: | Ananda DeRoche |
| Title: | Authorized Signatory |

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COLUMBIA FUNDS 2025

AMENDED AND RESTATED CREDIT AGREEMENT

SIGNATURE PAGE

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| | |
|:---|:---|
| MORGAN STANLEY BANK, N.A. | MORGAN STANLEY BANK, N.A. |
| By: | <u>/s/ Michael King</u> |
| Name: | Michael King |
| Title: | Authorized Signatory |

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COLUMBIA FUNDS 2025

AMENDED AND RESTATED CREDIT AGREEMENT

SIGNATURE PAGE

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| | |
|:---|:---|
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: | <u>/s/ Alison A. Doherty</u> |
| Name: | Alison Doherty |
| Title: | Vice President |

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**SCHEDULE I** 

**<u>REGISTRANTS & BORROWERS<sup>1</sup></u>**

**Columbia Funds Series Trust II** 

Columbia Capital Allocation Aggressive Portfolio

Columbia Capital Allocation Conservative Portfolio

Columbia Capital Allocation Moderate Portfolio

Columbia Commodity Strategy Fund

Columbia Disciplined Core Fund

Columbia Disciplined Growth Fund

Columbia Disciplined Value Fund

Columbia Dividend Opportunity Fund

Columbia Emerging Markets Bond Fund

Columbia Flexible Capital Income Fund

Columbia Floating Rate Fund

Columbia Global Value Fund

Columbia Global Opportunities Fund

Columbia Government Money Market Fund

Columbia High Yield Bond Fund

Columbia Income Builder Fund

Columbia Income Opportunities Fund

Columbia Integrated Large Cap Growth Fund

Columbia Integrated Large Cap Value Fund

Columbia Integrated Small Cap Growth Fund

Columbia Intrinsic Value Fund (f/k/a Columbia Large Cap Value Fund)

Columbia Minnesota Tax-Exempt Fund

Columbia Mortgage Opportunities Fund

Columbia Overseas Core Fund

Columbia Pyrford International Stock Fund

Columbia Quality Income Fund

Columbia Select Global Equity Fund

Columbia Select Large Cap Value Fund

Columbia Select Small Cap Value Fund

Columbia Select Short Corporate Income Fund (f/k/a Columbia Limited Duration Credit Fund)

Columbia Seligman Technology and Information Fund

Columbia Seligman Global Technology Fund

Columbia Short-Term Cash Fund

Columbia Strategic Municipal Income Fund

Columbia Ultra Short Duration Municipal Bond Fund

Multi-Manager Value Strategies Fund

**Columbia Funds Variable Series Trust II** 

Columbia Variable Portfolio – Balanced Fund

<sup>1</sup> Registrants, including Registrants that are also Borrowers, are designated in bold type face; each Borrower that is a series is listed below the name of the Registrant that acts on such Borrower's behalf.

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Columbia Variable Portfolio – Commodity Strategy Fund

Columbia Variable Portfolio – Core Equity Fund

Columbia Variable Portfolio – Corporate Bond Fund (f/k/a Columbia Variable Portfolio – Global Strategic Income Fund)

Columbia Variable Portfolio – Disciplined Core Fund

Columbia Variable Portfolio – Dividend Opportunity Fund

Columbia Variable Portfolio – Emerging Markets Bond Fund

Columbia Variable Portfolio – Emerging Markets Fund

Columbia Variable Portfolio – Government Money Market Fund

Columbia Variable Portfolio – High Yield Bond Fund

Columbia Variable Portfolio – Income Opportunities Fund

Columbia Variable Portfolio – Intermediate Bond Fund

Columbia Variable Portfolio – Large Cap Growth Fund

Columbia Variable Portfolio – Large Cap Index Fund

Columbia Variable Portfolio – Limited Duration Credit Fund

Columbia Variable Portfolio – Select Mid Cap Growth Fund

Columbia Variable Portfolio – Overseas Core Fund

Columbia Variable Portfolio – Select Large Cap Equity Fund

Columbia Variable Portfolio – Select Large Cap Value Fund

Columbia Variable Portfolio – Select Mid Cap Value Fund

Columbia Variable Portfolio – Select Small Cap Value Fund

Columbia Variable Portfolio – Seligman Global Technology Fund

Columbia Variable Portfolio – U.S. Government Mortgage Fund

CTIVP – American Century Diversified Bond Fund

CTIVP – BlackRock Global Inflation-Protected Securities Fund

CTIVP – CenterSquare Real Estate Fund

CTIVP – Principal Large Cap Growth Fund (f/k/a CTIVP – Principal Blue Chip Growth Fund)

CTIVP – T. Rowe Price Large Cap Value Fund

CTIVP – TCW Core Plus Bond Fund

CTIVP – Victory Sycamore Established Value Fund

CTIVP – Wellington Large Cap Value Fund (f/k/a CTIVP – MFS Value Fund)

CTIVP – Westfield Mid Cap Growth Fund

CTIVP – Westfield Select Large Cap Growth Fund

Variable Portfolio – Aggressive Portfolio

Variable Portfolio – Conservative Portfolio

Variable Portfolio – Managed Volatility Moderate Growth Fund

Variable Portfolio – Moderate Portfolio

Variable Portfolio – Moderately Aggressive Portfolio

Variable Portfolio – Moderately Conservative Portfolio

Variable Portfolio – Partners Core Bond Fund

Variable Portfolio – Partners Core Equity Fund

Variable Portfolio – Partners International Core Equity Fund

Variable Portfolio – Partners International Growth Fund

Variable Portfolio – Partners International Value Fund

Variable Portfolio – Partners Small Cap Growth Fund

Variable Portfolio – Partners Small Cap Value Fund

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**Columbia Funds Series Trust** 

Columbia California Intermediate Municipal Bond Fund

Columbia Capital Allocation Moderate Aggressive Portfolio

Columbia Capital Allocation Moderate Conservative Portfolio

Columbia Convertible Securities Fund

Columbia Cornerstone Equity Fund (f/k/a Columbia Select Large Cap Equity Fund)

Columbia Large Cap Enhanced Core Fund

Columbia Large Cap Growth Opportunity Fund

Columbia Large Cap Index Fund

Columbia Mid Cap Index Fund

Columbia Overseas Value Fund

Columbia Select Mid Cap Value Fund

Columbia Short Term Bond Fund

Columbia Short Duration Municipal Bond Fund

Columbia Small Cap Index Fund

Columbia Small Cap Value and Inflection Fund (f/k/a Columbia Small Cap Value Fund II)

**Columbia Funds Series Trust I** 

Columbia Adaptive Risk Allocation Fund

Columbia Balanced Fund

Columbia Bond Fund

Columbia Contrarian Core Fund

Columbia Cornerstone Growth Fund (f/k/a Columbia Large Cap Growth Fund)

Columbia Dividend Income Fund

Columbia Emerging Markets Fund

Columbia Global Technology Growth Fund

Columbia Greater China Fund

Columbia High Yield Municipal Fund

Columbia Intermediate Duration Municipal Bond Fund

Columbia International Dividend Income Fund

Columbia Massachusetts Intermediate Municipal Bond Fund

Columbia Select Corporate Income Fund (f/k/a Columbia Corporate Income Fund)

Columbia Select Mid Cap Growth Fund

Columbia Multi Strategy Alternatives Fund

Columbia New York Intermediate Municipal Bond Fund

Columbia Oregon Intermediate Municipal Bond Fund

Columbia Real Estate Equity Fund

Columbia Select Large Cap Growth Fund

Columbia Small Cap Growth Fund

Columbia Small Cap Value Discovery Fund (f/k/a Columbia Small Cap Value Fund I)

Columbia Strategic California Municipal Income Fund

Columbia Strategic Income Fund

Columbia Strategic New York Municipal Income Fund

Columbia Total Return Municipal Income Fund (f/k/a Columbia Tax-Exempt Fund)

Columbia Total Return Bond Fund

Columbia U.S. Treasury Index Fund

Columbia Ultra Short Term Bond Fund

Multi-Manager Alternative Strategies Fund

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Multi-Manager Directional Alternative Strategies Fund

Multi-Manager Growth Strategies Fund 

Multi-Manager International Equity Strategies Fund

Multi-Manager Large Cap Growth Strategies Fund

Multi-Manager Small Cap Equity Strategies Fund 

Multi-Manager Total Return Bond Strategies Fund

Multisector Bond SMA Completion Portfolio

Overseas SMA Completion Portfolio

**Columbia Funds Variable Insurance Trust** 

Columbia Variable Portfolio – Contrarian Core Fund

Columbia Variable Portfolio – Long Government/Credit Bond Fund

Columbia Variable Portfolio – Small Cap Value Fund

Columbia Variable Portfolio – Small Company Growth Fund

Columbia Variable Portfolio – Strategic Income Fund

Variable Portfolio – Managed Risk Fund

Variable Portfolio – Managed Risk U.S. Fund

Variable Portfolio – Managed Volatility Conservative Fund

Variable Portfolio – Managed Volatility Conservative Growth Fund

Variable Portfolio – Managed Volatility Growth Fund

Variable Portfolio – U.S. Flexible Conservative Growth Fund

Variable Portfolio – U.S. Flexible Growth Fund

Variable Portfolio – U.S. Flexible Moderate Growth Fund

**Columbia ETF Trust I** 

Columbia Diversified Fixed Income Allocation ETF

Columbia Multi-Sector Municipal Income ETF

Columbia Research Enhanced Core ETF

Columbia Research Enhanced Value ETF

Columbia Select Technology ETF (f/k/a Columbia Semiconductor and Technology ETF)

Columbia Short Duration Bond ETF

Columbia International Equity Income ETF

Columbia U.S. Equity Income ETF

Columbia Research Enhanced Real Estate ETF

Columbia U.S. High Yield ETF

Columbia Short Duration High Yield ETF

**Columbia ETF Trust II** 

Columbia EM Core ex-China ETF

Columbia Research Enhanced Emerging Economies ETF

Columbia India Consumer ETF

**Columbia Acorn Trust** 

Columbia Acorn European Fund

Columbia Acorn Fund

Columbia Acorn International

Columbia Acorn International Select

Columbia Thermostat Fund

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**Columbia Funds Variable Series Trust (f/k/a Wanger Advisors Trust)** 

Columbia Variable Portfolio - Acorn International Fund (f/k/a Wanger International)

Columbia Variable Portfolio - Acorn Fund (f/k/a Wanger Acorn)

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**SCHEDULE Ia** 

**DESIGNATED BORROWERS,** 

**DESIGNATED PERCENTAGES** 

**<u>AND PRO RATA ALLOCATIONS</u>**

**<u>OMITTED</u>**

------

**SCHEDULE II** 

**<u>COMMITMENTS</u>**

**<u>OMITTED</u>**

------

**SCHEDULE III** 

**<u>LIST OF INVESTMENT MANAGEMENT AGREEMENTS</u>**

Amended and Restated Management Agreement dated as of June 1, 2023, between Columbia Management Investment Advisers, LLC and Columbia Funds Series Trust I and Columbia Funds Variable Insurance Trust on behalf of their underlying series listed in Schedule A thereto, Schedules A and B last amended on March 27, 2025

Amended and Restated Management Agreement dated as of April 25, 2016, between Columbia Management Investment Advisers, LLC and Columbia Funds Series Trust I and Columbia Funds Variable Insurance Trust on behalf of their underlying series listed in Schedule A thereto, Schedules A and B last amended July 1, 2024

Amended and Restated Management Agreement dated as of April 25, 2016, between Columbia Management Investment Advisers, LLC and Columbia Funds Series Trust II, Columbia Funds Variable Series Trust II, and Columbia Funds Series Trust on behalf of their underlying series listed in Schedule A thereto, Schedules A and B last amended July 1, 2025

Investment Management Services Agreement as of April 19, 2016, between Columbia Management Investment Advisers, LLC and Columbia ETF Trust I on behalf of their underlying series listed in Schedule A thereto, Schedule A last amended September 5, 2025

Amended and Restated Management Agreement dated as of November 15, 2017, between Columbia Management Investment Advisers, LLC and Columbia Funds Series Trust II, Columbia Funds Variable Series Trust II, and Columbia Funds Series Trust on behalf of their underlying series listed in Schedule A thereto, Schedules A and B last amended December 7, 2021

Investment Management Services Agreement as of September 1, 2016, between Columbia Management Investment Advisers, LLC and Columbia ETF Trust II on behalf of their underlying series listed in Schedule A thereto, Schedule A last amended July 1, 2024

Management Agreement between Columbia Wanger Asset Management, LLC, Columbia Acorn Trust and Wanger Advisors Trust (now known as Columbia Funds Variable Series Trust), dated April 1, 2025

Novation of Management Agreement between Columbia Wanger Management, LLC, Columbia Management Investment Advisers, LLC, Columbia Acorn Trust and Columbia Funds Variable Series Trust (formerly known as Wanger Advisors Trust), dated July 7, 2025

------

**SCHEDULE IV** 

**<u>LIST OF CUSTODY AGREEMENTS</u>**

Second Amended and Restated Master Global Custody Agreement, dated as of March 7, 2011, between JPMorgan Chase Bank, N.A. and the Columbia Funds, with Appendix A last amended October 1, 2021.

Custody Agreement among JPMorgan Chase Bank, N.A., Columbia Acorn Trust and Wanger Advisors Trust (now known as Columbia Funds Variable Series Trust) dated December 15, 2010, effective July 22, 2011, with Addendums dated July 14, 2011.

Custody Agreement, dated as of January 18, 2019, between The Bank of New York Mellon and the underlying funds of Columbia ETF Trust I and Columbia ETF Trust II, with Schedule I last amended July 29, 2024.

Foreign Custody Master Agreement, dated as of January 18, 2019, between The Bank of New York Mellon and the underlying funds of Columbia ETF Trust I and Columbia ETF Trust II, with Annex I last amended July 29, 2024.

Custody Agreement made as of October 2, 2025 by and among State Street Bank and Trust Company, Columbia Acorn Trust, Columbia Funds Series Trust, Columbia Funds Series Trust I, Columbia Funds Series Trust II, Columbia Funds Variable Insurance Trust, Columbia Funds Variable Series Trust II, Columbia Funds Variable Series Trust, Columbia Seligman Premium Technology Growth Fund, Inc., Columbia Credit Income Opportunities Fund, Tri-Continental Corporation, Columbia Credit Income Opportunities Subsidiary Fund, LLC, ASGM Offshore Fund, Ltd., ASMF Offshore Fund, Ltd., CCSF Offshore Fund, Ltd., CMSAF1 Offshore Fund, Ltd., CMSAF2 Offshore Fund, Ltd., CMSAF3 Offshore Fund, Ltd., CVPCSF Offshore Fund, Ltd., Columbia ETF Trust I and Columbia ETF Trust II.

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**SCHEDULE V** 

**<u>LIST OF PRIME BROKER AGREEMENTS</u>**

Institutional Account Agreement, dated as of September 29, 2016, between Active Portfolios Multi-Manager Directional Alternatives Fund (now known as Multi-Manager Directional Alternative Strategies Fund), a series of Columbia Funds Series Trust I and J.P. Morgan Clearing Corp., J.P. Morgan Securities LLC and certain of their affiliates.

Customer Prime Broker Account Agreement, dated as of September 29, 2016, between Active Portfolios Multi-Manager Directional Alternative Fund (now known as Multi-Manager Directional Alternatives Strategies Fund), a series of Columbia Funds Series Trust I and Morgan Stanley and Co. LLC.

Institutional Account Agreement, dated as of September 15, 2017, between Columbia Global Opportunities Fund, a series of Columbia Funds Series Trust II and J.P. Morgan Securities LLC and certain of its affiliates.

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**SCHEDULE 5.1** 

**<u>Web Addresses For Annual, Semi-Annual and Quarterly Reports</u>**

<u>https://www.columbiathreadneedleus.com/investor/resources/literature/</u> 

<u>http://www.columbiathreadneedleetf.com/</u> 

<u>http://www.sec.gov</u> 

------

**EXHIBIT 2.5(e)** 

**FORM OF NOTE** 

$New York, New York<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u> </u>, 20 <br>

FOR VALUE RECEIVED, [Registrant], on behalf of [Borrower] (the "<u>Borrower</u>"), hereby unconditionally promises to pay to the order of __________________________, at the office of JPMORGAN CHASE BANK, N.A. as administrative agent for the Lenders (the "<u>Lenders</u>") under the Credit Agreement, as hereinafter defined (in such capacity, the "<u>Administrative Agent</u>"), in lawful money of the United States of America and in immediately available funds, on each Maturity Date the principal amount of (a)__________ DOLLARS ($______________), or, if less (b) the aggregate unpaid principal amount of all Loans made by the holder of this Note to the Borrower pursuant to <u>Sections 2.1</u>, <u>2.14</u> and <u>2.15</u> of the Credit Agreement, as hereinafter defined.

The undersigned further agrees to pay interest in like money at such office on the unpaid principal amount hereof from time to time from the Closing Date at the applicable rates per annum set forth in <u>Section</u> <u>2.7</u> of the Credit Agreement referred to below until any such amount shall become due and payable (whether at the stated maturity, by acceleration or otherwise), and thereafter on such overdue amount at the rate per annum set forth in <u>Section</u> <u>2.7(b)</u> of the Credit Agreement until paid in full (both before and after judgment). Interest shall be payable in arrears on each applicable Interest Payment Date, commencing on the first such date to occur after the date hereof and terminating upon payment (including prepayment) in full of the unpaid principal amount hereof; <u>provided</u> that interest accruing on any overdue amount shall be payable on demand.

The holder of this Note is authorized to endorse on the schedule annexed hereto and made a part hereof the date and amount of each Loan made to the Borrower pursuant to the Credit Agreement and the date and amount of each payment or prepayment of principal thereof. Each such endorsement shall constitute <u>prima</u> <u>facie</u> evidence of the accuracy of the information endorsed. The failure to make any such endorsement shall not affect the obligations of the Borrower in respect of such Loan.

This Note (a) is one of the Notes referred to in the Amended and Restated Credit Agreement, dated as of [_________] (as amended, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>"), among the Registrants identified therein on behalf of the Borrowers, the Lenders, the syndication agents party thereto and the Administrative Agent, (b) is subject to the provisions of the Credit Agreement and (c) is subject to optional and mandatory prepayment in whole or in part as provided in the Credit Agreement.

Upon the occurrence of one or more Events of Default, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable, all as provided in the Credit Agreement.

------

All parties now and hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all other notices of any kind.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

**THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK.** 

---

| |
|:---|
| [NAME OF REGISTRANT] |
| By:<u> </u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:<br> Title: |

---

------

Schedule A to Note

LOANS AND REPAYMENTS OF LOANS

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;DATE | AMOUNT OF<br>LOANS | AMOUNT OF<br>PRINCIPAL OF<br>LOANS<br> REPAID | UNPAID<br>PRINCIPAL<br>BALANCE OF<br>LOANS | NOTATION<br>MADE BY |

---

------

**<u>EXHIBIT 2.16(a)</u>**

**FORM OF DESIGNATION OF NEW BORROWERS** 

_________ __, [ ]

JPMORGAN CHASE BANK, N.A., as Administrative Agent

Each of the Lenders under the

Credit Agreement identified below

Ladies and Gentlemen:

Reference is made to that certain Amended and Restated Credit Agreement, dated as of [_________] (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Agreement</u>") among (i) certain registered investment companies (each, a "<u>Registrant</u>", and collectively, the "<u>Registrants</u>"), each of which on behalf of certain of its respective series set forth beneath such Registrant's name on Schedule [_] thereto (each of which series is, individually, a "<u>Borrower</u>" and, collectively, the "<u>Borrowers</u>"), (ii) the several banks and other financial institutions from time to time parties thereto (the "<u>Lenders</u>"), and (iii) JPMorgan Chase Bank, N.A., a national banking association, as administrative agent and as documentation agent for the Lenders thereunder (in such capacity, the "<u>Administrative Agent</u>"). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Agreement.

The undersigned Registrant or new registered investment company (each, a "<u>Requesting Registrant</u>"), on behalf of the series set forth beneath its name (each such series a "<u>New Borrower</u>"), hereby requests that each New Borrower be admitted as an additional Borrower under the Agreement.

The Requesting Registrant and each New Borrower hereby represent and warrant to the Administrative Agent and each Lender that as of [ ] and after giving effect to the admission of each New Borrower as an additional Borrower under the Agreement: (i) the representations and warranties set forth in <u>Section</u> <u>3</u> of the Agreement are true and correct with respect to it; (ii) it is in compliance in all material respects with all the terms and provisions set forth in the Agreement; (iii) no Default or Event of Default with respect to it has occurred and is continuing.

Each New Borrower agrees to be bound by the terms and conditions of the Agreement in all respects as a Borrower thereunder and hereby assumes all of the obligations of a Borrower thereunder.

Please indicate your assent to the admission of each New Borrower as an additional Borrower under the Agreement by executing the [ ] dated as of the date hereof.

[SIGNATORIES]

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**<u>EXHIBIT 9.6 (c)</u>**

**FORM OF ASSIGNMENT AND ACCEPTANCE** 

Reference is made to the Amended and Restated Credit Agreement, dated as of [_________] (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>") among (i) certain registered investment companies (each, a "<u>Registrant</u>", and collectively, the "<u>Registrants</u>"), each of which on behalf of certain of its respective series set forth beneath such Registrant's name on Schedule [_] thereto (each of which series, is, individually, a "<u>Borrower</u>" and, collectively, the "<u>Borrowers</u>"), (ii) the several banks and other financial institutions from time to time parties thereto (the "<u>Lenders</u>"), and (iii) JPMorgan Chase Bank, N.A., a national banking association, as administrative agent and as documentation agent for the Lenders thereunder (in such capacity, the "<u>Administrative Agent</u>"). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the "<u>Assignor</u>") and<u> </u> (the "<u>Assignee</u>") agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Assignor hereby irrevocably sells and assigns to the Assignee without recourse to the Assignor, and the Assignee hereby irrevocably purchases and assumes from the Assignor without recourse to the Assignor, as of the Effective Date (as defined below) the interest described in Schedule 1 hereto (the "<u>Assigned Interest</u>") in and to the Assignor's rights and obligations under the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Assignor (a) makes no representation or warranty and assumes no responsibility with respect to or in any connection with the Credit Agreement or with respect to the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, any other Loan Document or any other instrument or document furnished pursuant thereto, other than that the Assignor has not created any adverse claim upon the interest being assigned by it hereunder and that such interest is free and clear of any such adverse claim; (b) makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Borrower or any other obligor or the performance or observance by any Borrower or any other obligor of any of their respective obligations under the Credit Agreement or any other Loan Document or any other instrument or document furnished pursuant hereto or thereto; and (c) attaches any Notes held by it evidencing the Assigned Interest and (i) requests that the Administrative Agent, upon request by the Assignee, exchange the attached Notes for a new Note or Notes payable to the Assignee and (ii) if the Assignor has retained any interest in the Assigned Interest, requests that the Administrative Agent exchange the attached Notes for a new Note or Notes payable to the Assignor, in each case in amounts which reflect the assignment being made hereby (and after giving effect to any other assignments which have become effective on the Effective Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Assignee (a) represents and warrants that it is legally authorized to enter into this Assignment and Acceptance; (b) confirms that it has received a copy of the Credit Agreement, together with copies of such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and

------

Acceptance; (c) agrees that it will, independently and without reliance upon the Assignor, the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement, the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will perform in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender including, if it is organized under the laws of a jurisdiction outside the United States, its obligation pursuant to <u>Section</u> <u>2.11(b)</u> of the Credit Agreement. Without limiting the foregoing, the Assignee represents and warrants, and agrees to, each of the matters set forth in <u>Section</u> <u>8.6</u> of the Credit Agreement, including that the Loan Documents set out the terms of a commercial lending facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The effective date of this Assignment and Acceptance shall be _________ (the "<u>Effective Date</u>"). Following the execution of this Assignment and Acceptance, it will be delivered to the Administrative Agent for acceptance by it and recording by the Administrative Agent pursuant to the Credit Agreement, effective as of the Effective Date (which shall not, unless otherwise agreed to by the Administrative Agent, be earlier than five Business Days after the date of such acceptance and recording by the Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Upon such acceptance and recording, from and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to the Effective Date or accrue subsequent to the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. From and after the Effective Date, (a) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and under the other Loan Documents and shall be bound by the provisions thereof and (b) the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights (except under <u>Sections 2.10</u>, <u>2.11</u> and <u>9.5</u> of the Credit Agreement in respect of the period prior to the Effective Date) be released from its obligations under the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Assignment and Acceptance shall be governed by and construed in accordance with the substantive laws of the State of New York.

------

**IN WITNESS WHEREOF,** the parties hereto have caused this Assignment and Acceptance to be executed as of the date first above written by their respective duly authorized officers.

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| | | | |
|:---|:---|:---|:---|
|  [NAME OF ASSIGNEE] | [NAME OF ASSIGNEE] | [NAME OF ASSIGNOR] | [NAME OF ASSIGNOR] |
|  By: |  | By: |  |
|  | Name: |  | Name: |
|  | Title: |  | Title: |

---

---

| | |
|:---|:---|
| Accepted and Consented To: | Accepted and Consented To: |
| JPMORGAN CHASE BANK, N.A.<br> as a Lender and as Administrative Agent | JPMORGAN CHASE BANK, N.A.<br> as a Lender and as Administrative Agent |
| By: |  |
|  | Name:<br> Title: |
| If Required by Credit Agreement:<br> [REGISTRANT], on behalf<br> of itself and the Borrowers | If Required by Credit Agreement:<br> [REGISTRANT], on behalf<br> of itself and the Borrowers |
| By: |  |
|  | Name:<br> Title: |

---

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SCHEDULE 1 TO ASSIGNMENT AND ACCEPTANCE

RELATING TO THE AMENDED AND RESTATED CREDIT AGREEMENT

DATED AS OF [_________]

Name of Assignor:

Name of Assignee:

Effective Date of Assignment:

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| | |
|:---|:---|
| Principal<br> Amount Assigned | Commitment Percentage<br> Assigned<sup>1</sup> |
| $| $|

---

<sup>1</sup> Calculate the Commitment Percentage that is assigned to at least 15 decimal places and show as a percentage of the aggregate commitments of all Lenders.

## Ex-99.(H)(10)(Ii)(A)

**SCHEDULE A** 

**List of Funds to Which the Agreement Applies** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investing Funds** | **Vanguard Funds** |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – Managed Volatility Moderate Growth Fund<sup>1</sup> | **Vanguard Bond Index Funds:** Vanguard Total Bond Market ETF |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – Managed Volatility Conservative Growth Fund<sup>2</sup> | **Vanguard Scottsdale Funds:** Vanguard Intermediate-Term Corporate Bond ETF |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – Managed Volatility Growth Fund<sup>2</sup> | **Vanguard Scottsdale Funds:** Vanguard Mortgage-Backed Securities ETF |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – Managed Volatility Conservative Fund<sup>2</sup> | **Vanguard Tax-Managed Funds:** Vanguard FTSE Developed Markets ETF |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – U.S. Flexible Growth Fund<sup>2</sup> | **Vanguard Scottsdale Funds:** Vanguard Russell 1000 Growth Index Fund ETF Shares |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – U.S. Flexible Conservative Growth Fund<sup>2</sup> | **Vanguard Index Funds:** Vanguard Mid-Cap ETF |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – U.S. Flexible Moderate Growth Fund<sup>2</sup> | **Vanguard Index Funds:** Vanguard S&P 500 ETF |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – Managed Risk Fund<sup>2</sup> | **Vanguard Index Funds:** Vanguard Total Stock Market ETF |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – Managed Risk U.S. Fund<sup>2</sup> | **Vanguard Index Funds:** Vanguard Value ETF |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – Aggressive Portfolio<sup>1</sup> | **Vanguard Index Funds:** Vanguard Growth ETF |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – Conservative Portfolio<sup>1</sup> | **Vanguard International Equity Index Funds:** Vanguard FTSE Emerging Markets ETF |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – Moderate Portfolio<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – Moderately Aggressive Portfolio<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;Variable Portfolio – Moderately Conservative Portfolio<sup>1</sup> |  |

---

<sup>1</sup> A series of Columbia Funds Variable Series Trust II

<sup>2</sup> A series of Columbia Funds Variable Insurance Trust

## Ex-99.(M)(1)(I)

*12b-1 Schedule – CFVST II* 

**Schedule A** 

**Effective July 1, 2025** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Funds** | **Classes** | **Classes** | **Classes** |
| &nbsp;&nbsp;&nbsp;**Funds** | **Class 2** | **Class 3** | **Class 4** |
| &nbsp;&nbsp;&nbsp; **Columbia Funds Variable Series Trust II** | | | |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Balanced Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Commodity Strategy Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Corporate Bond Fund | Class 2 | Class 3 |  |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Disciplined Core Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Dividend Opportunity Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Emerging Markets Bond Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Emerging Markets Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Government Money Market Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – High Yield Bond Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Income Opportunities Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Intermediate Bond Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Large Cap Growth Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Large Cap Index Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Limited Duration Credit Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Overseas Core Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap Equity Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap Value Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Select Mid Cap Growth Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Select Mid Cap Value Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Select Small Cap Value Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Seligman Global Technology Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – U.S. Government Mortgage Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – American Century Diversified Bond Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – CenterSquare Real Estate Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – Principal Large Cap Growth Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – TCW Core Plus Bond Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – Victory Sycamore Established Value Fund | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – Wellington Lage Cap Value Fund | Class 2 |  |  |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund | Class 2 |  |  |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Aggressive Portfolio | Class 2 | -- | Class 4 |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Conservative Portfolio | Class 2 | -- | Class 4 |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Managed Volatility Moderate Growth Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Moderate Portfolio | Class 2 | -- | Class 4 |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Moderately Aggressive Portfolio | Class 2 | -- | Class 4 |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Moderately Conservative Portfolio | Class 2 | -- | Class 4 |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners Core Bond Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners Core Equity Fund | Class 2 |  |  |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners International Core Equity Fund | Class 2 |  |  |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners International Growth Fund | Class 2 |  |  |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners International Value Fund | Class 2 |  |  |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners Small Cap Growth Fund | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners Small Cap Value Fund | Class 2 | Class 3 | -- |

---

------

*12b-1 Schedule – CFVST II* 

##  
**Fee Schedule** 

The maximum fee for services under this Plan and Agreement shall be the lesser of the amount of expenses eligible for reimbursement (including any unreimbursed expenses) or a rate equal on an annual basis to the percentage of the average daily net assets of the Fund attributable to the applicable class as set forth in the table below (the "Lesser of Methodology"). The Lesser of Methodology shall be determined and applied on a quarterly basis by computing the amount of actual fees and expenses accrued during the prior quarter (for each share class of each Fund) that were eligible to be paid under Section 3 of the Plan (i.e., the "expenses eligible for reimbursement") and comparing that amount to the flat rate for the applicable Class. If the flat rate exceeds the expenses eligible for reimbursement, then, based on the Lesser of Methodology, the maximum 12b-1 fee amount accrued for such Class is applied on a going forward basis to reflect the actual amount of expenses eligible for reimbursement for the prior quarter. This determination and calculation is re-applied each subsequent quarter. The frequency of application of the methodology (currently, quarterly) may be revised by the Distributor at any time, after consultation with the Board.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class** | **Fee** |
| &nbsp;&nbsp;&nbsp;Class 2 | 0.25% |
| &nbsp;&nbsp;&nbsp;Class 3 | 0.125% |
| &nbsp;&nbsp;&nbsp;Class 4 | 0.25% |

---

Payments under the Plan and Agreement shall be made within five (5) business days after the last day of each month. At the end of each calendar year, Columbia Management Investment Distributors shall furnish a declaration setting out the actual expenses it has paid and accrued. Any money that has been paid in excess of the amount of these expenses shall be returned to the Funds.

------

*12b-1 Schedule – CFVST II* 

IN WITNESS THEREOF, the parties hereto have executed the foregoing Schedule A as of July 1, 2025.

**COLUMBIA FUNDS VARIABLE SERIES TRUST II** 

---

| | |
|:---|:---|
| By: | <u>/s/ Daniel J. Beckman</u> |
| Name: | Daniel J. Beckman |
| Title: | President |

---

**COLUMBIA MANAGEMENT INVESTMENT DISTRIBUTORS, INC.** 

---

| | |
|:---|:---|
| By: | <u>/s/ Marc Zeitoun</u> |
| Name: | Marc Zeitoun |
| Title: | Vice President and Head of |
|  | North America Product |

---

## Ex-99.(N)

**AMENDED AND RESTATED** 

**RULE 18f-3 MULTI-CLASS PLAN** 

**I.** **Introduction.** 

Pursuant to Rule 18f-3 under the Investment Company Act of 1940, as amended (the "1940 Act"), this Rule 18f-3 Multi-Class Plan ("Plan") sets forth the methods for allocating fees and expenses among the classes of shares ("Shares") in the investment portfolios (the "Funds") of Columbia Funds Variable Series Trust II (the "Trust"). Among other things, this Plan identifies expenses that may be allocated to a particular class of Shares to the extent that they are actually incurred in a different amount by the class or relate to a different kind or degree of services provided to the class. In addition, this Plan sets forth the maximum distribution fees, maximum shareholder servicing fees, maximum shareholder administration fees, conversion features, exchange privileges, other shareholder services and transfer agency fees, if any, applicable or allocated to each class of Shares of the Trust.

The Trust is an open-end series investment company registered under the 1940 Act, the Shares of which are registered on Form N-1A under the Securities Act of 1933. The Trust offers multiple classes of Shares in its Funds pursuant to the provisions of Rule 18f-3 and this Plan.

Each Fund and the classes of Shares representing interests in the Fund it issues are set forth in <u>Schedule A</u> hereto. Schedule A shall be updated by officers of the Trust from time to time as necessary to reflect the current classes and Funds offered by the Trust.

**II.** **Allocation of Expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Except as otherwise set forth herein or as may from time to time be specifically approved by board of trustees of the Registrant (the Trustees), all expenses of each Fund shall be allocated proportionately among the classes of such Fund pro rata based on the relative net assets of each class. Pursuant to Rule 18f-3, the Trust shall allocate to each class of Shares in a Fund any fees and expenses incurred by the Trust in connection with the distribution and/or the provision of shareholder services to holders of such class of Shares under any distribution plan, shareholder servicing plan and/or plan administration agreement (a "Distribution/Shareholder Servicing Plan").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** In addition, pursuant to Rule 18f-3, the Trust may allocate to a particular class of Shares the following fees and expenses, if any, but only to the extent they relate to (as defined below) the particular class of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfer agency fees and expenses identified by the Registrant's transfer agent or officers as being fees
and expenses that relate to such class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) printing and postage expenses of preparing and distributing materials such as shareholder reports,
prospectuses, reports and proxies to current shareholders of such class of Shares or to regulatory agencies that relate to such class of Shares;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) blue sky registration or qualification fees that relate to such class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Securities and Exchange Commission registration fees that relate to such class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) expenses of administrative personnel and services (including, but not limited to, those of a portfolio
accountant, custodian or dividend paying agent charged with calculating net asset values and determining or paying distributions) as required to support the shareholders of such class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) litigation or other legal expenses that relate to such class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) fees of the Trustees of the Trust incurred as a result of issues that relate to such class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) independent accountants' fees that relate to such class of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other fees and expenses that relate to such class of Shares.

Notwithstanding the foregoing, the Trust may not allocate advisory or custodial fees or other expenses related to the management of a Fund's assets to a particular class, except that the Trust may cause a class to pay a different advisory fee to the extent that any difference in amount paid is the result of the application of the same performance fee provisions, if any, in the advisory contract of the Fund to the different investment performance of each class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** For all purposes under this Plan, fees and expenses "that relate to" a class of Shares are those fees and expenses that are actually incurred in a different amount by the class or that relate to a different kind or degree of services provided to the class. The officers of the Trust shall have the authority to determine, to the extent permitted by applicable law or regulation and/or U.S. Securities and Exchange Commission guidance, whether any or all of the fees and expenses described in paragraph 2 above should be allocated to a particular class of Shares. The Treasurer, any Deputy or Assistant Treasurer, or another appropriate officer of the Trust shall periodically or as frequently as requested by the Board report to independent Trustees regarding any such allocations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** For all purposes under this Plan, "Daily Dividend Fund" means any Fund that has a policy of declaring distributions of net investment income daily, including any money market fund that determines net asset value using the amortized cost method permitted by Rule 2a-7 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** Income and any expenses of Daily Dividend Funds that are not allocated to a particular class of any such Fund pursuant to this Plan shall be allocated to each class of the Fund on the basis of the net assets of that class in relation to the net assets of the Fund, excluding the value of subscriptions receivable (the "Settled Shares Method").

Realized and unrealized capital gains and losses of Daily Dividend Funds that are not allocated to a particular class of any such Fund pursuant to this Plan shall be allocated to each

------

class of the Fund on the basis of the net assets of that class in relation to the net assets of the Fund (the "Relative Net Assets Method").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** Income, realized and unrealized capital gains and losses, and any expenses of Funds that are not Daily Dividend Funds that are not allocated to a particular class of any such Fund pursuant to this Plan shall be allocated to each class of the Fund on the Relative Net Assets Method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** Pursuant to the shareholder service agreement, each Share class is subject to service fee up to fee set forth in the agreement. There is no transfer agency service fees for Columbia Variable Portfolio – Core Equity Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** Pursuant to the shareholder service agreement, each Share class is subject to service fee up to fee set forth in the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** In certain cases, a Fund service provider may waive or reimburse all or a portion of the expenses of a specific class of Shares of the Fund. The applicable service provider shall report to the Board of Trustees regarding any such waivers or reimbursements, including why they are consistent with the fair and equitable treatment of shareholders of all classes.

**III.** **Class Arrangements.** 

The following summarizes the maximum initial sales charges, contingent deferred sales charges, maximum distribution fees, maximum shareholder servicing fees, maximum plan administration and/or shareholder administration fees, if any, conversion features, exchange privileges and other shareholder service fees, if any, applicable or allocated to each class of Shares of the Trust. Additional details regarding such fees and services are set forth in the relevant Fund's (or Funds') current prospectus(es) and statement of additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Class 1 Shares</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Maximum Initial Sales Charge</u>: None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Maximum Contingent Deferred Sales Charge</u>: None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Maximum Distribution/Shareholder Servicing Fees</u>: None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Conversion Features/Exchange Privileges</u>: Class 1 Shares of a Fund shall have such conversion features
and exchange privileges, if any, as are determined by or ratified by the Board of Trustees of the Trust and described in the then-current prospectus for such Shares of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Other Shareholder Services</u>: Class 1 Shares of a Fund shall have such arrangements for shareholder
services as are determined by or ratified by the Board of Trustees of the Trust and described in the then-current prospectus for such Shares of such Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Class 2 Shares</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Initial Sales Charge</u>: None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Maximum Contingent Deferred Sales Charge</u>: None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Maximum Distribution/Shareholder Servicing Fees</u>: Class 2 Shares may pay distribution and service fees
pursuant to a Distribution/Shareholder Servicing Plan as described in the prospectuses as from time to time in effect. Such distribution fees may be in amounts up to 0.25% per annum of the average daily net assets attributable to such class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Conversion Features/Exchange Privileges</u>: Class 2 Shares of a Fund shall have such conversion features
and exchange privileges, if any, as are determined by or ratified by the Board of Trustees of the Trust and described in the then-current prospectus for such Shares of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Other Shareholder Services</u>: Class 2 Shares of a Fund shall have such arrangements for shareholder
services as are determined by or ratified by the Board of Trustees of the Trust and described in the then-current prospectus for such Shares of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Class 3 Shares</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Initial Sales Charge</u>: None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Maximum Contingent Deferred Sales Charge</u>: None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Maximum Distribution/Shareholder Servicing Fees</u>: Pursuant to a Distribution/Shareholder Servicing Plan,
Class 3 Shares of each Fund may pay distribution fees of up to 0.125% of the average daily net assets of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Conversion Features/Exchange Privileges</u>: Class 3 Shares of a Fund shall have such conversion features
and exchange privileges, if any, as are determined by or ratified by the Board of Trustees of the Trust and described in the then-current prospectus for such Shares of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Other Shareholder Services</u>: Class 3 Shares of a Fund shall have such arrangements for shareholder
services as are determined by or ratified by the Board of Trustees of the Trust and described in the then-current prospectus for such Shares of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>Class 4 Shares</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Initial Sales Charge</u>: None

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Maximum Contingent Deferred Sales Charge</u>: None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Maximum Distribution/Shareholder Servicing Fees</u>: Pursuant to a Distribution/Shareholder Servicing Plan,
Class 4 Shares of each Fund may pay distribution fees of up to 0.25% of the average daily net assets of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Conversion Features/Exchange Privileges</u>: Class 4 Shares of a Fund shall have such conversion features
and exchange privileges, if any, as are determined by or ratified by the Board of Trustees of the Trust and described in the then-current prospectus for such Shares of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Other Shareholder Services</u>: Class 4 Shares of a Fund shall have such arrangements for shareholder
services as are determined by or ratified by the Board of Trustees of the Trust and described in the then-current prospectus for such Shares of such Fund.

**IV.** **Board Review.** 

The Board of Trustees of the Trust shall review this Plan, including the application of the Relative Net Assets Method and the Settled Shares Method to the Funds, as frequently as it deems necessary. Prior to any material amendment(s) to this Plan, the Board of Trustees of the Trust, including a majority of the Trustees who are not interested persons of the Trust, shall find that the Plan, as proposed to be amended (including any proposed amendments to the method of allocating class and/or Fund expenses), is in the best interests of each class of Shares of the Fund individually and the Fund as a whole. In considering whether to approve any proposed amendment(s) to the Plan, the Board of Trustees of the Trust shall request and evaluate such information as they consider reasonably necessary to evaluate the proposed amendment(s) to the Plan.

---

| | |
|:---|:---|
| Adopted: | September 7, 2010 |
| Amended and Restated: | April 17, 2013 |
| Amended and Restated | April 11, 2014 |
| Amended and Restated | May 1, 2015 |
| Amended and Restated | May 1, 2016 |
| Amended and Restated | May 1, 2017 |
| Amended and Restated | July 1, 2017 |
| Amended and Restated | November 15, 2017 |
| Amended and Restated | May 1, 2018 |
| Amended and Restated | September 14, 2018 |
| Amended and Restated | June 19, 2019 |
| Amended and Restated | June 17, 2020 |
| Amended and Restated | June 15, 2021 |
| Amended and Restated | July 1, 2022 |
| Amended and Restated | June 27, 2024 |
| Amended and Restated | July 1, 2025 |

---

------

**<u>Schedule A</u>**

**<u>Effective July 1, 2025</u>**

**Funds and Authorized Classes of Shares** 

The Funds are authorized to issue those classes of Shares representing interests in the Funds as indicated in the following table:

&nbsp;&nbsp;&nbsp;**FUNDS WITH CLASSES 1, 2, 3 AND 4**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Funds** | **Classes** | **Classes** | **Classes** | **Classes** |
| &nbsp;&nbsp;&nbsp;**Funds** | **Class 1** | **Class 2** | **Class 3** | **Class 4** |
| &nbsp;&nbsp;&nbsp; **Columbia Funds Variable Series Trust II** | | | | |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Balanced Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Commodity Strategy Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Corporate Bond Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Disciplined Core Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Dividend Opportunity Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Emerging Markets Bond Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Emerging Markets Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Government Money Market Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – High Yield Bond Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Income Opportunities Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Intermediate Bond Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Large Cap Growth Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Large Cap Index Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Limited Duration Credit Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Overseas Core Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap Equity Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Select Large Cap Value Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Select Mid Cap Growth Fund | Class1 | Class 2 | Class 3 |  |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Select Mid Cap Value Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – Select Small Cap Value Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio - Seligman Global Technology Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Columbia Variable Portfolio – U.S. Government Mortgage Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – American Century Diversified Bond Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – BlackRock Global Inflation-Protected Securities Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – CenterSquare Real Estate Fund | Class 1 | Class 2 | -- |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Funds** | **Classes** | **Classes** | **Classes** | **Classes** |
| &nbsp;&nbsp;&nbsp;**Funds** | **Class 1** | **Class 2** | **Class 3** | **Class 4** |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – Principal Large Cap Growth Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – TCW Core Plus Bond Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – T. Rowe Price Large Cap Value Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – Wellington Large Cap Value Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – Victory Sycamore Establish Value Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Select Large Cap Growth Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; CTIVP<sup>®</sup> – Westfield Mid Cap Growth Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Aggressive Portfolio | Class 1 | Class 2 | -- | Class 4 |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Conservative Portfolio | Class 1 | Class 2 | -- | Class 4 |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Managed Volatility Moderate Growth Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Moderate Portfolio | Class 1 | Class 2 | -- | Class 4 |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Moderately Aggressive Portfolio | Class 1 | Class 2 | -- | Class 4 |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Moderately Conservative Portfolio | Class 1 | Class 2 | -- | Class 4 |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners Core Bond Fund | Class 1 | Class 2 | -- |  |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners Core Equity Fund | Class 1 | Class 2 | Class 3 | -- |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners International Core Equity Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners International Growth Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners International Value Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners Small Cap Growth Fund | Class 1 | Class 2 | -- | -- |
| &nbsp;&nbsp;&nbsp; Variable Portfolio – Partners Small Cap Value Fund | Class 1 | Class 2 | Class 3 | -- |

---

## Ex-99.(P)(3)

![LOGO](g15837dsp72.jpg)

## Code of Ethics
Effective June 1, 2025

GENERAL

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| | |
|:---|:---|
| ![LOGO](g15837dsp73.jpg) | CODE OF ETHICS |

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| | |
|:---|:---|
| **Table of Contents** |  |
|  Purpose and Scope | 3 |
|  Applicability of this Code | 3 |
|  Principles of this Code | 4 |
|  Reportable Accounts and Holdings Reports | 4 |
|  Pre-Clearance and Approval Requirements | 6 |
|  Trading Restrictions and Prohibitions | 6 |
|  Education, Certifications, and Reporting Requirements | 9 |
|  Violations, Escalation, and Exceptions | 10 |
|  Governance and Reporting | 10 |
|  Related Policies | 11 |
|  Records Retention | 11 |
| Appendices |  |
|  Appendix A – Key Terms and Definitions | 12 |
|  Appendix B - Guidance | 14 |

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| | |
|:---|:---|
| GENERAL | 2.0 |

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| | |
|:---|:---|
| ![LOGO](g15837dsp73.jpg) | CODE OF ETHICS |

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Purpose and Scope

Allspring Global Investments, including all global affiliates ("Allspring"), has adopted this Code of Ethics (the "Code") to establish standards of conduct and ethics and to outline requirements reasonably designed to prevent fraudulent, manipulative, or improper practices or transactions. This Code is maintained, administered, and enforced by the Allspring Chief Compliance Officer ("CCO"), and the Allspring Conduct and Ethics Team. Please contact the Allspring Conduct and Ethics Team at <u>Conduct@allspringglobal.com</u> with any questions or inquiries pertaining to this Code.

Capitalized terms are defined herein and in Appendix A - Key Terms and Definitions.

Applicability of this Code

Access Persons

This Code applies to all of Allspring's officers, directors, full-time or part-time employees, contingent workers who have been notified they are subject to the Code, and any other person designated by the Allspring Conduct and Ethics Team ("Access Persons").

Immediate Family Members and Beneficial Ownership

The requirements of this Code also apply to "Immediate Family Members," which include any person sharing the same household with an Access Person and any other person for which an Access Person has Beneficial Ownership of their accounts or securities.

In general, a person has Beneficial Ownership of an account or security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest*<sup>1</sup>* in the account or security.

*Access Persons are presumed to have a pecuniary interest in securities held by Immediate Family Members. References to Access Persons hereinafter also includes their Immediate Family Members.* 

Investment Persons

An "Investment Person" is any Access Person involved with making investment decisions, recommendations, or securities transactions, including portfolio managers, traders, and investment analysts of Allspring or any other Access Persons designated by the Allspring Conduct and Ethics Team to meet these criteria. In addition to complying with all the obligations of Access Persons, Investment Persons are also required to comply with additional provisions set forth within this Code, specifically with respect to blackout periods defined within the "Trading Restrictions and Prohibitions" section.

<sup>1</sup> "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in the security means the opportunity, directly or indirectly to profit or share in any profit derived from a transaction in a security.

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| | |
|:---|:---|
| GENERAL | 3.0 |

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| | |
|:---|:---|
| ![LOGO](g15837dsp73.jpg) | CODE OF ETHICS |

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Principles of this Code

Access Persons must always observe the highest standards of conduct and ethics. Access Persons must act professionally, exercise independent judgment, comply with all applicable laws and regulations, and adhere to Allspring's policies and procedures. Access Persons have a duty of care and loyalty to Allspring's clients<sup>2</sup> and must avoid actual or perceived conflicts of interest. Access Persons may never:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any behavior or activities that place their personal interests above the interests of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Take investment opportunities away from clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any transaction, act, practice, or course of business that operates or would operate as a fraud or deceit upon
any client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make any untrue statement of a material fact, or omit to state a material fact, to mislead clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use Allspring's proprietary information to benefit them personally, including the use of proprietary investment
research, technology, or other information for personal gain; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any personal activities, including personal securities transactions, private placements, outside activities,
gifts and entertainment, political contributions, charitable contributions, or other activities, that do not comply with this Code or other relevant Allspring policies.

Reportable Accounts and Holdings Reports

Reportable Accounts Requirements

**Access Persons are responsible for disclosing all their Reportable Accounts in the FIS ECM system ("ECM")<sup>3</sup> no later than 10 calendar days after becoming an Access Person.** Reportable Accounts are those accounts in which an Access Person has direct or indirect Beneficial Ownership (including any accounts of Immediate Family Members) that can hold Reportable Securities (even if the account does not currently hold Reportable Securities).

The most common types of Reportable Securities are listed below. Please refer to Appendix A for a complete definition of Reportable Securities and Appendix B for examples and guidance.

&nbsp;&nbsp;&nbsp;&nbsp;• Stocks

&nbsp;&nbsp;&nbsp;&nbsp;• Corporate and municipal bonds

&nbsp;&nbsp;&nbsp;&nbsp;• Closed-end funds

&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-Traded Funds ("ETFs")

&nbsp;&nbsp;&nbsp;&nbsp;• Options on Reportable Securities

&nbsp;&nbsp;&nbsp;&nbsp;• Any funds for which Allspring serves as an investment manager, sponsor, or adviser, including third party funds for which
Allspring serves as sub-adviser (except for money market funds) ("Reportable Funds")

<sup>2</sup> The term "client" also includes any fund for which Allspring serves as an investment manager, adviser, or sub-adviser.

<sup>3</sup> FIS Employee Compliance Manager ("ECM"), formerly FIS Protegent Personal Trading Assistant ("PTA").

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| | |
|:---|:---|
| GENERAL | 4.0 |

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|:---|:---|
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Examples of accounts that can hold Reportable Securities include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• **Brokerage accounts**, including custodial and trust accounts.

&nbsp;&nbsp;&nbsp;&nbsp;• **External retirement accounts**, such as IRA, 401(k), and global equivalents, which are capable<sup>4</sup> of investing in Reportable Securities (including Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;• **Education Savings Accounts ("ESA")**, such as 529 Plans, Coverdell ESAs, or global equivalents, which are
capable<sup>5</sup> of investing in Reportable Securities (including Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;• **Former Employee Benefit Accounts**, such as Health Savings Accounts from a former employer, which are capable of
investing in Reportable Securities (including Reportable Funds).

&nbsp;&nbsp;&nbsp;&nbsp;• **Allspring Employee Benefit Accounts**, as described below.

Please refer to Appendix B for examples and guidance.

Allspring Employee Benefit Accounts

Certain Allspring benefit accounts are Reportable Accounts because they are capable of investing in Reportable Securities. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;• **Allspring 401(k) accounts,** which are capable of investing in Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;• **Allspring Health Savings Accounts ("HSA"),** which are capable of investing in Reportable Securities once
the account has exceeded a minimum balance threshold. Note that an HSA account becomes a Reportable Account when the employee opens up the corresponding investment account through either Optum Bank or Betterment. At that time, a request to open a
new account form must be completed in ECM. An Allspring HSA account that does not have the investment account opened is not considered a Reportable Account.

Approved Brokers

Access Persons may only maintain Reportable Accounts with an approved broker included on the Allspring Approved Broker List ("Approved Brokers"). Access Persons that have a Reportable Account with a non- Approved Broker must either close the account or transfer the account to an Approved Broker. This requirement is not applicable to Managed Accounts<sup>6</sup> or Allspring employee benefit accounts. This requirement is also not applicable to certain non-U.S. employees who reside in a jurisdiction where access to Approved Brokers is limited; non-U.S. employees must confirm applicability of this requirement with the Allspring Conduct and Ethics Team. Any exemptions to this requirement must be approved in writing by the Allspring Conduct and Ethics Team.

Please refer to the Conduct and Ethics page on Springboard to view the "Allspring Approved Broker List."

<sup>4</sup> An IRA account or a 401(k) account with a brokerage window would be a Reportable Account because it is capable of investing in Reportable Securities. A 401(k) account that offers only a selection of investable funds, all of which are not Reportable Funds, is not a Reportable Account; however, if a Reportable Fund is on or added to the investable menu, then the 401(k) account is a Reportable Account.

<sup>5</sup> Coverdell ESAs are Reportable Accounts because they are capable of investing in Reportable Securities. A 529 plan that offers only a selection of investable funds, all of which are not Reportable Funds, is not a Reportable Account; however, if a Reportable Fund is on or added to the investable menu, then the 529 plan is a Reportable Account.

<sup>6</sup> A "Managed Account" (also referred to as a discretionary account) is an account that is managed by a non-affiliated third party (broker-dealer, registered investment advisor, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion. Documentation to support a Managed Account includes an official discretionary letter from the non-affiliated third party which expressly states that the Access Person does not have any investment discretion over the account. Access Persons with Managed Accounts will also be required to complete an annual attestation confirming that they did not direct any investment decisions during the year.

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| GENERAL | 5.0 |

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Initial and Annual Holdings Reports

**Access Persons must provide a complete initial report of their holdings in Reportable Accounts in ECM no later than 10 calendar days after becoming an Access Person.** The initial holdings report must include information that is current as of a date no more than 45 days prior to becoming an Access Person. At least annually thereafter, Access Persons must provide a complete report of their holdings in Reportable Accounts which is current as of a date no more than 45 days prior to submission.

Opening and Closing Reportable Accounts

Access Persons must submit a New Account Request Form in ECM and receive approval prior to opening any new Reportable Account, which includes those of Immediate Family Members. Access Persons must notify the Allspring Conduct and Ethics Team upon closing any Reportable Accounts in a timely manner so that they may be removed from ECM. After closing an account, Access Persons must deliver a copy of the most recent account statement, showing no assets, to the Allspring Conduct and Ethics Team

Pre-Clearance and Approval Requirements

Pre-Clearance of Reportable Securities

Access Persons must pre-clear all personal transactions in Reportable Securities, except for open-end Reportable Funds and ETFs (excluding single-stock ETFs), for themselves and their Immediate Family Members, and receive approval via ECM prior to executing trades with their broker. Pre-clearance is not required for transactions in Managed Accounts and Automatic Investment Plans. Please refer to Appendix B for a complete list of Reportable Securities that require pre-clearance.

How to Pre-Clear Reportable Securities

Follow the steps below to pre-clear and receive approval via ECM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Request for approval:** Request pre-clearance approval in ECM by inputting
all required information regarding the proposed transaction. Note that Access Persons may only request pre clearance for market orders or same day limit orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Wait for notification of approval:** Do not execute the trade until receiving an approval email from ECM. The
approval email grants authorization to execute the trade, as requested, and is only effective until the close of business on the same trading day, provided that approvals for trading on a foreign market received after the market has closed are valid
until the close of business on the next trading day. If the approved transaction is not executed within the approved timeframe, the pre-clearance process must be repeated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Denials:** Pre-clearance requests that are denied must not be executed. The
reasons for denying a trade may not be explained due to material non-public information ("MNPI") concerns.

Trading Restrictions and Prohibitions

Ban on Short-Term Trading Profits

Access Persons are not permitted to profit from short-term trading in their personal accounts. Short term trading is any buy and sell, or sell and buy, of the same Reportable Security within 60 calendar days. This prohibition applies even if the transactions occur in separate personal accounts and regardless of tax lots (i.e.,

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| GENERAL | 6.0 |

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the most recent previous transaction of the security will be considered against the subsequent transaction in that same security). This prohibition also applies to options on Reportable Securities. Additionally, any option transaction must have an expiration date that is at least 60 calendar days from the date of purchase or sale, and Access Persons may not exercise an option for profit within the 60-day period<sup>7</sup>.

Exceptions to the short-term trading restriction may potentially be granted for certain rare cases (e.g., economic hardships, gifts of securities, or other specific circumstances) if it is determined that there is no misconduct. Exception requests must be approved by the Allspring Conduct and Ethics Team in advance of the trade and must include evidence of mitigating factors that strongly support the exception. The ban on short-term trading profits does not apply to transactions that involve:

&nbsp;&nbsp;&nbsp;&nbsp;• Reportable Securities that do not require pre-clearance (refer to Appendix B);

&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;• Automated transactions pursuant to an Automatic Investment Plan that has been approved by the Allspring Conduct and Ethics
Team; or

&nbsp;&nbsp;&nbsp;&nbsp;• Involuntary actions, such as vested deferred stock compensation, involuntary call of an option, or corporate actions.

60-Day Holding Period for Reportable Funds

Access Persons who purchase shares of Reportable Funds (which includes Allspring ETFs) are required to hold them for at least 60 calendar days, regardless of tax lots<sup>8</sup>. This 60-day holding period does not apply to Allspring money market funds or ultra-short funds.

Allspring Closed-End Funds

Access Persons may only purchase or sell shares of an Allspring closed-end fund during the 10 calendar days beginning on the next day after the release of dividend announcements to the public for such fund. In addition, Access Persons may be prohibited from transacting in Allspring closed-end funds (even during such trading windows) if the Allspring Conduct and Ethics Team determines that transactions must be restricted due to MNPI. Access Persons that are designated as insiders of an Allspring closed- end fund under Section 16 of the Securities Exchange Act of 1934 are required to submit SEC regulatory filings in connection with their transactions pursuant to the Allspring Funds Section 16 Procedures.

Allspring ETFs

Allspring ETFs are Reportable Funds, and therefore Reportable Securities, as defined within this Code. Allspring ETFs do not require pre-clearance but do require quarterly transaction reporting, in accordance with this Code.

If an Allspring ETF is trading at a premium or discount that is 2% or greater than the ETF's net asset value at end of day, then Access Persons are prohibited from personally transacting in that Allspring ETF. The Allspring Conduct and Ethics Team will notify Access Persons if the 2% threshold has been met, at which point personal trading in the affected ETF is prohibited. A subsequent notification will be sent once trading may resume.

<sup>7</sup> Note that multiple option contracts for the same underlying security must have expirations dates that comply with this rule when potential contract redemption(s) create short-term trading profits in the underlying security.

<sup>8</sup> If applicable, Access Persons must additionally abide by any requirements regarding frequent purchases and redemptions of shares in accordance with a fund's prospectus.

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| GENERAL | 7.0 |

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Private Placements

Access Persons must obtain approval via ECM prior to any acquisition of securities in a Private Placement (i.e., a non-public offering). Access Persons must request pre-clearance approval via ECM by completing a Private Securities Transaction Request Form and inputting all required information. If approved, Access Persons must confirm that the transaction was completed, provide the final Private Placement agreement in ECM, and attest to the Private Placement on their next Quarterly Transaction Report certification (refer to the "Certifications and Reporting" section of this Code).

Access Persons must disclose to the Allspring Conduct and Ethics Team any investments in a Private Placement when they become aware of any potential conflicts of interest (e.g., Access Person's involvement in any subsequent consideration of an investment in the issuer by Allspring).

Initial Public Offerings

Access Persons are generally prohibited from purchasing shares in an Initial Public Offering ("IPO"). Exceptions may be granted in certain circumstances (e.g., if an Immediate Family Member is offered shares of his or her employer firm). Any investment by an Access Person in an IPO, or other limited offering, must receive written pre-approval by the Allspring Conduct and Ethics Team.

Investment Clubs

Access Persons are generally prohibited from participating in an Investment Club. Any requests to participate in an Investment Club must be submitted to the Allspring Conduct and Ethics Team for review and approval. If approved to participate in an Investment Club, the account(s) of that club would become applicable to this Code and its requirements.

Excessive Trading

Excessive trading, as determined by the Allspring Conduct and Ethics Team in its sole discretion, is not tolerated as it may interfere with job performance and the duty of loyalty and care to Allspring's clients. In general, Access Persons trading more than 60 times in a quarter should expect a notification regarding excessive trading<sup>9</sup>, including notice to their manager. Excessive trading is monitored and reported to senior management.

Insider Trading

Access Persons are prohibited from misusing or inappropriately disclosing confidential information, including MNPI. Access Persons may not use MNPI for personal gain, for the benefit of Allspring, or for the benefit of our clients. While in possession of MNPI, you may not trade, or recommend trading, for any securities or funds on the basis of that information. Engaging in insider trading is a violation of global laws and regulations and is a breach of this Code. Access Persons that come into possession of MNPI must immediately notify the Allspring Conduct and Ethics Team and must additionally comply with the Allspring Information Barrier Policy.

Restricted Securities List

Allspring maintains a "Restricted List" that includes individual securities and issuers for which one or more persons at Allspring may hold price sensitive information. Any pre-clearance requests to trade in a security on the Restricted List will be denied. The Restricted List is not distributed to employees; it is maintained and

<sup>9</sup> Access Persons should notify the Allspring Conduct and Ethics Team if they anticipate executing a one-time rebalance that will exceed 60 transactions. In general, such cases will not be considered excessive trading.

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| GENERAL | 8.0 |

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updated periodically in ECM by the Allspring Conduct and Ethics Team. Please refer to the Allspring Information Barrier Policy.

Blackout Periods for Investment Persons

Subject to the de minimis exception, Investment Persons (and their Immediate Family Members) are prohibited from executing personal securities transactions during certain blackout periods.

**Blackout Period** 

Investment Persons are prohibited from transacting in Reportable Securities during the 7 calendar days immediately preceding and immediately following the date of the same trade in a client account where there is a perceived or actual conflict of interest (e.g., the Investment Person services the account or has access to sensitive information related to the account).

Personal securities transactions executed during the blackout period will be investigated for conflicts of interest and any violations identified may be subject to sanctions (please refer to the Conduct Framework on Springboard's Conduct and Ethics page).

**De Minimis Exception** 

Transactions by Investment Persons that meet the de minimis exception will generally be approved unless they are restricted for another reason (e.g., Ban on Short-Term Trading Profits, Restricted List, etc.). A transaction in a security (either a single transaction or multiple transactions in the same security within 7 calendar days not exceeding 250 shares in the aggregate) qualifies for the de minimis exception if the security has a market capitalization exceeding $10 billion.

Education, Certifications, and Reporting Requirements

Education

Access Persons are required to complete training on the Code within 45 days of hire date and then annually thereafter.

Certifications and Reporting

Access Persons must complete initial, quarterly, and annual certifications and reporting in ECM.

&nbsp;&nbsp;&nbsp;&nbsp;• **Code of Ethics Certification**: Access Persons are required to certify in writing upon hire date, and annually
thereafter, that they have received and understand this Code. Additionally, all Access Persons must provide a written acknowledgement of their receipt and understanding of any material amendment to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;• **Quarterly Transactions Reports:** Access Persons are required to report all personal securities transactions of
Reportable Securities within 30 calendar days of each calendar quarter end. Access Persons must certify that they have reported all Reportable Accounts and that the personal securities transactions reported within these accounts are complete,
accurate, and in compliance with this Code. Transactions of Managed Accounts are not subject to Quarterly Transactions Reporting. Self-directed transactions10 of Reportable Funds within Allspring 401(k) accounts require reporting; however,
transactions initiated by the 401(k)-plan advisor (e.g., when Access Persons have enrolled in the discretionary managed accounts program) do not require reporting.

<sup>10</sup> Excluding payroll contributions (or company matches).

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| GENERAL | 9.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;• **Initial and Annual Holdings Reports:** As noted under the Reportable Accounts and Holdings Reports section, Access
Persons are required to report initial (upon becoming an Access Person) and annual holdings reports (within 30 calendar days of calendar year end). Access Persons must certify that they have reported all holdings of Reportable Accounts and that the
holdings reported within these accounts are complete, accurate, and current as of a date no more than 45 days prior to submission.

Violations, Escalation, and Exceptions

Violations

Access Persons must promptly report any violations of this Code to the Allspring Conduct and Ethics Team. The Allspring Conduct and Ethics Team is responsible for investigating any actual or suspected violation of this Code and reporting the results to the Chief Compliance Officer. Access Persons that have violated this Code will be sanctioned depending on the severity of the infraction. The Allspring Conduct and Ethics Team, in its sole discretion, may issue any sanctions deemed appropriate to address the infraction, subject to applicable law. This may include: a written notice, additional training, deduction from wages/compensation and/or disgorgement of profit, restriction or suspension of certain personal and/or business activities, heightened monitoring or supervision, termination of employment, referral to civil or criminal authorities, or any other remedies necessary to address the violation.

Please refer to the Conduct Framework on Springboard's Conduct and Ethics page.

Escalation

Access Persons are expected to report any concerns regarding unethical behavior or misconduct to the CCO upon identification. This includes any actual or suspected violations of this Code or other Allspring policies or any non-compliance with applicable laws and regulations. Access Persons may refer to the Complaints and Whistleblower Management Policy for information on how to report a concern anonymously. No retaliation may be taken against any person for providing information in good faith about such violations or concerns.

All questions and inquiries regarding this Code or any assistance with ECM should be communicated to <u>Conduct@allspringglobal.com.</u>

Exceptions

The Allspring Conduct and Ethics Team may grant certain exceptions to this Code. Exception requests must be submitted to <u>Conduct@allspringglobal.com</u> with rationale to justify the request. Any exceptions to this Code must be approved in writing by the Allspring Conduct and Ethics Team and are reported to the Allspring Conduct and Ethics Committee.

Governance and Reporting

The Code is reviewed and approved by the Allspring Conduct and Ethics Committee at least annually. The Allspring Conduct and Ethics Committee receives periodic reporting in relation to adherence to the requirements associated with this Code.

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| GENERAL | 10.0 |

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Related Policies

Complaints and Whistleblower Management Policy

Allspring promotes a culture where Access Persons are comfortable speaking up and are encouraged to raise questions and concerns without fear of retaliation. Access Persons may raise any concerns of misconduct in accordance with the Complaints and Whistleblower Management Policy.

Conflicts of Interest Policy

As outlined within the Principles of the Code, Access Persons must never engage in any behavior or activities that place their personal interests above the interests of clients and must always follow the Conflicts of Interest Policy.

Global Fraud Risk Management Policy

As outlined within the Principles of the Code, Access Persons must never engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any client. Access Persons must always follow the Global Fraud Risk Management Policy to report actual or suspected fraud.

Information Barrier Policy

As outlined with this Code, Access Persons are prohibited from misusing or inappropriately disclosing confidential information, including MNPI. Access Persons that come into possession of MNPI must comply with the Allspring Information Barrier Policy.

Standards of Professional Conduct

This Code establishes standards of business conduct and ethics; and must be considered in connection with Allspring's Standards of Professional Conduct, which describes the responsibility of acting in a professional manner and contributing to a work environment free from harassment and violence.

Records Retention

Records associated with the implementation and execution of this Code are required to be maintained in line with applicable rules and regulations as outlined in the Records Management Policy. The Retention Schedule records associated with this Policy must be maintained and accessible for 7 years.

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| GENERAL | 11.0 |

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Appendix A – Key Terms and Definitions

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|:---|:---|
| TERM | DEFINITION |
| Access Person | All of Allspring's officers, directors, full-time or part-time employees, contingent workers that have been notified they are subject to the Code, and any other person designated by the Allspring Conduct and Ethics Team. |
| Approved Broker | A broker that is included on the Allspring Approved Broker List. These are brokers that provide automated holdings and transactions reporting into ECM through an electronic feed. Subject to the exceptions set forth in the Code, Access Persons and their Immediate Family Members may only maintain personal accounts with Approved Brokers. |
| Automatic Investment Plan | A program that allows a person to purchase or sell Reportable Securities, automatically and on a regular basis in accordance with a pre-determined schedule and allocation, without any further action by the person. |
| Beneficial Ownership | In general, a person has Beneficial Ownership of an account or security if they, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the account or security. "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in the security means the opportunity, directly or indirectly to profit or share in any profit derived from a transaction in a security. *Access Persons are presumed to have a pecuniary interest in securities held by Immediate Family Members.* |
| ECM | FIS Employee Compliance Manager ("ECM"), formerly FIS Protegent Personal Trading Assistant ("PTA"), is the technology vendor used by Allspring to monitor employees' personal activities, including personal securities transactions, private placements, outside activities, gifts and entertainment, political contributions, and other activities. |
| Immediate Family Member | Any person sharing the same household with an Access Person (including spouses or domestic partners, children (including those who may be temporarily living away for college/boarding school), grandchildren, siblings, parents, grandparents, relatives-in-law, step relative, adoptive relative, legal guardian), or any other person for which an Access Person has "Beneficial Ownership" of their accounts or securities. |
| Investment Person | Any Access Person involved with making investment decisions, recommendations, or securities transactions, including portfolio managers, traders, and investment analysts of Allspring or any other Access Persons designated by the Allspring Conduct and Ethics Team to meet these criteria. |
| Managed Account / Discretionary Account | An account that is managed by a non-affiliated third party (broker-dealer, registered investment advisor, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion. |
| Private Placement | A non-public security offering. This includes offerings exempt from registration under Section 4(2) or 4(6) of the Securities Act of 1933, as amended, or Rule 504, Rule 505, or Rule 506 thereunder. |
| Reportable Account | Any account in which an Access Person has direct or indirect Beneficial Ownership (including any accounts of Immediate Family Members) that can hold Reportable Securities (even if the account does not currently hold Reportable Securities). Refer to Appendix B for additional guidance. |

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| GENERAL | 12.0 |

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| Reportable Fund | Any funds for which Allspring serves as an investment manager, sponsor, or adviser, including third party funds for which Allspring serves as sub-adviser (except for money market funds). This has the same meaning as in rule 204A-1 of the Investment Advisors Act of 1940. |
| Reportable Security | Any security as defined in section 202(a)(18) of the Investment Advisers Act of 1940 and section 2(a)(36) of the Investment Company Act of 1940, except that it does not include:<br>&nbsp;&nbsp;&nbsp;&nbsp;i. Direct obligations of the U.S. Government;<br> &nbsp;&nbsp;&nbsp;&nbsp;ii. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;<br> &nbsp;&nbsp;&nbsp;&nbsp;iii. Shares issued by money market funds;<br> &nbsp;&nbsp;&nbsp;&nbsp;iv. Shares issued by open-end funds other than Reportable Funds; and<br> &nbsp;&nbsp;&nbsp;&nbsp;v. Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds. |

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| GENERAL | 13.0 |

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Appendix B - Guidance

The below tables include non-exhaustive lists to be used for reference. Please contact the Allspring Conduct and Ethics Team (<u>Conduct@allspringglobal.com</u>) for additional guidance.

Reportable Accounts

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| &nbsp;&nbsp; ACCOUNT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPORTABLE <br> ACCOUNT? |
| &nbsp;&nbsp; Brokerage accounts (including IRA, GIA, ISA, SIPP, custodial, and trust accounts) | Yes |
| &nbsp;&nbsp; Managed Accounts and Automatic Investment Plans | Yes |
| &nbsp;&nbsp; Allspring 401(k) plans | Yes |
| &nbsp;&nbsp; Education/junior savings accounts that can invest in Reportable Securities (e.g., ESA, Junior ISA) | Yes |
| &nbsp;&nbsp; Health Savings Account ("HSA") that can invest in Reportable Securities | Yes |
| &nbsp;&nbsp; Employee stock purchase or ownership plans ("ESPP" or "ESOP") | Yes |
| &nbsp;&nbsp; External (non-Allspring) 401(k) plans that can invest in Reportable Funds | Yes |
| &nbsp;&nbsp; External (non-Allspring) 401(k) plan that cannot hold Reportable Funds | No |
| &nbsp;&nbsp; Cash management accounts that cannot buy or sell Reportable Securities (e.g., Cash ISA) | No |
| &nbsp;&nbsp; Cryptocurrency accounts | No |

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Reportable Securities and Pre-Clearance

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; SECURITY | REPORTABLE SECURITY? | PRE-CLEAR? |
| &nbsp;&nbsp; Stocks (common, preferred, rights and warrants) | Yes | Yes |
| &nbsp;&nbsp; Bonds (corporate, municipal, convertible and notes) | Yes | Yes |
| &nbsp;&nbsp; Closed-end funds (also referred to as investment trusts) | Yes | Yes |
| &nbsp;&nbsp; Options on Reportable Securities | Yes | Yes |
| &nbsp;&nbsp; Open-end Reportable Funds (except for money market funds) | Yes | No |
| &nbsp;&nbsp; Allspring ETFs | Yes | No |
| &nbsp;&nbsp; Non-Allspring ETFs (excluding single-stock ETFs) and options on ETFs | Yes | No |
| &nbsp;&nbsp; Single-stock ETFs | Yes | Yes |
| &nbsp;&nbsp; Private placements (i.e., non-public or limited offering) | Yes | Yes |
| &nbsp;&nbsp; Direct obligations of the U.S. Government (e.g., U.S. Treasuries) | No | No |
| &nbsp;&nbsp; Money market instruments - bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments (including highly rated direct obligations of sovereign governments, such as U.K. Treasuries) | No | No |
| &nbsp;&nbsp; Money market funds | No | No |
| &nbsp;&nbsp; Open-end mutual funds (that are not Reportable Funds) | No | No |
| &nbsp;&nbsp; Commodities | No | No |
| &nbsp;&nbsp; Foreign currencies, including futures | No | No |
| &nbsp;&nbsp; Cryptocurrencies | No | No |

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| GENERAL | 14.0 |

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## Ex-99.(P)(9)

![LOGO](g15837dsp86.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **REGULATORY REQUIREMENT** 

The investment advisers, investment companies, distributor companies and service companies listed in Addendum A (collectively, the **Firm**) have adopted this Code of Ethics, establishing a standard of conduct for Firm Employees.

This Code of Ethics (the **Code**) establishes a standard of conduct for Firm employees by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Providing clear guidance to all employees that the Firm's Clients' interests come first – ahead of all
personal interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Providing policies and procedures consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 40 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Seeking to avoid conflicts of interests, or the appearance of such conflicts, when officers, directors, supervised persons,
employees and other persons of the Firm own or engage in transactions involving securities.

The Code applies to persons deemed to be **Access Persons** of the Firm, as defined below under Definitions. Access Persons include any officer, director, employee or other person of the Firm. Unless otherwise determined by Principal Asset Management (PrinAM) Compliance, Access Persons also includes positions held by consultants, contractors, temporary employees, interns, co-op students, and Principal Financial Group (**Principal**) Human Resources and Legal staff supporting the Firm.

Please see the Addenda for a custom Principal Funds Access Person definition applicable to the Funds, as well as other custom provisions applicable to certain entities of the Firm.

The Code is supplemental to the **Principal Corporate Global Code of Conduct** which can be found on **Principal Passport**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **STANDARDS OF BUSINESS CONDUCT** 

The following standards of business conduct shall govern personal investment activities of Access Persons and interpretation and administration of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The interests of the Firm's Clients must be placed first at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Access Persons must act honestly and fairly and with due skill, care and diligence in the best interest of Firm clients and
the integrity of the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Access Persons have an obligation to observe just and equitable principals of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All personal securities transactions must be conducted consistent with this Code and in such a manner as to avoid any
actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Access Persons should not take advantage of their positions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Access Persons must comply with applicable Federal Securities Laws.

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Code does not attempt to identify all possible conflicts of interests, and literal compliance with each of its specific provisions will not shield Access Persons from liability for personal trading or other conduct that violates a fiduciary duty to the Firm's Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **PROTECTION OF MATERIAL NON-PUBLIC INFORMATION** 

Access Persons must review and comply with the **Insider Trading Policy**.

It is unlawful to trade in any security based on material nonpublic (or inside) information or to disclose such information to others who may profit from it. This applies to all types of securities, including equities, options, debt, and mutual funds. All Access Persons will keep information pertaining to Clients' portfolio transactions and holdings confidential. No person with access to securities recommendations or pending securities transactions and Client portfolio holdings should disclose this information to any person unless such disclosure is made in connection with the person's regular functions or duties. Additionally, Access Persons with knowledge about the composition of a creation basket are prohibited from disclosing such information to any other person (except as authorized in the course of their employment) until such information is made public. All possible care should be taken to avoid discussing confidential information with anyone who would not normally have access to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **PERSONAL ACCOUNT REPORTING** 

Access Persons must report all Covered Accounts (**Accounts**) in which they have Beneficial Ownership of any Reportable Security (**Security**) or Reportable Fund or are capable of holding such Securities at the start of their employment, upon opening of a new account and annually thereafter.

**Beneficial Ownership** shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (**Exchange Act**) when determining whether a person is a beneficial owner of a Security.

For example, the term Beneficial Ownership shall encompass:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Securities in the person's own Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Securities owned by members of the person's immediate family sharing the same household including those by marriage
or domestic partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A person's proportionate interest in the portfolio of Securities held by a partnership, trust, corporation or other
arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Securities a person might acquire or dispose of through the exercise or conversion of any derivative Security (e.g. an
option, whether presently exercisable or not).

**Security** shall have the meaning set forth in Section 202(a)(18) of the Advisers Act and Section 2(a)(36) of the 40 Act including, but not limited to fixed income securities such as bonds and notes, equity securities such as stocks and exchange traded funds (ETF), derivatives such as options and futures, unit investment trusts (UIT), and private investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **New Accounts** 

New Accounts must be opened with brokerage firms that provide electronic data feeds unless otherwise pre-approved by PrinAM Compliance. This does not apply to ex-U.S. Accounts or Discretionary Accounts. New

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Accounts must be reported in FIS ECM (formerly PTA) within 10 days of opening. Please refer to Addendum F for a current list of brokers that provide electronic feeds.

**Registered Representatives of Principal Funds Distributor must submit a PFD New Broker Account Pre-Approval Request PRIOR to opening a brokerage account.** Once approval is granted, PFD Registered Representatives are able to open the account and must report the new Account within 10 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Discretionary Accounts** 

Discretionary Accounts **are reportable** and require Access Persons to provide a copy of the managed account agreement to PrinAM Compliance. The discretionary managed account agreement outlines trading discretion authority granted to another party (individual, entity or money manager), which allows them to buy/sell Securities without the Account owner's consent for each trade. A Discretionary Account is sometimes referred to as a "managed" or "blind-managed" account. Discretionary Accounts are exempt from the pre-clearance requirement, 30- day holding period, quarterly transaction reports and initial public offerings prohibition provisions of the Code if the Access Person does not have Direct or Indirect Influence or Control over the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Crypto-Asset Accounts** 

Crypto-Asset Accounts and their digital asset holdings **are reportable**. This would include investments in cryptocurrency (e.g. Bitcoin, Ethereum, Dogecoin, Shiba INU), initial coin offering (ICO), distributed ledger technology, blockchain and/or any related products and pooled investment vehicles. Crypto-Asset Accounts that are not capable of holding Reportable Securities are exempt from the trade pre-clearance requirement, 30-day holding period, and quarterly transaction reports provisions of the Code. An Account summary must be provided upon request from PrinAM Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Principal Fund Accounts** 

Principal Fund Accounts **are reportable** and include Principal Funds\* that are open-end mutual funds (including underlying sub-accounts within Principal Variable Life and Variable Annuity contracts) and closed-end investment companies operated as interval funds.

Principal Funds are subject to the initial and annual reporting requirements; however, they are exempt from pre-clearance and the 30--calendar day holding period. Notwithstanding the exemption from the 30-calendar day holding period, trustees, beneficial owners of more than 10%, and certain designated Executive Officers of the Principal Real Asset Fund, Principal Private Credit Fund I, and any other closed end interval fund managed by PrinAM or its affiliates, generally must disgorge, under Section 16 of the Exchange Act, any profit realized by such person from any purchase and sale, or any sale and purchase, of any equity security of such fund (or a security based swap agreement involving such equity security) within any period of less than six (6) months.

*\*Applicable to U.S. Funds* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Individual Retirement Accounts** 

Individual Retirement Accounts (IRAs) that are capable of holding Reportable Securities or Reportable Funds **are reportable** and subject to all provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **TreasuryDirect Accounts** 

TreasuryDirect Accounts **are exempt** from reporting, pre-clearance and holding period requirements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Private Investments** 

Private Investment **are reportable** and may only be acquired or sold with prior approval of the Access Person's supervisor and PrinAM Compliance. Pre-approval requests for private investments can be submitted within FIS ECM under the Available Forms section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Former Employer Human Resources (HR) Benefit Plans** 

HR Benefit Plans held with former employers **are reportable** and subject to all provisions of the Code if they are capable of holding Reportable Securities (i.e. self-directed brokerage account windows).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Principal HR Benefit Plans** 

The Principal Select Savings Plan **is exempt** from reporting, pre-clearance and holding period requirements.

The Principal Select Savings Plan's self-directed brokerage account option, Schwab Personal Choice Retirement Account<sup>®</sup> (PCRA), **is reportable** and subject to all provisions of the Code.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Principal Select Savings Plan 401(k) and Self-Directed Brokerage Option** | &nbsp;&nbsp;&nbsp; **Principal Select Savings Plan 401(k) and Self-Directed Brokerage Option** | &nbsp;&nbsp;&nbsp; **Principal Select Savings Plan 401(k) and Self-Directed Brokerage Option** | &nbsp;&nbsp;&nbsp; **Principal Select Savings Plan 401(k) and Self-Directed Brokerage Option** |
| &nbsp;&nbsp;&nbsp;**Account** | **Accessible Via** | **Reportable** | **Trade Preclearance** |
| &nbsp;&nbsp;&nbsp;Principal Select Savings 401(k) | Principal.com | No | No |
| &nbsp;&nbsp;&nbsp;Schwab Personal Choice Retirement Self-Directed Brokerage Account | Schwab.com | Yes | Yes |

---

Holdings in a Morgan Stanley StockPlan Connect Account that have not vested or exercised **are exempt** from reporting, pre-clearance or holding period requirements. This includes the Principal Employee Stock Purchase Plan (ESPP), Excess Plan, Restricted Stock Units (RSU), Stock Option Awards, Stock Options, Broad-based Options, and Performance Share Awards.

Access Persons have the option to link an E\*Trade Securities brokerage account to the Morgan Stanley StockPlan Connect Account. Once shares have vested or exercised in the Morgan Stanley StockPlan Connect Account, the shares will be swept to the E\*Trade Securities brokerage account.

E\*Trade Securities brokerage accounts **are reportable,** and all provisions of the Code will apply to the account and its holdings, including Principal Financial Group, Inc. stock (PFG stock).

Some Access Persons may be ineligible to open an account at E\*Trade for the purpose of linking to Morgan Stanley or simply elect not to open an E\*Trade account.

**Principal Employee Stock Purchase Plan (ESPP), Excess Plan, Restricted Stock Units (RSUs), Stock Option**<br> **Awards, Broad-based Options, Performance Share Awards**<br>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Account** | **Accessible Via** | **Reportable** | **Trade Preclearance** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley StockPlan Connect Account | Stockplanconnect.<br>MorganStanley.com | No | No |
| &nbsp;&nbsp;&nbsp;E\*Trade Brokerage Account (linked to StockPlan Connect Account) | Etrade.com | Yes | Yes |

---

Access Persons with the High Deductible Health Insurance Plan may be eligible to open a Health Savings Account (HSA) through Optum Bank. Once the HSA reaches a certain designated balance, Access Persons may choose to invest a portion of their HSA dollars.

The digitally managed HSA through Betterment i**s reportable** and subject to all provisions of the Code. Additionally, a copy of the discretionary managed account agreement must be on file with Compliance.

The self-managed mutual fund HSA through Optum Bank **is exempt** from reporting, pre-clearance and holding period requirements.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Health Savings Account via Optum Bank** | &nbsp;&nbsp;&nbsp;**Health Savings Account via Optum Bank** | &nbsp;&nbsp;&nbsp;**Health Savings Account via Optum Bank** | &nbsp;&nbsp;&nbsp;**Health Savings Account via Optum Bank** |
| &nbsp;&nbsp;&nbsp;**Account** | **Accessible Via** | **Reportable** | **Trade Preclearance** |
| &nbsp;&nbsp;&nbsp;HSA – ETF portfolio managed by Betterment | MyUHC.com or Betterment.com | Yes | No |
| &nbsp;&nbsp;&nbsp;HSA – self managed mutual fund portfolio | MyUHC.com | No | No |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **PERSONAL SECURITY TRANSACTIONS** 

All personal security transactions must be conducted in a manner consistent with the Standards of Business Conduct outlined in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **PFG Stock** 

**All reporting, pre-clearance, and holding period requirements apply to transactions in PFG stock.** For exceptions related to employee benefit plans, refer to Personal Account Reporting – Principal HR Benefit Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Pre-Clearance Approval** 

Pre-clearance approval from PrinAM Compliance is required for personal Security transactions prior to executing or entering into any buy or sell transaction. Transactions for which pre-clearance has been denied may not be executed.

Pre-clearance approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Is valid for 2 business days (meaning the current day and next business day). If the trade is not executed within 2
business days, the Access Person must submit a new pre-clearance request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Applies to all market and limit orders, good-till-cancel orders, and stop loss orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Is not required for Exempted Securities or Exempted Transactions. Please refer to those listed below.

Access Persons can submit a pre-clearance request online within FIS ECM, which is available on a secure internet browser while connected to the Principal Network. The link to access FIS ECM can be found <u>here</u>. Should an Access Person not have access to FIS ECM, the person may call or email pre-clearance requests to PrinAM Compliance either directly or through use of a pre-approved delegate or proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Restricted and Prohibited Transactions** 

The following personal Securities transaction are restricted and prohibited transactions; accordingly, you may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Execute a Security transaction without pre-clearance approval, if required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acquire any Security in an initial public offering (IPO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sell short any Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Participate in Investment Clubs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sell a Security in less than 30-calendar days after purchase date for a profit
(T+30).

<sup>○</sup> The 30-calendar day holding period does not apply to sales at a loss.

<sup>○</sup> Any sales at a loss cannot be re-established (buy back) in the next 30- calendar days.

<sup>○</sup> If sold at a profit prior to the expiration of the 30-calendar day period, the transaction will be a Code violation, and any profits realized may be required to be disgorged to a charitable organization designated by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Buy a Security at a lower price in less than 30-calendar days after sale date (buy
back).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchase or write derivatives (such as stock options, futures on indices and options and futures on commodity, credit,
currency, equity, interest rate and volatility) if the expiration date is less than 30-calendar days from the purchase date.

<sup>○</sup> No derivative position may be closed less than 30-calendar days from the date it is established.

<sup>○</sup> This does not apply to stock options that are part of a hedged position where the underlying stock is held long.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engage in financial spread betting and contracts of difference. These types of derivative contracts involve taking or
placing a bet on the price movement of a security, index, currency, commodity or other financial product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Loan money to individuals or entities as an investment or business transaction. Note: this does not apply to personal loans
to family.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchase PFG stock on margin, short sell PFG stock, or trade PFG put or call options, or other instruments noted in the
Principal Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchase or sell a Security at all, when so determined by the Chief Compliance Officer, in the CCO's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Exempt Securities** 

Securities listed below are exempt from the reporting, pre-clearance, and holding period requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct Obligations of the Government of the United States such as Treasury Bills, Notes, and Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● G7 bonds, issued by the governments of Canada, France, Germany, Italy, Japan, or the United Kingdom

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct Obligations of the Government of India such as Treasury Bills and Government Securities (G-Secs) Banker's acceptances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bank certificates of deposit (not brokered CDs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Commercial paper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● High quality short-term debt instruments, including repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Money market funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open-end mutual funds with outside fund companies that are not advised or sub-advised by the Firm or its affiliates. U.S. open-end mutual funds always have a five-letter symbol ending in an "X."

<sup>○</sup> This exemption applies to funds used in 529 Plans that are registered as municipal securities and only offer open-end mutual funds or securities designed to mirror the structure of open-end mutual funds as underlying investment options.

<sup>○</sup> This exemption does not apply to ETFs, I-Shares (i.e. BlackRock) and closed-end funds. All ETF transactions must be pre-cleared and are subject to the Personal Securities Transactions requirements listed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Shares issued by unit investment trusts (UIT) that are invested exclusively in one or more open-end mutual funds, none of which are advised or sub-advised by the Firm or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Exempt Transactions** 

The transactions listed below are exempt from the pre-clearance requirement only. All other reporting and holding period requirements apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● De minimis transactions of 50 shares or less and under $500 in value of a Security in aggregate within a 30-calendar day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transactions in Reportable Funds.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transactions in Principal Funds that are open-ended mutual funds (including underlying subaccounts of Principal Variable
Life and Variable Annuity Contracts).\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Securities acquired through an employer-sponsored automatic payroll deduction plan. However, any sale transaction must be pre-cleared and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reinvestment of dividends under a dividend reinvestment plan or in an automatic investment plan for purchase of Securities
already owned and pre-cleared. Note, any sale transaction must be pre-cleared as those are not part of a plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transactions effected by an issuer pro rata of a class of Securities already owned, such as stock splits, stock dividends
or the exercise of rights, warrants or tender offers (e.g. corporate actions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transactions which are non-volitional on the part of the Access Person.
Transactions in an account over which the Access Person has no direct or indirect influence or control (e.g. assignment of management discretion in writing to another party).

*\* Reportable Funds and Principal Funds are not subject to the 30-calendar day holding period. Notwithstanding this exemption from the 30-calendar day holding period, trustees, beneficial owners of more than 10%, and certain designated Executive Officers of the Principal Real Asset Fund, Principal Private Credit Fund I, and any other closed end interval fund managed by* PrinAM *or its affiliates, generally must disgorge, under Section 16 of the Exchange Act, any profit realized by such person from any purchase and sale, or any sale and purchase, of any equity security of such fund (or a security based swap agreement involving such equity security) within any period of less than six (6) months.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Special Rules for Portfolio Managers and Investment Personnel** 

A Portfolio Manager's personal Security trading shall have no effect on Client portfolio decisions or ability to trade.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No Portfolio Manager may personally transact Securities that are held or traded in actively managed portfolios for which
they are responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Portfolio Managers must obtain pre-clearance approval to trade Reportable Funds and
Principal Funds (including open-end mutual funds, closed-end investment companies operated as interval funds, and ETFs) they manage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Certain individuals with roles that have real-time trading data of portfolios may not personally purchase or sell a
Security or its underlying securities within 7 calendar days before and after a portfolio has transacted in the same security. This blackout period is a total of 15 calendar days, which includes the full 7 calendar days before, after, and including
the Client portfolio trade date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Certain investment personnel who may not have real-time trading data of portfolios but have potential insight or knowledge
of trading within client portfolios may not personally purchase or sell a Security that is held or traded in an actively managed portfolio in which they have insight or knowledge for a total of 15 calendar days, which includes the full 7 calendar
days before, after, and including the Client portfolio trade date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **REPORTING AND CERTIFCATION REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Initial and Annual Certification** 

Within 10 calendar days of hire or identification, all Access Persons must initially certify and acknowledge they have read and understand the Code and the Insider Trading Policy and its applicability to them, and that they will comply with the requirements. Thereafter, annual certification will be required no later than 30-calendar days after each calendar year-end. PrinAM Compliance will ensure each Access Person receives a copy of the Code and any material amendments thereto, which are available on Principal Passport.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Holdings and Accounts Reports** 

The Initial Holdings and Accounts report must be submitted within 10 calendar days after becoming an Access Person, with the Reportable Securities information being current as of a date no more than 45-calendar days prior to the date of becoming an Access Person. Thereafter, Annual Holdings and Accounts reports are required no later than 30-calendar days after each calendar year-end with information being no more than 45-calendar days prior to the report being submitted.

The Security holdings report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Security name, number of shares, exchange ticker symbol/ CUSIP/ISIN and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Name of the firm at which Securities are held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Date which the Access Person submits the report.

The Quarterly Transactions report must be submitted no later than 30-calendar days after the end of each calendar quarter. This report will list all Security transactions during the previous calendar quarter in Reportable Securities, which excludes exempted transactions and exempted securities set forth above.

The Quarterly Transactions report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Security name, number of shares, exchange ticker symbol/CUSIP/ISIN and principal amount of each Security executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Nature of the transaction (e.g., buy or sell);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Name of the firm through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Date which the Access Person submits the report.

Upon reporting of Securities and Accounts, Compliance will request duplicate copies of Account statements and transaction confirmations from the investment firm (commonly referred to as broker) either electronically or paper. Ex-U.S. and other Account statements and transaction reporting may need to be obtained from the Access Person if the investment firm will not provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **FAILURE TO REPORT OR COMPLY** 

Upon discovering a violation of the Code, PrinAM Compliance will work with the Access Person's leader to recommend a sanction as determined appropriate, and the leader will then work with appropriate persons to impose such sanction. Sanctions may include a verbal warning, retraining session, written warning, disgorgement of profits, suspension from personal trading, or other sanctions, up to and including suspension or termination of employment.

Access Persons must report any violations of the Code or applicable laws promptly to the Chief Compliance Officer (or designee). This includes self-reporting if you commit a violation. Anyone who, in good faith, raises an issue regarding a possible violation of law, regulation, or company policy, or any suspected illegal or unethical behavior, will be protected from retaliation. Access Persons can also report violations or suspected violations to the Ethics Hotline at 1-888-858-4433, through the Principal Unethical or Fraudulent Activity Reporting Form, or through the Principal Whistleblower policy, which is available on Principal Passport.

The Chief Compliance Officer has the authority to interpret the Code and grant exceptions when appropriate. PrinAM Compliance will maintain a system for the regular review of all reports of personal Reportable Securities transactions and holdings under this Code.

Annually, individuals charged with the responsibility for monitoring compliance with this Code will prepare a written report to the Board of Directors that, at a minimum, will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Certification that the Firm has adopted procedures reasonably necessary to prevent Access Persons from violating the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Identification of material violations and sanctions imposed in response to those violations during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Description of issues that arose during the previous year under the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Recommendations, if any, as to changes in existing restrictions or procedures based upon experience with this Code,
evolving industry practices, and changes and developments in applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **CONTACTS** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME** | **CONTACT** | **CONTACT** |
| &nbsp;&nbsp;&nbsp;Kim Keating | (515) 878-0961 | <u>Keating.Kim@Principal.com</u> |
| &nbsp;&nbsp;&nbsp;Monica Mencia | (515) 878-0724 | <u>Mencia.Monica@Principal.com</u> |
| &nbsp;&nbsp;&nbsp;Sue Harrington | (515) 878-1071 | <u>Harrington.Sue@Principal.com</u> |

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<u> Justin Lange Chief Compliance Officer</u>   <u>(515) 878-6206</u>   <u><u>Lange.Justin@Principal.com</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **DEFINITIONS** 

**Access Person** means any officer, director, employee or other person of the Firm, as well other any other person, who (i) has access to nonpublic information regarding any client's purchase or sale of Securities; (ii) has access to nonpublic information regarding the portfolio holdings of any client or affiliated mutual funds; or (iii) is involved in making Security recommendations to clients or has access to such recommendations that are nonpublic. This includes positions held by consultants, contractors, temporary employees, interns, co-op students and Principal HR and legal staff supporting the Firm. All Firm employees are deemed to be Access Persons unless otherwise determined by Compliance to be specifically exempted as an **Exempt Access Person**.

**Beneficial Ownership** is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Exchange Act when determining whether a person is a beneficial owner of a Security. For example, the term Beneficial Ownership shall encompass: (1) Securities in the person's own Accounts; (2) Securities owned by members of the person's immediate family\*, domestic partner\*\*, or family members of domestic partners sharing the same household; (3) A person's proportionate interest in the portfolio of Securities held by a partnership, trust, corporation or other arrangements; and (4) Securities a person might acquire or dispose of through the exercise or conversion of any derivative Security (e.g. an option, whether presently exercisable or not).

***\*Immediate family*** shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.

***\*\*Domestic Partner*** *shall mean:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● unmarried opposite sex or same sex life partner provided:

- the Access Person and the partner are at least 18 years of age.

- the Access Person and the partner are not married under applicable State law.

- the partner is not a blood relative of the Access Person.

- the partner has lived together with the Access Person for at least six consecutive months.

- the partner and the Access Person are each other's sole domestic partner indefinitely; and

- the partner and the Access Person are jointly responsible for each other's welfare; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● same sex partner with whom the Access Person has entered into a civil union under applicable State law.

**Covered Account** (**Account**) means any investment account or any other type of account that holds or is capable of holding Securities. The Account's tax status has no impact on whether an account qualifies as an Account.

**Crypto-Asset** means an investment in cryptocurrency (e.g. Bitcoin, Ethereum, Dogecoin, Shiba INU), initial coin offering (ICO), distributed ledger technology, blockchain and/or any related products and pooled investment vehicles.

**Direct or Indirect Influence or Control** means the ability to influence or control, directly or indirectly, specific investment decisions within an investment account, including (i) suggesting purchases or sales of specific investments to a trustee or third-party discretionary manager of an account, (ii) directing purchases or sales of specific investments in an account, and (iii) consulting with the trustee or third-party discretionary manager of an account as to the purchase, sale or status of specific investments to be made in the account. Account statements must be provided up on request from PrinAM Compliance.

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**Exempt Access Person** refers to specific personnel deemed to be exempt from the personal trading provisions of the Code and Compliance Manual, specifically, if a Board Director does not have (i) access to nonpublic information regarding any client's purchase or sale of Securities; (ii) access to nonpublic information regarding the portfolio holdings of any client or affiliated mutual funds; and/or (iii) involvement in making Security recommendations to clients or have access to such recommendations that are nonpublic; the CCO may deem such person to be an Exempt Access Person. The CCO (or designee) will notify any Exempt Access Person of such designation. Exempt Access Person are relieved from personal trading provisions of the Code and Compliance Manual. PrinAM Compliance will maintain a list of any Exempt Access Persons and will review such list on an annual (or otherwise more frequent basis).

**Federal Securities Laws** refers to any one or more of the laws that govern the securities industry, such as the: Securities Act of 1933 (**Securities Act**), Securities Exchange Act of 1934 (**Exchange Act**), Trust Indenture Act of 1939 (**Indenture Act**), Investment Company Act of 1940 (**40 Act**), Investment Advisers Act of 1940 (**Advisers Act**), Sarbanes-Oxley Act of 2002 (**SOX**), Title V of the Gramm-Leach-Bliley Act (**GLB**), the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (**Dodd-Frank**), Jumpstart Our Business Startups Act of 2012 (**JOBS Act**), and any rules and regulations adopted by the U.S. Securities and Exchange Commission (**SEC**) under any of these statutes, as well as the Bank Secrecy Act (**BSA**, as it applies to funds and investment advisers), and any rules and regulations adopted thereunder by the SEC or the U.S. Department of the Treasury.

**Investment Club** means a group of individuals who combine their funds for the purpose of making investments and/or advancing their investment education. Participation in Investment Clubs is prohibited under this Code.

**Investment Personnel** means the Portfolio Managers, Traders, Charles River Trade Support staff, Compliance Department staff, any individual with authorization to send/direct a trade on client portfolios, or any individual at the discretion of the Chief Compliance Officer.

**Loans** mean either secured or unsecured arrangements (documented or undocumented) where an individual or entity finances a sum of money that must be repaid (with or without interest) at some point in the future. For purposed of the Code, loans to family members are excluded from this definition.

**Portfolio Manager** means an individual entrusted with the direct responsibility and authority to make investment decisions for or affecting the portfolios of clients.

**Private Investments** generally, private investments involve the sale of Securities to a relatively small number of qualified investors in a private transaction, rather than through an exchange or over-the-counter market. Private investments may not have to be registered with the SEC and, in many cases, detailed financial information is not disclosed. Examples include, but are not limited to, limited partnerships, hedge funds and private equity transactions.

**Reportable Fund** means (i) any fund for which the Firm serves as an investment advisor, as defined by the 40 Act; or (ii) any fund whose investment advisor or principal underwriter controls the Firm, is controlled by the Firm, or is in common control with the Firm.

**Reportable Security**, or **Security** shall have the meaning of Security as set forth in Section 202(a)(18) of the Advisers Act and Section 2(a)(36) of the 40 Act. Security means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, brokered certificate of deposit, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any

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interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. General types (although not all inclusive) include fixed income securities, such as bonds and notes; equity securities, such as stocks and exchange-traded funds (ETFs); derivatives, such as options and futures; unit investment trusts (UITs); and private investments.

**Addendum A** 

**CODE OF ETHICS** 

**FIRM ENTITIES** 

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| | |
|:---|:---|
| &nbsp;&nbsp; <br> Together, the **Firm** | &nbsp;&nbsp; <br> Together, the **Firm** |
| &nbsp;&nbsp;&nbsp;Together, the **Advisers** | Principal Global Investors, LLC (**PGI**) |
| &nbsp;&nbsp;&nbsp;Together, the **Advisers** | Principal Global Investors (Australia) Limited (**PGIA**) |

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|:---|:---|
|  | Principal Global Investors (Dubai) |
|  | Principal Global Investors (Europe) Limited (**PGIE**) |
|  | Principal Global Investors (Japan) Limited (**PGIJ**) |
|  | Principal Global Investors (Singapore) Limited (**PGIS**) |
|  | Principal Global Investors (Ireland) and PGI (EU) |
|  | Principal Real Estate Investors, LLC (**PrinRE**) |
|  | Principal Real Estate Europe Limited (**PrinRE EU**) |
|  | Principal Asset Management Company (Asia) Limited (**PAM Asia**) |
| &nbsp;&nbsp;&nbsp;Together, the **Principal Funds** | Principal Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Together, the **Principal Funds** | Principal Variable Contracts Funds, Inc. |
| &nbsp;&nbsp;&nbsp;Together, the **Principal Funds** | Principal Exchange Traded Funds |
| &nbsp;&nbsp;&nbsp;Together, the **Principal Funds** | Principal Real Asset Fund |
| &nbsp;&nbsp;&nbsp;Together, the **Principal Funds** | Principal Private Credit Fund I |
| &nbsp;&nbsp;&nbsp;Together, the **Principal Funds** | <br> (and any other continuously offered registered closed-end management investment company that may be organized in the future for which PGI or any entity controlling, controlled by, or under common control with PGI, or any successor in interest to any such entity, acts as investment adviser and which operates as an interval fund pursuant to Rule 23c-3 under the 40 Act or provides periodic liquidity with respect to its Shares pursuant to Rule 13e-4 under the Exchange Act. |
| &nbsp;&nbsp;&nbsp;**PFD** | Principal Funds Distributor, Inc. (**PFD**) |

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**Addendum B** 

**CODE OF ETHICS** 

**PRINCIPAL FUNDS ACCESS PERSON PROVISIONS** 

The following provisions shall be substituted into the Code, where applicable, for the Principal Funds.

**Principal Funds Access Person** 

Any individual identified as an officer or director of the Principal Funds or PGI; an officer or director of PFD; or an officer or director of any company controlling PGI who makes, participates in, or obtains information regarding the

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purchase or sale of Principal Funds Securities in such individual's regular functions or duties or whose functions relate to the recommendations of such purchases or sales; any employee, temporary employee and contract employee of the Principal Funds or the Principal Funds' Adviser who, in connection with such individual's regular functions or duties, has access to certain nonpublic information concerning the Principal Funds' purchase or sale of Securities or portfolio holdings or who is involved in making Securities recommendations to a Fund.

**Principal Funds Special Rules Applicable to Independent Directors/Trustees** 

Under Rule 17j-1 of the 40 Act, an Access Person who is an Independent Director/Trustee of the Principal Funds and who would be required to make a report solely by reason of being a Principal Funds Director/Trustee need not make an initial holdings or an annual holdings report. In addition, an Independent Director/Trustee need not provide a quarterly transaction report unless the Independent Director/Trustee knew, or in the ordinary course of fulfilling such individual's official duties as a Principal Funds Director/Trustee, should have known, that during the 15-day period immediately before or after the Independent Director's/Trustee's transaction in a Security, a Principal Fund purchased or sold the Security, or the Principal Funds' Adviser or sub-adviser considered purchasing or selling the Security.

With respect to the Interval Fund(s), the trustees, beneficial owners of more than 10%, and certain designated Executive Officers of the Interval Fund(s), have certain reporting obligations regarding ownership of Interval Fund(s) shares under Section 16 of the Exchange Act. Such reporting will occur outside of the administration of this Code.

**Principal Funds Administration** 

The Principal Funds rely upon PrinAM Compliance to administer the Code. It is the requirement of Principal Funds that PrinAM Compliance report material violations of the Code by Principal Funds Access Persons to the Principal Funds Chief Compliance Officer (or his or her designee).

No less than annually, Principal Funds Compliance will prepare a written report to the Principal Funds Board of Directors that, at a minimum, will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A certification that the Principal Funds have adopted procedures reasonably necessary to prevent Access Persons from
violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A description of issues that arose under the Code since the last report to the Board, including information about material
violations and sanctions imposed in response to those violations.

**Addendum C** 

**CODE OF ETHICS** 

**PrinRE ACCESS PERSON PROVISIONS** 

The following provision shall be added to the Personal Account Reporting section of the Code for PrinRE and shall apply to all PrinRE personnel who are not associated persons of a broker-dealer. For associated persons, real estate investment property must be reported under the outside business activities guidelines.

**Real Estate Investment Property** 

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Real Estate Investment Property is reportable and may only be acquired or sold with prior approval of the PrinRE Access Person's supervisor and Compliance. Pre-approval request for real estate investment property can be submitted within FIS ECM under the Available Forms section.

The following property types are exempt from reporting and pre-approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Single-family residential property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Vacation residential property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Multi-family residential complex property with less than 20 units (examples include apartments and condos); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Farmland property zoned and operated as agricultural.

**Addendum D** 

**CODE OF ETHICS** 

**PrinRE EU ACCESS PERSON PROVISIONS** 

The following provision shall be added to the Personal Account Reporting section of the Code for PrinRE EU.

PrinRE EU has adopted this Advisers Code in its entirety. Although this Code is U.S. centric, PrinRE EU staff must adhere to its provisions. References to U.S. federal and state law and regulations will apply in PrinRE EU where relevant but, where not relevant, PrinRE EU staff should apply European, local U.K./German/French law and regulations such as MiFID II and AIFMD.

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**Real Estate Investment Property** 

Real Estate Investment Property is reportable and may only be acquired or sold with prior approval of the PrinRE EU Access Person's supervisor and Compliance. Pre-approval request for real estate investment property can be submitted within FIS ECM under the Available Forms section.

The following property types are exempt from reporting and pre-approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Single-family residential property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Vacation residential property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Multi-family residential complex property with less than 20 units (examples include apartments); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Farmland property zoned and operated as agricultural.

**Addendum E** 

**CODE OF ETHICS** 

**PGIS ACCESS PERSON PROVISIONS** 

The following provision shall be added to the Personal Security Transactions section of the Code for PGIS.

Exempted Securities listed below are exempt from the reporting, pre-clearance and holding period requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Singapore Savings Bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Singapore Government Securities (SGS) Bonds

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Singapore Treasury Bills (SG T-bills)

**Addendum F** 

**CODE OF ETHICS** 

**ELECTRONIC FEED BROKERS** 

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| **ELECTRONIC FEED BROKERS<br>as of February 2025** |
| Ameriprise |
| Charles Schwab |
| Citi Personal Wealth Management |
| E\*Trade Securities |
| Edward Jones |
| Fidelity Investments |

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|:---|
| Goldman Sachs |
| InteractiveBrokers |
| Janney Montgomery |
| J.P. Morgan Securities |
| LPL Financial |
| Merrill Lynch |
| Morgan Stanley |
| Northwestern Mutual |
| Principal Securities |
| Raymond James |
| RBC Wealth Management |
| Robinhood |
| Stifel |
| T.Rowe Price |
| UBS |
| USAA Investments |
| Vanguard Group |
| Voya Financial |
| Wells Fargo Advisors |

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## Ex-99.(P)(10)

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| **Code of Business Conduct and Ethics** |
| Revised June 2025 |
| Pzena Investment Management, LLC |

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<br> Compliance Manual Version 2.2

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Dear Colleagues/Associates:

The good name and reputation of Pzena Investment Management, LLC and its subsidiaries (collectively, the "Company") are a result of the dedication and hard work of all of us. Together, we are responsible for preserving and enhancing this reputation, a task that is fundamental to our continued well-being. Our goal is not just to comply with the laws and regulations that apply to our business; we also strive to abide by the highest standards of business conduct.

Set forth in the succeeding pages is the Company's Code of Business Conduct and Ethics ("the Code"). The purpose of the Code is to reinforce and enhance the Company's ethical way of doing business and, in particular, to provide regulations and procedures consistent with the Investment Company Act of 1940 and the Investment Advisers Act of 1940. The contents of the Code are not new, however. The policies set forth here are part of the Company's long-standing tradition of ethical business standards.

All employees, officers and directors are expected to comply with the policies set forth in the Code. Read the Code carefully and make sure that you understand it, the consequences of non-compliance, and the Code's importance to the success of the Company. If you have any questions, speak to the Chief Compliance Officer or any of the alternate Compliance Officers identified in the Code.

The Code should be viewed as the minimum requirements for conduct. The Code cannot and is not intended to cover every applicable law or provide answers to all questions that might arise; for that we must ultimately rely on each person's good sense of what is right, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct. When in doubt about the advisability or propriety of a particular practice or matter, please confer with the Legal and/or Compliance departments.

We at the Company are committed to providing the best and most competitive services to our clients. Adherence to the policies set forth in the Code will help us achieve that goal.

Sincerely,

Richard S. Pzena

<br> Compliance Manual Version 2.2

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**Table of Contents** 

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|  | Page |
|  PUTTING THIS CODE OF BUSINESS CONDUCT AND ETHICS TO WORK | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; About this Code of Business Conduct and Ethics | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purpose | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employee Provisions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Implementation | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Definitions | 4 |
|  RESPONSIBILITY TO OUR ORGANIZATION | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conflicts of Interest | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prohibited Transactions with Respect to Non-Company Securities | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employee Trading Exceptions with Respect to Non-Company Securities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Transactions | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-Clearance Requirement | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reporting Requirements | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Prohibitions | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Company Disclosures | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Review | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reporting Violations | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Background Checks | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanctions | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Required Records | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Record Retention | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waivers of this Code | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Opportunities | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Protection and Proper Use of Company Assets | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Client Information | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio Company Information | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Company Information | 16 |
|  INSIDER TRADING | 17 |
|  FAIR DEALING | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antitrust Laws | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conspiracies and Collaborations Among Competitors | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Issues | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penalties | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gathering Information About the Company's Competitors | 19 |
|  RESPONSIBILITY TO OUR PEOPLE | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equal Employment Opportunity | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Discrimination Policy | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anti-Harassment Policy | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Individuals and Conduct Covered | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retaliation | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reporting an Incident of Harassment, Discrimination or Retaliation | 21 |

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| &nbsp;&nbsp;&nbsp;&nbsp; Leave Policies | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safety in the Workplace | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weapons and Workplace Violence | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drugs and Alcohol | 22.0 |
|  INTERACTING WITH GOVERNMENT | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prohibition on Gifts to Government Officials and Employees | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Political Contributions and Activities | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lobbying Activities | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bribery of Foreign Officials | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendments and Modifications. | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Form ADV Disclosure. | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employee Certification. | 23.0 |

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<br> Compliance Manual ii Version 2.2

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**PUTTING THIS CODE OF BUSINESS CONDUCT AND ETHICS TO WORK** 

**About this Code of Business Conduct and Ethics** 

We at the Company are committed to the highest standards of business conduct in our relationships with each other and with our clients, suppliers, and others. This requires that we conduct our business in accordance with all applicable laws and regulations and in accordance with the highest standards of business conduct. The Company's Code of Business Conduct and Ethics (this "Code") helps each of us in this endeavor by providing a statement of the fundamental principles and key policies and procedures that govern the conduct of our business. Furthermore, this Code sets out procedures for compliance by the Company, a registered investment adviser to separately managed advisory accounts including registered investment companies (the "Funds") as well as unregistered funds and other private accounts, with Rule 17j-1 under the Investment Company Act of 1940, as amended, Rule 204A-1 and Rule 204-2 under the Investment Advisers Act of 1940, as amended (hereinafter, the Investment Company Act of 1940 and the Investment Advisers Act of 1940 shall collectively be referred to as the "1940 Acts" and Rule 17j-1, Rule 204A-1 and Rule 204-2 shall be collectively referred to as the "Rules"). This Code is designed to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Company's advisory accounts may breach their fiduciary duties, and to avoid and regulate situations that may give rise to conflicts of interest that the Rules address.

This Code is based on the principle that the Company owes a fiduciary duty to clients, to ensure that its employees conduct their Personal Security Transactions (as defined below) in a manner that does not interfere with clients' transactions or otherwise take unfair advantage of the Company's relationship to its clients. The fiduciary principles that govern personal investment activities reflect, at a minimum, the following: (1) the duty at all times to place the interests of the client first; (2) the requirement that all Personal Security Transactions be conducted consistent with this Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; (3) the fundamental standard that investment personnel should not take inappropriate advantage of their positions; and (4) the requirement that investment personnel comply with applicable federal securities laws. Our business depends on the reputation of all of us for integrity and principled business conduct. Thus, in many instances, the policies referenced in this Code go beyond the requirements of the law.

Honesty and integrity are required of the Company and its employees, officers and directors at all times. The standards herein should be viewed as the minimum requirements for conduct. All employees, officers and directors of the Company are encouraged and expected to go above and beyond the standards outlined in this Code in order to provide clients with top level service while adhering to the highest ethical standards.

This Code is a statement of policies for individual and business conduct and does not, in any way, constitute an employment contract or an assurance of continued employment. Employees of the Company are employed at-will, except when covered by an express, written employment agreement. This means that employees may choose to resign their employment at any time, for any reason or for no reason at all. Similarly, the Company may choose to terminate employees' employment at any time, for any legal reason or for no reason at all, but not for an unlawful reason.

**Purpose** 

The purpose of this Code is to reinforce and enhance the Company's ethical way of doing business and, in particular, to provide regulations and procedures consistent with the 1940 Acts and the Rules. As required by

<br> Compliance Manual 1 Version 2.2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Rule 204A-1, this Code sets forth standards of conduct, requires compliance with the federal securities laws and addresses personal trading. In addition, this Code is designed to give effect to the general prohibitions set forth in Rule 17j-1(b), to wit:

"It is unlawful for any affiliated person of or principal underwriter for a Fund, or any affiliated person of an investment adviser of or principal underwriter for a Fund, in connection with the purchase or sale, directly or indirectly, by the person of a security held or to be acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To employ any device, scheme or artifice to defraud the Fund;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To engage in any act, practice, or course of business that operates or would operate as a fraud
or deceit on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To engage in any manipulative practice with respect to the Fund."

**Employee Provisions** 

All Access Persons are required to file reports of their Personal Security Transactions (as defined below), excluding exempted securities, as provided in the "Pre-Clearance Requirement" and "Reporting Requirements" sections below and, if they wish to trade in the same securities as any of the Company's advisory accounts, must comply with the specific procedures in effect for such transactions.

The reports of employees will be reviewed and compared with the activities of the Company's advisory accounts and, if a pattern emerges that indicates abusive trading or noncompliance with applicable procedures, the matter will be referred to the Company's Chief Compliance Officer (the "CCO"), who will make appropriate inquiries and decide what action, if any, is then appropriate, including escalation to the Company's management as needed.

**Implementation** 

In order to implement this Code, a CCO and one or more alternate Compliance Officers (each, an "Alternate") shall be designated from time to time for the Company. The current CCO is Steven M. Coffey, and the current Alternates are Jacques Pompy and Bill Zois.

The duties of the CCO and each Alternate shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Continuous maintenance of a current list of Access Persons as defined herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Furnishing all employees with a copy of this Code, and initially and periodically informing them
of their duties and obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Training and educating employees regarding this Code and their responsibilities hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Maintaining, or supervising the maintenance of, all records required by this Code;

<br> Compliance Manual 2 Version 2.2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Maintaining a list of the Funds that the Company advises or subadvises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Determining with the assistance of an Approving Officer (as defined below) whether any
particular Personal Security Transaction should be exempted pursuant to the provisions of the sections titled "Conflicts of Interest" or "Prohibited Transactions" of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Determining with the assistance of an Approving Officer whether special circumstances warrant
that any particular security or Personal Security Transaction be temporarily or permanently restricted or prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Maintaining, from time to time as appropriate, a current list of the securities that are
restricted or prohibited pursuant to (vii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Issuing any interpretation of this Code that may appear consistent with the objectives of the
Rules and this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Conducting such inspections or investigations as shall reasonably be required to detect and
report violations of this Code, as described in paragraphs (xi) and (xii) below, to the Company's management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Submitting periodic reports to the Company's management containing: (A) a description
of any material violation by any non-executive employee of the Company and the sanction imposed; (B) a description of any violation by any director or executive officer of the Company and the sanction
imposed; (C) interpretations issued by and any material exemptions or waivers found appropriate by the CCO; and (D) any other significant information concerning the appropriateness of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Submitting a report at least annually to the Executive Committee of Pzena Investment Management,
LLC (the "Executive Committee") that: (A) summarizes existing procedures concerning personal investing and any changes in the procedures made during the past year; (B) identifies the violations described in clauses (A) and
(B) of the preceding paragraph (xi); (C) identifies any recommended changes in existing restrictions or procedures based upon experience under this Code, evolving industry practices or developments in applicable laws or regulations; and
(D) reports of efforts made with respect to the implementation of this Code through orientation and training programs and ongoing reminders.

Each of us is responsible for knowing and understanding the policies and guidelines contained in the following pages. If persons have questions, please ask them; if they have ethical concerns, please raise them. The CCO, who is responsible for overseeing and monitoring compliance with this Code, and the other resources set forth in this Code are available to answer questions and provide guidance and for persons to report suspected misconduct. Our conduct should reflect the Company's values, demonstrate ethical leadership, and promote a work environment that upholds the Company's reputation for integrity, ethical conduct and trust.

Copies of this Code are available from the CCO and on the Company's website. A statement of compliance with this Code must be completed by all officers, directors and employees on an annual basis.

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This Code cannot provide definitive answers to all questions. If employees have questions regarding any of the policies discussed in this Code or if employees are in doubt about the best course of action in a particular situation, employees should seek guidance from a supervisor, the CCO or the other resources identified in this Code. ****

This Code is a statement of the fundamental principles and key policies and procedures that govern the conduct of the Company's business. It is not intended to and does not create any obligations to or rights in any employee, director, client, supplier, competitor, or any other person or entity.

**Definitions** 

For purposes of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Access Person(s)" means any employee, officer, or director (provided that directors
may rebut the presumption of access established under Rule 17j-1(a)(1) by way of certification) of the Company. Contractors, interns, and other temporary staff are not generally included; however, we seek
separate confidentiality representations from such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Approving Officer" means Richard S. Pzena, John P. Goetz, Ben Silver, Allison
Fisch, or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A security is "being considered for purchase or sale" when, subject to the
Company's systematic buy/sell discipline as described in its Form ADV and client and prospect presentations, (i) a recommendation to purchase or sell that security has been made by the Company to an advisory account (*e.g*., the
Portfolio Manager has instructed Portfolio Administration to begin preparing orders) or (ii) the Portfolio Manager is seriously considering making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "Beneficial Ownership" means any interest by which an employee or officer or any
member of such person's "immediate family" (which, for purposes of this Code includes a spouse or civil partner (wherever they may live), dependent child or stepchild (wherever they may live), or parent, sibling or other relative
by blood or marriage living in the same household as the employee) can directly or indirectly derive a monetary benefit from the purchase, sale or ownership of a security. Thus, a person may be deemed to have Beneficial Ownership of Securities held
in accounts in such person's own name, such person's spouse's name, and in all other accounts over which such person does or could be presumed to exercise investment decision-making powers, or other influence or control<sup>1</sup>, including trust accounts, partnership accounts, corporate accounts or other joint ownership or pooling arrangements; provided however, that with respect to spouses, a person shall no longer be
deemed to have Beneficial Ownership of any accounts not held jointly with his or her spouse if the person and the spouse are legally separated or divorced and are not living in the same household.

<sup>1</sup> In accordance with foreign regulations, this would include, without limitation, any security with which the Access Person is linked as a result of: (i) directly or indirectly controlling the security (in particular, but without limitation, by way of (i) having a majority of the voting rights in that security; or (ii) by being a shareholder in that security and having rights to appoint or remove a majority of the relevant Board, or to exercise a dominant influence over it under a shareholders' agreement); or (ii) having a participating interest in the security, by holding, directly or indirectly, at least 20% or more of the voting rights or capital.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Exempt Transactions" means the transactions described in the section hereof titled
"Exempt Transactions."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "Personal Security Transaction" means, for any employee or officer, a purchase,
sale, gifting or donation of a security in which such person has, had, or will acquire a Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "Purchase and Sale of a Security" includes, *inter alia*, the writing of an
option to purchase or sell a security or participation in a tender offer. In addition, the "sale of a security" also includes the disposition by a person of that security by donation or gift. On the other hand, the acquisition by a
person of a security by inheritance or gift is not treated as a "purchase" of that security under this Code as it is an involuntary purchase that is an Exempt Transaction under clause (iii) of the section titled "Exempt
Transactions" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "Security" shall mean any common stock, preferred stock, treasury stock, single
stock future, exchange traded fund or note, hedge fund, mutual fund, private placement, limited partnership interest, note, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement,
collateral-trust certificate, transferable share, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security
(including a certificate of deposit) or on any group of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign
currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to
or purchase, any of the foregoing.

**RESPONSIBILITY TO OUR ORGANIZATION** 

Company employees, officers and directors are expected to dedicate their best efforts to advancing the Company's interests and to make decisions that affect the Company based on the Company's best interests, independent of outside influences.

**Conflicts of Interest** 

A conflict of interest occurs when employees' private interests interfere, or even appear to interfere, with the interests of the Company. A conflict situation may arise when employees take actions or have interests that make it difficult for employees to perform Company work objectively and effectively. Each employee's obligation to conduct the Company's business in an honest and ethical manner includes the ethical handling of actual, apparent and potential conflicts of interest between personal and business relationships. This includes full disclosure of any actual, apparent or potential conflicts of interest as set forth below.

As a fiduciary, the Company has an affirmative duty of care, loyalty, honesty, and good faith to act in the best interest of its clients. Compliance with this duty can be achieved by avoiding conflicts of interest or, when impracticable to do so, by fully disclosing all material facts concerning any conflict that does arise with respect to any client and following appropriate procedures designed to minimize any such conflict. Employees must try to avoid situations that have even the appearance of conflict or impropriety. Potential conflicts of interest should be brought to the attention of the CCO, who will determine whether further action is warranted (e.g., escalating

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such issues to the Risk Management Committee and/or Executive Committee, and/or recommending policy changes or additional disclosure).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Conflicts of interest may arise where the Company or its employees have reason to favor the
interests of one client over another client. Favoritism of one client over another client constitutes a breach of fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Employees are prohibited from using knowledge about pending or currently considered securities
transactions for clients to profit personally, directly or indirectly, as a result of such transactions, including by purchasing or selling such securities. Conflicts raised by Personal Security Transactions also are addressed more specifically
below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Company determines that an employee's Beneficial Ownership of a Security presents a
material conflict, the employee may be restricted from participating in any decision-making process regarding the security. This may be particularly true in the case of proxy voting, and employees are expected to refer to and strictly adhere to the
Company's proxy voting policies and procedures in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Employees are required to act in the best interests of the Company's clients regarding
execution and other costs paid by clients for brokerage services. Employees are expected to refer to and strictly adhere to the Company's Best Execution policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Access Persons are not permitted to knowingly sell to or purchase from a client any security or
other property, except securities issued by the client.

Employees, officers and directors are prohibited from trading, either personally or on behalf of others, while in possession of material, nonpublic information. The Company's Insider Trading Policy is hereby incorporated by reference and employees, officers and directors are required to comply with the provisions therein.

**Prohibited Transactions with Respect to Non-Company Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Access Person or any member of such Access Person's immediate family may enter into a
Personal Security Transaction for any security, or related security (e.g., derivatives, convertible instruments, corporate bonds), with actual knowledge that, at the same time, such security is "being considered for purchase or sale" by
advisory accounts of the Company, or that such security is the subject of an outstanding purchase or sale order by advisory accounts of the Company except as provided below in the section titled "Employee Trading Exceptions";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except under the circumstances described in the section below titled "Employee Trading
Exceptions," no Access Person or any member of such Access Person's immediate family shall purchase or sell any security, or related security, within one business day before or after the purchase or sale of that security by advisory
accounts of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No Access Person or any member of such Access Person's immediate family shall be permitted
to effect a short-term trade (*i.e*., to purchase and subsequently sell within 60 calendar days, or to sell and subsequently purchase within 60 calendar days) involving the same or equivalent securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No Access Person or any member of such Access Person's immediate family is permitted to
enter into a Personal Security Transaction for any security that is named on a Prohibited List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No Access Person or any member of such Access Person's immediate family shall purchase any
security in an Initial Public Offering (other than a security issued by the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) No Access Person or any member of such Access Person's immediate family shall, without the
express prior approval of the CCO, acquire any security in a private placement, and if a private placement security is acquired, such employee must disclose that investment when he/she becomes aware of the Company's subsequent consideration of
any investment in that issuer, and in such circumstances, an independent review shall be conducted by the CCO;

**Employee Trading Exceptions** 

Notwithstanding the prohibitions of the above section titled "Conflicts of Interest," an employee will be permitted to purchase or sell any security, or related security, once the Company's advisory accounts have each received their full allocation of the security purchased or sold. In addition, client activity in a security may occur within one day after an employee transaction is executed where the client transaction is unforeseen at the time of preclearance. This situation may arise when (i) new events trigger changes in the investment strategy regarding a security, and/or (ii) unanticipated client cash flows occur. There are no consequences to an employee if any of these situations occur after the employee has received the proper trading approval.

**Exempt Transactions** 

The following transactions are exempt from the pre-clearance, holding period, and reporting provisions of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchases or sales of securities of an open-end mutual
fund, index fund, collective investment trusts (CITs), money market fund or other registered investment company **that is not advised or subadvised by the Company**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchases or sales of securities for an account over which an employee has no direct control and
does not exercise indirect control (*e.g.*, an account managed on a fully discretionary basis by a third party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Involuntary purchases or sales made by an employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Purchases that are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Purchases that are part of an automatic investment plan, except that any transactions that
override the preset schedule of allocations of the automatic investment plan must be reported in a quarterly transaction report;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Purchases or sales of U.S. Treasury securities (including purchases directly from the Treasury
or a Federal Reserve Bank) and other direct obligations of the U.S. Government, as well as unsecured obligations of U.S. Government sponsored enterprises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Purchases or sales of money market instruments, such as banker's acceptances, bank
certificates of deposit, commercial paper, repurchase agreements and other high-quality short-term debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Purchases or sales of units in a unit investment trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Purchases resulting from the exercise of rights acquired from an issuer as part of a pro rata
distribution to all holders of a class of securities of such issuer and the sale of such rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Purchases or sales of futures (except individual stock futures contracts) and commodity
contracts.

The following transactions are exempt from the pre-clearance and holding period provisions of this Code; **however, the <u>reporting requirements of this Code shall</u> apply to:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchases or sales of open-end mutual funds or CITs
advised or subadvised by the Company ("affiliated funds");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchases or sales of closed-end mutual funds, exchange
traded funds or notes (ETF/ETN), and derivatives of such securities, <u>except in the case of single-stock ETFs which are not exempt from the pre-clearance and holding period provisions</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purchases or sales of municipal securities.

**Pre-Clearance Requirement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless an exception is granted by the CCO, each Access Person and each member of their immediate
family must pre-clear all Personal Security Transactions by submitting a request through the MyComplianceOffice ("MCO") system and awaiting approval. A pre-clearance request to trade in a security, or related security, that is held in a client account or that is being considered for client purchase or sale, must also be accompanied by a fully completed
Securities Transaction Pre-Clearance Form, as approved by the CCO or other Compliance Officer. The Securities Transaction Pre-Clearance Forms generally include the
signatures of an Approving Officer, the relevant Portfolio Manager, the Portfolio Implementation Desk and the Trading Desk. The MCO system will include a list of all such securities within a "Restricted List." The Securities Transaction Pre-Clearance Form can be found in the Employee Area of the Company's intranet site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All pre-cleared Personal Security Transactions, with the
exception of private placements, must take place on the same day that the clearance is obtained. Personal Security Transactions in foreign markets will be approved for the next trading session in that local market. If the transaction is not
completed on the date of clearance, a new clearance must be obtained, including one for any uncompleted portion. Post-approval is <u>not</u> 

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 <u>permitted</u> under this Code. If it is determined that a trade was completed before approval was obtained, it will be considered a violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In addition to the restrictions contained in the "Conflicts of Interest" section
hereof, an Approving Officer or the CCO may refuse to grant clearance of a Personal Security Transaction in his or her sole discretion without being required to specify any reason for the refusal. Generally, an Approving Officer or the CCO will
consider the following factors in determining whether or not to clear a proposed transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) whether the amount or the nature of the transaction or person making it is likely to affect the
price or market of the security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) whether the individual making the proposed purchase or sale is likely to receive a
disproportionate benefit from purchases or sales being made or considered on behalf of any of the advisory clients of the Company.

The pre-clearance requirement does not apply to Exempt Transactions. In case of doubt, the employee may present a Securities Transaction Pre-clearance Request Form to the CCO for consideration.

**Reporting Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No later than 10 days after becoming an Access Person, each such individual shall provide a
listing of all securities Beneficially Owned (an "Initial Holdings Report"). The information in the Initial Holdings Report must be current as of a date no more than 45 days prior to the date the person became an Access Person. The
Initial Holdings Report should be completed via MCO and furnished to the CCO, Alternate, or any other person whom the Company designates, and contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title and type of security, and, as applicable, the exchange ticker symbol or CUSIP number,
the number of shares, and the principal amount of each reportable security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintains an account in which
any reportable securities were held for the direct or indirect benefit of the Access Person, the account number; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All Access Persons must disclose any outside investment accounts in which they have Beneficial
Ownership (as defined above) where reportable securities may be bought or sold. This disclosure should be done using MCO. Accounts where the only investment options are mutual funds, index funds, and other exempt securities (e.g., 529 Plans, Health
Savings Accounts, certain 401(k) plans) do not need to be disclosed unless affiliated funds and/or other reportable securities are bought and sold.

For all U.S.-based Access Persons, unless otherwise approved by the CCO, securities accounts may only be maintained at the brokerage firms that provide the Company with a

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direct electronic feed through the MCO system. The list of approved brokerage firms is available on the Company's intranet site. For accounts held at brokerage firms that do not provide the Company with a direct electronic feed, Access Persons must direct their brokers and/or affiliated mutual fund custodians to supply the CCO on a timely basis with duplicate copies of monthly or quarterly statements for all personal securities accounts as are customarily provided by the firms maintaining such accounts.

Accounts that are managed on a fully discretionary basis by an outside adviser (i.e., the employee has no direct control and does not exercise indirect control) must also be disclosed and may be held at a brokerage firm of the employee's choosing. Compliance will seek written confirmation from the outside advisor of the managed status of the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Duplicate statements must contain the following information (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The date and nature of each transaction (purchase, sale or any other type of acquisition or
disposition), if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Title, and as applicable the exchange ticker symbol or CUSIP number (if any), interest rate and
maturity date, number of shares and, principal amount of each security and the price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The date of issuance of the duplicate statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No later than 30 days after each calendar quarter, all Access Persons shall provide quarterly
transaction reports confirming that they have disclosed or reported all Personal Security Transactions and holdings required to be disclosed or reported pursuant hereto for the previous quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Within forty-five days of the end of each calendar year, all Access Persons shall provide annual
holdings reports listing all securities Beneficially Owned (the "Annual Holdings Report"). The information contained in the Annual Holdings Report shall be current as of a date no more than 45 days prior to the date the report is
submitted, and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title and type of security, and, as applicable, the exchange ticker symbol or CUSIP number,
the number of shares, and the principal amount of each security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintains an account in which
any securities were held for the direct or indirect benefit of the Access Person, the account number; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date the report is submitted by the Access Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any statement or report submitted in accordance with this section may, at the request of the
employee submitting the report, contain a statement that it is not to be construed as an admission that the person making it has or had any direct or indirect Beneficial Ownership in any Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) All employees shall certify in writing, annually, that they have read and understand this Code
and have complied with the requirements hereof and that they have disclosed or reported all Personal Security Transactions and holdings required to be disclosed or reported pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The CCO shall retain records for each employee that shall contain the monthly/quarterly account
statements, quarterly and annual reports listed above and all Securities Transaction Pre-clearance Forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) With respect to the receipt of gifts and entertainment, all employees shall promptly report on a
form designated by the CCO the nature of such gift or entertainment, the date received, its approximate value, the giver and the giver's relationship to the Company. Please refer to the Company's *Business Gifts and Entertainment Policy*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) With respect to reports regarding accounting matters, the Company is committed to compliance
with applicable securities laws, rules, and regulations, accounting standards and internal accounting controls. Employees are expected to report any complaints or concerns regarding accounting, internal accounting controls and auditing matters
("Accounting Matters") promptly. Reports may be made to the CCO in person, or by calling the Helpline at 1-888-475-8376. Reports may be made anonymously to the Helpline; or in writing to the CCO at their offices by inter-office or
regular mail. All reports will be treated confidentially to the extent reasonably possible. No one will be subject to retaliation because of a good faith report of a complaint or concern regarding Accounting Matters.

**Other Prohibitions** 

**Gifts** 

No Access Person shall accept any gifts or anything else of more than a de minimis value from any person or entity that does business with or on behalf of the Company or any of the advisory accounts of the Company. For purposes hereof, "de minimis value" shall mean a value of less than $100 per calendar year, or such higher amount as may be set forth in FINRA Conduct Rule 3220 from time to time. Furthermore, all gifts to consultants and other decision-makers for client accounts must be reasonable in value and must be pre-approved by the Managing Principal, Marketing and Client Services and the CCO before distribution. The Company has adopted a *Business Gifts and Entertainment Policy*, which is located in the Company's Compliance Manual.

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**Political Contributions** 

No Access Person may make political or charitable contributions for the purpose of obtaining or retaining advisory contracts with government entities. In addition, no Access Person may consider the Company's current or anticipated business relationships as a factor in soliciting political or charitable contributions. The Company has adopted a *Political Contributions Policy* which is located in the Company's Compliance Manual.

**Outside Business Activities** 

No executive officer of the Company may serve on the board of directors (or similar governing body) of any corporation or business entity without the prior written approval of the Company's management. Non-executive employees of the Company may only serve on the board of directors (or similar governing body) of a corporation or business entity with the prior written approval of the CCO in consultation with the Company's management. Prior written approval of the CCO is also required in the following two (2) additional scenarios:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Advisory Committee positions of any business, government or charitable entity where the members
of the committee have the ability or authority to affect or influence the selection of investment managers or the selection of the investment of the entity's operating, endowment, pension or other funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Positions on the board of directors, trustees or any advisory committee of a Company client or
any potential client who is actively considering engaging the Company's investment advisory services.

Prior to engaging in any outside employment or other business activity ("Outside Business Activity") Access Persons must receive written approval from their department supervisor and the CCO (or Alternate). Outside Business Activity shall be permitted if it is free of any actions that could be considered a conflict of interest. Outside Business Activity must not adversely affect an Access Person's job performance at the Company, and must not result in absenteeism, tardiness or an Access Person's inability to work overtime when requested or required. Access Persons may not engage in Outside Business Activity that requires or involves using Company time, materials or resources.

Upon hire, all Access Persons shall disclose any Outside Business Activity in which they are engaged. Furthermore, on an annual basis, Access Persons shall complete a certification for all Outside Business Activity in which they are engaged.

Outside Business Activities include, but are not limited to, the following: (1) Working for and receiving compensation from another company, organization, or person; (2) Having a control relationship (acting as an officer, director, significant shareholder, partner, or member) in any publicly or privately held company or organization; (3) Owning or controlling 10% or more of the outstanding shares of a publicly-traded security; (4) Acting as a sole proprietor for a business; (5) Accepting compensation from any other person as a result of any business activity other than a proportionate share of a passive investment; (6) Receiving consulting fees; (7) Advisory committee positions of any business, government, or charitable entity where the members of the committee have the ability or authority to affect or influence the selection of investment managers or the selection of the investment of the entity's operating, endowment, pension

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or other funds; and (8) Positions on the board of directors, trustees, or any advisory committee of a PIM client or any potential client who is actively considering engaging PIM's investment advisory services.

**Company Disclosures** 

It is Company policy to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Company files with, or submits to, the SEC and in all other public communications made by the Company.

Employees must complete all Company documents accurately, truthfully, and in a timely manner, including all travel and expense reports. When applicable, documents must be properly authorized. Employees must record the Company's financial activities in compliance with all applicable laws and accounting practices. The making of false or misleading entries, records or documentation is strictly prohibited. Employees must never create a false or misleading report or make a payment or establish an account on behalf of the Company with the understanding that any part of the payment or account is to be used for a purpose other than as described by the supporting documents.

**Review** 

All pre-clearance requests, statements and reports of Personal Security Transactions and completed portfolio transactions of each of the Company's advisory clients shall be compared by or under the supervision of the CCO to determine whether a possible violation of this Code and/or other applicable trading procedures may have occurred. Before making any final determination that a violation has been committed by any person, the CCO shall give such person an opportunity to supply additional explanatory information.

If the CCO or Alternate determines that a material violation of this Code has or may have occurred, he or she shall, following consultation with counsel to the Company if needed, submit a written determination and any additional explanatory material provided by the individual to the Company's management and/or the Executive Committee, as necessary.

No person shall review his or her own report. If a Personal Security Transaction of the CCO or the CCO's spouse is under consideration, an Alternate shall act in all respects in the manner prescribed herein for the CCO.

**Reporting Violations** 

Any violations of this Code including violations of applicable federal securities laws, whether actual, known, apparent or suspected, should be reported promptly to the CCO or to any other person the Company may designate (as long as the CCO periodically receives reports of all violations). It is imperative that reporting persons not conduct their own preliminary investigations. Investigations of alleged violations may involve complex legal issues, and an employee acting on his own may compromise the integrity of an investigation and adversely affect both employees and the Company.

Any reports of violations will be treated confidentially to the extent permitted by law and reasonably possible and investigated promptly and appropriately. Any such reports may also be submitted anonymously. Employees are encouraged to consult the CCO with respect to any transaction that may violate this Code and to refrain from any action or transaction that might lead to the appearance of a violation. Any retaliation against an individual who reports a violation is prohibited and constitutes a further violation of this Code.

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The Company has a 24-hour Helpline, 1-888-475-8376, which employees can use to report violations of the Company's policies or to seek guidance on those policies. Employees may report suspected violations to or ask questions of the Helpline anonymously; however, providing such employee's name may expedite the time it takes the Company to respond to such employee's call, and it also allows the Company to contact an employee if necessary during any investigation. Either way, the Company should treat the information that employees provide as confidential.

**Background Checks** 

Employees are required to promptly report any criminal, regulatory or governmental investigations or convictions to which they become subject. Each employee is required to promptly complete and return any background questionnaires that the Company's Compliance department may circulate.

**Sanctions** 

The Company intends to use every reasonable effort to prevent the occurrence of conduct not in compliance with this Code and to halt any such conduct that may occur as soon as reasonably possible after its discovery. Any violation of this Code shall be subject to the imposition of such sanctions by the CCO as may be deemed appropriate under the circumstances to achieve the purposes of the Rules and this Code, and may include suspension or termination of employment or of trading privileges, the rescission of trades, a written censure, imposition of fines or of restrictions on the number or type of providers of personal accounts; and/or requiring equitable restitution.

**Required Records** 

Required Records (as listed in this section) must be kept in an easily accessible place. In addition, *no* records should be selectively destroyed, and *all* records must be retained if they are connected with any litigation/government investigation. The CCO shall maintain and cause to be maintained in an easily accessible place, the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of any Code that has been in effect at any time during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A record of any violation of this Code and any action taken as a result of such violation for
five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of each report made by the CCO within two years from the end of the fiscal year of the
Company in which such report or interpretation is made or issued (and for an additional three years in a place that need not be easily accessible);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A list of the names of persons who are currently, or within the past five years were, employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A record of all written acknowledgements of receipt of this Code for each person who is
currently, or within the past five years was, subject to this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Holdings and transactions reports made pursuant to this Code, including any brokerage account
statements made in lieu of these reports;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All pre-clearance forms shall be maintained for at least
five years after the end of the fiscal year in which the approval was granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A record of any decision approving the acquisition of securities by employees in private
placements for at least five years after the end of the fiscal year in which approval was granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any exceptions reports prepared by Approving Officers or the Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) A record of persons responsible for reviewing employees' reports currently or during the
last five years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) A copy of reports required to be provided to a board of directors/trustees of a registered
investment company client regarding this Code.

The required records shall be maintained in the Company's New York offices.

**Record Retention** 

In the course of its business, the Company produces and receives large numbers of records. Numerous laws require the retention of certain Company records for various periods of time. The Company is committed to compliance with all applicable laws and regulations relating to the preservation of records. The Company's policy is to identify, maintain, safeguard and destroy or retain all records in the Company's possession on a systematic and regular basis. Under no circumstances are Company records to be destroyed selectively or to be maintained outside Company premises or designated storage facilities, except in those instances where Company records may be temporarily brought home by employees working from home in accordance with approvals from their supervisors or applicable policies about working from home or other remote locations.

If employees learn of a subpoena or a pending or contemplated litigation or government investigation, employees should immediately contact the General Counsel. Employees must retain and preserve ALL records that may be responsive to the subpoena or relevant to the litigation or that may pertain to the investigation until employees are advised by the Legal department as to how to proceed. Employees must also affirmatively preserve from destruction all relevant records that without intervention would automatically be destroyed or erased (such as e-mails and voicemail messages). Destruction of such records, even if inadvertent, could seriously prejudice the Company. If employees have any questions regarding whether a particular record pertains to a pending or contemplated investigation or litigation or may be responsive to a subpoena or regarding how to preserve particular types of records, employees should preserve the records in question and ask the Legal department for advice.

**Waivers of this Code** 

Waivers of the Code may be made by the CCO, in consultation with Company management, and/or the Executive Committee, as deemed necessary.

**Corporate Opportunities** 

Employees owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises. If employees learn of a business or investment opportunity through the use of corporate property or information or an employee's position at the Company, such as from a competitor or actual or potential client, supplier or

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business associate of the Company, employees may not participate in the opportunity or make the investment without the prior written approval of the CCO. Such an opportunity should be considered an investment opportunity for the Company in the first instance. Employees may not use corporate property or information or an employee's position at the Company for improper personal gain, and employees may not compete with the Company.

**Protection and Proper Use of Company Assets** 

We each have a duty to protect the Company's assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Company's profitability. We should take measures to prevent damage to and theft or misuse of Company property. When employees leave the Company, all Company property must be returned to the Company. Except as specifically authorized, Company assets, including Company time, equipment, materials, resources and proprietary information, must be used for business purposes only.

**Client Information** 

Current federal regulations are designed to protect the privacy of customers of financial institutions and financial services providers. In this regard, the Company has adopted privacy policies (the "Privacy Policies") by which each employee of the Company must agree to abide. The CCO will ensure that each employee of the Company acknowledges their adherence to the Privacy Policies. A copy of the Privacy Policies is found in the Company's Compliance Manual. The Company will keep a copy of the Privacy Policies and will make them available upon request.

**Portfolio Company Information** 

Certain limitations on trading and other activities may result from employees of the Company receiving access to material, nonpublic information regarding the plans, earnings, operations or financial condition of issuers ("Portfolio Companies"). If, in employee conversations, meetings or written communications with Portfolio Company management, employees are told (or have reason to believe) that the information employees have received is not public, employees should notify the CCO immediately. If employees are forewarned that the information employees are about to receive is confidential/not public, employees should ask the person not to disclose the information to employees until employees have a chance to check with the Compliance department. The Company's Insider Trading Policy more fully discusses material, nonpublic information.

**Company Information** 

Unless employees are doing so in connection with Company duties and responsibilities, employees should not discuss specific details about the Company's business with unauthorized persons, including family members. Even when representing the Company, employees need to be careful about disclosing certain information. Engaging in discussions with outside parties (who are not custodians and brokers or dealers implementing such strategies and transactions for us) about specific strategies or transactions in Portfolio Companies that the Company is or is considering implementing for clients may present a conflict of interest for the Company and may even subject the recipient of such information to this Code (including its personal trading policies). It is very important to remember this when having discussions with personal friends, social acquaintances and former business associates or colleagues who are active investment management professionals (*e.g.*, hedge fund managers, other investment advisers). It is equally important to remember this when employees are discussing the Company's business or clients with colleagues in public places (*e.g.*, elevators, lunch lines). Employees should be particularly careful not to use actual company or client names in any public settings.

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Information that is proprietary to the Company should not be shared with others. With regard to what might constitute material that is proprietary and/or should not be shared, employees may use a simple guideline that if we paid for it or if we created it, it is likely proprietary and should not be shared. For example, the Company's proprietary stock analysis software should not be shared with others.

**INSIDER TRADING** 

Various federal and state securities laws and the Investment Advisers Act of 1940 (Section 204A) require every investment adviser to establish, maintain and enforce written policies and procedures reasonably designed, taking into consideration the nature of such adviser's business, to prevent the misuse of material, nonpublic information in violation of the Investment Advisers Act of 1940 or other securities laws by the investment adviser or any person associated with the investment adviser.

The CCO has the primary responsibility for the implementation and monitoring of the Company's Insider Trading Policy, practices, disclosures and recordkeeping. The Company's Insider Trading Policy is designed to detect and prevent illegal insider trading. The Insider Trading Policy covers: (i) the Company, (ii) all persons controlled by, controlling or under common control with the Company (iii) consultants, subtenants, office occupants or other persons who are deemed to be Access Persons under this Code; and (iv) each and every employee, officer, director, general partner and member of the Company and any person described in clause (ii) (all persons described in this paragraph are referred to collectively as the "Covered Persons"). The Insider Trading Policy extends to activities both within and outside each Covered Person's relationship with the Company. The CCO will ensure that each employee of the Company acknowledges their adherence to the Insider Trading Policy. The Company will keep a copy of the Insider Trading Policy and will make it available upon request.

**FAIR DEALING** 

The Company depends on its reputation for quality, service and integrity. The way we deal with our clients, competitors and suppliers molds our reputation, builds long-term trust and ultimately determines our success. Employees should endeavor to deal fairly with the Company's clients, suppliers, competitors and other employees. We must never take unfair advantage of others through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practice.

**Antitrust Laws** 

While the Company competes vigorously in all of its business activities, its efforts in the marketplace must be conducted in accordance with all applicable antitrust and competition laws. While it is impossible to describe antitrust and competition laws fully in any code of business conduct, this Code gives an overview of the types of conduct that are particularly likely to raise antitrust concerns. If employees are or become engaged in activities similar to those identified in this Code, employees should consult the Compliance department for further guidance.

**Conspiracies and Collaborations Among Competitors** 

One of the primary goals of the antitrust laws is to promote and preserve each competitor's independence when making decisions on price, output, and other competitively sensitive factors. Some of the most serious antitrust offenses are agreements between competitors that limit independent judgment and restrain trade, such as agreements to fix prices, restrict output or control the quality of products, or to divide a market for clients, territories, products or purchases. Employees should not agree with any competitor on any of these topics, as

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these agreements are virtually always unlawful. (In other words, no excuse will absolve employees or the Company of liability.)

Unlawful agreements need not take the form of a written contract or even express commitments or mutual assurances. Courts can — and do — infer agreements based on "loose talk," informal discussions, or the mere exchange between competitors of information from which pricing or other collusion could result. Any communication with a competitor's representative, no matter how innocuous it may seem at the time, may later be subject to legal scrutiny and form the basis for accusations of improper or illegal conduct. Employees should take care to avoid involving themselves in situations from which an unlawful agreement could be inferred.

By bringing competitors together, trade associations and standard-setting organizations may raise antitrust concerns, even though such groups serve many legitimate goals. The exchange of sensitive information with competitors regarding topics such as prices, profit margins, output levels, or billing or advertising practices may potentially violate antitrust and competition laws, as may creating a standard with the purpose and effect of harming competition. Employees must notify the Compliance department before joining any trade associations or standard-setting organizations. Further, if employees are attending a meeting at which potentially competitively sensitive topics are discussed without oversight by an antitrust lawyer, employees should object, leave the meeting, and notify the Compliance department immediately.

Joint ventures with competitors are not illegal under applicable antitrust and competition laws. However, like trade associations, joint ventures present potential antitrust concerns. The Compliance department should therefore be consulted before negotiating or entering into such a venture.

**Distribution Issues** 

Relationships with clients and suppliers may also be subject to a number of antitrust prohibitions if these relationships harm competition. For example, it may be illegal for a company to affect competition by agreeing with a supplier to limit that supplier's sales to any of the Company's competitors. Collective refusals to deal with a competitor, supplier or client may be unlawful as well. While the Company generally is allowed to decide independently that it does not wish to buy from or sell to a particular person, when such a decision is reached jointly with others, it may be unlawful, regardless of whether it seems commercially reasonable.

Other activities that may raise antitrust concerns are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) discriminating in terms and services offered to clients, where the Company treats one client or
group of clients differently than another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exclusive dealing agreements, where the Company requires a client to buy only from a particular
supplier, or the supplier to sell only to the Company or the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) tying arrangements, where a client or supplier is required, as a condition of purchasing or
selling one product or service, also to purchase or sell a second, distinct product or service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "bundled discounts," in which discount or rebate programs link the level of
discounts available on one product or service to purchases of separate but related products or services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "predatory pricing," where the Company offers a discount that results in the sales
price of a product or service being below the product's or service's cost (the definition of cost varies

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depending on the court), with the intention of sustaining that price long enough to drive competitors out of the market.

Because these activities are prohibited under many circumstances, employees should consult the Compliance department before implementing any of them.

**Penalties** 

Failure to comply with the antitrust laws could result in jail terms for individuals and large criminal fines and other monetary penalties for both the Company and individuals. In addition, private parties may bring civil suits to recover three times their actual damages, plus attorney's fees and court costs.

The antitrust laws are extremely complex. Because antitrust lawsuits can be very costly (even when a company has not violated the antitrust laws and is cleared in the end), it is important to consult with the Compliance department before engaging in any conduct that even appears to create the basis for an allegation of wrongdoing. It is far easier to structure employee conduct to avoid erroneous impressions than to explain their conduct in the future when an antitrust investigation or action is in progress. For that reason, when in doubt, consult the Compliance department with any concerns.

**Gathering Information About the Company's Competitors** 

It is entirely proper for us to gather information about our marketplace, including information about our competitors and their products and services. However, there are limits to the ways that information should be acquired and used, especially information about competitors. In gathering competitive information, employees should abide by the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We may gather information about our competitors from sources such as published articles,
advertisements, brochures, other non-proprietary materials, surveys by consultants and conversations with our clients, as long as those conversations are not likely to suggest that we are attempting to
(a) conspire with our competitors, using the client as a messenger, or (b) gather information in breach of a client's nondisclosure agreement with a competitor or through other wrongful means. Employees should be able to identify the
source of any information about competitors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. We must never attempt to acquire a competitor's trade secrets or other proprietary
information through unlawful means, such as theft, spying, bribery or breach of a competitor's nondisclosure agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If there is any indication that information that employees obtain was not lawfully received by
the party in possession, employees should refuse to accept it. If employees receive any competitive information anonymously or that is marked confidential, employees should not review it and should contact the Compliance department immediately.

The improper gathering or use of competitive information could subject employees and the Company to criminal and civil liability. When in doubt as to whether a source of information is proper, employees should contact the Compliance department.

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**RESPONSIBILITY TO OUR PEOPLE** 

**Equal Employment Opportunity** 

It is the policy of the Company to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, national origin, religion, age, sexual orientation, gender, marital status, disability or any other characteristic protected by applicable federal, state, or local law. Our employment practices and decisions adhere to the principles of non-discrimination and equal employment opportunity. All personnel involved in hiring, promotion, transfers, compensation, benefits, termination and all other terms and conditions of employment are made aware of their responsibilities in support of these corporate goals.

**Non-Discrimination Policy** 

The Company is committed to a work environment in which all individuals are treated with respect and dignity. Each employee has the right to work in a professional atmosphere that promotes equal employment opportunities and prohibits discriminatory practices, including harassment. Therefore, the Company expects that all relationships among persons in the office will be free of bias, prejudice and harassment.

**Anti-Harassment Policy** 

The Company is committed to maintaining a work environment that is free of discrimination. In keeping with this commitment, we will not tolerate unlawful harassment of our employees by anyone, including any supervisor, co-worker or third party. Harassment consists of unwelcome conduct, whether verbal, physical or visual, that is based on a person's race, color, national origin, religion, age, sexual orientation, gender, marital status, disability or other protected characteristic, that (1) has the purpose or effect of creating an intimidating, hostile or offensive work environment; (2) has the purpose or effect of unreasonably interfering with an individual's work performance; or (3) otherwise adversely affects an individual's employment opportunities. Harassment will not be tolerated.

Harassment may include derogatory remarks, epithets, offensive jokes, intimidating or hostile acts, the display of offensive printed, visual or electronic material, or offensive physical actions. Sexual harassment deserves special mention. Unwelcome sexual advances, requests for sexual favors, or other physical, verbal or visual conduct based on sex constitutes harassment when (1) submission to the conduct is required as a term or condition of employment or is the basis for employment action, or (2) the conduct unreasonably interferes with an individual's work performance or creates an intimidating, hostile or offensive workplace. Sexual harassment may include propositions, innuendo, suggestive comments or unwelcome physical contact.

**Individuals and Conduct Covered** 

These policies apply to all applicants and employees, and prohibit harassment, discrimination and retaliation whether engaged in by fellow employees, by a supervisor or manager or by someone not directly connected to the Company (*e.g*., an outside vendor, consultant or client).

Conduct prohibited by these policies is unacceptable in the workplace and in any work-related setting outside the workplace, such as during business trips, business meetings and business-related social events.

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**Retaliation** 

The Company prohibits retaliation against any individual who reports discrimination or harassment or participates in an investigation of such reports. Retaliation against an employee for reporting discrimination or harassment or for participating in an investigation of a claim of harassment or discrimination is a serious violation of this policy and, like harassment or discrimination itself, will be subject to disciplinary action.

**Reporting an Incident of Harassment, Discrimination or Retaliation** 

The Company strongly urges the timely reporting of all incidents of harassment, discrimination or retaliation regardless of the offender's identity or position. Individuals should file their complaints with their immediate supervisor, the Chief Legal Officer, the Chief Human Resources Officer, or any member of senior management before the conduct becomes severe or pervasive. Individuals should not feel obligated to file their complaints with their immediate supervisor first before bringing the matter to the attention of one of the other designated representatives identified above. To the fullest extent practicable, the Company will maintain the confidentiality of those involved, consistent with the need to investigate alleged harassment and take appropriate action. Misconduct constituting harassment, discrimination or retaliation will be dealt with promptly and appropriately.

Each supervisor and manager is responsible for enforcing these policies against unlawful discrimination, harassment and retaliation, and maintaining a work environment free from sexual and other unlawful discrimination, harassment and retaliation. This includes understanding these policies; reporting any complaint of unlawful discrimination, harassment or retaliation received from an employee to the appropriate Company representative; cooperating with investigations into reported allegations, and taking the necessary and appropriate action where such allegations are substantiated.

Employees who have experienced conduct they believe is contrary to this policy have an obligation to take advantage of this complaint procedure.

**Leave Policies** 

The Company provides leaves of absences in accordance with applicable federal, state and local law. The Company's leave policies are outlined in the US Employee Handbook.

**Safety in the Workplace** 

The safety and security of employees is of primary importance. Employees are responsible for maintaining our facilities free from recognized hazards and obeying all Company safety rules. Working conditions should be maintained in a clean and orderly state to encourage efficient operations and promote good safety practices.

***Weapons and Workplace Violence***

No employee may bring firearms, explosives, incendiary devices or any other weapons into the workplace or any work-related setting, regardless of whether or not employees are licensed to carry such weapons. Similarly, the Company will not tolerate any level of violence in the workplace or in any work-related setting. Violations of this policy must be referred to an employee's supervisor, the Chief Human Resources Officer and the CCO immediately. Threats or assaults that require immediate attention should be reported to the police by calling 911.

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***Drugs and Alcohol***

The Company intends to maintain a drug-free work environment. Except at approved Company functions, employees may not use, possess or be under the influence of alcohol on Company premises.

Employees cannot use, sell, attempt to use or sell, purchase, possess or be under the influence of any illegal drug on Company premises or while performing Company business on or off the premises.

**INTERACTING WITH GOVERNMENT** 

**Prohibition on Gifts to Government Officials and Employees** 

The various branches and levels of government have different laws restricting gifts, including meals, entertainment, transportation and lodging, which may be provided to government officials and government employees. Employees are prohibited from providing gifts, meals or anything of value to government officials or employees or members of their families without prior written approval from the CCO.

**Political Contributions and Activities** 

Laws of certain jurisdictions prohibit the use of Company funds, assets, services, or facilities on behalf of a political party or candidate. Payments of corporate funds to any political party, candidate or campaign may be made only if permitted under applicable law and approved in writing and in advance by the CCO.

This policy does not prohibit the Company from establishing and maintaining political action committees ("PACs"), such as a Company PAC, which are permitted under applicable law, nor does this policy prohibit the Company's eligible employees from giving to such PACs. Employee participation in any of these activities is strictly voluntary and employees have the right to refuse to contribute without reprisal.

Employees' work time may be considered the equivalent of a contribution by the Company. Therefore, employees will not be paid by the Company for any time spent running for public office, serving as an elected official, or campaigning for a political candidate. The Company will not compensate or reimburse employees, in any form, for a political contribution that employees intend to make or have made.

**Lobbying Activities** 

Laws of some jurisdictions require registration and reporting by anyone who engages in a lobbying activity. Generally, lobbying includes: (1) communicating with any member or employee of a legislative branch of government for the purpose of influencing legislation; (2) communicating with certain government officials for the purpose of influencing government action; or (3) engaging in research or other activities to support or prepare for such communication.

So that the Company may comply with lobbying laws, employees must notify the Compliance department before engaging in any activity on behalf of the Company that might be considered "lobbying" as described above.

**Bribery of Foreign Officials** 

Company policy, the U.S. Foreign Corrupt Practices Act (the "FCPA"), and the laws of many other countries prohibit the Company and its officers, employees and agents from giving or offering to give money or anything

<br> Compliance Manual 22 Version 2.2

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| | |
|:---|:---|
| ![LOGO](g15837dsp00104.jpg) | <br> CODE OF BUSINESS CONDUCT AND ETHICS |
| ![LOGO](g15837dsp00104.jpg) |  |
| ![LOGO](g15837dsp00104.jpg) |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

of value to a foreign official, a foreign political party, a party official or a candidate for political office in order to influence official acts or decisions of that person or entity, to obtain or retain business, or to secure any improper advantage. A foreign official is an officer or employee of a government or any department, agency, or instrumentality thereof, or of certain international agencies, such as the World Bank or the United Nations, or any person acting in an official capacity on behalf of one of those entities. Officials of government-owned corporations are considered to be foreign officials.

Payments need not be in cash to be illegal. The FCPA prohibits giving or offering to give "anything of value." Over the years, many non-cash items have been the basis of bribery prosecutions, including travel expenses, golf outings, automobiles, and loans with favorable interest rates or repayment terms. Indirect payments made through agents, contractors, or other third parties are also prohibited. Employees may not avoid liability by "turning a blind eye" when circumstances indicate a potential violation of the FCPA.

The FCPA does allow for certain permissible payments to foreign officials. Specifically, the law permits "facilitating" payments, which are payments of small value to effect routine government actions such as obtaining permits, licenses, visas, mail, utilities hook-ups and the like. However, determining what is a permissible "facilitating" payment involves difficult legal judgments. Therefore, employees must obtain permission from the Compliance department before making any payment or gift thought to be exempt from the FCPA.

**Amendments and Modifications** 

The CCO will periodically review the adequacy of this Code and the effectiveness of its implementation and shall make amendments or modifications as necessary. All material amendments and modifications shall be subject to the final approval of the Company's management and/or the Executive Committee, as necessary.

**Form ADV Disclosure** 

In connection with making amendments to this Code, the CCO will review and update disclosure relating to this Code set forth in the Company's Form ADV, Part 2A.

**Employee Certification** 

Ultimate responsibility to ensure that we as a Company comply with the many laws, regulations and ethical standards affecting our business rests with each of us. Employees must become familiar with and conduct themselves strictly in compliance with those laws, regulations and standards and the Company's policies and guidelines pertaining to them. By completing the annual acknowledgment form, employees acknowledge that they have received and read the terms of this Code. Employees also certify that they recognize and understand the responsibilities and obligations incurred by them as a result of being subject to this Code and they hereby agree to abide by the terms hereof.

<br> Compliance Manual 23 Version 2.2

## Ex-99.(P)(12)

![LOGO](g15837dsp131.jpg)

## Code of Ethics
Effective Date: January 2<sup>nd</sup>, 2025

Last Amended: December 2023

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| | |
|:---|:---|
|  Business Ethics and Compliance Standards | 4 |
|  General Obligations of the Code of Ethics | 5 |
| A. Persons subject to the Code of Ethics | 5 |
| B. Accounts covered under the Code of Ethics | 5 |
| C. Reportable Securities | 7 |
| D. Reporting Requirements | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial and Annual Holdings Report | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ongoing Disclosure Requirements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transactions and Brokerage Account Reporting | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Compliance Certifications | 8 |
| E. Related Persons in Securities Business | 9 |
| F. Compliance Monitoring | 9 |
| G. Reporting Violations and Sanctions | 9 |
| H. Recordkeeping | 9 |
|  Trading Prohibitions and Restrictions | 9 |
| A. De-MinimisTransactions | 10 |
| B. Excessive Trading | 10 |
| C. Market Timing | 10 |
| D. Restricted List of Securities | 11 |
|  Pre-Clearance Requirements | 11 |
| A. Requesting Pre-Clearance | 11 |
| B. Approval window | 11 |
| C. Transactions Exempt from Pre-Clearance | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Automatic Investment Plan | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Managed Accounts | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exercise of Rights | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Exercise of Options | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Inheritances/Gifts | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Exempt Securities | 12 |
| D. Limit, Good Till Cancelled, Stop Loss Order | 13 |
| E. Private Placements and Limit Offerings | 13 |
|  Insider Trading | 13 |
| A. Insider Trading | 14 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Definition of Insider | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Defintion of Material Non Public Information "MNPI" | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prohibited Activities and Reporting of MNPI | 15 |
| B. Information Barriers | 16 |
| C. Watch List and Restricted List | 16 |
| D. Penalties | 16 |
| E. Front Running | 16 |
| F. Prevention of Insider Trading | 17 |
| G. Detection of Insider Trading | 17 |
| H. Designated/Named Insider | 17 |
|  Conflict of Interest | 18 |
|  Outside Business Activities | 18 |
| A. Service as an Officer or Director Public Company Board | 19 |
|  Compliance Monitoring | 19 |
|  Enforcement and Sanctions | 20 |
| A. General | 20 |
| B. Notification to Funds | 20 |
| C. Non-Exclusivity of Sanctions | 20 |
|  Appendix 1 – Definitions | 21 |
|  Appendix 2 – Pre-Clearance and Reportable Security Summary | 25 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Business Ethics and Compliance Standards

Segall Bryant & Hamill (the "Adviser" or "SBH") has adopted this Code of Ethics ("Code") to prevent violations of the Investment Advisers & Investment Company Acts of 1940 under Rule 204A-1 and Rule 17j-1.

SBH serves as a fiduciary and must ensure that all SBH employees adhere to the highest standards of professional and ethical conduct in compliance with the Code.

The following standards and principles shall always guide the conduct of SBH personnel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The duty to place the interests of clients first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The requirement that all personal securities transactions be conducted in such a manner consistent with the
Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The requirement to disclose any activities that may create an actual or potential conflict of interest between
SBH, the Employee and/or the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The principle that SBH personnel do not abuse their position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The principle that SBH personnel should not take inappropriate advantage of their positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The principle that information concerning the identity of security holdings and financial circumstances of
clients is confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The principle that independence in the investment decision-making process is paramount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The principle that SBH should educate employees regarding the Adviser's expectations and the laws
governing their conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The principle that SBH should remind employees that they are in a position of trust and must act with propriety
at all times;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The principle that SBH personnel should protect the reputation of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The principle that SBH personnel should guard against violation of the securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The principle that SBH should establish procedures for employees to follow so that SBH may determine whether
its employees are complying with SBH's ethical principles.

The Advisers Act prohibits the Firm and its Supervised Persons from engaging in fraudulent, deceptive, or manipulative conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. General Obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Persons subject to the Code of Ethics

The Code applies to all employees of SBH and their immediate family members including temporary employees, consultants, interns and any persons that may have access to SBH's investment recommendations or trading.

All employees are deemed **Access Persons** unless specifically exempted by the CCO or his/her designee.

**Immediate Family Member** means a spouse, domestic partner, child, stepchild, parent, and other family members living in the employee's household. (See definition in the Appendix.)

Certain employees serve as dual employees of Corient and CI Segall Bryant & Hamill ("SBH") Asset Management. Corient and SBH both have supervisory responsibilities over these dual employees. While each dual employee is subject to both SBH's and Corient' s Code of Ethics, dual employees will adhere to the SBH Code of Ethics for purposes of pre-clearance and personal trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Accounts covered under the Code of Ethics

All **Access Persons** are required to enter their covered account(s) for their personal securities transactions in the compliance monitoring system.

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Account(s) in which you or your immediate family have **Beneficial Ownership**, should be disclosed in the compliance monitoring system. Employees are the beneficial owner of any account or securities in which they have a direct or indirect financial interest.

This includes accounts held in the name of their spouse or equivalent domestic partner, minor children, and relatives living with them and can include trusts for which employees are a trustee or a beneficiary. See Appendix 1 for more detailed information on Beneficial Ownership.

These accounts include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Brokerage accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any 401(k) plan or retirement plan that permits the purchase of any Reportable Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any account in which employee or immediate family has a direct or indirect beneficial interest (i.e. trust,
UGMA/UTMA accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any account in which the employee exercises investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any health savings accounts (HSA) or flexible spending account (FSA) that permits the purchase of any Reportable
Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any account that can hold SBH managed products, including mutual funds (SBH Mutual Funds, sub-advised products, etc..).

The following accounts are NOT considered reportable accounts under this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 529 College Savings accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open-ended Mutual Fund accounts (that are not SBH Mutual Funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Money Market accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Charitable Giving accounts.

When possible, direct electronic feeds from brokerage firms will be set up with the compliance monitoring system to obtain transaction and holdings information.

When direct feeds are not available, the employee will be required to either use the aggregation feed available or provide duplicate statements manually in the compliance monitoring system (employee upload of statements).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Reportable Securities

**Reportable Security** means any security as defined in Section 202(a)(18) of the Adviser Act. **Access Person**s must disclose all reportable securities except when they are specifically exempted.

The below securities are exempted from the definition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct obligation of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bank certificate of deposit, commercial paper, high quality short-term debt including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unit investment trust "UITs" invested in unaffiliated open-end funds that are not **Reportable Funds** (i.e. any mutual fund for which SBH acts as an investment adviser, sub-adviser or principal underwriter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open-end mutual funds that are not Reportable Funds.

Exempt securities will not require pre-clearance or be subject to reporting requirements. See more pre-clearance and reporting requirements in details in Appendix 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Reporting Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial and Annual Holdings Report

<u>Within 10 calendar days of start date</u>, new employees becoming **Access Persons** must file an initial holding report in **Reportable Securities** (defined above) and identify all accounts over which they and their household member(s) have **Beneficial Ownership**.

Initial holdings reports must be current as of 45 days prior to start date.

**Access Persons** must disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All holdings in **Reportable Securities;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All covered accounts.

On an annual basis, on a date selected by the CCO or his designee (typically within 30 calendar days after year end), every **Access Person** must file an Annual Holdings Report and review that their covered account(s) information is still accurate in the compliance monitoring system.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ongoing Disclosure Requirements

All employees considered **Access Persons** are required to promptly disclose newly opened accounts as well as closed accounts.

All employees are also required to provide duplicate account statements and confirmation of trade to Compliance in the compliance monitoring system upon request by Compliance.

When available, SBH will facilitate the receipt of duplicate statements and trade confirmations via direct feeds directly in the compliance monitoring system. When direct feeds are not available, employees will be asked to use the aggregation feed using their personal credentials or else to manually upload their statements and confirmation of trade in the compliance monitoring system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transactions and Brokerage Account Reporting

**Access Persons** are required to submit their quarterly report of **Reportable Securities** transactions, including **Reportable Funds**, that occurred in the quarter <u>within 30 days after each quarter ends</u> and to review their list of covered account(s) in the compliance monitoring system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Compliance Certifications

Each **Access Person** must read and acknowledge receipt of this Code electronically in the compliance monitoring system within 10 calendar days of their start date and annually acknowledge compliance with the Code on a date specified by Compliance.

In addition, as SBH is a wholly owned subsidiary of Corient Holdings, all **Access Person**s must follow the Corient Code of Conduct, which is located in the compliance monitoring system. (Please note that all Corient certifications are on the Corient Private Wealth tenant on the compliance monitoring system.). On a periodic basis, all **Access Person**s will be required to attest that they have received a copy of Corient Code of Conduct, have read and understood it and agree to comply with it.

Additionally, Compliance will require training and review of this policy in accordance with Rule 206(4)-7.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Related Persons in Securities Business

All **Access Persons** are required to report to the Compliance Department via the compliance monitoring system, any immediate family members that are engaged in the securities business, or any other related persons either by lineage or marriage that the **Access Person** believes may present a potential conflict of interest.

Annually, **Access Persons** will be required to certify in writing to the accuracy and completeness of their related persons in securities business reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Compliance Monitoring

Compliance monitors the trading patterns of employees on an ongoing basis and at least quarterly through the compliance monitoring system to ensure compliance with the Code. Compliance also maintains certain records in accordance with applicable laws and regulations.

Questions regarding the Code are to be directed to the Chief Compliance Officer of the Adviser ("CCO") or his or her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Reporting Violations and Sanctions

Each **Access Person** must report any violations of this Code promptly to the Chief Compliance Officer or the CCO's designee. All reports will be treated confidentially and investigated promptly and appropriately. The Adviser will not tolerate interference or retaliation of any kind against any Employee who in good faith reports a violation of the Code by another employee and any retaliation constitutes a further violation of the Code in accordance with the Adviser's whistleblower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Recordkeeping

SBH is required to keep copies of all relevant records in the manner required by Rule 17j-1 and Rule 204-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Trading Prohibitions and Restrictions

**Access Persons** are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Personally selling or purchasing securities directly or indirectly to or from a client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Defrauding a client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Misleading a client, including making a statement that omits material facts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engaging in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon a
client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engaging in any manipulative practice with respect to a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engaging in any manipulative practice with respect to securities, including price manipulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Except as may be disclosed in the Adviser's Form ADV, favoring one client over another client (i.e., larger
accounts over smaller accounts, accounts compensated by performance fees over accounts not so compensated, accounts in which employees have made material personal investments, accounts of close friends or relatives of Access Persons).

A. De-Minimis Transactions

No **Access Person** will be granted pre-clearance for the purchase or sale of any **Reportable Security** <u>within 7 calendar days</u> of any Client's order in the same Reportable Security when the market capitalization of the Reportable Security is <u>less than $5</u> <u>billion unless volume de minimis requirements apply</u>.

Exceptions may be granted by the CCO or designee or for other reasons at the CCO or the CCO's designee discretion. All exceptions will be documented.

B. Excessive Trading

While the Adviser does not have a specific policy prohibiting short-term trading (i.e. 60 day holding period), or the disgorgement of any short-term profits, short-term trading should not be done on an excessive basis. Compliance will monitor trading for patterns that may be deemed excessive.

C. Market Timing

**Access Persons** should not engage in Market Timing practices in **Reportable Funds** or any mutual funds in general. If it is determined that personal trading activities violate these restrictions, SBH reserves the right to impose such sanctions as deemed appropriate.

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D. Restricted List of Securities

Pre-clearance for the purchase and sale of securities placed on SBH Restricted List will not be granted.

Personal transactions may be restricted in **Reportable Funds** in situations where it is determined that employees have access to inside information on a **Reportable Fund** (e.g. liquidation, merger).

No exception will be granted without prior approval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Pre-Clearance Requirements

Unless an exception applies, all **Access Persons** (and household members) must receive pre-approval of all security transactions of which such **Access Person**, will acquire **Beneficial Ownership**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Requesting Pre-Clearance

All pre-clearance requests for trading in **Reportable Securities** by **Access Persons** or their **Immediate Family Members** must be requested through the compliance monitoring system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Approval window

Pre-clearance requests approvals or denials granted by Compliance are communicated via the compliance monitoring system.

Pre-clearance approvals are valid <u>for the same business day and the day after</u>. You must execute the trade within the approval window or place a new trade request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Transactions Exempt from Pre-Clearance

The following transactions have been excluded from pre-clearance requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Automatic Investment Plan

Transactions occurring as part of an automatic investment plan are exempt from pre-clearance requirements. This includes dividend reinvestment plans (DRIPS).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Managed Accounts

Transactions occurring in a managed account(s) under a signed investment management agreement where the **Access Person** does not have authority to direct specific transactions in the account and where the **Access Person** does not have influence or control over the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exercise of Rights

Transactions effected upon the exercise of rights issued pro rata to all holders of a class of securities or the sale of rights received (stock splits, mergers, spin-offs or rights subscriptions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Exercise of Options

Transactions as part of the exercise of an option at expiration or an assignment of options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Inheritances/Gifts

The acquisition or sale of securities through gift or inheritance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Exempt Securities

Pre-clearance is not required for the following securities as specifically excluded by the Advisors Act::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual Funds** (open-end). Shares in registered open-end investment companies (i.e., mutual funds) registered under the 1940 Act, except for **Reportable Funds (i.e. SBH Mutual Funds)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Debt and Obligations** (e.g. Treasury bills, notes and bond)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Money Market Funds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **High-Quality Short-Term Debt** (e.g. bank certificates of deposit, commercial paper including repurchase
agreements with maturity of less than 366 days)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Unit Investment Trusts "UITs" (open-end and unaffiliated)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Broad-based Indices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Exchange Traded Funds "ETFs" and Exchange Traded Notes "ETNs" (unaffiliated)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Commodities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Digital Assets/Crypto Currencies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Currencies (FX Trading)** 

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**Derivatives on Commodities, Currencies and Broad-Based Indices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Limit, Good Till Cancelled (GTC) and Stop Loss Orders

**Access Persons** must request pre-approval to use limit, GTC and stop loss orders in the compliance monitoring system at the time the instruction is placed and regardless of when the transaction will be executed. Please use the comments box to document the fact that you are using a limit, GTC or stop-loss order.

If the limit, GTC or stop-loss order is modified (for example, if you change the limit price), **Access Persons** will need to place a new pre-clearance request at the time of the modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Private Placements or Limited Offering

**Access Persons** must request pre-approval prior to investing in a private placement by filing out a disclosure form in the compliance monitoring system.

**Access Persons** are prohibited from purchasing private placements without formal prior approval of the Chief Compliance Officer or the CCO's designee.

In considering the approval, the CCO or designee will consider whether the investment opportunity should be reserved for a client among other considerations. All references in the Code of Ethics to "private placements" are deemed to be references to **Limited Offerings**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Insider Trading

Investment advisers are required by applicable regulations to establish, maintain and enforce written policies and procedures designed to prevent the misuse of material non-public information ("MNPI") by its directors, officers and employees. All employees are prohibited from trading on any information that is considered material nonpublic information. Additionally, employees must not disseminate or "tip" material non-public information to others.

Investment Persons are at a higher risk of obtaining MNPI. When an Investment Person believes they may be in possession of MNPI, <u>they should immediately contact the Compliance Team</u>. It is critical that any persons in possession of MNPI not share the information with anyone other than

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Compliance. Additionally, any persons in possession of MNPI are prohibited from trading in securities of the issuer in client accounts or personal account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Insider Trading

Insider Trading generally means the use of material, non-public information ("MNPI") to trade in securities (whether or not one is an "Insider") or the communication of material, non-public information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Definition of Insider

The concept of "insider" is broad. It includes officers, members, directors and employees of a company. In addition, a person can be a "temporary insider" if he or she enters into a special, confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Definition of Material Non-Public Information
"MNPI"

Any information which has not been made public and which a reasonable investor might consider important in making an investment decision. Any questions about whether information is considered material should be directed to the CCO or the CCO's designee.

Examples of the types of information that are likely to be deemed "material" include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Dividend changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Earnings estimates or changes in previously released earnings' estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Significant expansion or curtailment of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Significant increases or declines in revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Significant merger or acquisition proposals or agreements, including tender offers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Significant new products or discoveries;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Extraordinary borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Major litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Extraordinary management developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchase and sale of substantial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A valuable employee leaving or becoming seriously ill; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Change in pension plans (i.e., removal of assets from an over-funded plan, or an increase or decrease in future
contributions).

Employees must also be aware of the SEC's position that the term "material nonpublic information" or MNPI relates not only to securities issuers but also to SBH's securities recommendations, client securities holdings, and transactions.

Information is considered "public" when it has been disseminated broadly to investors in the marketplace. For example, after the information has become available through a newspaper (e.g. Wall Street Journal, Financial Times) or a public filing (e.g. prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prohibited Activities and Reporting of MNPI

It is unlawful for any person to misuse, directly or indirectly, any material, non-public information.

Employees may not while in possession of MNPI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchase or sell such securities for their own accounts, for accounts in which they have a beneficial interest,
or over which they have the power, directly or indirectly, to make investment decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Issue research reports, recommendations or comments which could be construed as recommendations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disclose such information or any conclusions based thereon to any other person.

Although there is no intent to violate the law, an off-hand comment to a friend may be used, unbeknownst to an employee, by the friend to trade in securities and could result in substantial civil and criminal liabilities to the employee.

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Thus, to avoid possible violations, investment advisers must exercise great care in their supervision of employees and in the securities transactions of their personnel. If there is any question as to whether a contemplated purchase or sale, the issuance of research reports, or disclosing such information to any other person would violate the insider trading rules, the employee must consult with the CCO or designee prior to executing the transaction.

After the CCO has reviewed the issue, the Adviser will determine whether the information is material and nonpublic and, if so, what action the Firm will take. The Employee should consult with the CCO before taking any action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Information Barriers

From time to time, Compliance may determine the use of "Information Barrier" is necessary to prevent the flow of MNPI and use information barriers to protect the confidentiality of such information.

Compliance will notify the individuals subject to "Information Barriers" on a need-to-know basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Watch and Restricted Lists

Watch lists are maintained in the compliance monitoring system to assist in the monitoring of conflicts of interest(s).

A Restricted list is maintained any time the Adviser has "inside" information or MNPI and prohibitions of any trading (personal or for clients) in securities of issuers is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Penalties

The penalties for insider trading are severe for both the individual and the controlling persons (supervisors who may be held liable). The penalties, which may be imposed on the person who committed a violation, include civil injunctions, permanent bars from employment in the securities industry, civil penalties up to three times the profits made, or losses avoided, criminal fines, and jail sentences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Front Running

While not necessarily insider trading, front-running is prohibited. Front-running consists of executing a Personal Securities Transaction based on the knowledge of a forthcoming transaction or

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recommendation in the same or underlying security ("Piggy Backing" consists of executing a Personal Securities Transaction based on the knowledge of a transaction or recommendation in the same or underlying security that has already occurred).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Prevention of Insider Trading

To seek to prevent Insider Trading, the CCO of the Adviser or his or her designee(s), shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Take appropriate measures to familiarize **Access Person** s with the Code via training;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Answer questions regarding the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Resolve issues of whether information received by an Insider is material and/or non-public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Review and update the Code as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Strive for a physical separation of the trading and research departments from those departments in possession
of the sensitive information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Take steps to restrict access to sensitive information including computer passwords and the use of code names.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Detection of Insider Trading

To detect Insider Trading, the CCO of the Adviser or his or her designee(s), shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review the trading activity reports filed by each **Access Person**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Review the trading activity of the Adviser, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Designated/Named Insider

SBH's **Access Person**s may from time to time be designated or named as an insider and be subject to blackout periods. During the blackout period no designated or named insider is permitted to buy or sell any stock where such designation has been made..

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Conflict of Interest

Employees should always act in the best interests of its clients and should avoid any activity that might create an actual or perceived conflict of interest or impropriety in the course of the SBH's business relationships.

Employees must disclose any situation that would be expected to give rise to a potential or actual conflict of interest and provide details by completing the conflict of interest disclosure form in the compliance monitoring system.

A conflict of interest occurs when the personal interests of employees interfere or could potentially interfere with their responsibilities to the Adviser and/or its clients. If you are not sure whether an actual or potential conflict exists, you may consult with the CCO or designee promptly.

Annually, employees will be required to certify in writing to the accuracy and completeness of their conflict of interest reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Outside Business Activities

Employees are required to disclose via the compliance monitoring system any outside business activities, whether they are securities related or not with details of the type of compensation being received. All outside business activities disclosures are reviewed by the employee's supervisor and Compliance to determine whether such activity may be perceived as an actual or potential conflict of interest.

Annually, employees will be required to certify in writing to the accuracy and completeness of their outside business activity reporting.

Examples include serving as a director, officer, general partner or trustee of, or as a consultant to, any business, corporation or partnership, including family-owned businesses and charitable, non-profit and political organizations, being a board member of a non-profit organization, and any second outside part-time employment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Service as a Director of a Public Company Board

**Access Persons** are prohibited from serving on the boards of directors of publicly traded companies, absent prior authorization from the President based upon a determination that the board service would be consistent with the interests of clients and the Adviser. If an **Access Person** serves on the board of a private entity that goes public, approval to continue on the board of the public company is required. Where board service is approved, the CCO or designee shall implement an "Information Wall" or other appropriate procedure, to isolate such person from making decisions relating to the company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. The Compliance Monitoring System

The Compliance Department, on a quarterly basis, reviews **Access Persons**' transactions (including those accounts for which they have a beneficial interest in or have control over). They also verify the receipt of pre-clearance forms, duplicate confirmations statements and quarterly forms.

Issues are brought to the appropriate management person's attention as necessary. These may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An assessment of whether the person followed any required internal procedures, such as pre-clearance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Comparison of personal trading to any watch/restricted lists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An assessment of whether the person is trading for his or her own account in the same securities he or she is
trading for clients, and if so, whether the clients are receiving terms as favorable as the person takes for him or herself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Periodically analyzing the person's trading for patterns that may indicate abuse including market timing;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An investigation of any substantial disparities between the percentage of trades that are profitable when the
person trades for his or her own account and the percentage that are profitable when he or she places trades for clients.

An initial Code of Ethics training will be provided by Compliance for all new employees and annual Code of Ethics training will be provided for all employees.

The Code will be reviewed by the Compliance Department on at least an annual basis regarding the adequacy and effectiveness of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Enforcement and Sanctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General

Any **Access Person** who is found to have violated any provision of this Code will be investigated by the CCO or designee. The CCO or designee may impose appropriate sanctions, including but not limited to a warning letter, a violation letter, disgorgement of profits, fines, a personal trading ban, and suspension or termination of employment.

The CCO or designee may consult with the President as he/she deems necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notification to SBH Mutual Funds or Sub-advised Funds.

The Adviser shall notify each SBH Mutual Fund or sub-advised Funds of violations under this Code to the extent required under each Fund's applicable policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Non-Exclusivity of Sanctions.

The imposition of sanctions hereunder by the CCO or designee shall not preclude the imposition of additional sanctions by a Board of Directors/Trustees of a Fund and shall not be deemed a waiver of any rights by a Fund.

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APPENDIX 1 – Definitions

**Access Person** The Advisers Act defines "Access Person" to mean any Supervised Person of an investment adviser who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) has access to nonpublic information regarding any advisory client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund (i.e., any mutual fund advised by SBH), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is involved in making securities recommendations to advisory clients in advisory accounts, or who has access to such recommendations that are nonpublic.

**Beneficial Ownership** is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. It means the opportunity to profit directly or indirectly from a transaction or sharing a direct or indirect pecuniary interest. For example, a partnership, trust, corporation, investment club, contract arrangement, and understanding or a relationship are instances where a person may be deemed to have beneficial ownership. Here are other examples:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Securities held by an Access Person in his or her own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Securities held indirectly by others for the Access Person's benefit, for example, securities held for
the Access Person by custodians, brokers, relatives, executors or administrators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Securities held by a pledgee for an Access Person's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Securities held by a trust in which an Access Person has an income or remainder interest unless the Access
Person's only interest is to receive principal (a) if some other remainderman dies before distribution or (b) if some other person can direct by will a distribution of trust property or income to the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Securities held by an Access Person as trustee or co-trustee, where
whether the Access Person or any member of their immediate family (i.e., spouse, children or their descendants, stepchildren, parents and their ancestors, and stepparents, in each case treating a legal adoption as blood relationship) has an income
or remainder interest in the trust;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Securities held by a trust of which the Access Person is the settler, if the Access Person has the power to
revoke the trust without obtaining the consent of all the beneficiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Securities held by a general or limited partnership in which the Access Person is either the general partner of
such partnership or the controlling partner of such entity. For these purposes, an Access Person will be considered to be a controlling partner of a partnership of such Access Person owns more than 25% of the partnership's general or limited
partnership interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Securities held by a personal holding company controlled by the Access Person alone or jointly with others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Securities held in the name of the Access Person's spouse unless legally separated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Securities held in the name of minor children of the Access Person or in the name of any relative of the Access
Person or of their spouse (including an adult child) who is presently sharing the Access Person's home. This applies even if the Securities were not received from the Access Person and the dividends are not actually used for the maintenance of
the Access Person's home;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Securities held in the name of any person other than the Access Person and those listed in (9) and (10)
above, if by reason of any contract, understanding, relationship, agreement, or other arrangement the Access Person obtains benefits substantially equivalent to those of ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Securities held in the name of any person other than the Access Person, even though the Access Person does not
obtain benefits substantially equivalent to those ownership (as described in (11), above), if the Access Person can vest or re-vest title in himself.

**Immediate Family Member** of a person includes such person's spouse or partner, children under the age of twenty-five (25) years residing with such person or any relative by blood or marriage living in the employee's household. Each immediate family member is subject to the same pre-clearance and trading restrictions and requirements as their related SBH employee.

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**Initial Public Offering** ("IPO") is a corporation's first offering of a security representing shares of the company to the public. IPO (i.e., initial public offering) means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934.

**Limited Offering** means an offering that is exempt from registration under the Securities Act pursuant to section 4(2) or section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act. Limited offerings include private placements and other offerings that are not public.

**Managed Account** means a personal account over which the access person or their immediate family member(s) have beneficial ownership but where neither the access person nor the immediate family member(s) have the authority to direct specific transactions in the account and where access persons have no influence or control over specific transactions. In other words, these are accounts where an investment manager or someone else who is not an immediate family member has full investment discretion over the accounts.

**Market Timing** means the purchase and sale of Mutual Fund Shares within a short period of time with the intention of capturing short term profits resulting from market volatility.

**Reportable Fund** means any registered investment company (i.e. mutual fund) for which the Firm or a control affiliate acts as investment adviser, subadviser or principal underwriter.

**Reportable Security** means any security as defined in Section 202(a)(18) of the Advisers Act, EXCEPT that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Transactions and holdings in direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Bankers' acceptances, bank certificates of deposit, commercial paper and other high-quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Transactions and holdings in shares of other types of open-end registered mutual funds, unless SBH or a control affiliate acts as the investment adviser or principal underwriter for the fund; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Transactions in units of a unit investment trust if the unit investment trust is invested exclusively in mutual funds unless SBH or a control affiliate acts as the investment adviser or principal underwriter for the fund.

The Advisers Act Section 202(a)(18) and 1940 Act Section 2(a)(36) define security as any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, limited partnership interest, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing."

**Supervised Persons** is defined in Rule 204A-1 to include all directors, officers, and partners of the adviser (or other persons occupying a similar status or performing similar functions). However, the Adviser also considers the following to be Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employees of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any other person who provides advice on behalf of the Adviser and is subject to the Adviser's supervision
and control.

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**APPENDIX 2 – Pre-Clearance and Reportable Security Summary** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security Type** | **Pre-Clearance** | **Reportable on**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Holdings Report**  |
| &nbsp;&nbsp;&nbsp;**Equities** | &nbsp;&nbsp;&nbsp;**Equities** | &nbsp;&nbsp;&nbsp;**Equities** |
| &nbsp;&nbsp;&nbsp;IPO | **YES** | **YES** |
| &nbsp;&nbsp;&nbsp;Equities & Stocks (including REITS, options and futures or other derivatives on equities). | **YES** | **YES** |
| &nbsp;&nbsp;&nbsp;**Depositary receipts e.g. ADRs, GDRs, EDRs** | **YES** | **YES** |
| &nbsp;&nbsp;&nbsp;**Funds** | &nbsp;&nbsp;&nbsp;**Funds** | &nbsp;&nbsp;&nbsp;**Funds** |
| &nbsp;&nbsp;&nbsp;SBH Mutual Funds, **SBH ETFs** or Sub-advised Mutual Funds (e.g. Reportable Funds) | **YES** | **YES** |
| &nbsp;&nbsp;&nbsp;Mutual Funds (Open-End) | NO | NO |
| &nbsp;&nbsp;&nbsp;Mutual Funds (Closed-End) | **YES** | **YES** |
| &nbsp;&nbsp;&nbsp;**Money Market Funds** | NO | NO |
| &nbsp;&nbsp;&nbsp;UITs "Unit Investment Trusts" (Closed-End) | **YES** | **YES** |
| &nbsp;&nbsp;&nbsp;UITs "Unit Investment Trusts" (Open-End) & unaffiliated | NO | NO |
| &nbsp;&nbsp;&nbsp;ETFs or ETNs (including options, futures and other derivatives related to these exchange-traded securities) | NO | NO |
| &nbsp;&nbsp;&nbsp;**Fixed Income** | &nbsp;&nbsp;&nbsp;**Fixed Income** | &nbsp;&nbsp;&nbsp;**Fixed Income** |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | **YES** | **YES** |
| &nbsp;&nbsp;&nbsp;Municipal Securities | **YES** | **YES** |
| &nbsp;&nbsp;&nbsp;**US government agencies (not backed by the full faith and credit of US government) such as FHLMC, FNMA, GNMA etc.** | **YES** | **YES** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury, U.S. Government obligations or debt (backed by full faith and credit of the US government) | NO | NO |
| &nbsp;&nbsp;&nbsp;Money Market instruments Certificates of Deposit, Commercial Paper, Repurchase Agreements and other High-Quality short-term debt instruments | NO | NO |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Other** | &nbsp;&nbsp;**Other** | &nbsp;&nbsp;**Other** |
| &nbsp;&nbsp;&nbsp;Private Placements | **YES** | **YES** |
| &nbsp;&nbsp;&nbsp;Broad-based security indices (including options and futures or other derivatives on broad-based indices) | NO | NO |
| &nbsp;&nbsp;&nbsp;Commodities | NO | NO |
| &nbsp;&nbsp;&nbsp;Foreign Currencies | NO | NO |
| &nbsp;&nbsp;&nbsp;Digital Assets (Crypto)\* | NO | NO |
| &nbsp;&nbsp;&nbsp;**Acquisition or Sale of Securities by Gift or Inheritance** | NO | YES |

---

**\*Private investments, mining, and participation in initial coin offerings (ICOs) do require reporting and pre-approval.**

## Ex-99.(P)(13)

**T. ROWE PRICE GROUP, INC. AND ITS SUBSIDIARIES** 

**T. ROWE PRICE MUTUAL FUNDS** 

**T. ROWE PRICE EXCHANGE-TRADED FUNDS** 

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY** 

**July 1, 2025** 

**Table of Contents** 

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| | | |
|:---|:---|:---|
| **I.** | &nbsp;&nbsp;&nbsp;&nbsp; **INTRODUCTION** | **2** |
| **II.** | &nbsp;&nbsp;&nbsp;&nbsp; **STANDARDS OF BUSINESS CONDUCT** | **3** |
| **III.** | &nbsp;&nbsp;&nbsp;&nbsp; **REPORTING REQUIREMENTS** | **5** |
| A. | Initial Disclosure of Existing Accounts | 5 |
| B. | New Accounts | 5 |
| C. | Transaction Reporting | 5 |
| D. | Exceptions to the Reporting Requirements | 6 |
| **IV.** | &nbsp;&nbsp;&nbsp;&nbsp; **PRE-CLEARANCE AND HOLDING PERIOD REQUIREMENTS** | **6** |
| A. | Pre-clearance Requirements for all Associates | 6 |
| B. | Pre-clearance Requirements for Access Persons | 7 |
| C. | Pre-clearance for Private Placements: | 7 |
| D. | Holding Period Requirements | 7 |
| E. | Exceptions to the Pre-Clearance Requirement | 8 |
| **V.** | &nbsp;&nbsp;&nbsp;&nbsp; **OTHER PROVISIONS RELATING TO PERSONAL TRANSACTIONS** | **8** |
| A. | Limit Orders | 8 |
| B. | Transacting in TRPG Securities | 8 |
| C. | Transacting in ETFs | 8 |
| D. | Initial Public Offerings ("IPOs") | 9 |
| E. | Options and Futures | 9 |
| F. | Participation in Investment Clubs | 9 |
| **VI.** | &nbsp;&nbsp;&nbsp;&nbsp; **PERSONAL TRANSACTIONS RESTRICTIONS** | **10** |
| **VII.** | &nbsp;&nbsp;&nbsp;&nbsp; **CERTIFICATION REQUIREMENTS** | **10** |
| A. | Initial Holdings | 11 |
| B. | Annual Compliance Certification | 11 |
| C. | Reporting of One – Half of One Percent Ownership | 12 |
| VIII. | &nbsp;&nbsp;&nbsp;&nbsp; ROLES AND RESPONSIBILITIES | 12 |
| **IX.** | &nbsp;&nbsp;&nbsp;&nbsp; **VIOLATIONS AND SANCTIONS** | **13** |
| **X.** | &nbsp;&nbsp;&nbsp;&nbsp; **EXCEPTIONS AND INTERPRETATIONS** | **14** |
| **XI.** | &nbsp;&nbsp;&nbsp;&nbsp; **DEFINED TERMS** | **14** |
|  **Provisions Applicable to Independent Directors** | **Provisions Applicable to Independent Directors** | **18** |
|  **Pre-clearance and Reporting Matrix** | **Pre-clearance and Reporting Matrix** | **23** |

---

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**T. ROWE RICE GROUP, INC. AND ITS SUBSIDIARIES** 

**T. ROWE PRICE MUTUAL FUNDS** 

**T. ROWE PRICE EXCHANGE-TRADED FUNDS** 

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY** 

**I.**  **<u>INTRODUCTION</u>** 

This Code of Ethics and Personal Transactions Policy (the "Policy") sets forth the standards of business conduct expected of all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● officers, directors and employees of T. Rowe Price Group, Inc. ("TRPG") and certain of its
subsidiaries<sup>1</sup> (collectively, "T. Rowe Price") and their Family Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● officers, directors and employees of the Price Funds, the SICAVs, or the Cayman Funds (each as defined below);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● contingent workers, agency temporary workers, contractors, consultants, and any other personnel who have been
notified that they are subject to this Policy

(collectively referred to as "Associates") in connection with their personal securities transactions.

The Policy is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reflect the fiduciary duty of the firm to its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Address compliance with laws, rules, and regulations applicable to T. Rowe Price's business, including,
but not limited to Rule 204A-1 under the Investment Advisers Act ("Rule 204A-1") and Rule 17j-1 under the Investment
Company Act of 1940 ("Rule 17j-1");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Prevent regulatory, business and ethical conflicts as they relate to personal transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Minimize the potential of a transaction or circumstance occurring that a regulatory agency would view as
inconsistent with T. Rowe Price's role as a fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Avoid situations in which it might appear that any officer, director, employee or other personnel of T. Rowe
Price or the Price Funds had benefited personally at the expense of a client or fund shareholder or taken inappropriate advantage of their fiduciary position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Detect and prevent the misuse of material, non-public information.

All Associates must comply with the Policy. Certain Associates will be notified by Code Compliance that they have been designated as "Access Persons" and are subject to more restrictive pre-clearance and reporting requirements.

"Access Persons" are defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any officer or director of any of the Price Advisers and the Price Funds (except the Independent Directors of
the Price Funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any person associated with T. Rowe Price who, in connection with their regular functions or duties:
(i) makes, participates in, obtains or has access to non-public information regarding the purchase or sale of securities by any Price Adviser client; (ii) has access to non-public information regarding the securities holdings of any Price Adviser client; or

<sup>1</sup> For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

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(iii) makes recommendations with respect to the purchases or sales of securities for a Price Adviser client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any other person classified as such by Code Compliance.

The Policy has been adopted by T. Rowe Price and its subsidiaries<sup>2</sup>, the Price Funds, T. Rowe Price UK Limited (TRP UK"), the SICAVs, and the Cayman Funds.

The independent directors of TRPG, TRP UK , T. Rowe Price Funds SICAV ("SICAVI"), T. Rowe Price Funds Series II SICAV ("SICAVII"), Select Investments Series III SICAV ("SICAVIII"), T. Rowe Price Funds B SICAV ("SICAVB" and together with the SICAVI, SICAVII, SICAVIII and SICAVB, the "SICAVs"), T. Rowe Price Macro and Absolute Return Strategies Master Fund Ltd and T. Rowe Price Macro and Absolute Return Strategies Offshore Fund Ltd (together the "Cayman Funds") and Price Funds are not subject to all the requirements of the Policy. The requirements of the Policy applicable to independent directors are set forth in <u>Exhibit A.</u> 

This Policy and each Associate's adherence to it is meant to satisfy T. Rowe Price's requirements under Rule 204A-1 and Rule 17j-1.

Certain defined terms used in the Policy are set forth in "*Defined Terms."*

**II.**  **<u>STANDARDS OF BUSINESS CONDUCT</u>** 

T. Rowe Price has established a *<u>Code of Conduct</u>* that sets standards expected of all Associates and provides the framework for conducting business in a fair and ethical manner. Consistent with the *<u>Code of Conduct</u>*, T. Rowe Price and each Associate have a fiduciary duty to put client interests first and to always act in the clients' best interests. Associates must comply with applicable legal requirements, securities laws, the Code of Conduct and related policies and procedures.

**Conflicts of Interest** 

The *Code of Conduct* states that conflicts of interest may arise between clients, between clients and T. Rowe Price, between clients and Associates, and among T. Rowe Price's own entities or business divisions. T. Rowe Price takes all reasonable steps to identify and manage conflicts. It is the responsibility of each Associate to disclose all material conflicts and to act in a manner consistent with this Policy. Conflicts or potential conflicts of interest involving an Associate's behavior may arise through, among other activities, an Associate's personal securities transactions, outside business activities, political contributions and activities and the exchange of gifts and business entertainment.

*Personal securities transactions.* An Associate's personal securities transactions may present an actual, potential or apparent conflict or other risk that could harm T. Rowe Price, its shareholders or its clients. For T. Rowe Price to identify and manage these conflicts and risks, Associates must disclose their personal brokerage accounts and holdings, disclose and receive approval for any trading accounts subject to this Policy and conduct approved securities transactions in accordance with the requirements of this Policy.

<sup>2</sup> For the avoidance of doubt, this Policy does not apply to Oak Hill Advisors, L.P and its subsidiaries.

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Associates must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Improperly benefit personally by causing a client to act, or fail to act, in making investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Profit, or cause others to profit, based on their knowledge of completed or contemplated client transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transact on the basis on material, non-public (inside) information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engage in personal securities transactions that are in conflict with the interests of clients, the parameters
set by the Policy, or the restrictions imposed by T. Rowe Price restricted lists.

T. Rowe Price maintains lists of issuers for which a Price Adviser or an Associate may be in possession of material, non-public information (the "Restricted Lists"). When an issuer is listed on a Restricted List, personal trading by Access Persons is prohibited.

*Outside business activities.* Associates are expected to put their responsibilities at T. Rowe Price ahead of any other personal business opportunities or second jobs and must avoid any activities, relationships or situations that might conflict with, or appear to conflict with, their duties on behalf of T. Rowe Price. When an Associate is engaged in an approved outside business activity, they must be vigilant about any changes in the arrangement that may present a real or perceived conflict of interest with T. Rowe Price. Refer to the *<u>Global Outside Business Activities Policy</u>* for more information.

*Political contributions and activities.* Associates must obtain prior clearance for their political contributions and activities in support of candidates for political office in the U.S. Political contributions and activities undertaken by Associates must always be lawful and consistent with T. Rowe Price and business unit policies. Associates may not coordinate or solicit third parties to make a contribution or payment to any candidate, officeholder, political party, political action committee, political organization or bond ballot campaign in the U.S. Furthermore, Associates may not do anything indirectly that, if done directly, would violate T. Rowe Price policies or applicable regulation. Refer to the *<u>Global Political Contributions and Activities Policy</u>* for more information.

*Gifts and business entertainment.* Associates may not offer, give, provide, or accept any gift or business entertainment unless such gift or entertainment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Is reasonable and customary under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Is not lavish in value, unique in nature, or excessive in frequency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Cannot be construed as a bribe, payoff, or kickback to obtain or retain business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Is an appropriate reimbursable business expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Does not violate any applicable law or regulation.

Refer to the *<u>Global Gifts and Business Entertainment Policy</u>* for more information.

Associates must contact Code Compliance for guidance if they believe that a perceived or actual conflict arises under any of the activities described above or otherwise.

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**III.**  **<u>REPORTING REQUIREMENTS</u>** 

Securities accounts are generally defined as accounts that satisfy one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Associate is a direct or Beneficial Owner of the account; **OR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Associate Controls or directs securities trading for another person or entity, even if they are not the
Beneficial Owner of the account;

**AND** invest in, or have the ability to invest in, any of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Individual equity securities, including ETFs, and derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Fixed income securities and derivatives of these securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reportable Funds.

**A. Initial Disclosure of Existing Accounts** 

All Associates must disclose their securities accounts and the securities accounts of their Family Members (including Fully Discretionary Accounts and any securities accounts holding TRPG securities) maintained with any broker, dealer, investment adviser, bank or other financial institution <u>via myTRPcompliance</u>. Such disclosure must take place within <u>ten calendar days</u> of becoming subject to the Policy, opening or discovering a reportable account.

**B. New Accounts** 

All Associates must obtain prior approval via <u>myTRPcompliance</u> for all new non-T. Rowe Price securities accounts opened while they are associated with the firm. Associates in the U.S. and the U.K. may only open new securities accounts with financial institutions that agree to provide Code Compliance with an automated data feed of the transactions effected in the account (the <u>Approved Broker List)</u>. All Associates opening a new securities account with a broker-dealer must inform such firm of their association with a T. Rowe Price-affiliated broker-dealer.

Securities held in securities accounts are generally subject to reporting and <u>may</u> require pre-clearance. Refer to "*Reporting Requirements"* and "*Pre-clearance and Holding Period Requirements"* for details. Code Compliance may, in certain circumstances, grant an exception to the requirements described above. Refer to *"Exceptions and Interpretations"* for more information.

**C. Transaction Reporting** 

All Associates must request broker-dealers, investment advisers, banks, or other financial institutions executing transactions in securities in the Associate's securities accounts to provide: (i) a duplicate trade confirmation with respect to each transaction in a security; and (ii) a copy of all periodic account statements.

<u>If the executing firm provides a trade confirmation directly to Code Compliance via an established automated data feed, no further reporting is needed.</u> 

------

If the broker is unable to satisfy transaction reporting through an automated data feed or by delivery of a paper copy of trade confirmations and statements, Associates are required to enter transaction details in <u>myTRPcompliance</u> (as prescribed in Rule 17j-1(d)(1)(ii)) within <u>10 calendar days</u> after the transaction occurred.

A transaction in a Reportable Fund, a spousal payroll deduction plan or a stock split or similar acquisition or disposition must be reported within <u>30 calendar days</u> after the end of the calendar quarter in which the transaction occurred

**D. Exceptions to the Reporting Requirements** 

***Robo Adviser Accounts****.* Accounts held through a robo-adviser platform that invest solely in third party collective investment vehicles that are not advised by T. Rowe Price (such as non-Price ETFs) do not require approval or reporting to Code Compliance. Transactions effected in such accounts do not need to be reported. Questions on whether an account is classified as a robo-adviser should be directed to Code Compliance

***Fully Discretionary Accounts.*** A Fully Discretionary Account is a securities account for which an Associate has completely relinquished decision-making authority to a professional money manager (who is not a Family Member or not otherwise subject to this Policy) and over which the Associate has no direct or indirect influence or Control. When disclosing Fully Discretionary Accounts, Associates must provide Code Compliance with a copy of the investment management agreement (or equivalent).

**IV.**  **<u>PRE-CLEARANCE AND HOLDING PERIOD REQUIREMENTS</u>** 

All Associates must obtain pre-clearance via <u>myTRPcompliance</u> when transacting in TRPG securities. Associates who have been designated as Access Persons must also obtain pre-clearance for other securities transactions, as described in further detail below.

Associates will receive a response via <u>myTRPcompliance</u> indicating whether the request was approved or denied and must refrain from executing the transaction until such response is obtained.

Pre-clearance approval is valid for <u>the day it is received and the following business day</u> (measured from the first business day in the requesting Associate's time zone). Pre-clearance approval for Private Placements is valid for 90 calendar days.

**A. Pre-clearance Requirements for all Associates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All Associates must request pre-clearance via <u>myTRPcompliance</u> <u>before</u> executing a transaction to sell or transfer TRPG securities (TRPG stock ticker: TROW) from their ESPP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All Associates must request pre-clearance via <u>myTRPcompliance</u> <u>before</u> executing a transaction to purchase, sell, or gift TRPG securities outside of the ESPP.

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**B. Pre-clearance Requirements for Access Persons** 

Access Persons must request pre-clearance via <u>myTRPcompliance</u> <u>before</u> executing a transaction in any individual stocks, bonds, Private Placements and derivatives of these securities, and Price ETFs for which the Access Person is a Beneficial Owner. Refer to <u>Exhibit B</u> for additional pre-clearance requirements.

**C. Pre-clearance for Private Placements:** 

Access Persons and FINRA -registered representatives must obtain pre-clearance when investing in a Private Placement, including the purchase of limited partnership interests. Along with the Private Placement offering document, the Access Person or FINRA registered representative must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The name, location and a brief description of the private issuer/company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The amount of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The desired date of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If applicable, the percentage of the Access Person's ownership in the private issuer/company after
investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The source (name and relationship to Access Person) that introduced the investment opportunity to the Access
Person.

An Access Person or FINRA-registered representative who has invested in a Private Placement and who later anticipates participating in a Price Adviser's investment decision regarding the purchase or sale of securities of the issuer of that Private Placement on behalf of any Price Adviser client, must immediately disclose their investment to the Chairperson of the Ethics Committee, or their designee and to the Chairperson of the appropriate Investments steering committee.

**D. Holding Period Requirements** 

A 60-day holding period applies to securities and transactions requiring pre-clearance. Access Persons are not permitted to: (i) sell shares of an issuer if they have purchased shares of the same issuer for a lesser price during the previous 60 calendar days; or (ii) buy shares to cover a short position when the short position was entered in the previous 60 calendar days, if covering the position for a lesser price. Access Persons must check their compliance with the holding period requirement **before** entering into a transaction.

***Holding Period for Associates in Japan.*** Securities acquired by employees of T. Rowe Price Japan, Inc. are subject to a holding period of six months. Refer to *<u>TRP Japan Compliance Manual</u>* for more information.

***Holding Period for the Price Funds.*** Associates must comply with the provisions of the holding restrictions set forth in the prospectus for the applicable Price Fund.

------

**E. Exceptions to the Pre-Clearance Requirement** 

***Fully Discretionary Accounts.*** Transactions in securities held in Fully Discretionary Accounts are not subject to the pre- clearance requirement, except transactions involving TRPG securities, short sales and Private Placements.

Refer to <u>Exhibit B</u> for other exceptions to the pre-clearance requirement.

**V.**  **<u>OTHER PROVISIONS RELATING TO PERSONAL TRANSACTIONS</u> <u> </u>** 

**A. Limit Orders** 

While limit orders are permitted, Access Persons must be careful using "good until cancelled" orders, keeping in mind that pre-clearance is valid for the day it is received and the following business day. Use of "day" limit orders are encouraged.

**B. Transacting in TRPG Securities** 

The following chart is a summary of requirements applicable when Associates transact in TRPG securities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description of Activity** | **Requirement Under the Policy** |
| &nbsp;&nbsp;&nbsp; Executing a transaction to sell or transfer TRPG securities from an Associate's ESPP | &nbsp;&nbsp; ● Pre-clearance via <u>myTRPcompliance</u><br>● Reporting<br>|
| &nbsp;&nbsp;&nbsp; Executing a transaction to purchase, sell, or gift TRPG securities outside of an Associate's ESPP\* | &nbsp;&nbsp; ● Pre-clearance via <u>myTRPcompliance</u><br>● Reporting<br>|
| &nbsp;&nbsp;&nbsp; Giving TRPG securities as a gift (including a gift to a donor advised fund) after holding the stock for at least 60 days | &nbsp;&nbsp; ● Pre-clearance via <u>myTRPcompliance</u><br>● Reporting<br>|
| &nbsp;&nbsp;&nbsp; Applicability of a holding period [not applicable to options or vested shares] | Yes, 60 calendar days |
| &nbsp;&nbsp;&nbsp; Transacting in TRPG during a Blackout Period | **Prohibited** |
| &nbsp;&nbsp;&nbsp; Transacting in options related to TRPG securities (other than stock options granted to Associates) | **Prohibited** |
| &nbsp;&nbsp;&nbsp; Selling TRPG securities short | **Prohibited** |
| &nbsp;&nbsp;&nbsp; Entering into any contract or purchasing any instrument designed to hedge or offset any decrease in the market value of TRPG securities | **Prohibited** |
| &nbsp;&nbsp;&nbsp; Reporting of transactions in TRPG securities to the SEC (applies to Associates subject to Section 16 of the Securities Exchange Act of 1934, as amended) | Transactions must be reported immediately |
| &nbsp;&nbsp;&nbsp; \*Associates should contact Payroll & Stock Transactions in the event of uncertainty regarding applicability of the pre-clearance requirement. | &nbsp;&nbsp;&nbsp; \*Associates should contact Payroll & Stock Transactions in the event of uncertainty regarding applicability of the pre-clearance requirement. |

---

**C. Transacting in ETFs** 

Following is a summary of requirements applicable when Associates transact in ETFs:

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| | | |
|:---|:---|:---|
|  | **Access Persons** | **All Other Associates** |
| &nbsp;&nbsp;&nbsp; Pre-clearance (Price ETFs) | Yes | No |
| &nbsp;&nbsp;&nbsp; Pre-clearance (Third-party ETFs) | No | No |

---

------

---

| | | |
|:---|:---|:---|
|  | **Access Persons** | **All Other Associates** |
| &nbsp;&nbsp;&nbsp; Post-trade reporting (Price ETFs) | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Post-trade reporting (Third-party ETFs) | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Subject to the 60-Day Rule (Price ETFs) | Yes | No |
| &nbsp;&nbsp;&nbsp; Subject to the 60-Day Rule (Third-party ETFs) | No | No |
| &nbsp;&nbsp;&nbsp; Able to buy/sell in the primary market (Price ETFs) | No | No |
| &nbsp;&nbsp;&nbsp; Able to buy/sell in the primary market (Third-party ETFs) | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Able to sell short (Price ETFs) | No | No |
| &nbsp;&nbsp;&nbsp; Able to sell short (Third-party ETFs) | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Able to transact in options (Price ETFs) | No | No |
| &nbsp;&nbsp;&nbsp; Able to transact in options (Third-party ETFs) | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Able to transact in inverse/short and narrow Price ETFs\* | No | Yes |
| &nbsp;&nbsp;&nbsp; Able to transact in inverse/short and narrow (Third-party ETFs\*) | No | Yes |
| &nbsp;&nbsp;&nbsp; Able to transact in single-stock ETFs | No | No |
| &nbsp;&nbsp;&nbsp; \* Narrow ETFs include, but are not limited to, those focused on specific industries *(e.g.,* energy, healthcare, financial services, etc.), commodities, currencies, and specific geographical markets (*e.g.,* countries or regions). | &nbsp;&nbsp;&nbsp; \* Narrow ETFs include, but are not limited to, those focused on specific industries *(e.g.,* energy, healthcare, financial services, etc.), commodities, currencies, and specific geographical markets (*e.g.,* countries or regions). | &nbsp;&nbsp;&nbsp; \* Narrow ETFs include, but are not limited to, those focused on specific industries *(e.g.,* energy, healthcare, financial services, etc.), commodities, currencies, and specific geographical markets (*e.g.,* countries or regions). |

---

**D. Initial Public Offerings ("IPOs")** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment Personnel and FINRA-registered representatives are prohibited from purchasing securities in an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Access Persons other than Investment Personnel and FINRA-registered representatives may purchase securities in
an IPO only after receiving pre-clearance via Code Compliance or <u>myTRPcompliance.</u> The 60-day holding period requirement applies to
transactions in securities purchased in an IPO.

**E. Options and Futures** 

The purchase, sale and exercise of options are generally subject to the same restrictions as applicable to securities (*i.e.,* an option should be treated as if it were the common stock). If a transaction in the underlying instrument does not require pre-clearance (*e.g.,* ETFs, national government obligations, unit investment trusts), then an options or futures transaction on the underlying instrument does not require pre-clearance.

Closing (selling to close or buying to close) or exercising an option (for which the underlying instrument is subject to pre-clearance, *e.g*., stock options) requires pre-clearance. Pre-clearance is not required when an Access Person writes (sells) an option and the option is exercised against such Access Person, without any action on their part. Access Persons should be cautious when transacting in options since a client transaction in the underlying security or a restriction associated with the underlying security may prevent an option transaction from being closed or exercised.

**F. Participation in Investment Clubs** 

Associates may form or participate in an investment club. Investment club transactions in TRPG securities are subject to pre-clearance and must be reported along with the Associate's personal transactions activity.

------

Access Persons or their Family Members must not form or participate in an investment club without prior written approval from the Chairperson of the Ethics Committee, or their designee. Transactions effected by an investment club in which an Access Person is a member, Beneficial Owner or Controller are subject to the same pre-clearance and reporting requirements as apply to the Access Person's personal trades.

**VI.**  **<u>PERSONAL TRANSACTIONS RESTRICTIONS</u>** 

**Associates must not:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engage in personal transactions that are excessive or that compromise the firm's fiduciary duty to
clients. Excessive trading in covered accounts is strongly discouraged. In general, anyone requesting and/or trading covered securities more than 20 times (other than TRP funds) in a month across all their covered accounts should expect additional
scrutiny of their activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Code Compliance monitors trading activity and may send notice to your direct manager regarding the number of
trades and associated details during a given period for further review and potential escalation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Wager, bet or gamble in connection with individual securities, securities indices, currency spreads, or other
similar financial indices or instruments including contracts for difference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Participate in initial coin offerings.

**Access Persons must not:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transact in securities for which orders have been placed by any Price Adviser to purchase or sell the
security, unless certain size or volume parameters<sup>3</sup> as set forth by the Ethics Committee are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transact in any security that has been purchased or sold by any Price Adviser client seven calendar days
immediately prior to the date of the Access Person's proposed transaction, unless certain size or volume parameters<sup>3</sup> as established by the Ethics Committee are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transact in securities issued by broker-dealers, underwriters or SEC-registered investment advisers, unless the entity is traded on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transact in securities of issuers on any of the firm's Restricted Lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transact in securities for which a change in the rating of an issuer has occurred within seven calendar days
immediately prior to the date of the proposed transaction.

**VII.**  **<u>CERTIFICATION REQUIREMENTS</u>** 

In addition to disclosure of their securities accounts (as described in "*Types of Accounts/Account Opening Requirements"),* Associates are required to, among other things, disclose the holdings in such accounts upon becoming subject to the Policy and periodically thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>3</sup> Transactions involving no more than US $50,000 or the nearest round lot (even if the amount of the transaction marginally exceeds US $50,000) per security per seven calendar day period in securities of (i) issuers with market capitalizations of US $7.5 billion or more, or (ii) U.S. issuers with an average daily trading volume in excess of 750,000 shares over the preceding 90 trading days in the U.S., **<u>unless</u>** the rating on the security has been changed within the seven calendar days immediately prior to the date of the proposed transaction.

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**A. Initial Holdings** 

<u>All Associates</u> must disclose and certify, via <u>myTRPcompliance,</u> any shares of TRPG securities that they Beneficially Own no later than <u>ten calendar days</u> after they become subject to this Policy.

<u>Access Persons</u> must disclose and certify, via <u>myTRPcompliance,</u> all holdings in the following securities in which they have a Beneficial Interest or Control (the "Initial Holdings Report"**)** no later than <u>ten calendar days</u> after the become subject to the Policy as an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Individual equity securities, including any derivatives (*e.g.,* options, futures, etc.) of these
securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bonds, including any derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ETFs, including any derivatives of these securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unit investment trusts and listed closed end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Private Placements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Products (AUTs, ITMs, ETFs, mutual funds, OEICs, 529 portfolios, SICAVs, trusts) advised by a Price Adviser;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Products sub-advised by a Price Adviser.

The Initial Holdings Report must be current as of a date no more than <u>45 days</u> prior to the date the individual becomes an Access Person, and include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The title, number of shares and principal amount of each security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The name of the broker, dealer or bank with whom the Access Person maintains a securities account in which any
securities are for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The date the Access Person submits the Initial Holdings Report.

<u>Securities that are not subject to reporting</u> include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bankers' acceptances, bank certificates of deposit and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Cryptocurrency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment grade, short-term debt instruments, including repurchase agreements (which for these purposes are
repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open end mutual funds, including money market funds, advised by a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● UCITS advised by a third-party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variable insurance products that invest in third-party funds.

Refer to <u>Exhibit B</u> for applicable exemptions from the reporting requirement.

**B. Annual Compliance Certification** 

<u>All Associates</u> must certify annually via <u>myTRPcompliance</u> to, among other things, their securities accounts and transactions and compliance with various firm policies (including the Policy).

------

<u>Access Persons</u> must certify annually via <u>myTRPcompliance</u> to, among other things, their personal securities holdings, their securities accounts and transactions and compliance with various firm policies (including the Policy).

**C. Reporting of One – Half of One Percent Ownership** 

An Associate owning more than one half of one percent of the total outstanding shares of a public or private company must immediately disclose such information in writing to Code Compliance via <u>Code_of_Ethics@troweprice.com</u>, providing the name of the company and the total number of such company's shares they Beneficially Own.

Refer to <u>Exhibit B</u> for applicable exceptions from the reporting requirement.

**VIII.**  **<u>ROLES AND RESPONSIBILITIES</u>** 

All Associates must attest to receipt and understanding of the Policy: (i) upon becoming subject to it; (ii) on an annual basis; and (iii) whenever material amendments to the Policy are made. In attesting to the Policy, Associates agree to their understanding of the Policy and agree to comply with the requirements of the Policy. See "*Annual Compliance Certification*."

Associates should contact <u>LegalCompliance_EmployeeTrading@TRowePrice.com</u> regarding the applicability, meaning or administration of the Policy, including requests for an exception, <u>in advance</u> of any contemplated transaction.

Code Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Administers and monitors adherence to the Policy, including reviewing disclosures, providing training and
identifying violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Maintains and oversees the maintenance of certain records in accordance with applicable legal and regulatory
requirements.

The Payroll & Stock Transaction Group provides guidance to Associates when they are transacting in TRPG securities.

The Ethics Committee provides oversight of the Policy, including reviewing exceptions and violations. The Ethics Committee also provides a point of escalation for Code Compliance and the Payroll & Stock Transactions Group.

Material changes to the Policy shall be approved by the Board of TRPG, the board of directors of TRP UK and by the board of directors of each Price Fund, including a majority of the Independent Directors of the Price Funds. Approval of any material change to the Policy by the board of directors of the Price Funds shall be obtained within six months after the change is implemented.

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**IX.**  **<u>VIOLATIONS AND SANCTIONS</u>** 

Violations and potential violations of the Policy are typically investigated by Code Compliance or, if necessary, the Ethics Committee. Violations are taken seriously and may result in sanctions or other consequences, including one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A letter of censure or suspension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disgorgement of profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A fine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A suspension of trading privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disciplinary action, up to and including, termination of employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any other sanction as may be determined by the Business Unit in consultation with Human Resources and the
Ethics Committee.

When tracking violations, Code Compliance generally utilizes a rolling two-year look-back period in the administration of the sanctions guidelines set forth below. All violations of the Policy shall be reported to the Board of Directors of TRPG, the Board of Directors of any Price Fund and any other applicable board. As noted above, however, these sanctions are not the exclusive remedy for violations of this Policy.

<u>First Violation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate and manager notification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate required to complete online remedial training course.

<u>Second Violation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate and escalated manager notifications, up to and including, applicable Management Committee member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate required to complete online remedial training course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate required to meet with applicable Chief Compliance Officer and Senior Compliance Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate fined according to officer or role guidelines.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Associate** | **VP, TRPG** | **Investment**<br> **Personnel** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Manager, Management Committee** <br> **Member, Direct Report of Management**<br> **Committee Member** |
| &nbsp;&nbsp;&nbsp;US $250 | US $750 | US $750 | US $1500 |

---

*Subsequent violation(s) may result in disciplinary action, up to and including, termination of employment.*

------

<u>Third Violation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate and escalated manager notifications, up to and including applicable Management Committee member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Chief Executive Officer notification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate required to complete online remedial training course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate subject to a personal trading prohibition of at least three months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disciplinary action, up to and including, termination of employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate fined according to officer or role guidelines.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Associate** | **VP, TRPG** | **Investment<br>Personnel** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Manager, Management Committee** <br> **Member, Direct Report of Management**<br> **Committee Member** |
| &nbsp;&nbsp;&nbsp;At least US $500 | At least US $2000 | At least US $2000 | At least US $5000 |

---

<u>More than Three Violations</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Along with the notifications and sanctions listed above for a third violation, evaluation of additional
sanctions to be determined by the Business Unit in consultation with Human Resources and the Ethics Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Consideration in Associate performance review and year-end compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Associate subject to an extended personal trading prohibition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disciplinary action, up to and including, termination of employment.

**X.**  **<u>EXCEPTIONS AND INTERPRETATIONS</u>** 

Code Compliance, in conjunction with the Ethics Committee, may grant an exception from any provision of the Policy, including pre-clearance, other trading restrictions, and certain reporting requirements. Exceptions will be considered on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare.

From time to time, situations may arise with respect to certain provisions of this Policy that require interpretation. Associates may submit a written request for clarification or interpretation to Code Compliance (<u>Code_of_Ethics@TRowePrice.com</u>). Any such request for clarification or interpretation should name the account, the Associate's interest in the account, the persons or firms responsible for its management, and the specific facts of the situation. **Associates may not assume that the Policy (or a specific provision of the Policy) is not applicable to their situation.** Code Compliance will provide a response to each properly submitted request for clarification or interpretation. When in doubt, Associates must not proceed with a transaction or course of action until they receive a response from Code Compliance.

**XI.**  **<u>DEFINED TERMS</u>** 

***AUT*** means Australian unit trusts.

***Beneficial Owner*** means an individual with the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to share at any time in any

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economic interest or profit derived from ownership of or a transaction in a security. An Associate may be deemed to be the Beneficial Owner of securities belonging to others and not registered in their name.

The SEC will presume that a person Beneficially Owns securities held by a Family Member who shares their household or securities held by a trust of which the individual is a beneficiary or a trustee with investment Control.

An individual is not considered to be the Beneficial Owner of a 401(k) account, individual retirement account or a transfer upon death account for which they are solely a named beneficiary, assuming the individual does not reside with the Family Member and does not have the ability to Control and/or direct transactions in such account.

***Blackout Period*** means the period from the second trading day after quarter end (or such other date as management shall determine) through the end of the first trading day following when TRPG's earnings release is filed with the SEC. Quarterly notifications with respect to the Blackout Period are published on the firm's intranet site.

***Control*** means the power to exercise a controlling influence over the management or policies of a company unless such power is solely the result of an official position with such company. Ownership of more than 25% of a company's outstanding voting securities is presumed to give the holder thereof Control over the company.

***ESPP*** means the T. Rowe Price Group, Inc. Employee Stock Purchase Plan.

***ETF*** means exchange traded fund.

***Exchange traded fund or ETF*** means an investment fund that is traded on a stock exchange.

***Family Member*** means the Associate's spouse, domestic partner, parent, stepparent, child, stepchild, sibling, grandparent, or in-law (including mother, father, sister, brother, daughter or son) sharing the same household as the Associate.

***Independent Director of TRPG, TRP UK, the SICAVs, or the Cayman Funds*** means ****those directors who are neither officers nor employees of TRPG or any of its subsidiaries.

***Investment Personnel*** means an Access Person who, in connection with their regular functions or duties, makes or participates in making, or is closely associated with personnel who make recommendations regarding the purchase or sale of securities by a Price Adviser client.

The term "Investment Personnel" includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Individuals who are authorized to make investment decisions or to recommend securities transactions on behalf
of the firm's clients (investment counselors and members of the mutual fund advisory committees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Research and credit analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Traders who assist in the investment process; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Support staff who assist in the investment process.

***Investment Advisers Act*** means the U.S. Investment Advisers Act of 1940, as amended.

***Investment Company Act*** means the U.S. Investment Company Act of 1940, as amended.

***ITM*** means an investment trust management company.

***OEIC*** means open-ended investment company.

***Price Adviser*** means a subsidiary of T. Rowe Price Group, Inc. that is an investment adviser entity registered with the SEC. For the avoidance of doubt, "Price Adviser" does not include Oak Hill Advisors, L.P. and its subsidiaries.

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds, the family of ETFs advised by a Price Adviser.

***Price Funds*** means any T. Rowe Price-sponsored fund registered under the Investment Company Act, including but not limited to, the T. Rowe Price Mutual Funds and the Price ETFs, and advised by a Price Adviser.

***Price Funds' Independent Directors*** means those directors of the Price Funds who are not deemed to be "interested persons" (as defined in Section 2(a)(19) of the Investment Company Act) of T. Rowe Price Group, Inc. or the Price Funds.

***Private Placement*** means an offering that is exempt from registration by a regulatory authority and sold through a private offering. For purposes of the Policy, investments made: (i) in a small business sourced through family, friends or any other referral source; and (ii) through a crowdfunding site that matches entrepreneurs with investors, through which investors receive an equity stake in the business, are considered Private Placements (*e.g.,* Seedrs, OurCrowd, Crowdcube).

***Reportable Fund*** means any open-end investment company for which any of the Price Advisers serves as an investment adviser. The term Reportable Fund includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Price Funds, including money market funds and the Price ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● UCITs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● SICAVs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● OEICs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ITMs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● AUTs advised by a Price Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any fund managed by a Price Adviser through a sub-advised relationship, including an ETF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any fund offered through retirement plans (*e.g.,* 401(k) plans) other than the T. Rowe Price U.S.
Retirement Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any fund managed by a Price Adviser that is an investment option offered as part of a variable annuity.

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Code Compliance maintains a list of sub-advised Reportable Funds on the firm's intranet site.

***SEC*** means the U.S. Securities and Exchange Commission.

***SICAV*** means société d'investissement à capital variable.

***T. Rowe Price*** means T. Rowe Price Group, Inc. and its subsidiaries, except Oak Hill Advisors, L.P. and its subsidiaries.

***TRPG Independent Director*** means ****those directors of TRPG who are neither officers nor employees of TRPG or any of its subsidiaries.

***TRPG*** means T. Rowe Price Group, Inc.

***TRPG securities*** means any security issued by T. Rowe Price Group, Inc.

***UCITs*** means Undertakings for Collective Investments in Transferrable Securities.

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**EXHIBIT A** 

**CODE OF ETHICS AND PERSONAL TRANSACTION POLICY** 

**Provisions Applicable to Independent Directors** 

**I.**  **<u>INTRODUCTION</u>** 

This Exhibit A sets forth the responsibilities of the Independent Directors of TRPG, TRP UK, SICAVs, Cayman Funds and Price Funds under this *<u>Code of Ethics and Personal Transactions Policy.</u>* Defined terms used herein are the same as those used in the Policy.

The Independent Directors are subject to the requirements set forth below.

**II.**  **<u>REQUIREMENTS FOR</u> <u>THE INDEPENDENT DIRECTORS OF TRPG OR ITS SUBSIDIARIES, OTHER THAN TRP UK</u>** 

**Pre-clearance.** The personal securities trades of TRPG Independent Directors are **<u>not</u>** subject to pre-clearance requirements, <u>except for transactions in TRPG securities</u> for which they are the Beneficial Owner. Pre-clearance is also required when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transferring TRPG securities to another person, entity, or trust account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Giving or receiving TRPG securities, including donation transactions into donor-advised funds such as T. Rowe
Price Charitable Foundation.

Pre-clearance is <u>not</u> required when moving shares of TRPG securities between securities firms or to/from individual or joint brokerage accounts.

Requests for pre-clearance must be submitted to the Payroll & Stock Transactions Group. Pre-clearance is effective for <u>the day it is received and the following business day</u> (taking into consideration the time zone), unless the Independent Director: (i) is advised to the contrary by the Payroll & Stock Transaction Group prior to the proposed transaction; or (ii) comes into possession of material, non-public information concerning T. Rowe Price. Any trades not executed within the prescribed timeframe must be re-submitted.

TRPG Independent Directors may not initiate transactions in TRPG securities during the Blackout Period.

**Reporting.** TRPG Independent Directors are not required to report their personal securities transactions (other than transactions in TRPG securities). If, however, the Independent Director has obtained information about a Price Adviser's investment research, recommendations, or transactions, they must not transact in the securities of the issuers about which they have information.

Independent Directors are reminded that changes to information reported in the Annual Questionnaire for Independent Directors must be reported to Corporate Funds and Administration

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 *(e.g.,* changes in holdings of stock of financial institutions or financial institution holding companies).

**Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG.** An Independent Director shall report to Code Compliance any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer other than TRPG or any of its subsidiaries.

**Reporting of Significant Ownership.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Issuers (other than a non-public investment partnership, pool or fund).* If a TRPG Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares of a public or private issuer, they must report such ownership in
writing to Code Compliance, providing the name of the issuer and the total number of the issuer's shares Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Non-public investment partnerships, pools or funds*. If a TRPG
Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares or units of a non-public investment
partnership, pool or fund over which the Independent Director exercises Control or influence, they must report such ownership in writing to Code Compliance. For non-public investment partnerships, pools or
funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Code Compliance unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

**III.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF TRP UK, THE SICAVS AND THE CAYMAN FUNDS</u>** 

**TRPG securities.** The Independent Directors of TRP UK, the SICAVs, or the Cayman Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

**Pre-clearance.** The personal securities trades of the Independent Directors of TRP UK, the SICAVs, or the Cayman Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds or the funds overseen by TRP UK, SICAVs, or the Cayman Funds.

**Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from TRPG.** An Independent Director of TRP UK, the SICAVs, or the Cayman Funds shall report to Corporate and Funds Administration any officership, directorship, general partnership or other managerial position which they hold with any public, private, or governmental issuer.

**Reporting of Significant Ownership.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Issuers (other than a non-public investment partnership, pool or fund).* If an Independent Director of TRP UK, the SICAVs, or the Cayman Funds owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares of a public or private
issuer, they must report such ownership in writing to Corporate and Funds Administration, providing the name of the issuer and the total number of the issuer's shares Beneficially Owned.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Non-public investment partnerships, pools or funds*. If an
Independent Director of TRP UK, the SICAVs, or the Cayman Funds owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares or units of a non-public investment partnership, pool or fund over which the Independent Director exercises Control or influence, they must report such ownership in writing to Corporate and Funds Administration. For non-public investment partnerships, pools or funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Corporate and Funds Administration unless and until
such ownership exceeds 4% of the total outstanding shares or units of the entity.

**IV.**  **<u>REQUIREMENTS FOR THE INDEPENDENT DIRECTORS OF PRICE FUNDS</u>** 

**TRPG securities.** The Independent Directors of the Price Funds may not own TRPG securities in any account of which they are the Beneficial Owner.

**Pre-clearance.** The personal securities trades of the Independent Directors of the Price Funds are not subject to pre-clearance requirements, as long as the Independent Director had no knowledge of trading involving the Price Funds.

**Reporting.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Transactions in Publicly Traded Securities.* A Price Funds' Independent Director must report
transactions in publicly-traded securities in which they have Beneficial Ownership.

An Independent Director is not required to report securities transactions in accounts over which they have no direct or indirect influence, such as an account over which they have granted full investment discretion to a financial adviser. The Independent Director should contact Code Compliance to request approval to exempt any such accounts from this reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Transactions in Non-Publicly-Traded Securities*. A Price
Funds' Independent Director is not required to report transactions in securities which are not traded on an exchange, unless the Independent Director knew, or in the ordinary course of fulfilling their official duties as an Independent
Director, should have known that during the <u>15-day period</u> immediately before or after the Independent Director's transaction in such non-publicly-traded security, a Price Adviser purchased, sold or considered purchasing or selling such security for a Price Fund or Price Adviser client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Methods of Reporting.* 

<u>Duplicate Trade Confirmations.</u> A Price Funds' Independent Director may satisfy their obligation to report transactions in securities by arranging for the executing brokers to provide duplicate trade confirmations directly to Code Compliance.

<u>Quarterly Report Requirements</u>. If a Price Funds' Independent Director elects to report their transactions by submitting a quarterly report: (i) the report must be filed with Code Compliance no later than 30 days after the end of the calendar quarter in which the

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transaction was effected; and (ii) the report must be filed for each quarter, regardless of whether there were any reportable transactions.

Among the types of transactions that are commonly <u>not</u> reported through a broker confirmation and may therefore have to be reported directly to T. Rowe Price on a quarterly basis are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Retirement plan account activity that occurs in a Reportable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ T. Rowe Price-advised products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Incentive plan account activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Exercise of stock options of a corporate employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ An inheritance of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ A gift of a security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Transactions in certain commodity futures contracts (*e.g.,* financial indices).

A Price Funds' Independent Director must include any transactions listed above, if applicable, in their quarterly reports if they are not included in a duplicate broker confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Reporting of Officership, Directorship, General Partnership or Other Managerial Positions Apart from the Price Funds.* A Price Funds' Independent Director must report to Corporate Funds and Administration any officership, directorship, general partnership or other managerial position which they hold with any public, private or governmental
issuer other than the Price Funds.

**Reporting of Significant Ownership.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Issuers (other than non-public investment partnerships, pools or funds).* If a Price Funds' Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares of a public or private issuer (other than a non-public investment partnership, pool or fund), they must report such ownership immediately in writing to Code Compliance, providing the name of the issuer and the total number of the issuer's shares
Beneficially Owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Non-Public Investment Partnerships, Pools or Funds.* If a Price
Funds' Independent Director owns more than <sup>1</sup>⁄<sub>2</sub> of 1% of the total outstanding shares or units of a non-public investment partnership, pool or fund over which they exercise Control or influence, the Independent Director must report such ownership in writing to Code Compliance. For non-public investment partnerships,
pools or funds where the Independent Director does not exercise Control or influence, they need not report such ownership to Code Compliance unless and until such ownership exceeds 4% of the total outstanding shares or units of the entity.

**Prohibitions.** A Price Funds' Independent Director may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchase or sell the shares of a broker-dealer, underwriter or SEC-registered investment adviser unless that entity is traded on an exchange, or the purchase or sale has otherwise been approved by the Price Funds' board; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Knowingly transact with a Price Fund, other than in connection with market transactions effected through
securities exchanges. This prohibition does not preclude the purchase or redemption of shares of any open-end mutual fund or purchase or sale of any shares of a Price ETF that is a client of any Price Adviser.

**Transactions in Price ETFs.** Following is a summary of requirements applicable when Price Funds' Independent Directors transact in Price ETFs:

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| | |
|:---|:---|
|  | **Independent Directors of Price Funds** |
| &nbsp;&nbsp;&nbsp; Obtain pre-clearance for trades in Price ETFs | No |
| &nbsp;&nbsp;&nbsp; Post-report trades in Price ETFs | Yes |
| &nbsp;&nbsp;&nbsp; Subject to the holding period | No |
| &nbsp;&nbsp;&nbsp; Subject to ad hoc trading restrictions | Yes |
| &nbsp;&nbsp;&nbsp; Ability to buy/sell Price ETFs in the primary market | No |
| &nbsp;&nbsp;&nbsp; Ability to sell short Price ETFs | No |
| &nbsp;&nbsp;&nbsp; Ability to transact in options of the Price ETFs | No |

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**V.**  **<u>VIOLATIONS</u>** 

**Violations by Independent Directors of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds.** Upon discovering a material violation of the Policy by an Independent Director of TRPG, the Price Funds, TRP UK, the SICAVs, or the Cayman Funds, the applicable board of directors will impose such sanctions as it deems appropriate.

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**EXHIBIT B** 

**CODE OF ETHICS AND PERSONAL TRANSACTIONS POLICY** 

**Pre-clearance and Reporting Matrix** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Access Person</u>** <br> **Pre-clearance** | **<u>Access Person</u>**<br> **Reporting** | **<u>Associate</u>**<br> **Pre-clearance** | **<u>Associate</u>**<br> **Reporting** |
| &nbsp;&nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | &nbsp;&nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | &nbsp;&nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | &nbsp;&nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) | &nbsp;&nbsp;&nbsp; **Stocks/Bonds/Derivatives**<br> (Refer to "*Transacting in TRPG Securities"* for specific information relating to trading in TRPG securities) |
| &nbsp;&nbsp;&nbsp;Equity securities | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Fixed income securities | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Corporate and Municipal Bonds | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Derivative instruments | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Writing an option to purchase or sell a security | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Subsequent sale of stock obtained by means of the exercise of stock options | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Exercise of stock option of corporate employer by Access Person's spouse. | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Restricted stock plan automatic sales for tax purposes by Access Person's spouse | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | &nbsp;&nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | &nbsp;&nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | &nbsp;&nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) | &nbsp;&nbsp;&nbsp; **Collective Investment Products**<br> (Refer to "*Transacting in ETFs"* for specific information relating to trading in ETFs) |
| &nbsp;&nbsp;&nbsp;T. Rowe Price products (including the AUTs, ITMs, mutual funds, OEICs, 529 portfolios, SICAVs, and trusts | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Exchange listed collective investment vehicles (including closed-end funds) | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Third-party mutual funds, 529 portfolios, OEICs, SICAVs and variable insurance products | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Unit investment trusts | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Donor-advised funds | No | No | No | No |
| &nbsp;&nbsp;&nbsp;**Private Placements** | &nbsp;&nbsp;&nbsp;**Private Placements** | &nbsp;&nbsp;&nbsp;**Private Placements** | &nbsp;&nbsp;&nbsp;**Private Placements** | &nbsp;&nbsp;&nbsp;**Private Placements** |
| &nbsp;&nbsp;&nbsp;Private Placements | Yes<br> (see *Section IV.C*) | Yes | No\* | No\* |
| &nbsp;&nbsp;&nbsp;Capital calls for Private Placement investments | No | Yes | No | No |
| &nbsp;&nbsp;&nbsp;Distributions received from a Private Placement investment | N/A | No | N/A | No |
| &nbsp;&nbsp;&nbsp;**Other Securities** | &nbsp;&nbsp;&nbsp;**Other Securities** | &nbsp;&nbsp;&nbsp;**Other Securities** | &nbsp;&nbsp;&nbsp;**Other Securities** | &nbsp;&nbsp;&nbsp;**Other Securities** |
| &nbsp;&nbsp;&nbsp;Commercial paper and similar instruments (bankers acceptances, bank certificates of deposit, commercial paper and high quality, short-term debt instruments, including repurchase agreements) | No | No | No | No |
| &nbsp;&nbsp;&nbsp;U.S. Government obligations | No | No | No | No |
| &nbsp;&nbsp;&nbsp;National (other than U.S.) government obligations | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Currency | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Securitized or financial instruments used for currency exposure | No | Yes | No | No |
| &nbsp;&nbsp;&nbsp;Cryptocurrency (*e.g.,* Bitcoin, Ethereum) | No | No | No | No |
| &nbsp;&nbsp;&nbsp;Publicly traded cryptocurrency tracker instruments (ETFs) | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Variable rate demand notes | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report | &nbsp;&nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report | &nbsp;&nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report | &nbsp;&nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report | &nbsp;&nbsp;&nbsp;\*FINRA-registered representatives are required to request pre-clearance and report |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Access Person</u>** <br> **Pre-clearance** | **<u>Access Person</u>**<br> **Reporting** | **<u>Associate</u>**<br> **Pre-clearance** | **<u>Associate</u>**<br> **Reporting** |
| &nbsp;&nbsp;&nbsp;**Transactions** | &nbsp;&nbsp;&nbsp;**Transactions** | &nbsp;&nbsp;&nbsp;**Transactions** | &nbsp;&nbsp;&nbsp;**Transactions** | &nbsp;&nbsp;&nbsp;**Transactions** |
| &nbsp;&nbsp;&nbsp;Securities acquired through an Automatic Investment Plan<sup>4</sup> (initial investment) | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Securities acquired through an Automatic Investment Plan (subsequent investments) | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Non-systemic investment<sup>5</sup> through an Automatic Investment Plan | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Acquisition of securities through inheritance | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Giving stock (non-TRPG) as a gift | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Pro-rata distributions | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Tender offers | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Merger election (voluntary) | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Mandatory acquisition of additional shares or the disposition of existing corporate holdings through stock splits, reverse stock splits, stock dividends, exercise of rights, exchange or conversion | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* |
| &nbsp;&nbsp;&nbsp;Purchases, but not sales, by an Access Person's spouse pursuant to an employee-sponsored payroll deduction plan (as long as Code Compliance has been notified that the spouse will be participating in such plan) | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* | No | Yes<br> *(within 30 days of the end of the quarter in which the transaction occurred)* |
| &nbsp;&nbsp;&nbsp;Sale or exchange of stock held in an Access Person's spouse's payroll deduction plan | Yes | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Sale of partial shares held in an account when the account is transferred to another broker-dealer or to new owner or partial shares sold automatically by the broker-dealer. | No | Yes | No | Yes |
| &nbsp;&nbsp;&nbsp;Transactions effected in a robo-adviser account (investing solely in third party collective investment vehicles) | No | No | No | No |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>4</sup> A program in which regular, periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

<sup>5</sup> A transaction that overrides the preset schedule or allocations of an Automatic Investment Plan.

## Ex-99.(P)(16)

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| | |
|:---|:---|
| ![LOGO](g15837dsp181a.jpg)  | ![LOGO](g15837dsp181b.jpg) |

---

 <br> Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC

Code of Ethics for Victory Capital Management Inc. and

WestEnd Advisors, LLC

Effective April 1, 2025

------

 <br> Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Previously updated: July 1, 2023 | Previously updated: July 1, 2023 |
| **1.** | **Introduction** | **1** |
| **2.** | **Definitions** | **2** |
| **3.** | **Culture of Compliance** | **4** |
| **4.** | **Policy Statement on Insider Trading** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Introduction | &nbsp;&nbsp;&nbsp;&nbsp;A. Introduction | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Scope of the Policy Statement | &nbsp;&nbsp;&nbsp;&nbsp;B. Scope of the Policy Statement | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. What is Material Information? | &nbsp;&nbsp;&nbsp;&nbsp;C. What is Material Information? | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. What is Non-Public Information? | &nbsp;&nbsp;&nbsp;&nbsp;D. What is Non-Public Information? | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. Identifying Inside Information | &nbsp;&nbsp;&nbsp;&nbsp;E. Identifying Inside Information | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;F. Contact with Public Companies | &nbsp;&nbsp;&nbsp;&nbsp;F. Contact with Public Companies | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;G. Tender Offers | &nbsp;&nbsp;&nbsp;&nbsp;G. Tender Offers | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;H. Protecting Sensitive Information | &nbsp;&nbsp;&nbsp;&nbsp;H. Protecting Sensitive Information | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;I. Trading in Securities Listed on Exchanges in Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;I. Trading in Securities Listed on Exchanges in Other Countries | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;J. Public Company Confidential Records | &nbsp;&nbsp;&nbsp;&nbsp;J. Public Company Confidential Records | 8 |
| **5.** | **Conflicts of Interest** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Gifts and Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;A. Gifts and Entertainment | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Political Contributions | &nbsp;&nbsp;&nbsp;&nbsp;B. Political Contributions | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Outside Business Activities | &nbsp;&nbsp;&nbsp;&nbsp;C. Outside Business Activities | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. Other Prohibitions on Conduct | &nbsp;&nbsp;&nbsp;&nbsp;D. Other Prohibitions on Conduct | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. Review of Employee Communications | &nbsp;&nbsp;&nbsp;&nbsp;E. Review of Employee Communications | 13 |
| **6.** | **Standards of Business Conduct** | **13** |
| **7.** | **Personal Trading, Code of Ethics Reporting and Certifications** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Employee Investment Accounts | &nbsp;&nbsp;&nbsp;&nbsp;A. Employee Investment Accounts | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Employee Investment Account Reporting | &nbsp;&nbsp;&nbsp;&nbsp;B. Employee Investment Account Reporting | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Personal Trading Requirements and Restrictions | &nbsp;&nbsp;&nbsp;&nbsp;C. Personal Trading Requirements and Restrictions | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. Representation and Warranties | &nbsp;&nbsp;&nbsp;&nbsp;D. Representation and Warranties | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. Quarterly and Annual Certifications of Compliance | &nbsp;&nbsp;&nbsp;&nbsp;E. Quarterly and Annual Certifications of Compliance | 18 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;F. Review Procedures | &nbsp;&nbsp;&nbsp;&nbsp;F. Review Procedures | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;G. Recordkeeping | &nbsp;&nbsp;&nbsp;&nbsp;G. Recordkeeping | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;H. Whistleblower Provisions | &nbsp;&nbsp;&nbsp;&nbsp;H. Whistleblower Provisions | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;I. Confidentiality | &nbsp;&nbsp;&nbsp;&nbsp;I. Confidentiality | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;J. Reporting to the Board of Directors of Affiliated Funds | &nbsp;&nbsp;&nbsp;&nbsp;J. Reporting to the Board of Directors of Affiliated Funds | 20 |
| **8.** | **Code of Ethics Violation Guidelines** | **20** |
|  **Appendix 1 –** Affiliated Funds, Proprietary Products & Reportable Funds | **Appendix 1 –** Affiliated Funds, Proprietary Products & Reportable Funds | i |
|  **Appendix 2 –** Approved Brokers List | **Appendix 2 –** Approved Brokers List | ii |
|  **Appendix 3 –** Investment Account Disclosure | **Appendix 3 –** Investment Account Disclosure | iii |
|  **Appendix 4 –** Preclearance and Reporting By Security Type | **Appendix 4 –** Preclearance and Reporting By Security Type | iv |
|  **Appendix 5 –** ETFs Eligible for De Minimis Transaction Exemption | **Appendix 5 –** ETFs Eligible for De Minimis Transaction Exemption | vi |
|  **Supplement 1** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement ("Singapore Supplement") | **Supplement 1** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement ("Singapore Supplement") | vii |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. INTRODUCTION** 

Rule 204A-1 of the Investment Advisers Act of 1940 ("Advisers Act") requires all investment advisers registered with the Securities and Exchange Commission ("SEC") to adopt codes of ethics that set forth standards of conduct and require compliance with federal securities laws. Victory Capital Management Inc. ("VCM") and WestEnd Advisors, LLC ("WestEnd") are both registered investment advisers under the Advisers Act and also both wholly owned subsidiaries of Victory Capital Holdings, Inc. ("VCH"). WestEnd and VCM, together with VCM's subsidiaries, RS Investments (UK) Limited, RS Investments (Hong Kong) Limited, and RS Investment Management (Singapore) Pte. Ltd. (collectively the "Affiliated Advisers"), have adopted this Code of Ethics ("Code"), which sets forth the standards of business conduct that are required of Access Persons*.* As an adviser to regulated investment companies, VCM also adopts this Code in adherence to Rule 17j-1<sup>1</sup> under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Officers and employees of RS Investments (Hong Kong) Limited and RS Investment Management (Singapore) Pte. Ltd. should also review the related Code supplements.

VCH is a Delaware corporation with its Class A common stock listed on the NASDAQ Global Select Market, under the ticker symbol "VCTR." As a public company, compliance policies were adopted that apply to VCH and the Affiliated Advisers (collectively "Victory Capital'). The VCH policies are in addition to the compliance program of the Affiliated Advisers. In particular, the policies that apply to Victory Capital include: (1) Code of Business Conduct and Ethics, (2) Corporate Communications Policy and (3) Insider Trading Policy. Affiliated Advisers make these policies readily available to their Access Persons.

Victory Capital Services, Inc. ("VCS"), is a Victory Capital affiliated broker-dealer that (i) provides marketing and distribution support for the Victory Funds and the 529 Plan; (ii) introduces retail customers to the Victory Funds and the 529 Plan on a direct-application basis; and (iii) introduces retail customers to a clearing broker-dealer pursuant to a fully-disclosed clearing arrangement.

Access Persons have a responsibility to adhere to the highest ethical principles. Thus, the Code imposes obligations in addition to those required under applicable laws and regulations. The Code is a minimum standard of conduct. Additionally, Access Persons must act in accordance with their fiduciary duty owed to Affiliated Adviser clients. Therefore, literal compliance with the Code will not protect an Access Persons if their behavior otherwise violates their fiduciary duty. If an Access Person is uncertain as to the intent or purpose of any provision of the Code, or whether a proposed action is compatible with their fiduciary duty, they should consult the appropriate Affiliated Adviser Chief Compliance Officer ("CCO") or a member of the Compliance team.

The Affiliated Advisers recognize the importance of an Access Person's ability to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business and our industry, the Affiliated Advisers have implemented certain standards and limitations designed to minimize these conflicts.

Victory Capital's reputation is of paramount importance; therefore, the Affiliated Advisers will not tolerate blemishes due to careless personal trading or other conduct prohibited by the Code. Consequently, Material Violations (as defined herein) of the Code may be subject to harsh

<sup>1</sup> Rule 17j-1 requires that fund advisers adopt written codes of ethics and have procedures in place to prevent their personnel from abusing their access to information about the fund's securities trading and requires "access persons" to submit reports periodically containing information about their personal securities holdings and transactions.

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sanctions. Frequent violations of the Code may result in limitations on personal securities trading or other disciplinary actions, which can include termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. DEFINITIONS** 

<u>"Access Person"</u> means any employee of VCM. It also includes anyone deemed an Access Person by a CCO. As a matter of practice, the Board of Directors of the Victory Portfolios, Victory Portfolios II, Victory Portfolios III, Victory Portfolios IV, Victory Variable Insurance Funds, Victory Variable Insurance Funds II, and the Pioneer Closed-End Funds (collectively the "Victory Funds") generally consists of members who are not employees or officers of Victory Capital, or their affiliates. Unless designated by the COO, a non-employee director is not treated as an "access person" within the meaning of Rule 204A-1 under the Advisers Act and is not treated as either an "access person" or an "advisory person" of VCM.

<u>"Affiliated Funds"</u> means any individual series portfolio of the Victory Funds, as well as other sub-advised affiliates listed in Appendix 1, each an investment company registered under the Investment Company Act.

"<u>Automatic or Periodic Investment Plan"</u> is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

<u>"Beneficial Interest"</u> means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in the subject Securities. An Access Person is deemed to have a Beneficial Interest in securities owned by members of his or her Immediate Family. Common examples of Beneficial Interest include joint accounts, spousal accounts (including Non-Victory Capital Employee Compensation Programs, Non-Victory Capital Employee Stock Participation Program, and Employer-Sponsored Retirement Plan Accounts), Uniform Transfers to Minors Act accounts, partnerships, trusts and controlling interests in corporations. Any uncertainty as to whether an Access Person has a Beneficial Interest in a Security should be brought to the attention of the Compliance Department. Such questions will be resolved in accordance with, and this definition shall be interpreted in a manner consistent with, the definition of "beneficial owner" set forth in Rules 16a-1(a)(2) and (5) promulgated under the Securities Exchange Act of 1934.

<u>"Blackout Period"</u> means seven (7) calendar days before through seven (7) calendar days after the date a client trade is executed for VCM or the month in which a security is added to the Securities Under Consideration list for WestEnd.

<u>"Business Entertainment"</u> includes any social event, hospitality event, charitable event, sporting event, entertainment event, meal, leisure activity or event of like nature or purpose, and any transportation or lodging accompanying or related to such activity or event, including any entertainment activity offered in connection with an educational event or business conference, irrespective of whether any business is conducted during, or is attendant to, such activity.

<u>"Covered Government Official</u>" means a 1) state or local governmental official; 2) candidate for state or local office; or 3) federal candidate currently holding state or local office. A governmental "official" includes an incumbent, candidate, or successful candidate for elective office of a state or

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local government entity, if the office is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser, or has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser, by a state or a political subdivision of a state.

<u>"De Minimis Security</u>" means an ETF listed in Appendix 5 of this Code of Ethics. In certain situations, a client trade in a De Minimis Security may not trigger a Blackout Period (see *Section 7.C. Personal Trading Requirements and Restrictions* for more detailed information). Personal Trades in De Minimis Securities in Personal Accounts always require pre-clearance and are subject to all other provisions of the Code.

<u>"De Minimis Trade"</u> means a Personal Trade Request that at the time is request is either 1) for an equity security with a market capitalization between $3 billion and $50 billion and the market value for the request is less than $10,000 or 2) for an equity security with a market capitalization above $50 billion and the market value for the request is less than $50,000. In certain situations, a De Minimis Trade may not trigger a Blackout Period (see *Section 7.C. Personal Trading Requirements and Restrictions* for more detailed information). Personal Trades in De Minimis Securities in Personal Accounts always require pre-clearance and are subject to all other provisions of the Code.

<u>"Exempt Securities"</u> means 1) direct obligations of the U.S. Government; 2) bankers' acceptances, bank certificates of deposit and commercial paper; 3) investment grade, short-term debt instruments, including repurchase agreements; 4) shares held in money market funds; 5) variable insurance products that invest in funds for which an Affiliated Adviser does not act as adviser or sub-adviser; 6) open-end mutual funds for which an Affiliated Advisers does not act as adviser or sub-adviser; and 7) investments in qualified tuition programs ("529 Plans"). Exempt Securities do not need to be pre-cleared.

<u>"Franchise"</u> means a group of employees who report directly or indirectly to the same Chief Investment Officer that oversees a brand-named strategy

"<u>Immediate Family</u>" means all family members who share the same household, including but not limited to, a spouse, domestic partner, fiancée, parents, grandparents, children, grandchildren, siblings, step-siblings, step-children, step-parents, or in-laws. Immediate Family includes adoptive relationships and any other relationships (whether or not recognized by law) that a CCO determines could lead to conflicts of interest, diversions of corporate opportunity, or create the appearance of impropriety.

"<u>Initial Holdings Report</u>" is a report that discloses all securities holdings of every Access Person, which must be submitted to the Compliance Department within ten (10) calendar days of becoming an Access Person.

"<u>Initial Public Offering" or "IPO"</u> means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before such registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

<u>"Managed Accounts"</u> means investment advisory or brokerage accounts over which an Access Person has no direct or indirect influence or control in the investment decisions or activities.

"<u>Material Non-Public Information" or "MNPI"</u> means information that is both <u>material</u> *and* <u>non-public</u> that might have an effect on the market for a security. Access Persons who possess MNPI must not act or cause others to act on such information.

<u>"Material Violation"</u> means any violation of this Code or other misconduct deemed material by a CCO, in conjunction with the Compliance Committee or the VCM Board of Directors.

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"<u>Maximum Allowable Trades</u>" means Access Persons are limited to 15 trades in individual securities per calendar quarter across their Personal Accounts. A trade in the same security in multiple accounts on the same day will count as one trade towards the Maximum Allowable Trades in a quarter. Individual securities transactions that do not require pre-clearance (i.e. open-end mutual funds, dividend reinvestments) will not count towards the Maximum Allowable Trades.

<u>"MCO"</u> means MyComplianceOffice, which is a web-based compliance system used to track and approve employee personal trading, gifts and entertainment, political contributions, and outside business activities, store policies, and facilitate employee certifications and manage other compliance objectives.

<u>"Personal Account"</u> means an investment account in which an employee retains investment discretion.

"<u>Personal Trading" or "Personal Trades</u>" means trades or transactions by Access Persons in their Personal Accounts.

<u>"Proprietary Product"</u> is a fund or product in which Victory Capital or its employees have an aggregate of 25% or more Beneficial Interest. See *Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds* for more information.

<u>"Reportable Fund"</u> means any investment company registered under the Investment Company Act for which an Affiliated Adviser is an investment adviser or a sub-adviser, or any registered investment company whose investment adviser or principal underwriter controls Victory Capital, is controlled by Victory Capital, or is under common control with Victory Capital. See *Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds* for more information.

<u>"Reportable Security"</u> means any security that is not an Exempt Security, for which Access persons must submit holdings and transaction reports. See the list of Exempt Securities under *Appendix 4*, as defined by rule 204A-1 under the Investment Advisers Act of 1940.

<u>"RIC"</u> means a Regulated Investment Company.

<u>"Short-Sell" or "Short-Selling"</u> means the sale of a security that is not owned by the seller. Access Persons may not take a short position in a security. However, mutual funds or ETFs that correspond to the inverse performance of a broad-based index are not considered to be Short-Sales. For example, buying (long) the ProShares Short S&P500 ETF is permitted. Employees may also trade in funds that track a volatility index.

<u>"Solutions Team"</u> means any employee who is a member of the Solutions Platform group, generally involved in passive investments.

"<u>Victory Capital Stock</u>" means securities offered by VCH or any subsidiary through a registration statement that has been declared effective by the SEC (e.g. "VCTR").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. CULTURE OF COMPLIANCE** 

The Affiliated Advisers' primary objective is to provide value through investment advisory, sub-advisory and other financial services to a wide range of clients, including governments, corporations, financial institutions, high net worth individuals, pension funds, and retail clients.

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The Affiliated Advisers require that all dealings on behalf of existing and prospective clients be handled with honesty, integrity and high ethical standards, and that such dealings adhere to the letter and the spirit of applicable laws, regulations and contractual guidelines. As a general matter, the Affiliated Advisers are fiduciaries that owe their clients a duty of undivided loyalty, and you have a responsibility to act in a manner consistent with this duty. You must actively work to avoid the possibility that the advice or services provided to clients is, or gives the appearance of being, based on your self-interest or the interests of the Affiliated Advisers and not in the clients' best interests. Violations of the Code must be reported promptly to the appropriate CCO or his/her designee.

You must act solely in the best interests of our clients. Statutory and regulatory requirements impose specific responsibilities governing the behavior of personnel in carrying out their responsibilities to clients and you must comply fully with these rules and regulations. Your respective Compliance Department professionals are available to assist you in meeting these requirements.

Since no set of rules can anticipate every possible situation, it is essential that you obtain guidance from the appropriate CCO, Chief Legal Officer ("CLO"), or their designees when you are unsure how to follow these rules in letter and in spirit. It is your responsibility to fully understand and comply with the Code and other applicable policies or seek guidance from a CCO. Technical compliance with the Code and its procedures will not necessarily validate an action. Any activity that compromises the Affiliated Advisers integrity, even if it does not expressly violate a rule, may result in further action from a CCO. In some instances, a CCO holds discretionary authority to apply exceptions under the Code. In a CCO's absence, the CLO may act in his or her place.

The Affiliated Advisers' fiduciary responsibilities apply to a broad range of investment and related activities, including sales and marketing, portfolio management, securities trading, allocation of investment opportunities, client service, operations support, performance measurement and reporting, new product development as well as personal investing activities. These obligations include the duty to avoid material conflicts of interest (and, if this is not possible, to provide full and fair disclosure to clients in communications), to keep accurate books and records, and to supervise personnel appropriately. These concepts are further described in the sections that follow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. POLICY STATEMENT ON INSIDER TRADING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Introduction** 

The Affiliated Advisers seek to foster a culture of compliance, a reputation for integrity, professionalism and values, and endeavors to protect the confidence and trust placed in us by our clients. To further that goal, this Policy Statement implements procedures to deter the misuse of MNPI in securities transactions.

The term "insider trading" is not defined in the federal securities laws but refers generally to the situation when a person trades while aware of MNPI or communicates MNPI to others in breach of a duty of trust or confidence.

While the law concerning insider trading is not static, it is generally understood that the law prohibits any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by an insider, while aware of MNPI;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by a non-insider, while aware of MNPI, where the information was
disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating MNPI to others in breach of a duty of trust or confidence.

Trading securities while in possession of MNPI or improperly communicating that information to others may result in stringent penalties. Criminal sanctions may include fines of up to $5,000,000, twenty years' imprisonment, or both. The civil penalty for a violator may be an amount up to three times the profit (or loss avoided) as a result of the insider trading violation, and a permanent bar from working in the securities industry. Investors may sue and seek to recover damages for insider trading violations.

Regardless of whether a regulatory inquiry occurs, the Affiliated Advisers take seriously any violation of this Policy Statement. Such violations constitute grounds for disciplinary sanctions, up to and including dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Scope of the Policy Statement** 

This Policy Statement is drafted broadly and will be applied and interpreted in a similar manner. It applies to all Access Persons and to transactions in any security participated in by Immediate Family members of Access Persons or trusts or corporations controlled by Access Persons.

Any questions relating to this Policy Statement should be directed to a CCO or his/her designee. You must notify compliance immediately if you have any reason to believe that a violation of this Policy Statement has occurred or is about to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. What is Material Information?** 

Trading on inside information is not a basis for liability unless the information relied upon is deemed to be material. "Material" information is defined generally as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. If the disclosure of that information would be expected to alter the total mix of information that is publicly available about that company, then the information is considered material. Any questions about whether information is material should be directed to a member of compliance.

Material information often relates to a company's financial results and operations, including, for example, dividend changes, earning results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments. Information about a company could be material because of its expected effect on a particular class of the company's securities, all of the company's securities, the securities of another company, or the securities of several companies. Material information does not have to relate to a company's business. For example, in *Carpenter v. U.S.*, the Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a reporter for The Wall Street Journal was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal and whether those reports would be favorable or not.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. What is Non-Public Information?** 

For issues concerning insider trading to arise, information must not only be material, it must also be "non-public". Non-public information is information that has not been made available to investors generally. Information received in circumstances indicating that it is not yet in general circulation or where the recipient knows or should know that the information could only have been provided by an "insider" is also deemed non-public information. For non-public information to become public information, it must be disseminated through recognized channels of distribution designed to broadly reach the securities marketplace.

Facts verifying that the information is public (and therefore has become generally available) may include, for example, and without limitation, disclosure 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;&nbsp;&nbsp;&nbsp;&nbsp; National business and financial wire service, such as Dow Jones or Reuters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National news service or newspaper, such as AP or The Wall Street Journal; 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; Publicly disseminated disclosure document, such as a proxy statement or prospectus.

The circulation of rumors or "talk on the street", even if accurate, widespread and reported in the media, does not constitute the requisite public disclosure. In addition, the information must not only be publicly disclosed, there must also be adequate time for the market to digest the information. Material non-public information is not made public by selective dissemination. Material information improperly disclosed only to institutional investors or to a fund analyst or a favored group of analysts retains its status as "non-public" information that must not be disclosed or otherwise misused.

Partial disclosure does not constitute public dissemination. So long as any material component of the "inside" information has yet to be publicly disclosed, the information is deemed non-public and may not be misused.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Identifying Inside Information** 

Before executing any Personal Trades or trades for client accounts, Access Persons must determine whether they have access to MNPI. If you believe that you might have access to MNPI, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report the information and proposed trade immediately to a CCO or a member of compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not purchase or sell the securities as Personal Trades or for clients without written clearance to do so from a CCO
or a member of compliance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not communicate the inside information other than to compliance and, if necessary, your direct manager.

A member of the Compliance Department will determine whether the information is material and nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Contact with Public Companies** 

The Affiliated Advisers contact with public companies may help form the basis of investment decisions. Legal issues may arise if, in the course of these contacts, you become aware of MNPI. This could happen, for example, if a company's chief financial officer were to

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prematurely disclose quarterly results, or an investor relations representative selectively discloses adverse news to a handful of investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Tender Offers** 

Tender offers represent a particular concern in the law of insider trading for two reasons. First, tender offer activity often produces extraordinary gyrations in the price of the target company's securities. Trading during this time is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC forbids trading and "tipping" while in possession of MNPI regarding the receipt of a tender offer, the tender offeror, the target company or anyone acting on behalf of either of these parties. You should exercise caution any time you become aware of non-public information relating to a tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Protecting Sensitive Information** 

You are responsible for safeguarding all confidential information relating to investment research, fund and client holdings, including analyst research reports, investment meeting discussions or notes, and current fund or client transaction information, regardless whether such information is deemed MNPI. Other types of information (for example, marketing plans, employment issues and shareholder identities) may also be confidential and should not be shared with individuals outside the company unless approved by a CCO or an executive officer.

You are expressly prohibited from knowingly spreading any false rumor concerning any company, or any purported market development, that is designed to impact trading in or the price of that company's or any other company's securities, and from engaging in any other type of activity that constitutes illegal market manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Trading in Securities Listed on Exchanges in Other Countries** 

Trading in securities listed on exchanges in other countries is governed by the laws of that country. When trading in such securities, you must ensure compliance with applicable law, which in all relevant cases prohibits trading on the basis of MNPI or price-sensitive information, as those terms are defined in the relevant jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Public Company Confidential Records** 

VCH's and Affiliated Adviser records must always be treated as confidential and must not be disclosed or used for any purpose at any time other than for the normal course of business. Information learned about other entities in a special relationship with VCH, such as acquisition, joint venture and partnership negotiations, is confidential and must not be disclosed without proper authorization.

At all times, you are prohibited from making any recommendation or expressing any opinion as to trading in Victory Capital Stock

See VCH's *Corporate Communications Policy* and *Insider Trading Policy* for more information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. CONFLICTS OF INTEREST** 

A "conflict of interest" exists when your interests may be contrary to our clients' and shareholders' interests. A conflict may arise if you take action or have business, financial or other interests that may make it difficult to perform your work objectively and effectively.

Conflicts of interest may arise, for example, if you or your Immediate Family member receives improper personal benefits (for example, personal loans, services, or payment for services) as a result of your position at an Affiliated Adviser or you gain personal enrichment or benefits through access to confidential information. Conflicts may also arise if you or an Immediate Family member holds a financial interest in a company that does business with an Affiliated Adviser or has outside business interests that may result in divided loyalties or compromised independent judgment. Conflicts may also arise when making securities investments for Proprietary Products or Personal Accounts or when determining how to allocate trading opportunities.

Conflicts of interest can arise in many common situations, despite best efforts to avoid them. This Code does not attempt to identify all possible conflicts of interest. Literal compliance with each of the specific procedures will not shield you from liability for Personal Trading or other conduct that violates your fiduciary duties to clients. You are encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. Any questions regarding a conflict of interest or potential conflict of interest should be directed to a manager, a CCO or a representative of compliance.

The following areas represent many common types of conflicts of interests and the procedures to be followed; however, the list is not intended to be all-inclusive. A summary is provided for each case, but further details can be found in the related policies and procedures for your specific Affiliated Adviser. To the extent there is a conflict between an Affiliated Adviser's related policies and procedures and the requirements of the Code, the Code shall prevail. For questions related to conflicts of interest, please contact a member of your Affiliated Adviser's compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Gifts and Entertainment** 

<u>Gifts</u>

Giving or receiving gifts or other items of value to or from persons doing business or seeking to do business with an Affiliated Adviser could call into question the independence of its judgment as a fiduciary of its clients. Accordingly, such conduct is only permitted in accordance with the limitations stated herein.

Affiliated Adviser policies on gifts and entertainment are derived from industry practices. You should be aware that there are various laws and regulations that prohibit you from giving anything of value to employees of various financial institutions in connection with attempts to obtain any business transaction with the institution, which is viewed as a form of bribery. If there is any question about the appropriateness of any particular gift, you should consult a member of compliance.

Under no circumstances may a gift be received as any form of compensation for services provided by an Affiliated Adviser or an Access Person. Gifts of nominal value may be given to or accepted from present or prospective customers, brokers, service providers, suppliers or vendors with whom there is an actual or potential business relationship. You are required to pre-clear all gifts given and received in MCO, and promptly report all gifts given in the Affiliated Adviser's expense reporting system. Any gifts received must promptly be

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disclosed in MCO. Gifts from an individual or entity may not exceed $100 in aggregate value in any calendar year unless pre-approval is obtained from your direct manager and compliance.

Gifts of up to $100 per person per year may be provided to present or prospective customers, brokers, service providers, suppliers or vendors with whom there is an actual or potential business relationship.

Additional policies concerning gifts may be applicable depending on the type of customer (e.g., ERISA, foreign, union, government officials, or Covered Government Officials).

Please refer to the *Gifts and Entertainment Policy* (F-3) for more information.

<u>Entertainment</u>

You may sponsor and participate in Reasonable and Customary Business Entertainment. Any Business Entertainment that is not Reasonable and Customary must be pre-approved by a CCO and your manager. You must accompany the persons being entertained for an entertainment activity to qualify as permissible Business Entertainment. All Business Entertainment expenses must be reported promptly in the applicable expense reporting system, listing each attendee at the entertainment event. The receipt of Business Entertainment must be disclosed promptly after each occurrence in MCO, with the exception of infrequent business meals that cost no more than $25 per person. If the client, broker, service provider, vendor or supplier is not present, the entertainment is considered a gift. Items that are normally associated with entertainment that are given or received during a virtual event can be considered entertainment as long as the appropriate parties are in attendance at the virtual event.

Additional policies concerning gifts and entertainment may be applicable depending on the type of customer (e.g., ERISA, foreign, union, government officials, or Covered Government Officials).

Please refer to the *Gifts and Entertainment Policy* (F-3) for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Political Contributions** 

SEC regulations limit political contributions to Covered Government Officials by employees of investment advisory firms and certain affiliated companies. The SEC's "Pay-to-Play" Rule 206(4)-5 (the "Rule") prohibits advisers from receiving any compensation for providing investment advice to a government entity within two years after a contribution has been made by the adviser or one of its covered associates. The two-year time out is triggered by a political contribution to an official of a government entity. The date of the contribution starts the time out.

The Rule permits contributions of up to $350 per person for any election to an elected official or candidate for whom the individual is entitled to vote, and up to $150 per person for any election to an elected official or candidate for whom the individual is not entitled to vote. Many U.S. cities, states and other government entities have also adopted regulations restricting political contributions by associates of investment management firms seeking to provide services to a governmental entity. While contributions to candidates in federal elections would generally not raise any issues under state or local laws, contributions to state and local officials are generally not approved. Prior to the commencement of employment, you must disclose all political contributions in the past 2 years to Human Resources. During

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employment, you must receive approval from compliance through MCO before making personal political contributions at all levels. Political contributions which require pre-approval include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covered Government Officials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal candidate campaigns and affiliated committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political Action Committees (PACs) and Super PACs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-profit organizations that may engage in political activities, such as
501(c)(4), 501(c)(6) organizations, and 527 organizations

Note: U.S. national political party donations (e.g. Democratic or Republican) do not require preclearance, provided the donation is not earmarked for a specific candidate.

Contributions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary contributions, gifts or loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "In kind" contributions (e.g. donations of goods or services or underwriting or hosting fundraisers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions to help pay a debt incurred in connection with an election (including transition or inaugural expenses,
purchasing tickets to inaugural events);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions to joint fund-raising committees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions made by a PAC that is controlled by an Access Person.

See the *Political Contributions Policy* (F-2) for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Outside Business Activities** 

Prior to commencement of employment with VCM, all Outside Business Activities ("OBAs") must be disclosed to Human Resources. During employment and prior to commencement of any new OBA, you must fill out and submit an OBA request form in MCO. You are responsible for notifying compliance of any material OBA changes and must review, update and certify quarterly to your OBA activities.

<u>Holding Political Office/Appointments</u>

You must avoid any political appointment that may conflict with the performance of your duties on behalf of the Affiliated Advisers and their clients. Prior written approval must be obtained from a CCO before holding political office and, if approved, must be confirmed annually through the compliance certification process. You must expressly remove yourself from any discussions and decisions regarding products or services offered by the Affiliated Advisers.

<u>Outside Employment or Business Activities</u> 

You may pursue other interests on your own time as long as the activity doesn't conflict, interfere, or reflect negatively on the Affiliated Advisers or their clients. However, full-time employees should consider their position to be their primary employment.

All outside business activities must be reported to and pre-approved by both your manager and a CCO (or CCO designee). Outside employment or business activities may be considered any activity conducted by you for another organization or business purpose that is outside the scope of your job function with the Affiliated Advisers. This includes, but is not limited to, being an employee, independent contractor, consultant, sole proprietor, officer, director or partner of another organization, or being compensated by, or having the reasonable expectation of compensation from, any other

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person or organization as a result of any business activity outside the scope of the relationship with the Affiliated Advisers. Certain activities are <u>not</u> considered reportable OBAs, including any non-investment related activity that is exclusively charitable, civic, religious or fraternal, and is recognized as tax exempt.

Passive investments requirements are governed by the Limited Offerings and Private Placement sections of this Code. If you are unsure if a specific activity is an OBA or passive investment, you should consults with a member of compliance.

Absent prior approval of a CCO and the Chief Executive Officer, you or your Immediate Family member may not serve on the board of directors of any publicly traded company or investment company. You or your Immediate Family member's service on a for-profit private company's board of directors must also be pre-approved by your direct manager and a CCO or CLO, and reported on the your annual Code certification.

All outside employment or business activities must be reported to and pre-approved by both your direct manager and a CCO and reported on your quarterly certification. You are prohibited from the commencement of any outside employment or business activities until a CCO's approval within MCO has occurred.

In addition to these outside employment or business activity procedures, if you are a registered representatives of VCS, you must also adhere to related requirements as set forth in VCS's Written Supervisory Procedures Manual.

See the *Outside Business Activity* Policy (F-4) for more information.

<u>Bequests</u>

A bequest is the act of leaving or giving something of value in a will. The acceptance of a bequest from a client, vendor or business partner may raise questions about the propriety of that relationship. Any potential or actual bequest in excess of $100 made to you by a client, vendor, or business partner under a will or trust agreement must be reported to compliance, unless the grantor is a member of your immediate family. Such bequests shall be subject to the approval of your direct manage and a CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Other Prohibitions on Conduct** 

In addition to the specific prohibitions detailed elsewhere in the Code, you are subject to a general requirement not to engage or participate in any act or practice that would defraud Affiliated Adviser clients. This general prohibition includes, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making any untrue statement of a material fact or employing any device, scheme or artifice to defraud a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Omitting to state a material fact, or failing to provide any information necessary to properly clarify any statements
made, in light of the circumstances, thereby creating a materially misleading impression;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misuse of client confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making investment decisions, changing internal research ratings and trading decisions other than exclusively for the
benefit and in the best interest of our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using information about investment or trading decisions or changes in research ratings (whether considered, proposed or
made) to benefit or avoid economic injury to an Access Person or anyone other than our clients.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking, delaying or failing to take any action with respect to any research recommendation, report or rating or any
investment or trading decision for a client in order to avoid economic injury to an Access Person or anyone other than a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing or selling a security on the basis of knowledge of a possible trade by or for a client with the intent of
personally profiting from personal holdings in the same or related securities ("front-running" or "scalping");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revealing to any other person (except in the normal course of your duties on behalf of a client) any information
regarding securities transactions by any client or the consideration by any client of any such securities transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on a client or
engaging in any manipulative practice with respect to any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Review of Employee Communications** 

All correspondence related to the Affiliated Advisers' business and any client correspondence is subject to review by compliance. The Affiliated Advisers are required to maintain original records of employee correspondence that is communicated on approved devices (such as through email). In addition, the Affiliated Advisers are required to monitor employee communications and compliance with conflicts of interest and insider trading policies and procedures. Consequently, all employee communications, including emails and other forms of electronic communication are archived and subject to review for compliance purposes. You are advised that you should have no expectation of privacy regarding personal communications that are sent or received on company-provided or connected electronic devices or communication platforms, such as instant messages or emails.

Additionally, you are prohibited from sending client communications via any personal email account, instant messaging, text or other method that is not captured in our archiving system. You may only use an Affiliated Adviser's e-mail system, instant messaging system, Bloomberg and other explicitly approved methods for business-related communications. You are permitted to communicate on an Affiliated Adviser's e-mail system connected through personal mobile devices such as smartphones. See the appropriate technology policy for more information*.* 

**6. STANDARDS OF BUSINESS CONDUCT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a duty to place the interests of client accounts first and not take advantage of your position at the expense
of clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must not mislead or defraud any clients by any statement, act or manipulative practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All personal securities transactions must be conducted in a manner to avoid any actual, potential, or appearance of, a
conflict of interest, or any abuse of your position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not induce or cause a client to take action, or not to take action, for personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not share portfolio holdings information except as permitted by the applicable portfolio holdings disclosure
policy. See the policy for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must notify a CCO or CLO, as soon as reasonably practical, if you are arrested, arraigned, indicted or plead no
contest or guilty to any criminal offense (other than minor traffic violations) or if named as a defendant in any investment-related civil proceeding or any administrative or disciplinary action.

**7. PERSONAL TRADING, CODE OF ETHICS REPORTING AND CERTIFICATIONS** 

Personal Trading is a privilege granted by the Affiliated Advisers that may be withdrawn at any time. All personal investment activities must be conducted in accordance with your fiduciary duty and the

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requirements of the Code at all times. The CCOs have complete discretion over all Personal Trading activity and have no obligation to explain any denial or restriction relating thereto. You may be required to disgorge any gains generated (or losses avoided) from Personal Trading violations. Access Persons must maintain adequate records of all Personal Trading transactions and be prepared to disclose those transactions to compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Employee Investment Accounts** 

Subject to disclosure and pre-clearance requirements, Access Persons may open and maintain Managed Accounts and Personal Accounts with select brokers supported by MCO through direct electronic feeds ("Approved Brokers"). Any accounts held with a broker that is not on the Approved Broker List must be transferred to an Approved Broker within 90 days of the commencement of employment.

On a case-by-case basis, compliance may approve certain accounts held with brokers that are not on the Approved Brokers List. Compliance must still receive statements for each of these types of accounts, regardless of whether they are Managed or Personal Accounts.

For a list of Approved Brokers see *Appendix 2 – Approved Brokers List.* For a summary of account disclosure requirements see *Appendix 3 – Investment Account Disclosure.* For a summary of preclearance requirements see *Appendix 4 – Preclearance and Reporting By Security Type.*

<u>Managed Accounts</u> 

Access Persons may open and maintain Managed Accounts with Approved Brokers. With the exception of IPOs and Limited Offerings, the requirements listed below under Personal Trading Requirements and Restrictions do not apply to Managed Accounts. Participation in an IPO or a private placement in a Managed Account still requires prior approval of a CCO or his/her designee.

Managed Accounts require the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They must be approved by compliance prior to trading or on the next quarterly certification, whichever is sooner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the end of each quarter, <u>all employees</u> must certify that all Managed Accounts have been disclosed and
verify all transactions are correctly reflected in MCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The employee must certify and compliance must be able to independently verify that the account is truly discretionary;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must certify quarterly that they had no direct or indirect influence or control over any transactions
that occurred in their Managed Accounts.

Failure to adhere to these requirements could lead to disciplinary actions and penalties up to and including termination.

<u>Personal Accounts</u> 

Access Persons may open and maintain Personal Accounts at Victory Capital Services and with brokers on the Approved Brokers List (see Appendix 2). All requirements listed below under Personal Trading Requirements and Restrictions apply to Personal Accounts.

Personal Accounts require the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They must be approved by compliance prior to trading or on the next quarterly certification, whichever is sooner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the end of each quarter, <u>all employees</u> must certify that all Personal Accounts have been disclosed and
verify all Personal Trades or transactions are correctly reflected in MCO.

Access Persons acknowledge and agree that the Affiliated Advisers may request and obtain information regarding Personal Accounts from broker-dealers. Affiliated Advisers may use personal information, including name, address and social security numbers, to identify and verify employee accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Employee Investment Account Reporting** 

<u>Investment Account Disclosure</u>

All Personal Accounts and Managed Accounts must be disclosed to and approved by compliance prior to trading or on the next quarterly certification, whichever is sooner. New Hires may not trade in their existing accounts until they have been disclosed and approved by compliance. By regulation, such disclosure must take place within 10 days of hire. Failure to comply may result in sanctions imposed by the VCM Compliance Committee and/or Board of Directors.

<u>Initial Holdings Report/Annual Holdings Report</u> 

No Personal Trading will be authorized before compliance has received a completed Initial Holdings Report as part of the new hire on-boarding process. Any exceptions must be approved by a CCO. The Initial Holdings Report must be submitted to compliance within ten (10) calendar days of becoming an Access Person. All Access Persons must submit a similar report annually to compliance. These reports must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date when the individual became an Access Person (Initial Holdings Report only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of each Personal Account in which any securities are or could be held in the Beneficial Interest of the Access
Person, and the name of the broker-dealer or financial institution holding these accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current holdings in private placements (or non-public offering), including
private equity, hedge funds or partnerships; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Reportable Security or Reportable Fund in which the Access Person has a Beneficial Interest, including title,
number of shares, and principal amount. Holdings information must be current as of 45 calendar days before the report is submitted.

<u>Quarterly Securities Transaction Report</u> 

At the end of each quarter, every Access Person must verify his or her Personal Trades or transactions in Personal Accounts through MCO by submitting a Securities Transaction Report ("STR") no later than 30 calendar days following the end of each calendar quarter (whether or not trades were made). The STR must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description of any transaction in a Reportable Security or Reportable Fund effected during the preceding quarter, such
as the date, number of shares, principal amount of securities involved, nature of the transaction (i.e., a buy or a sell), price, and the name of the broker/dealer or financial institution that effected the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name and number for any account established in the preceding quarter

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Certain transactions are exempt from the quarterly reporting requirement. See *"Summary of Preclearance Requirements"* in *Appendix 4 – Preclearance and Reporting By Security Type* for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Personal Trading Requirements and Restrictions** 

<u>Prohibited Securities and Transactions</u>

Commodities, currencies, futures, options, and selling securities short are prohibited in Personal Accounts.

Investments in companies under common control of VCH are also prohibited in Personal Accounts.

<u>Pre-clearance Requirement</u>

You must obtain compliance approval prior to executing a transaction that requires pre-clearance (see Appendix 4 – *Preclearance and Reporting By Security Type)*. Approval may only be requested by submitting a *Personal Trade Pre-Clearance Request* ("PTR") in MCO. Compliance approval expires at the end of the trading day approval was provided (see exception granted to Covered Persons, as defined in VCH's *Insider Trading Policy*). In certain circumstances, an approved and executed Personal Trade may need to be broken or profits disgorged (e.g. a Blackout Period triggered by subsequent client trading).

*Cryptocurrencies* – Trading in cryptocurrencies must be pre-cleared using the appropriate section of the Trade Pre-Clearance form within MCO. Such trades must be executed either in an account at a firm that is on our approved broker list (see Appendix 2) or in an account that does not offer any security trading capability. Accounts established to trade cryptocurrencies that do not have security trading capabilities must be reported in MCO. Receiving pre-clearance approval does not relieve you of your fiduciary duty and the responsibility to follow the spirit of the Code.

Compliance will review cryptocurrency trade requests for perceived or actual conflicts. As a general rule, compliance expects that cryptocurrencies traded on common crypto exchanges (e.g. Coinbase) will not pose a conflict and would be approved. Trades in cryptocurrencies will not be subject to the Short-Term Trading Period or count towards your Maximum Allowable Trades, however compliance may deny trades if it determines an actual or perceived conflict exists or an employee is trading too frequently. Decisions for approval and denial are the sole responsibility of compliance and are final.

You should be aware that the regulatory environment continues to evolve with respect to cryptocurrencies. In the future, you may be required to divest crypto holdings or hold them only at approved account providers if deemed necessary to meet regulatory requirements.

<u>Prohibition on Personal Trades Ahead of Client Pending Orders</u>

You are prohibited from executing Personal Trades in securities where you are aware of any pending orders in such securities by any Franchise that, if executed, would trigger a Blackout Period, create a conflict, or disadvantage a client. Adherence to the above Pre-Clearance Requirement does not provide relief from this prohibition.

<u>Franchise Blackout Period</u> 

The Franchise Blackout Period is triggered by all client trades within an employee's specific Franchise. De Minimis Trades and ETFs listed in Appendix 5 are not subject to the blackout period.

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Employees may not make De Minimis Trades in the same security on consecutive trading days. The LCR Department does not provide exceptions to the Franchise Blackout Period beyond De Minimis Trades and ETFs.

<u>Standard Blackout Period</u> 

For all other employees (e.g. support staff) and the Victory Solutions Team the Standard Blackout Period is triggered by all client trades. Therefore, a Personal Trade by an employee during a Blackout Period in the same name as any client is generally prohibited. De Minimis Trades and ETFs listed in Appendix 5 are not subject to the Standard Blackout Period. Employees may not make De Minimis Trades in the same security on consecutive trading days. The appropriate CCO, or his/her designee, may determine that a nonvolitional client trade (e.g. cash flow trading) did not trigger a Blackout Period. In such cases, Compliance will confirm that there are no other potential conflicts before approving or reviewing a Personal Trade. Additionally, in certain situations (e.g. shared office spaces), the CCO, or his/her designee, may apply the Standard Blackout Period to Franchises.

<u>Private Equity Prohibitions</u> 

Employees who are part of a franchise that invests in private equity on behalf of clients are prohibited from investing in any publicly-listed portfolio companies held by such franchise. Publicly-listed companies that are not portfolio companies but are in similar sectors and industries as those that are held will be reviewed on a case-by-case basis for potential conflicts.

<u>Short-Term Holding Period</u>

Personal Trading must be for investment purposes rather than for speculation. You may not purchase and sell or sell and purchase the same security within sixty (60) calendar days, calculated on a LIFO basis. This means each purchase will require you to hold your entire position in that security for 60 days. Similarly, this means each sale will require you not to purchase that name for 60 days. Excess profits (or losses avoided) as a result of violating this restriction may be subject to disgorgement. You should carefully consider whether you have the conviction to hold an entire position or refrain from adding to a position for at least 60 days before engaging in buy or sell transactions. See exceptions related to trading in Victory Capital stock. The Short-Term Holding Period only applies to transactions that require pre-clearance.

The appropriate CCO, in his/her sole discretion, may approve exceptions to this requirement.

<u>Maximum Allowable Trades</u>

You are limited to 15 Personal Trades in individual securities per calendar quarter across your Personal Accounts. A trade in the same security in multiple accounts on the same day will count as one trade. Transactions listed in the "Reportable ONLY (Preclearance NOT Required)" section of Appendix 4 do not count toward the 15 allowable trades. A CCO, in his/her sole discretion, may approve exceptions to this requirement.

<u>Prohibition on Small Market Capitalization Securities</u> 

Personal Trade purchases in smaller market capitalization stocks of $3 billion market capitalization or less are prohibited. Due to potential conflicts associated with such names, Victory reserves this universe for client use. New hires who hold names in such securities or existing employees who hold names that have since gone below $3 billion should speak to the LCR Department prior to submitting a request to sell.

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<u>IPO Rule</u> 

You may <u>not</u> directly or indirectly acquire a Beneficial Interest in any securities offered in an IPO or in an Initial Coin Offering (ICO), in a Personal Account or Managed Account, without prior approval of a CCO or his/her designee.

<u>Limited Offerings (Private Placements)</u> 

You may <u>not</u> acquire a Beneficial Interest in a private placement without the prior approval of a CCO or his/her designee. Prior approval is required whether investing directly or through a Personal Account or Managed Account. Private placements, such as investment in a private company, investments in a hedge fund or other private investment fund are reportable through the preclearance process. Subsequent capital contributions and full or partial redemptions must be precleared through MCO.

<u>Market Timing Mutual Fund Transactions</u> 

You shall not participate in any activity that may be construed as market timing of mutual funds. Specifically, you shall <u>not</u> engage in excessive trading or market timing activities as described in each prospectus of a Proprietary Product or Reportable Fund.

<u>Trading in Victory Capital Stock</u>

Victory Capital Stock (VCTR) is a Reportable Security under the Code and any transaction in VCTR in a Personal Account must be precleared. You may be eligible for certain benefits related to VCTR, such as participation in the ESPP and grants of stock options or restricted stock. Certain transactions related to these benefits will require pre-clearance. For a summary of pre-clearance requirements for VCTR see *Pre-Clearance Requirements for Victory Capital Stock* under *Appendix 4 – Preclearance and Reporting By Security Type*. If you are uncertain whether a transaction requires pre-clearance, you should consult with compliance prior to trading.

VCTR transactions related to the above employee benefits will not trigger the Short-Term Holding Period in a Personal Account. Likewise, VCTR transactions in a Personal Account will not affect an employee's ability to exercise such employee benefits.

Covered Persons, as defined in VCH's *Insider Trading Policy,* will have 3 business days upon receipt of approval to effect transactions in VCTR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Representations and Warranties** 

Each time you submit a PTR, you shall be deemed to make the following representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not in possession of any MNPI for the requested security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not aware of any client trading in the same security during any Blackout Period to which you are subject

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have not traded the same position in the opposite direction, in the past 60 days (Mandatory Short-Term Holding
Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Quarterly and Annual Certifications of Compliance** 

You are required to certify quarterly that you have disclosed all reportable:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Gifts and entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Outside Business Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Political activity and contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Personal Trading Accounts, including Managed Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Personal Trades.

You are required to certify annually to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You have read, understand and complied with this Code and other related policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You have read, understand and complied with Victory Capital's Corporate Information Protection and Technology
Use Policy (A-8);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You have provided and verified all reportable holdings data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. You have answered all additional questions and disclosures within the Annual Code of Ethics Certification in an
accurate and truthful manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Review Procedures** 

Compliance will maintain review procedures consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Recordkeeping** 

All Code of Ethics records will be maintained pursuant to the provisions of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Whistleblower Provisions** 

If you believe that there has been a violation of this Code, any federal law, or regulation of any governmental agency or entity, you must promptly notify VCM and WestEnd via: 1) a Chief Legal Officer, 2) a Chief Compliance Officer, or 3) the anonymous VCM Hotline at 800-854-9055.

Nothing in this Code shall prohibit you from: 1) making any disclosure of relevant and necessary information to any law enforcement agency, regulatory authority, or self-regulatory organization, or as required by law; 2) participating, cooperating, or testifying in any action, investigation, or proceeding with any law enforcement agency, regulatory authority, or self-regulatory organization; or 3) accepting any U.S. Securities and Exchange Commission awards.

You are protected from retaliation for reporting violations of this Code. Retaliation or the threat of retaliation against you for reporting a violation constitutes a further violation of this Code and may lead to immediate suspension and further sanctions.

VCM is also responsible for communicating the Victory Funds whistleblower procedures to applicable employees. The Victory Funds have implemented procedures for receiving anonymous reports of suspected or actual violations of the Victory Funds' policies and questionable accounting, internal accounting controls, or auditing matters.

Call 866-844-3863 to initiate a report regarding Victory Portfolios, Victory Portfolios II, or the Victory Variable Insurance Funds trusts.

Call 877-711-3336 to initiate a report regarding Victory Portfolios III trust.

Call 866-992-3741 to initiate a reporting regarding Victory Portfolios IV, Victory Variable Insurance Funds II, or Pioneer Closed-End Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Confidentiality** 

All information obtained from any employee shall be kept in strict confidence, except when requested by the SEC or any other regulatory or self-regulatory organization, and may otherwise be disclosed to the extent required by law or regulation. Additionally, certain information may be provided to a broker-dealer, service provider or vendor, such as employee name, social security number and home address, in order to ascertain Personal Trading activity that is required to be disclosed by an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Reporting to the Board of Directors of Affiliated Funds** 

At least annually, the appropriate Affiliated Advisers will provide the Board of Directors of Affiliated Funds with information regarding: 1) any Material Violations under this Code and any sanctions imposed as a response to such Material Violation; and 2) certification that it has adopted procedures necessary to prevent Access Persons from violating this Code.

**8. CODE OF ETHICS VIOLATION GUIDELINES** 

You are responsible for conducting your activities in accordance with this Code. Violations of the Code may result in applicable sanctions.

Sanctions may correlate to the severity of the violation and may take into consideration, among other things, such factors as the frequency and severity of any prior violations. A CCO may recommend escalation to the VCM Board of Directors and Compliance Committee. When necessary, the VCM Board of Directors may obtain input from the Compliance Committee and a CCO when determining whether such violation is a Material Violation.

The CCOs hold discretionary authority to revoke Personal Trading privileges for any length of time and also reserve the right to lift Personal Trading sanctions in response to market conditions. Additionally, a CCO or Compliance Committee may impose a monetary penalty for any violation. A CCO will report all warnings, violations, exceptions granted and sanctions to the Compliance Committee.

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| | |
|:---|:---|
| **Minor Violations** | **Potential Actions** |
| • Provided incorrect or incomplete account or trading information<br> • Engaging in a pattern of discouraged or excessive trading<br> • Trading without pre-clearance approval when trade would have normally been approved and additional violations did not occur<br> • Failure to submit a complete or timely initial or annual holdings or securities transactions report<br> • Failure to provide the Compliance Department a duplicate confirmation in a timely manner after request or notice by the Compliance Department<br> • Failure to pre-clear properly an OBA or political contribution that would have been approved<br> • Failure to complete a quarterly or annual certification by due date<br> • Failure to pre-clear an investment in a private placement that would have been approved<br>| • Compliance may question you and document response<br> • 1<sup>st</sup> violation within a 12-month period may result in a warning letter<br> • CCO and Compliance Committee may be notified of all warnings and citations given to employees<br> • You may be required to break a trade or disgorge profits from the trade<br> • Any additional actions a CCO or Compliance deem appropriate under the circumstances |
| **Technical Violations** | **Potential Actions** |
| • Any pattern of a Minor Violation within a 12-month period may qualify as a Technical Violation<br> • Failure to report a Personal Account in which trades requiring pre-clearance have occurred<br> • Trading without pre-clearance approval when trade would <u>not</u> have been approved<br> • Trading without pre-clearance or supplied incorrect information, which may have resulted in additional violations<br> • Failure to pre-clear any activity that would have been denied by the Compliance Department<br> • Any willful violations of the Code, as determined by a CCO, to be more severe than a Minor Violation<br>| • Compliance may question you and document response<br> • Compliance may issue a warning letter<br> • Compliance Committee may be notified<br> • Human Resources may be notified<br> • You may be required to break a trade or disgorge profits from the trade – any such profits will be donated to charity<br> • Temporary ban from Personal Trading for no less than 30 calendar days<br> • A fine may be imposed, as determined by a CCO on a case-by-case basis<br> • Any other actions deemed appropriate by a CCO or compliance |
| **Repeat Technical Violations** | **Potential Actions** |
| • Any Technical Violation that is repeated at least two (2) times during a 12-month period | • A CCO may meet with your direct manager to discuss violation<br> • Human Resources may be notified<br> • You may be required to break a trade or disgorge profits from the trade – any such profits will be donated to charity<br> • Three (3) or more technical violations within a 12month period may receive a citation letter, monetary fine and loss of Personal Trading privileges for no less than 90 calendar days<br> • Any other actions deemed appropriate by a CCO or compliance<br>|
| **Material Violations / Fraudulent Actions** | **Potential Actions** |
| • Any Material Violation | • Compliance Committee will review and recommend sanctions and penalties up to and including termination of employment<br> • The Board of Directors and, when applicable, clients may be notified<br> • Possible criminal sanctions imposed by regulatory |

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&nbsp;&nbsp;&nbsp;&nbsp; authorities<br> • A fine of $10,000 may be imposed by the Board of Directors<br> Any other actions deemed appropriate by a CCO, Compliance Committee or the Board of Directors<br>

The Code of Ethics Violation Guidelines provides examples of potential Code violations and the actions that Victory Capital might take if you violate the Code; it is not intended to serve as an exhaustive list of potential Code violations or actions relating thereto. All findings of Code violations and any actions relating thereto will be made on a case-by-case basis. The CCOs have discretion to interpret violations and impose various sanctions in response to such violations as deemed necessary.

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**Reconsideration** 

If you wish to dispute a violation notice, you may submit a written explanation of the circumstances of the violation to a CCO. The CCOs (and the CLO if escalation is deemed necessary) will review submissions on a case-by-case basis. The CCOs and CLO are under no obligation to change any sanction that has been imposed.

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**Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds** 

As described in this Code, certain restrictions apply to trading in an Affiliated Fund, a Proprietary Product and any fund sub-advised by an Affiliated Adviser. Please refer to the company's intranet site "Under the wing" for a complete list or follow one of the links below.

**Affiliated Funds** 

For the most up-to-date list of Affiliated Victory Funds, please visit <u>www.vcm.com.</u>

**Proprietary Products** 

Proprietary Products, are funds or products in which Victory Capital or its employees have an aggregate of 25% or more Beneficial Interest. Employees are required to pre-clear trades in any Proprietary Products.

On a quarterly basis Victory's compliance and fund administration department will review fund ownership levels to determine if any funds meet the criteria to be deemed a Proprietary Product. A list of current Proprietary Products will be maintained on the Compliance page of Victory's intranet site.

**Sub-Advised Funds** 

VCM acts as sub-adviser to a number of unaffiliated registered investment companies (mutual funds).

Please refer to VCM's ADV filed with the SEC by searching for the firm name on <u>https://www.adviserinfo.sec.gov</u>. ADV Part 1 contains SECTION 5.G.(3), which lists "Advisers to Registered Investment Companies and Business Development Companies". The name of the fund complex can be obtained by searching for the SEC File Number (under More Options) using EDGAR: <u>https://www.sec.gov/edgar/searchedgar/companysearch.html</u>. A complete list is also available on the company's intranet site "Under the wing" under the compliance tab.

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**Appendix 2 – Approved Brokers List** 

In addition to accounts on Victory Capital's retail brokerage platform, you are allowed to open new or maintain existing personal or managed accounts at any of the external brokers listed below. However, you may NOT begin trading in a brokerage account (in-house or external) until it is reported in MCO and set up on our broker data feed. The approved external brokers have been divided into tiers based on how responsive they typically are to our requests to add new accounts to the broker data feed.

**<u>Tier 1 Approved Brokers</u>**

These brokers provide enhanced broker data feed functionality and typically add new accounts to our broker data feed within 1 – 3 business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Charles Schwab (acquired TD Ameritrade)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fidelity Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Interactive Brokers

**<u>Tier 2 Approved Brokers</u>**

These brokers may take longer than Tier 1 Approved Brokers, but they generally add new accounts to our broker data feed within 5 business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ameriprise Financial Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Edward Jones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. UBS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Vanguard

**<u>Tier 3 Approved Brokers</u>**

These brokers may require you to sign a form before they will add a new account to our broker data feed, and/or typically take longer to update the feed once all their requirements are met – your ability to trade in a new account at these firms may be significantly delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. JP Morgan Chase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Morgan Stanley (acquired E\*TRADE)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Northern Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Raymond James

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. RBC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Wells Fargo

**<u>Approved Non-Brokers</u>**

The following types of accounts are typically not held through a traditional brokerage firm but are still allowed under the Code of Ethics – you may be required to manually report transactions effected in reportable securities within these types of accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employer Sponsored Retirement Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ESOP/ESPP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Direct Registration Service (DRS – i.e. Computershare, American Stock Transfer Company, etc.)

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**Appendix 3 – Investment Account Disclosure** 

New Hires may not trade in their existing accounts until they have been disclosed and approved by compliance. By regulation, such disclosure must take place within 10 days of hire. All new Personal Accounts and Managed Accounts must be reported to compliance prior to trading or on the next quarterly certification, whichever is sooner. Failure to comply may result in sanctions imposed by the VCM Compliance Committee and/or Board of Directors.

The below chart summarizes certain account types and their disclosure requirements. If you have a beneficial interest in any account identified below, you must follow the disclosure requirements. If you are uncertain whether an account should be disclosed or if you have a beneficial interest in an account not listed below, you should consult with a CCO or a member of the Compliance team.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Account Type** | **Initial Disclosure** | **Periodic Verification** |
| &nbsp;&nbsp;&nbsp; All Personal Accounts | Yes | Yes |
| &nbsp;&nbsp;&nbsp; All Managed Accounts | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Affiliated Fund Direct Accounts | Yes | Yes |
| &nbsp;&nbsp;&nbsp; 401(k) if able to hold Reportable Securities | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Security Lending Accounts | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Margin Accounts | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Investment Club Accounts | Yes | Yes |
| &nbsp;&nbsp;&nbsp; Private Placements | Yes | No |
| &nbsp;&nbsp;&nbsp; Unaffiliated Open-end Mutual Fund Direct Accounts | No | No |
| &nbsp;&nbsp;&nbsp; Retirement accounts if unable to hold Reportable Securities | No | No |
| &nbsp;&nbsp;&nbsp; 529 Plans | No | No |
| &nbsp;&nbsp;&nbsp; Bank accounts if unable to hold Reportable Securities | No | No |
| &nbsp;&nbsp;&nbsp; Donor Advised Fund (only pre-clear gift of stock to account) | No | No |
| &nbsp;&nbsp;&nbsp; HSA Investments (if unable to hold Reportable Securities) | No | No |
| &nbsp;&nbsp;&nbsp; Accounts that facilitate trading cryptocurrencies | Yes | Yes |

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**Also see the Account Reporting Job Aid for more details.** 

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**Appendix 4 – Preclearance and Reporting By Security Type** 

Most transactions in Personal Accounts require you to submit a PTR through MCO. See *Section VI: Personal Trading Requirements and Restrictions* for more information.

**Summary of Pre-clearance and Reporting Requirements** 

The below chart summarizes the pre-clearance and reporting requirements of certain security types. Additional details can be found in the Pre-Clearance Job Aid. If you are uncertain whether a transaction requires pre-clearance, you should consult with a CCO or a member of the Compliance team. For Victory Capital Stock, please refer to the *Summary of Pre-Clearance Requirements for Victory Capital Stock* provided in this Appendix.

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|:---|
| &nbsp;&nbsp;&nbsp;**Prohibited in Personal Accounts** |
| &nbsp;&nbsp;&nbsp;Commodity Futures |
| &nbsp;&nbsp;&nbsp;Futures |
| &nbsp;&nbsp;&nbsp;Options |
| &nbsp;&nbsp;&nbsp;Currency Futures |
| &nbsp;&nbsp;&nbsp;Selling Securities Short |
| &nbsp;&nbsp;&nbsp;Single Stock ETFs (and similar instruments that provide exposure to a single stock) |
| &nbsp;&nbsp;&nbsp;Companies under common control with VCH |
| &nbsp;&nbsp;&nbsp;**Pre-clear in Managed Accounts and Personal Accounts** |
| &nbsp;&nbsp;&nbsp;Initial Public Offerings (IPO) |
| &nbsp;&nbsp;&nbsp;Initial Coin Offerings (ICO) |
| &nbsp;&nbsp;&nbsp;Private placements |
| &nbsp;&nbsp;&nbsp;**Pre-clear in Personal Accounts** |
| &nbsp;&nbsp;&nbsp;Equities |
| &nbsp;&nbsp;&nbsp;Corporate, High-Yield, Convertible, International, and Municipal Bonds |
| &nbsp;&nbsp;&nbsp;Exchange-traded funds (ETFs), including affiliated ETFs |
| &nbsp;&nbsp;&nbsp;Exchange-traded notes (ETNs) |
| &nbsp;&nbsp;&nbsp;Closed-end funds |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |
| &nbsp;&nbsp;&nbsp;Agency Securities (e.g. Fannie Mae, Freddie Mac etc.) |
| &nbsp;&nbsp;&nbsp;Trust preferred & traditional preferred securities |
| &nbsp;&nbsp;&nbsp;Any pre-clearance securities that are gifted or donated by an Access Person (e.g. direct to charity or to donor advised fund) |
| &nbsp;&nbsp;&nbsp;Unit investment trusts |
| &nbsp;&nbsp;&nbsp;Victory Proprietary Products (currently there are none) |
| &nbsp;&nbsp;&nbsp;VCM 401(k) transactions greater than $100,000 in a Proprietary Product |
| &nbsp;&nbsp;&nbsp;Cryptocurrencies (e.g. Bitcoin, Ethereum, etc.) |
| &nbsp;&nbsp;&nbsp;**Reportable <u>ONLY</u> (pre-clearance NOT required)** |
| &nbsp;&nbsp;&nbsp;Dividend Reinvestment Plans (DRIPs) |
| &nbsp;&nbsp;&nbsp;Victory Mutual Funds, unless it's a Proprietary Product |
| &nbsp;&nbsp;&nbsp;Variable insurance products only where an Affiliated Adviser serves as adviser or sub-adviser |
| &nbsp;&nbsp;&nbsp;**Exempt Transactions (only the effect of these transactions will be captured as an update on the annual holdings certification)** |

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| &nbsp;&nbsp;&nbsp; Approved automatic or periodic investment plans |
| &nbsp;&nbsp;&nbsp; Dividend reinvestment transactions |
| &nbsp;&nbsp;&nbsp; Corporate action transactions (e.g., stock splits, rights offerings, mergers and acquisitions) |
| &nbsp;&nbsp;&nbsp; Security lending transactions |
| &nbsp;&nbsp;&nbsp; **Exempt Securities not subject to the Code** |
| &nbsp;&nbsp;&nbsp; Direct obligations of the U.S. government |
| &nbsp;&nbsp;&nbsp; Bankers' acceptances, bank certificates of deposit and commercial paper |
| &nbsp;&nbsp;&nbsp; Investment grade, short-term debt instruments, including repurchase agreements |

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| &nbsp;&nbsp;&nbsp; Money market funds |
| &nbsp;&nbsp;&nbsp; Variable insurance products unless an Affiliated Adviser acts as adviser or sub-adviser |
| &nbsp;&nbsp;&nbsp; Unaffiliated open-end mutual funds |
| &nbsp;&nbsp;&nbsp; Investments in qualified tuition programs ("529 Plans"), including the USAA College Savings Plan |
| &nbsp;&nbsp;&nbsp; Physical Commodities (i.e. precious metals) |
| &nbsp;&nbsp;&nbsp; Foreign Currencies held in order to use as currency (not for investment/speculation purposes) |

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**Summary of Pre-Clearance Requirements for Victory Capital Stock (ticker "VCTR")** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**VCTR Transaction Description** | **Pre-Clear** |
| &nbsp;&nbsp;&nbsp; **Common Stock (Class A Shares)** | |
| &nbsp;&nbsp;&nbsp;Employee purchase or sale in any Personal Account (e.g. a brokerage account for the benefit of the employee or for the benefit of the employee's Immediate Family) | Yes |
| &nbsp;&nbsp;&nbsp;Employee purchase or sale in a Managed Account approved by Compliance. | No |
| &nbsp;&nbsp;&nbsp;**Employee Stock Purchase Plan (ESPP)** |  |
| &nbsp;&nbsp;&nbsp;Purchases made pursuant to Employee Stock Purchase Plan | No |
| &nbsp;&nbsp;&nbsp;Sales of shares acquired through the Employee Stock Purchase Plan | Yes |
| &nbsp;&nbsp;&nbsp;**Options** |  |
| &nbsp;&nbsp;&nbsp;Sale of shares in the open market acquired through the exercise of any options | Yes |
| &nbsp;&nbsp;&nbsp;Cash Exercise - Employee pays the entire cost of the exercise. | No |
| &nbsp;&nbsp;&nbsp;Withhold Shares - Victory Capital withholds shares equal to the cost of the exercise. | No |
| &nbsp;&nbsp;&nbsp;**Restricted Stock (Class B Shares)** |  |
| &nbsp;&nbsp;&nbsp;Selling restricted stock in the open market | Yes |
| &nbsp;&nbsp;&nbsp;Cash - Cash payment to cover vested shares tax liability | No |
| &nbsp;&nbsp;&nbsp;Net - Surrender shares to Victory Capital to cover vested shares tax liability | No |
| &nbsp;&nbsp;&nbsp;**10b5-1 Trading Plan** |  |
| &nbsp;&nbsp;&nbsp;Officers of VCH required to make filings under Section 16 of the Securities and Exchange Act of 1934, as amended, conducting trades in accordance with an approved 10b5-1 Trading Plan. | No |

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|:---|:---|
| ![LOGO](g15837dsp181a.jpg)  | ![LOGO](g15837dsp181b.jpg) |

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**Appendix 5 – ETFs Eligible for De Minimis Transaction Exemption** 

Firm trades in the following ETFs will not trigger any Blackout Period due to their use as highly liquid cash management vehicles in various client accounts.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Symbol** | **CUSIP** |
| &nbsp;&nbsp;&nbsp; iShares 7-10 Year Treasury Bond ETF | IEF | 464287440 |
| &nbsp;&nbsp;&nbsp; iShares 20+ Year Treasury Bond ETF | TLT | 464287432 |
| &nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | IEFA | 46432F842 |
| &nbsp;&nbsp;&nbsp; iShares Core MSCI Emerging Markets ETF | IEMG | 46434G103 |
| &nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | IVV | 464287200 |
| &nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF | AGG | 464287226 |
| &nbsp;&nbsp;&nbsp; iShares FTSE China 25 Index | FXI | 464287184 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond | HYG | 464288513 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | 464287242 |
| &nbsp;&nbsp;&nbsp; iShares MSCI ACWI Index Fund | ACWI | 464288257 |
| &nbsp;&nbsp;&nbsp; iShares MSCI China Index Fund | MCHI | 46429B671 |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Index Fund ETF | EEM | 464287234 |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE Index Fund ETF | EFA | 464287465 |
| &nbsp;&nbsp;&nbsp; iShares MSCI Japan Index Fund ETF | EWJ | 464286848 |
| &nbsp;&nbsp;&nbsp; iShares MSCI India | INDA | 46429B598 |
| &nbsp;&nbsp;&nbsp; iShares Russell 1000 | IWF | 464287614 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | IWM | 464287655 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 Value | IWN | 464287630 |
| &nbsp;&nbsp;&nbsp; iShares Russell Mid-Cap Value | IWS | 464287473 |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg Barclays High Yield Bond ETF | JNK | 78468R622 |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF | SPY | 78462F103 |
| &nbsp;&nbsp;&nbsp; SPDR S&P MidCap 400 ETF | MDY | 78467Y107 |
| &nbsp;&nbsp;&nbsp; Vanguard FTSE All-World ex-US ETF | VEU | 922042775 |
| &nbsp;&nbsp;&nbsp; Vanguard FTSE Developed Markets ETF | VEA | 921943858 |
| &nbsp;&nbsp;&nbsp; Vanguard FTSE Emerging Markets ETF | VWO | 922042858 |
| &nbsp;&nbsp;&nbsp; Vanguard FTSE Europe ETF | VGK | 922042874 |
| &nbsp;&nbsp;&nbsp; Vanguard Mortgage-Backed Securities ETF | VMBS | 92206C771 |
| &nbsp;&nbsp;&nbsp; Vanguard Real Estate ETF | VNQ | 922908553 |
| &nbsp;&nbsp;&nbsp; Vanguard Short-Term Bond ETF | BSV | 921937827 |
| &nbsp;&nbsp;&nbsp; Vanguard Short-Term Corporate Bond ETF | VCSH | 92206C409 |
| &nbsp;&nbsp;&nbsp; Vanguard S&P 500 ETF | VOO | 922908363 |
| &nbsp;&nbsp;&nbsp; Vanguard Total Bond Market ETF | BND | 921937835 |
| &nbsp;&nbsp;&nbsp; Vanguard Total International Stock ETF | VXUS | 921909768 |
| &nbsp;&nbsp;&nbsp; Vanguard Total Stock Market ETF | VTI | 922908769 |

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**Supplement 1** 

**RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code** 

**of Ethics Supplement ("Singapore Supplement")** 

The policies and procedures in this Singapore Supplement to the Code apply to Access Persons of RSIMS and are in addition to, and supplement, the policies and procedures detailed in the Code.

Matters set out in the relevant sections of this Singapore Supplement shall be read in conjunction, and as one, with the Code. To the extent there is any inconsistency between the Code and this Singapore Supplement, this Singapore Supplement shall prevail.

**Short-Selling of Securities** 

All Victory Capital employees, including employees of RSIMS, are prohibited from Short-Selling any security.

**Trading on Inside Information** 

In addition to the requirements set out in the Code, all employees of RSIMS and all members of their Immediate Family are required to comply with all applicable laws in Singapore in relation to any Securities Transactions. Such laws include but are not limited to Part XII (Market Conduct) of the Securities and Futures Act (Chapter 289 of Singapore) ("SFA") which set out prohibitions against the following conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• False trading and market rigging transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities market manipulation and manipulation of prices of futures contracts and cornering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The making of false or misleading statements or the dissemination of information that is false or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fraudulently inducing persons to deal in securities or trade in futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment of fraudulent or deceptive devices, or manipulative and deceptive devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bucketing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insider trading and tipping off.

**Reporting Requirements** 

In addition to the Personal Account and Personal Trading requirements and restrictions set out in the Code, each employee of RSIMS who acts as a representative of RSIMS in RSIMS' capacity as the holder of a capital markets services license issued pursuant to the SFA for fund management (each a "Relevant Access Person") is required to maintain a register of his or her interests in securities (as such term is defined in section 2(1) of the SFA, the relevant extract of which is set out in the Appendix) that are listed for quotation, or quoted, on a securities exchange or recognized market operator in the prescribed Form 15 to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10).

Within 7 days after the date he or she acquires the interest in the relevant securities, each Relevant Access Person shall be required to enter into his or her register:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Particulars of securities in which such Relevant Access Person has any interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Particulars of such interests.

Where there is any change in any interest in the securities of such Relevant Access Person, he or she shall enter particulars of the change (including the date of the change and the circumstances by reason of which the change has occurred), within 7 days after the date of the change.

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 <br> Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

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All entries in the register must be kept in an easily accessible form for a period of not less than 5 years after the date on which such entry was first made. The register shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If in physical form, be kept at RSIMS's principal place of business in Singapore; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If in electronic form, be kept in such manner so as to ensure that full access to the register may be gained by the
Monetary Authority of Singapore ("MAS") at RSIMS's principal place of business in Singapore.

RSIMS is required to maintain records of the place at which the Relevant Access Persons keep their respective registers and the places at which copies of those registers are kept in Singapore. As a separate matter, RSIMS is also required to maintain a Form 15 in relation to RSIMS' own interests in the relevant Securities.

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