# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0000035315-26-000156
**Filing Date:** 2026-3
**Character Count:** 157352
**Document Hash:** 1f7aa45c0fa4fa18f9673b176e74e8e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035315-26-000156.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000035315-26-000156

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SALEM STREET TRUST
- **CENTRAL INDEX KEY:** 0000035315

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 26788709

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FIXED INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FLEXIBLE BOND FUND
- **DATE OF NAME CHANGE:** 19860904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY CORPORATE BOND FUND INC
- **DATE OF NAME CHANGE:** 19851225
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SALEM STREET TRUST
- **CENTRAL INDEX KEY:** 0000035315

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-41839
- **FILM NUMBER:** 26788708

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FIXED INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FLEXIBLE BOND FUND
- **DATE OF NAME CHANGE:** 19860904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY CORPORATE BOND FUND INC
- **DATE OF NAME CHANGE:** 19851225

Securities Act of 1933 Registration No. 002-41839

Investment Company Act of 1940 Registration No. 811-02105

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]

[ ] Pre-Effective Amendment No. ______

[X] Post-Effective Amendment No. <u>615</u>

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

[X] Amendment No. <u>615</u>

**Fidelity Salem Street Trust**

(Exact Name of Registrant as Specified in Charter)

**245 Summer Street, Boston, Massachusetts 02210**

(Address of Principal Executive Offices)(Zip Code)

Registrant's Telephone Number: **617-563-7000**

**Nicole Macarchuk, Secretary and Chief Legal Officer**

**245 Summer Street**

**Boston, Massachusetts 02210**

(Name and Address of Agent for Service)

***It is proposed that this filing will become effective on June 3, 2026 pursuant to paragraph (a)(1) of Rule 485 at 5:30 p.m. Eastern Time.***

## Ex-99.H

**Schedule A**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Trust** | **Name of Fund/Class** | **Basis Point Expense Rate** | **Expiration Date** |
| Fidelity Concord Street Trust | Fidelity 500 Index Fund | 1.5 | 04/30/2026 |
| Fidelity Concord Street Trust | Fidelity Extended Market Index Fund | 3.5 | 04/30/2026 |
| Fidelity Concord Street Trust | Fidelity International Index Fund | 3.5 | 04/30/2026 |
| Fidelity Concord Street Trust | Fidelity Total Market Index Fund | 1.5 | 04/30/2026 |
| Fidelity Salem Street Trust | Fidelity Emerging Markets Index Fund | 7.5 | 12/31/2026 |
| Fidelity Salem Street Trust | Fidelity Global ex U.S. Index Fund | 5.5 | 12/31/2026 |
| Fidelity Salem Street Trust | Fidelity Large Cap Growth Index Fund | 3.5 | 06/30/2026 |
| Fidelity Salem Street Trust | Fidelity Large Cap Value Index Fund | 3.5 | 06/30/2026 |
| Fidelity Salem Street Trust | Fidelity Mid Cap Index Fund | 2.5 | 06/30/2026 |
| Fidelity Salem Street Trust | Fidelity Small Cap Index Fund | 2.5 | 06/30/2026 |
| Fidelity Salem Street Trust | Fidelity U.S. Bond Index Fund | 2.5 | 10/31/2026 |

---

---

| | |
|:---|:---|
| FIDELITY MANAGEMENT & RESEARCH COMPANY LLC | FIDELITY MANAGEMENT & RESEARCH COMPANY LLC |
| By | <u>/s/</u> <u>Christopher J. Rimmer</u> |
|  | Christopher J. Rimmer<br>Treasurer |
| FIDELITY CONCORD STREET TRUST, | FIDELITY CONCORD STREET TRUST, |
| on behalf of the Funds listed on Schedule A | on behalf of the Funds listed on Schedule A |
| By | <u>/s/</u> <u>Stacie M. Smith</u> |
|  | Stacie M. Smith<br>President and Treasurer |
| FIDELITY SALEM STREET TRUST, | FIDELITY SALEM STREET TRUST, |
| on behalf of the Funds listed on Schedule A | on behalf of the Funds listed on Schedule A |
| By | <u>/s/</u> <u>Laura M. Del Prato</u> |
|  | Laura M. Del Prato<br>President and Treasurer |

---

## Ex-99.P

Ethics Office MyCompliance.fmr.com

![](codeofethicsfo1.jpg)<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rules for

## Employee Investing
**CODE OF ETHICS FOR PERSONAL INVESTING**

***Fund Access Version***

**GLOBAL POLICY ON INSIDE INFORMATION**

**GLOBALPOLICYONINSIDEINFORMATION**

![](fidelitylogo.gif)<br>

## Rules for Employee Investing
These ***Rules*** ***for***  ***Employee*** ***Investing*** **contain the ***Code*** ***of***  ***Ethics*** ***for***  ***Personal*** ***Investing*** **and the ***Global***  ***Policy on Inside Information.***

The Fund Access Version of the ***Code*** ***of***  ***Ethics*** ***for***  ***Personal*** ***Investing*** **contains rules about owning and trading securities for personal benefit. This version applies to officers, directors, and employees of Fidelity companies that are involved in the management and operations of Fidelity's funds, or have access to non-public information about the funds, including investment advisors to the funds, the principal underwriter of the funds, and anyone designated by the Ethics Office. Keep in mind that if you change jobs within Fidelity, a different version of the ***Code of Ethics*** may apply to you.

The ***Global*** ***Policy***  ***on*** ***Inside***  ***Information,*** ****which applies to every Fidelity employee, contains rules on inside information and how to prevent its unauthorized use or dissemination.

The *Rules for Employee Investing* are fairly comprehensive. They cover most of the personal investing situations a Fidelity employee is likely to experience. Yet it's always possible you will encounter a situation that isn't fully addressed by the rules. If that happens, you need to know what to do. The easiest way to make sure you are making the right decision is to follow these three principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Know the policy.

If you think your situation isn't covered, check again. It never hurts to take a second look at the rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Seek guidance.

Asking questions is always appropriate. Talk with your manager or the Ethics Office if you're not sure about the policy requirements or how they apply to your situation.

Additionally, resources are available at **MyCompliance** to assist you with your questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Use sound judgment.

Analyze the situation and weigh the options. Think about how your decision would look to an outsider.

Understanding and following the *Rules for Employee Investing* is one of the most important ways we can ensure our customers' interests always come first.

**1** **\|** *Code   of   Ethics   for   Personal   Investing*

**Rules for All Employees Subject to This *Code of Ethics*** 4

**What's Required**

Acknowledging that you understand the rules Complying with securities laws

Reporting violations to the Ethics Office Disclosing securities accounts and holdings in covered securities

Moving covered accounts to Fidelity Moving holdings in Fidelity funds to Fidelity Disclosing transactions of covered securities Disclosing gifts and transfers of ownership of covered securities

Getting approval before engaging in private securities transactions

Clearing trades in advance (pre-clearance) Surrendering 60-day gains (60-Day Rule)

**What's Prohibited**

Trading restricted securities

Selling short

Participating in an IPO

Participating in an investment club

Investing in a hedge fund

Excessive trading

Buying securities of certain broker-dealers

Trading after a research note

Profiting from knowledge of fund transactions

Influencing a fund to benefit yourself or others

Attempting to defraud a client or fund

Using a derivative to get around a rule

**Additional Rules for Traders, Research Analysts, and Portfolio Managers** 12

*All rules listed above plus the rules in this section*

**What's Required**

Notification of your ownership of covered securities in a research note

Disclosing trading opportunities to the funds before personally trading

**What's Prohibited**

Trading within seven days of a fund you manage

**Key Concepts**

<br> **CONTACT INFORMATION**

**Ethics Office (including Pre-Clearance)**

**Phone**: +1 (800) 580-8780

**Email**: ethics.office@fmr.com

**Web**: MyCompliance.fmr.com

**Pre-clearance**: preclear.fmr.com (internal) or preclear.fidelity.com (external)

**Other policies you should be aware of** **(available at** **MyCompliance.fmr.com)**

There are other policies that you need to be familiar with, including:

* Professional Conduct Policy, Reporting of Criminal Matters Policy, Personal Conflicts of Interest Policy, and other Fidelity-wide policies 

* Inclusive & Respectful Workplace (prohibiting discrimination and harassment) Policy 

* Electronic Communications Policy, Social Media Policy, and Systems Usage Policy 

* Information Protection Policy 

* Anti-Money Laundering Policy 

* Corporate Gifts & Entertainment Policy 

* Outside Business Activities Policy 

* Global Anti-Corruption Policy and applicable Supplements to the Global Anti-Corruption Policy

**2\|***GlobalPolicyonInsideInformation*

**Scope**

**Policy Requirements**

CallyourMNPIDesignatedContactifyouthinkyoumayhavebecomeawareofinsideinformationRefrain from sharing inside information with anyone else

RefrainfromtradingortransferringanysecurityoftheissuertowhichtheinsideinformationrelatesComply with any information barriers to which you are made subject

![](codeofethicsfo2.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** **\|** *Code   of   Ethics   for   Personal   Investing*

*Fund Access Version*

**Following the rules — in letter and in spirit**

This Fund Access Version of the ***Code of Ethics* **contains rules about owning and trading securities for personal benefit. Certain rules, which are noted, apply both to you and to anyone else who is a covered person (see Key Concepts on page 14).

You have a fiduciary duty to never place your personal interests ahead of the interests

of Fidelity's clients, including shareholders of the Fidelity funds. This means never taking unfair advantage of your relationship to the funds or Fidelity in attempting to benefit yourself or another party. It also means avoiding any actual or potential conflicts of interest with the funds or Fidelity when managing your personal investments.

Because no set of rules can anticipate every possible situation, it is essential that you follow these rules not just in letter, but in spirit as well. Any activity that compromises Fidelity's integrity, even if it does not expressly violate a rule, has the potential to harm Fidelity's reputation and may result in scrutiny or further action from the Ethics Office.

**WHAT'S REQUIRED**

**Acknowledging that you understand the rules**

When you begin working for Fidelity, and again each year, you are required to: ▪

acknowledge that you understand and will comply with all rules that apply to you ▪

authorize Fidelity to have access to all your covered accounts (see Key Concepts on page 11) and to obtain and review account and transaction data (including duplicate copies of non-Fidelity account statements) for compliance or employment-related purposes ▪

acknowledge that you will comply with any new or existing rules that become applicable to you in the future

**To Do**

▪ Promptly take action on any emails or alerts that you receive from the Ethics Office requiring you to acknowledge the Code of Ethics. All employees need to acknowledge within 10 days of receipt.

**Complying with securities laws**

In addition to complying with these rules and other company-wide policies, you need to comply with U.S. securities laws and any other securities laws to which you are subject.

**Reporting violations to the Ethics Office**

If you become aware that you or someone else has violated any of these rules, you need to promptly report the violation.

**To Do**

▪ Call the Ethics Office Service Line at 617-563-5566 or 800-580-8780. ▪

Call the Chairman's Line at 800-242-4762 if you would prefer to speak on a non-recorded line.

**Disclosing securities accounts and holdings in covered securities**

You must disclose all securities accounts — those that hold covered securities (see Key Concepts on page 14) and those that do not. You must also disclose all covered securities held in your covered accounts and those not held in an account. This rule covers not only securities accounts and holdings under your own name or control, but also those under the name or control (including trading discretion or investment control) of your covered persons (see Key Concepts on page 14). It includes securities accounts held at Fidelity as well as those held at other financial institutions. Information regarding these holdings must not be more than 45 days old when you submit it.

**To Do**

***Employees newly subject to this rule***

▪ Within 10 days of hire or of being notified by the Ethics Office that this version of the Code of Ethics applies to you, you will be asked to certify as to your understanding of the applicable Code of Ethics and, in conjunction with your certification, you will be required to disclose all your securities accounts and holdings in covered securities not held in an account. Submit the most recent statement for each securities account listed to the Ethics Office if not held at Fidelity.

***Current employees***

▪ Each year, you will be asked to complete an Annual Code of Ethics Certification. You will be required to confirm that all information previously disclosed is accurate and complete. ▪

As soon as any new securities account is opened, or a preexisting securities account becomes associated with you (such as through marriage or inheritance), complete an Account Disclosure Form (available at MyCompliance.fmr.com) with the new information and submit it promptly to the Ethics Office. ▪

On your next Quarterly Trade Verification, confirm that the list of disclosed securities accounts in the appropriate section of the report is accurate and complete.

**Automatic investment plan**

A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) covered accounts according to a predetermined schedule and allocation.

An "automatic investment plan" includes a direct purchase plan, a dividend reinvestment plan, an employee compensation plan, an automatic investment plan with a public company, or similar program. The term does not include a schedule of automated transactions in covered securities in a covered account which is established and controlled by you or your covered person.

**Moving covered accounts to Fidelity**

You and your covered persons need to maintain all covered accounts (see Key Concepts on page 14) at Fidelity Brokerage Services LLC (FBS).

**Exceptions — Approval Required**

With prior written approval from the Ethics Office, you and your covered persons can maintain a covered account at a broker-dealer other than FBS if any of the exceptions below apply. Note that approval must be obtained prior to opening any new covered account outside FBS:

▪ it contains only securities that cannot be transferred

▪ it exists solely for investment products or investment services that FBS does not provide — Note: Approval will not be granted for requests based on ancillary account features or promotional offers ▪

it exists solely because your covered person's employer also prohibits external covered accounts ▪

it is a discretionary managed account (see Key Concepts on page 14) ▪

it is associated with an ESOP (employee stock option plan) in which a covered person is a participant through their current employer, or was from a previous employer, and for which the employee has options that have not yet vested ▪

it is associated with an ESPP (employee stock purchase plan) in which a covered person is a participant through their current employer ▪

it is required by a direct purchase plan, a dividend reinvestment plan, an employee compensation plan, or an automatic investment plan with a public company (each an "automatic investment plan") in which regularly scheduled purchases are made or planned on a predetermined basis ▪

it is required by a trust agreement ▪

it is associated with an estate of which you or any of your covered persons are the executor and involvement with the account is temporary ▪

transferring the account would be inconsistent with other applicable rules

**To Do**

▪ Transfer assets to an FBS account.

▪ Close all external covered accounts except for those that you have received written permission to maintain. Note that you must disclose all covered accounts which were still open as of your date of hire, even if those accounts are in the process of being closed or transferred to an FBS account. ▪

For permission to maintain an external covered account, submit a completed Account Exception Request form (available at MyCompliance.fmr.com) to the Ethics Office. Follow the specific instructions for each type of account and provide a current statement for each account. ▪

Comply with any Ethics Office request for duplicate reporting, such as account statements and transaction reports.

**Moving holdings in Fidelity funds to Fidelity**

You and your covered persons need to maintain holdings in shares of Fidelity funds in a Fidelity account.

**Exceptions — No Approval Required**

▪ You and your covered persons can continue to maintain a preexisting interest in either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a Fidelity money market fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a variable annuity or life insurance product whose underlying assets are held in Fidelity-advised funds

**Exceptions — Approval Required**

With prior written approval from the Ethics Office, you or your covered persons can maintain holdings in Fidelity funds in an account outside Fidelity if any of the following apply:

▪ the holdings are in a defined benefit or contribution plan, such as a 401(k), that is administered by a company at which a covered person is currently employed ▪

the holdings are in a retirement plan and transferring them would result in a tax penalty ▪

the holdings are in a discretionary managed account (see Key Concepts on page 14) ▪

maintaining the holdings in the external account is required by a trust agreement ▪

the holdings are associated with an estate of which you or any of your covered persons is the executor, and involvement with the account is temporary ▪

you can show that transferring the holdings would create a significant hardship

**To Do**

▪ Transfer shares of Fidelity funds to a Fidelity account except for those that you have received written permission to maintain. ▪

For permission to maintain shares of Fidelity funds in an account at another financial institution, submit a completed Account Exception Request form (available at MyCompliance.fmr.com). Attach a current statement for each account you list on the form. Forward the form and statement(s) to the Ethics Office.

**Disclosing transactions of covered securities**

You need to disclose transactions of covered securities made by you and your covered persons. For accounts held at FBS that you have disclosed, the Ethics Office will receive transaction reports automatically. For approved covered accounts held outside FBS, comply with any Ethics Office requests for duplicate reporting. For any other transactions in covered securities (for example, if you or any of your covered persons purchases interests in a Fidelity-advised investment product in a non-brokerage account outside Fidelity), you need to disclose this transaction information to the Ethics Office.

**Exception**

▪ You do not have to report transactions in a covered account if the transactions are being made through an approved discretionary managed account or under an automatic investment plan (see the side bar on page 6) and the details of the account or plan have been provided to the Ethics Office.

**To Do**

▪ For transactions in covered securities not made through a covered account, submit a completed Security Transactions report (available at MyCompliance.fmr.com) to the Ethics Office within 30 days following the end of the quarter in which the transaction was completed. ▪

When requested each quarter, promptly confirm or update your transaction history in covered securities on the Quarterly Trade Verification.

▪ Provide the details of any automatic investment plan to the Ethics Office.

**Disclosing**

**gifts**

**and**

**transfers of ownership of covered securities**

You need to notify the Ethics Office of any covered securities that you or your covered persons give, donate, or transfer to another party, or that you or your covered persons receive from another party. This includes, among other things, inheritances of covered securities and donations of covered securities to charities.

**To Do**

▪ Complete a Security Transactions report (available at MyCompliance.fmr.com) within 30 days following the end of the quarter during which the gift or transfer was made. ▪

When requested each quarter, promptly confirm or update your history of giving, donating, transferring, or receiving covered securities on the Quarterly Trade Verification.

**Exception**

▪ You do not have to submit a Security Transactions report for any gifts, donations, or transfers of covered securities if being made to a Fidelity Charitable Giving Account. The Ethics Office will arrange to get reporting from Fidelity Charitable and will update the Quarterly Trade Verification.

**Getting approval before engaging in private securities transactions**

You and your covered persons need prior written approval from the Ethics Office for each and every intended investment in a private placement or other private securities transaction in covered securities, including non-public limited entities (e.g., limited partnerships, LLCs, S Corporations, or other legal entities). This includes any add-on, any subsequent investment, or any investment whose terms materially differ from any previous approval you may have received.

**To Do**

▪ Before engaging in any private securities transaction, submit a Private Securities Request form (available at MyCompliance.fmr.com). ▪

Report the final transaction within 30 days following the end of the quarter in which it was completed using a Security Transactions report (available at MyCompliance.fmr.com). ▪

When requested each quarter, promptly confirm or update your transaction history in private securities transactions on the Quarterly Trade Verification. ▪

Confirm your holdings in completing your Annual Code of Ethics Certification.

For private securities transactions offered by a Fidelity company, the Ethics Office will typically preapprove such investments for employees who are offered an opportunity to invest. In such cases, you will receive notification that the offering has been preapproved by the Ethics Office.

**Prohibited transaction**

You and your covered persons are prohibited from selling and/or offering your privately held shares into an IPO.

**Delegating pre-clearance responsibilities**

In very limited circumstances, you may, with the prior written approval of the Ethics Office, designate someone to obtain pre- clearance approvals for you. In such a case, the agent is responsible for obtaining the correct approvals, and you are responsible for maintain-ing reasonable supervision over that person's activities related to pre-clearance.

**Clearing trades in advance (pre-clearance)**

You and your covered persons must obtain pre- clearance approval before placing any orders to buy, sell, or tender a covered security (see "How to Pre- Clear a Trade" in the sidebar). The purpose of this rule is to reduce the possibility of conflicts between personal trades in covered securities and trades made by the funds. When you apply for pre- clearance, you are not just asking for approval, you are giving your word that you and your covered persons: ▪

do not have any inside information on the security you want to trade (see Global Policy on Inside Information on page 15) ▪

are not using knowledge of actual or potential fund trades to benefit yourself or others ▪

believe the trade is available to the general investor on the same terms ▪

will provide any relevant information requested by the Ethics Office

Generally, requests will not be approved if it is determined that your transaction may take advantage of trading by the funds or create an actual or perceived conflict of interest with fund trades.

*Note:* If a non-covered person has authority to trade on one of your covered account(s), the non-covered person is also expected to pre-clear trades for that covered account.

**The rules of pre-clearance**

It is important to understand the following rules before requesting pre-clearance for a trade:

▪ You have to request — and receive — pre- clearance approval during the market session in which you intend to trade and prior to placing the trade. ▪

Pre-clearance approval is only good during the market session for which you receive it. If you do not trade during the market session for which you were granted approval, it expires.

▪ Place day orders only (orders that automatically expire at the end of the trading session). Good-til- cancelled orders (such as orders that stay open indefinitely until a security reaches a specified market price) are not permitted.

▪ Check the status of all orders at the end of the market session and cancel any orders that have not been executed. If any covered person leaves an order open and it is executed the next day

(or later), it will generate a violation that will be assigned to you. ▪

Trade only during the regular market hours, or the after-hours trading session, of the exchange(s) where the security in question is traded.

▪ Place requests for pre-clearance after the market has been open for a while, as pre-clearance is not available right at market opening. To find out when pre-clearance for a given market typically becomes available, visit preclear.fmr.com (internal) or preclear.fidelity.com (external).

▪ Unless an exception listed below applies or the Ethics Office has instructed you otherwise, these pre-clearance rules apply to all your covered accounts — including Fidelity accounts and any outside covered accounts that belong to you or any of your covered persons.

**Exceptions**

You do not need to pre-clear trades or transactions in certain covered securities. These include: ▪

shares of Fidelity funds ▪

exchange-traded funds (ETFs)

(note that you and your covered persons are restricted from trading in single-stock ETFs) ▪

options and futures that are based on an index (e.g., S&P 100 and S&P 500) or that are based on one or more instruments that are not covered securities (e.g., commodities, currencies, and U.S. Treasuries; see Key Concepts on page 11 for an expanded list of non-covered securities) ▪

securities being transferred as a gift or a donation ▪

automatic dividend reinvestments ▪

subscription rights ▪

currency warrants ▪

the regular exercise of an employee stock option (note that any resulting sale of the underlying stock at current market prices must be pre- cleared)

With the prior written approval of the Ethics Office, there are a few situations where you may be permitted to trade without pre-clearing. These situations are: ▪

trades in a discretionary managed account (see Key Concepts on page 14) ▪

trades made through an automatic investment plan, the details of which have been disclosed to the Ethics Office in advance ▪

when you can show that a repeated rejection of your pre-clearance request is causing a significant hardship

**To Do** ▪

Before placing any trade in a covered security,

pre-clear it using the Fidelity Global Pre-Clearance System, available at preclear.fmr.com (internal) and preclear.fidelity.com (external). ▪

Immediately cancel any good-til-cancelled orders in your covered accounts.

**Option transactions under the 60-Day Rule**

Option transactions can be matched either to a prior purchase of the under- lying security or to prior option transactions in the opposite direction.

When matching an option transaction to prior purchases of the underlying security, opening an option position by selling a call or buying a put is treated as a sale and will be matched to any purchases of the underlying security made during the preceding 60 days.

When matching an option transaction to prior option transactions, a closing position is matched to any like opening positions taken during the preceding 60 days.

When exercising an option, the initial purchase or sale of an option, not the exercise or assignment of the option, is matched to any opposite transactions made during the preceding 60 days. The sale of the underlying securities received from the exercise of an option will also be matched to any opposite transactions made during the period.

There is no exception to the 60-Day Rule for the selling of securities upon the automatic exercise of an option that is in the money at its expiration date. To avoid surrendering 60-day gains that would result from an automatic liquidation, you need to cancel the automatic liquidation before it happens.

**Surrendering 60-day gains (60-Day Rule)**

Any sale of covered securities in a covered account will be matched against any purchases of that security,

or its equivalent, in the same account during the previous 60 days (starting with the earliest purchase in the 60-day period). Any gain resulting from any matched transactions must be surrendered. For specific information about how certain option transactions are treated under this rule, see the sidebar and the examples below.

In addition, the premium received from the opening of an option position in which the expiration of that contract will occur within the next 60 days must be surrendered (e.g., selling a call to open or selling a put to open that expires within 60 days).

Gains are calculated differently under this rule than they would be for tax purposes. The tax lot of a position is not a factor in the calculation. Neither losses nor potential tax liabilities will be offset against the amount that must be surrendered under this rule.

**Exceptions**

This rule does not apply: ▪

to transactions in shares of Fidelity funds

▪ to transactions in options and futures on, or ETFs that track, the following indexes: Dow Jones Industrial Average, FTSE 100, FTSE 250, Hang Seng, MSCI China, MSCI EAFE, MSCI EM, NASDAQ 100, Nikkei 225, NSE S&P CNX Nifty

(Nifty 50), Russell 1000, Russell 2000, Russell 3000,

S&P 100, S&P 500, S&P Europe 350, S&P MidCap

400, and S&P/TSX 60

▪ to transactions in options, futures, and ETFs based on one or more instruments that are not covered securities (e.g., commodities, currencies, and U.S. Treasuries; see Key Concepts on page 14 for an expanded list of non-covered securities) ▪

to transactions made in a discretionary managed account (see Key Concepts on page 14) that has been approved by the Ethics Office

▪ to transactions under an automatic investment plan, and the details of the plan have been provided to the Ethics Office

▪ to tax-planning transactions, provided that there is a demonstration of how the proposed transaction relates to the covered person's tax strategy; this exception is not automatic, is granted on a case-by-case basis, and requires advanced review and written approval of the Ethics Office

▪ when the rule would impose a substantial unforeseen personal financial hardship on the employee; this exception is not automatic, is granted on a case-by-case basis, and requires advanced review and written approval of the Ethics Office (note that an employee seeking relief must establish a bona fide financial hardship, such as unforeseen medical expenses, and should be prepared to demonstrate, among other things, that he or she possesses no other assets to meet the financial need)

**To Do**

▪ Before trading a covered security in a covered account that might trigger the 60-Day Rule, make sure you understand how much may have to be surrendered. The calculation may be complicated, especially if options or multiple prior purchases are involved. If you have any questions about this provision, call the Ethics Office at 617-563-5566 or 800-580-8780. ▪

To request permission for a tax-planning or hardship exception, you must contact the Ethics Office before trading. Allow at least two business days for your request to be considered. Approvals will be based on fund trading and other pre-clearance tests. You are limited to a total of five exceptions per calendar year across all your covered accounts.

**EXAMPLES**

Additional examples are available on MyCompliance in the 60-Day Rule Job Aid.

**Example 1** The March 25 sale is matched to the February 2 purchase (not the January 20 purchase, which was more than 60 days prior).

Surrendered: $500 ($5 x 100 shares)

60 DAYS

JAN 20 FEB 2 MAR 1 MAR 25

Buy Buy Buy Sell

100 shares 200 shares 200 shares 100 shares

at $16 each at $10 each at $17 each at $15 each

**Example 2** The March 25 call option sale is matched to the February 2 purchase of the underlying security (the call's execution price and expiration date are immaterial). Surrendered: $500 (the premium for selling the option)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FEB 2 MAR 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buy Sell call option to open

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 shares for 100 shares at $5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at $10 each receive $500 premium

**Example 3** The March 25 call option purchase is a closing transaction and is matched to the February 2 sale (since that opening transaction was made within 60 days). Surrendered: $200 (difference between premium received and premium paid)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FEB 2 MAR 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sell one call option to Buy an identical call

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;open at $5; receive option to close at $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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500 premium pay $300 premium

**Selling short**

Selling a security that is on loan to you from a broker- dealer (rather than owned by you) at the time you sell it.

**Option transactions**

The corresponding shares of the underlying security (100 shares for the standard US option contract) must be held long in the same accountfor each put option purchased and each call option sold to open. This is true regardless of the overall direction of the trade (e.g., while a long call spread is a bullish strategy, the corresponding shares of the underlying security must be held long in the same account for each call option sold).

Options cannot be used as coverage for other option positions (e.g., the long call option in a bull call spread cannot be used to cover the short call option).

You are not permitted to use the same underlying shares of a security to cover two different option transactions (e.g., if you own 100 shares of a stock, you can sell 1 covered call or buy 1 protective put using those shares to cover your short position, but you cannot execute both option transactions using the same underlying shares).

**Excessive Trading**

Employees are limited to 60 "block trades" in covered securities (excluding Fidelity funds) per calendar quarter across all covered accounts. Block trades are transactions that execute on the same day, in the same security, on the same side of the market, across all covered accounts.

**WHAT'S PROHIBITED**

**Trading restricted securities**

Neither you nor your covered persons may trade a security that Fidelity has restricted. If you have been notified not to trade a particular security, neither you nor your covered persons may trade that security until you are notified that the restriction has been removed.

**Note:** Fidelity has restricted trading in all single-stock exchange traded products.

**Short strategy restriction**

The short position in a particular covered security may not exceed the number of shares of that security held in the same account. This restriction includes the following actions: selling securities short, buying puts to open, selling calls to open, as well as writing straddles, collars, and spreads. See the side bar for additional detail on the treatment of options under this restriction.

**Exceptions**

▪ Options and futures on, or ETFs that track, the following indexes: Dow Jones Industrial Average, FTSE 100, FTSE 250, Hang Seng, MSCI China, MSCI EAFE, MSCI EM, NASDAQ 100, Nikkei 225,

NSE S&P CNX Nifty (Nifty 50), Russell 1000, Russell 2000, Russell 3000, S&P 100, S&P 500, S&P

Europe 350, S&P MidCap 400, and S&P/TSX 60

▪ Options, futures, and ETFs based on one or more instruments that are not covered securities (e.g., commodities, currencies, and U.S. Treasuries; see Key Concepts on page 14 for an expanded list of non-covered securities)

**Participating in an IPO**

Neither you nor your covered persons are allowed to participate in an initial public offering (IPO) of securities where no public market in a similar security of the issuer previously existed. This rule applies to equity securities, corporate debt securities, and free stock offers through the Internet.

**Exceptions**

With prior written approval from the Ethics Office,

you or your covered persons may participate if: ▪

you or your covered persons have been

offered shares because you already own equity in the company

▪ you or your covered persons have been offered shares because you are a policyholder or depositor of a mutual company that is reorganizing into a stock company ▪

you or your covered persons have been offered shares because of employment with the company

▪ you or your covered persons want to participate in an IPO of a closed-end fund

**To Do**

▪ For written approval to participate in an IPO that may qualify as an exception, submit to the Ethics Office a completed Request Initial Public Offering (IPO) Exception form (available at MyCompliance.fmr.com). ▪

Do not participate in any IPO without prior written approval from the Ethics Office.

**Participating in an investment club** Neither you nor your covered persons may participate in an investment club or similar entity.

**Investing in a hedge fund**

Neither you nor your covered persons may invest in a hedge fund, alternative investment, or similar investment product or vehicle.

**Exceptions**

▪ Investment products or vehicles issued or advised by Fidelity. ▪

A hedge fund, alternative investment, or similar investment product or vehicle that you or your covered persons bought before joining Fidelity. The prior written approval of your manager and the Ethics Office is required to qualify for this exception. Note that even if your request is approved, neither you nor your covered persons can make any further investments in the product.

**To Do**

▪ To request an exception, submit a Private Securities Request form (available at MyCompliance.fmr.com) to the Ethics Office.

**Excessive trading**

Excessive trading in covered accounts is strongly discouraged. In general, anyone trading covered securities more than 60 times (other than Fidelity funds) in a quarter across all their covered accounts should expect additional scrutiny of their trades. Note that you and your covered persons also need to comply with the policies in any Fidelity fund prospectus concerning excessive trading.

The Ethics Office monitors trading activity and may limit the number of trades allowed in your covered accounts during a given period, (see the side bar for additional detail).

**Exceptions**

▪ Trades in a discretionary managed account (see Key Concepts on page 14) that has been approved by the Ethics Office. ▪

Trades made through an automatic investment plan that has been disclosed to the Ethics Office in advance.

**Buying securities of certain broker-dealers**

Neither you nor your covered persons are allowed to buy the securities of a broker-dealer or its parent company if the Ethics Office has restricted those securities.

**Trading after a research note**

Neither you nor your covered persons are allowed to trade a covered security of an issuer until two full business days have elapsed following the date of the publication of a research note on that issuer by any Fidelity entity. For purposes of clarity, the prohibited period begins with the publication of the note and continues for an additional two full business days.

**Profiting from knowledge of fund transactions**

You may not use your knowledge of transactions in funds or other accounts advised by any Fidelity entity to profit by the market effect of these transactions.

**Influencing a fund to benefit yourself or others**

The funds and accounts advised by Fidelity are required to act in the best interests of their shareholders and clients, respectively. Accordingly, you are prohibited from influencing any of these funds or accounts to act for the benefit of any party other than their shareholders or clients.

For example, you may not influence a fund to buy, sell, or refrain from trading a security that would affect that security's price to advance your own interests or the interests of a party that has or seeks to have a business relationship with Fidelity.

**Attempting to defraud a client or fund**

Attempting to defraud a fund or an account advised by any Fidelity entity in any way is a violation of Fidelity's rules and securities law.

**Using a derivative to get around a rule**

If something is prohibited by these rules, then it

is also against these rules to effectively accomplish the same thing by using a derivative. This includes futures, options, and other types of derivatives.

**HOW WE ENFORCE THE *CODE OF ETHICS***<br>

The Ethics Office regularly reviews the forms and reports it receives. If these reviews turn up information that is incomplete, questionable, or potentially in violation of the Code of Ethics, the Ethics Office will investigate the matter and may contact you.

If it is determined that you or any of your covered persons has violated the Code of Ethics, the Ethics Office or another appropriate party may take action. Among other things, subject to applicable law, potential actions may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 informational memorandum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 written warning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 fine, a deduction from wages, disgorgement of profit, or other 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;· a limitation or ban on personal 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;&nbsp;&nbsp;&nbsp;&nbsp;· referral of the matter to Human Resources

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· dismissal from employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· referral of the matter to civil or criminal authorities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· disclosure of the matter to a regulator as required by law or regulation

Fidelity takes all Code of Ethics violations seriously, and, at least once a year, provides the funds' trustees with a summary of actions taken in response to material violations of the Code of Ethics. You should be aware that other securities laws and regulations not addressed by the Code of Ethics may also apply to you, depending on your role at Fidelity.

The Head of Ethics and their designees retain the discretion to interpret and grant exceptions to the Code of Ethics and to decide how the rules apply to any given situation for the purpose of protecting the funds and being consistent with the general principles and objectives of the Code of Ethics.

**Exceptions** In cases where exceptions to the Code of Ethics are noted and you may qualify for them, you need to get prior written approval from the Ethics Office. The way to request any particular exception is discussed in the text of the relevant rule. If you believe that you have a situation that warrants an exception that is not discussed in the Code of Ethics, you may submit a written request to the Ethics Office. Your request will be considered by the Ethics Office, and you will be notified of the outcome.

**Appeals** If you believe a request of yours has been incorrectly denied or that an action is not warranted, you may appeal the decision. To make an appeal, you need to provide the Ethics Office with a written explanation of your reasons for appeal within 30 days of when you were informed of the decision. Be sure to include any extenuating circumstances or other factors not previously considered. During the review process, you may, at your own expense, engage an attorney to represent you. The Ethics Office may arrange for senior management or other parties to be part of the review process. The Ethics Office will notify you in writing about the outcome of your appeal.

## Additional Rules for Traders,

## Research Analysts, and Portfolio Managers
Employees trading for the funds (traders), employees making investment recommendations for the funds (research analysts), and employees who manage a fund or a portion of a fund's assets (portfolio managers)

**WHAT'S REQUIRED**

**Notification of your ownership of covered securities in a research note**

You must check the box on a research note you are publishing to indicate any ownership, either by you or your covered persons, of any covered security of an issuer (see Key Concepts on page 14) that is the subject of the research note.

**Disclosing trading opportunities to the funds before personally trading**

There are three aspects to this rule:

**Disclosing information received from an issuer**

Any time you receive, directly from an issuer, material information about that issuer (that is not considered inside information), you must check to see if that information has been disclosed to the funds in a research note. If not, you must communicate that information to the funds before you or any of your covered persons personally trade any securities of that issuer.

**To Do**

▪ Confirm whether a Fidelity research note has been published with the relevant information.

▪ If not, publish a research note or provide the information to the relevant head of research.

▪ If you are a trader, disclose the information to the analyst covering the issuer. ▪

If you think you may have received inside information, follow the rules in the Global Policy on Inside Information (see page 15).

**Disclosing information about an issuer that is assigned to you**

If you are a research analyst, you must disclose in a research note material information you have about an issuer that is assigned to you before you or any of your covered persons personally trade a security of that issuer.

**Exception**

▪ You or any of your covered persons may be permitted to trade the assigned security in a covered account without publishing a research note if you have obtained the prior approval of both the relevant head of research and the Ethics Office.

**To Do**

▪ Publish a research note with the relevant information, and indicate any ownership interest in the issuer that you or your covered persons may have before personally trading a security you are assigned to cover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Note:* You will not be able to obtain pre- clearance approval for your personal trade until two full business days have elapsed (not including the day the note was published) following the publication of your research note.

▪ To request an exception to this rule, first contact the relevant head of research and seek approval. Then contact the Ethics Office for approval. Do not personally trade the security until you have received full approval.

**Recommending trading opportunities**

In addition, you must recommend for the funds, and, if you are a portfolio manager, trade for the funds, a suitable security before personally trading that security.

**WHAT'S PROHIBITED**

**Trading within seven days of a fund you manage**

Neither you nor your covered persons are allowed to trade within seven calendar days (not including the day of the trade) before or after a trade is executed in any covered security of the same issuer (see Key Concepts on page 14) by any of the funds you manage.

**Exceptions**

▪ **When the rule would work to the disadvantage of a fund**

You must never let a personal trade prevent a fund you manage from subsequently trading a covered security of the same issuer, if not making the trade would disadvantage the fund. However, you need approval from the Ethics Office before making any trades under this exception. The Ethics Office will need to know, among other things, what new information arose since the date of the trade in your covered account. ▪

**When the conflicting fund trade results from standing orders**

A personal trade may precede a fund trade in a covered security of the same issuer when the fund's trade was generated independently by the trading desk because of a standing instruction to trade proportionally across the fund's holdings in response to fund cash flows.

![](codeofethicsfo4.gif)

▪ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**When the conflicting fund trade is the result of a proportional slice**

A personal trade may precede a fund trade in a covered security of the same issuer when the fund's trade was conducted as part of the execution of a proportional slice across the fund for cash management or rebalancing purposes.

▪ **When the covered account is independently managed**

This exception applies only to discretionary managed accounts (See Key Concepts on page 14) that have received Ethics Office approval.

▪ **When the conflicting personal trade or fund trade is in options or futures on, or ETFs that track, the following indexes:** Dow Jones Industrial Average, FTSE 100, FTSE 250, Hang Seng, MSCI China, MSCI EAFE, MSCI EM, NASDAQ 100, Nikkei 225, NSE S&P

CNX Nifty (Nifty 50), Russell 1000, Russell 2000,

Russell 3000, S&P 100, S&P 500, S&P Europe 350, S&P

MidCap 400, and S&P/TSX 60

▪ **When the conflicting personal trade or fund trade is in options, futures, or ETFs based on one or more instruments that are not covered securities** (e.g., commodities, currencies, and U.S. Treasuries; see Key Concepts on page 14 for an expanded list of non-covered securities).

**To Do**

▪ Before trading personally, consider whether there is any likelihood that you may be interested in trading a covered security of the same issuer in your assigned funds within seven calendar days following the day of the fund trade. If so, refrain from personally trading in a covered account.

▪ If a fund you manage has recently traded a security, you must delay any covered account trades in any covered security of the same issuer for seven calendar days following the day of the most recent fund trade.

▪ Contact the Ethics Office immediately to discuss any situation where these rules would work to the disadvantage of the funds.

**Legal Information** The *Code   of   Ethics   for   Personal   Investing* constitutes the code of ethics required by Rule 17j-1 under the Investment Company Act of 1940 and by Rule 204A-1 under the Investment Advisers Act of 1940 for the Fidelity funds, investment advisers or principal underwriters, and any other entity designated by the Ethics Office.

**KEY CONCEPTS**

These definitions encompass broad categories, and the examples given are not all inclusive. If you have any questions regarding these definitions or application of these rules to a person, security, or account that is not addressed in this section, you can contact the Ethics Office for additional guidance.

**Covered person**

Fidelity is concerned not only that you observe the requirements of the *Code of Ethics,* but also that those in whose affairs you are actively involved observe the *Code of Ethics*. This means that the *Code of Ethics* can apply to persons owning assets over which you have control or influence or in which you have an opportunity to directly or indirectly profit or share in any profit derived from a securities transaction. This includes:

• you

• your spouse or domestic partner who shares your household

• any other immediate family member who shares your household and (a) is under 18 or (b) is supported financially by you or who financially supports you

• anyone else the Ethics Office has designated as a covered person

This is not an exclusive list, and a covered person may include, for example, immediate family members who live with you but whom you do not financially support, or whom you financially support or who financially support you but who do not live with you. If you have any doubt as to whether a person would be considered a "covered person" under the *Code of Ethics*, contact the Ethics Office.

**Immediate family member**

Your spouse or domestic partner who shares your household, and anyone who is related to you in any of the following ways, whether by blood, adoption, or marriage:

• children, stepchildren, and grandchildren

• parents, stepparents, and grandparents

• siblings

• parents-, children-, and siblings-in-law

**Domestic partner**

A person in a marriage-like relationship with you who is not your relative, has reached the age of majority, and is not married to any other person. You and your domestic partner must have lived together for at least one year, with the intent to be life partners, and generally must be economically interdependent.

**Covered account**

The term "covered account" encompasses a fairly wide range of accounts. Important factors to consider are:

• your actual or potential investment control over an account, including whether you have trading authority, power of attorney, or investment control over an account

Specifically, a covered account is a brokerage account or any other type of account that holds, or is capable of holding, a covered security, and that belongs to, or is controlled by (including trading discretion or investment control), any of the following:

• a covered person

• any corporation or similar entity where a covered person is a controlling shareholder or participates in investment decisions by the entity

• any trust of which you or any of your covered persons:

– participates in making investment decisions for the trust

– is a trustee of the trust

– is a settlor who can independently revoke the trust and participate in making investment decisions for the trust

**Exception**

With prior written approval from the Ethics Office, a covered account may qualify for an exception from these rules where:

• it is the account of a nonprofit organization and a covered person is a member of a board or committee responsible for the investments of the organization, provided that the covered person does not participate in investment decisions with respect to covered securities

• it is an educational institution's account that is used in connection with an investment course that is part of an MBA or other educational program, and a covered person participates in investment decisions with respect to the account

**Fidelity fund**

The terms "fund" and "Fidelity fund" mean any investment company or pool of assets that is advised or sub advised by any Fidelity entity.

**Issuer**

An entity, including its wholly owned bank branch, foreign office, or term note program that offers securities or other financial instruments to investors.

**Discretionary Managed Account**

A covered account may be eligible for certain exceptions, as specified in the Code of Ethics, with prior written approval of the Ethics Office validating that the covered account is managed by a third-party investment advisor who has discretionary trading authority over that covered account. To qualify for this exception, the third-party investment advisor must exercise all trading discretion over the covered account and will not accept any order to buy or sell specific securities from the employee or any other covered person. An approved discretionary managed account will still be subject to the *Code of Ethics* and all provisions in the *Code of Ethics* unless otherwise stated in a specific exception.

**Covered security**

This definition applies to all persons subject to this version of the *Code of Ethics*.

Covered securities include securities in which a covered person has the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in such securities, and encompasses most types of securities, including, but not limited to:

• shares of Fidelity mutual funds (except money market funds), including shares of Fidelity funds in a 529 plan

• shares of another company's mutual fund if it is advised by Fidelity (check the prospectus to see if this is the case)

• interests in a variable annuity or life insurance product in which any of the underlying assets are held in funds advised by Fidelity, such as Fidelity VIP Funds (check the prospectus to see if this is the case)

• interests in Fidelity's deferred compensation plan reflecting hypothetical investments in Fidelity funds

• interests in Fidelity's deferred bonus plan (ECI) reflecting hypothetical investments in Fidelity funds

• shares of stock (of both public and private companies)

• ownership units in a private company or partnership

• corporate and municipal bonds

• bonds convertible into stock

• options on securities (including options on stocks and stock indexes)

• security futures (futures on covered securities)

• shares of exchange-traded funds (ETFs)

• shares of closed-end funds

**Exceptions**

The following are not considered covered securities (please note that securities accounts holding non-covered securities still require disclosure):

• shares of money market funds (including Fidelity money market funds)

• shares of non-Fidelity open-end mutual funds (including shares of funds in non-Fidelity 529 plans)

• shares, debentures, or other securities issued by FMR LLC to you as compensation or a benefit associated with your employment

• U.S. Treasury securities

• obligations of U.S. government agencies with remaining maturities of one year or less

• money market instruments, such as certificates of deposit, banker's acceptances, and commercial paper

• currencies

• commodities (such as agricultural products or metals), and options and futures on commodities that are traded on a commodities exchange

Global Policy on Inside Information

February 2026

Fidelity expects its associates to act with integrity and maintain high ethical standards. This includes complying with applicable securities laws. Many of these laws prohibit the misuse of inside information, also known as Material, Non-Public Information (MNPI). These laws prohibit trading a security while in possession of inside information, and they impose severe penalties for doing so, including fines, prison sentences, and being barred from employment in the securities industry. Understanding and following the Global Policy on Inside Information helps ensure that your actions comply with these laws and meet Fidelity's expectations. 

**MNPI Designated Contacts

Ethics Office** 

617-563-5566

800-580-8780

**Asset Management**

617-563-3630

**India**

8-691-7373

+91-80-6691-7373

**Chairman's Line**

1-800-242-4762

**Purpose**

You may become aware of inside information in the course of performing your work at Fidelity or outside of the workplace. This policy explains what you should do if you think you may have become aware of inside information. Importantly, this policy prohibits you from trading a security if you have become aware of inside information about that security or the issuer of that security.

**Scope**

This policy applies to all regular full-time, regular part-time, and temporary employees of Fidelity Investments, regardless of job location, citizenship, or country of residence (collectively referred to as "associates"). Other business unit, regional, or supplemental policies may also apply (a list of other relevant policies is provided on page 4).

**Overview**

If you believe you may have become aware of inside information, you must (1) call your MNPI Designated Contact; (2) refrain from sharing the information with anyone else; (3) refrain from trading any security of the issuer to which the information relates; and (4) comply with any information barriers Fidelity may establish.

**What is Inside Information?**

Inside information is any information about a security, or an issuer of a security, that is both material and non-public. A security includes, but is not limited to, a financing or investment instrument, such as stocks (common or preferred), mutual funds, bonds, notes, options, and warrants. An issuer is an entity that offers or sells securities, such as corporations, mutual funds, and domestic and foreign governments. Please note that the terms "security" and "issuer" are defined broadly and may include instruments and entities not specifically mentioned here.

**What is material information?**

Information is generally considered to be material if it is likely that a reasonable investor would consider the information important in making an investment decision. Information may also be material if it is reasonable to expect that the price of a security would change if the information were made public (this is known as Price Sensitive Information, or PSI, in some jurisdictions). Examples include company earnings, financing activities, product launches or discontinuations, bankruptcy, mergers, tender offers, prospective acquisitions or spin-offs, key management changes, major litigation, and potential or actual damages or fines against an issuer.

**What is non-public information?**

Information is non-public if it is not generally available to the public in a widely used medium, such as a press release or public regulatory filing. Also, some jurisdictions have specific rules about when non- public information becomes public.

As you can see, the terms security, issuer, material, and non-public are broadly defined and may vary from jurisdiction to jurisdiction. For these reasons, if you have any doubt about whether an instrument or entity is a security or issuer, or about whether certain information is material or non-public, you should call your MNPI Designated Contact for guidance.

Remember – your MNPI Designated Contact is here to help you with these issues!

**How You May Encounter Inside Information**

There are a number of ways you may encounter inside information, either at work or outside of Fidelity. For example:

**Clients and Colleagues**

• You may learn inside information from a conversation with a client in the course of providing business support, such as handling a trade request.

• You may be exposed to inside information about a mutual fund that may have an impact on the fund's net asset value in the future, such as non- public information about a fund's decision to reconsider the value of certain assets in its portfolio.

**Brokers and Company Employees**

• Brokers may share inside information when contacting you about securities offerings.

• You may receive inside information when meeting with employees of public companies, such as CEOs, CFOs, or Investor Relations representatives.

**Consultants and Other Vendors**

• In the course of providing consulting services to Fidelity, a third-party consultant may reveal inside information to you (knowingly or unknowingly), such as non-public information about another of the consultant's public company clients.

• You may be negotiating a vendor contract, and inside information might be shared with you in the contract or the negotiations.

**Outside the Workplace**

• You may hear inside information from personal sources, such as a spouse, significant other, family member or friend who works at a company that issues publicly-traded securities.

• You may overhear conversations that reveal inside information in elevators, restaurants, public transportation or from speaker and mobile phones, or you may encounter written information that has been left out in public, such as on a copy machine or train seat.

• Associates participating in an outside business activity may encounter inside information while serving on a corporate board or from serving as a consultant or advisor to an outside business.

Please note that these are only examples, and you may receive inside information from other sources or in other circumstances. 

**What You Should Do If You Believe You May Have Received Inside Information

Contact Your MNPI Designated Contact** 

While this policy requires you to understand what inside information could be, and be aware of the circumstances in which you may receive it, you should never make any decisions about inside information on your own – for example, whether information you have received is material or non- public, or what steps you should take as a result.

Instead, if you think you may have received inside information, you must call your MNPI Designated Contact (telephone numbers are provided on pages 1 and 4). While it may seem contrary to normal protocol, it is important that you not share the information with anyone else, including your manager. By not sharing the information, you are protecting not only yourself and the information, but also other associates and Fidelity.

When you talk to your MNPI Designated Contact, reveal the details of the information as your contact asks for them, and follow the instructions you receive. Your contact will then determine whether the information requires an information barrier (which are described below) and inform you of that decision.

The possession of inside information is not in itself unlawful or an indication of wrongdoing. However, our goal as a firm is to limit the distribution of inside information only to those associates who have a business need to know and are subject to an information barrier. By assisting us in limiting the distribution of such information, you can best protect the information and yourself, and reduce the number of people who are subject to additional compliance protocols and restrictions.

**Comply with Information Barriers**

After you contact your MNPI Designated Contact, he or she will determine whether an information barrier is required. Information barriers are established as a way of helping the firm and its associates control inside information and avoid improper communication and potential compliance violations. If you are made subject to an information barrier, the Ethics Office will contact you, provide you with a document explaining the terms of the barrier, and require you to acknowledge and agree to abide by those terms.

Information barriers are established by identifying individual associates and groups of people who have received inside information. The information is then protected by employing a combination of information handling, storage protocols, and physical or technical barriers around the associates and the information they possess. Information barriers are monitored to detect possible gaps, including reviews of communications (such as emails), enhanced physical access and access designations, and additions of associates to the information barrier. Surveillance is conducted of associates' personal trading to detect potential misuse of inside information.

**Do Not Trade in the Security or the Issuer**

If you have received inside information, you are prohibited from trading any security of the issuer to which the information relates. This is known as "insider trading" or "insider dealing," which is a serious violation of law. You may not buy, sell, transfer, gift, loan or pledge these securities, even if you have a reason to trade that is independent of the inside information. You also may not modify, suspend, or cancel an automatic investment plan of the security or the issuer of the security or make any recommendations to anyone to deal in the security in any way. These prohibitions apply:

• Not only to your covered accounts, but also to anyaccount you manage, including accounts atFidelity;

• Regardless of whether you receive any financial orother benefit from the account or the trade; and

• Regardless of whether your trade is in a differentdirection than the inside information may indicate(e.g., a sale where the inside information indicatesyou should buy).

Remember that shares of mutual funds are also securities subject to these restrictions. You may not trade or transfer shares of mutual funds, whether advised by Fidelity or not, if you believe that you may have become aware of inside information about the mutual fund.

**Protect Inside Information**

It is critical that you keep inside information to yourself. You should refrain from discussing inside information in public, including elevators, restaurants, public transportation, on speaker and mobile phones, or on social media (such as Twitter, LinkedIn, or Facebook). You should also store any documents containing or reflecting the inside information in a secure place in accordance with the document- handling procedures of Fidelity's Global Policy on Information Protection ("SP2I") Policy.

**Do Not "Tip" or Improperly Disclose Inside Information**

The prohibition on communicating with others about inside information extends to recommending investments or expressing opinions to anyone, or soliciting orders from Fidelity clients, on the basis of inside information. This is known as "tipping" or "tipping off," which is a serious violation of law. You may become liable for any transactions by anyone to whom you have improperly disclosed inside information, or to whom they have made investment recommendations or expressed opinions on the basis of that information.

**Reporting Potential Violations**

You should report known or suspected violations of this policy to your MNPI Designated Contact or call the Chairman's Line at 800-242-4762 to speak anonymously on an unrecorded line.

**MNPI Designated Contacts

Asset Management associates:** Asset Management MNPI Hotline 617-563-3630

**India associates:**

FBS India Ethics Office 8-691-7373

+91-80-6691-7373

**All other associates:**

Ethics Office 617-563-5566

800-580-8780 

**Contacts and Web Resources

General Policy Issues or Violations** 

Ethics Office *800-580-8780

617-563-5566

ethics.office@fmr.com politicallaw@fmr.com* 

**Chairman's Line** *800-242-4762* 

**Compliance and Regulatory Issues** *Your MNPI Designated Contact* 

(See above)

**Business Unit, Regional or Supplemental Policies on Inside Information**

Personal Investing – Corporate Issues: Insider Trading

Fidelity Capital Markets – Equity Origination Information Barriers

Fidelity Institutional Online Reference – Inside Information

**Other Related Policies** *Global Anti-Corruption Policy

Corporate Gifts & Entertainment Policy

Personal Conflicts of Interest Policy

Outside Business Activities Policy

Information Protection Policy*

## Ex-99.P

![[f11codeofethicsforpersona_2.gif]](f11codeofethicsforpersona_2.gif)

*Code of Ethics for Personal Investing, Insider Trading and Conflicts of Interest Policy*

Effective February 2026

# **Table of Contents**
**Table of Contents**............................................................................................................................1

**Introduction......................................................................................................................2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Am I subject to these rules.....................................................................................2

**I. Rules for All Non-Access Board Members and Advisory Employees...................3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Acknowledging your acceptance of the rules.........................................................4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Complying with Federal Securities Laws...............................................................5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Reporting violations to Geode Compliance............................................................5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclosing transactions in Covered Securities in certain limited circumstances....5

**II. Additional Rules for Advisory Employees...............................................................6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Disclosing all securities accounts and holdings in Covered Securities.................6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Moving securities accounts to Geode-approved broker.........................................8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Disclosing transactions in Covered Securities.......................................................9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Charitable Gift Accounts and disclosing gifts of securities...................................9

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Pre-Clearing Trades.............................................................................................10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Getting approval before investing in private securities transactions....................11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Getting approval to trade in Covered Accounts owned by others........................12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Complying with applicable trading limits.............................................................12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Surrendering 60-day gains....................................................................................13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Communicating your ownership of securities in certain circumstances..............14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Portfolio investment decisions involving a company in which you hold a private investment...14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Serving as a director.............................................................................................14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Trading restricted securities..................................................................................15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Using short strategies...........................................................................................15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Participating in IPOs............................................................................................15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Participating in an investment club......................................................................16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Investing in a hedge fund.....................................................................................16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Profiting from knowledge of Portfolio transactions.............................................16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Influencing a Portfolio to act in a way that benefits you or others.......................16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Transacting with a Portfolio.................................................................................16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Attempting to defraud a Portfolio or the market..................................................17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Using a derivative to get around a rule................................................................17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Limitations on Disclosure to Geode Directors.....................................................17

**III. Additional Rules for Investment Professionals Only...........................................17**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Failing to recommend or trade for a Portfolio.......................................................17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Trading within seven days of a Portfolio ("Blackout Rule").................................17

**IV. Complying with Geode Policy on Insider Trading.................................................18**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) How you may come into possession of Inside Information?.............................19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) What to do when you acquire Inside Information?...........................................19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Sanctions............................................................................................................21

**V. Outside Business Activity and Affiliations...............................................................21**

# Introduction
This Code of Ethics for Personal Investing, Insider Trading and Conflicts of Interest Policy (the "Code") has been adopted by Geode Capital Management, LLC ("Geode"). Geode Compliance administers this policy. All violations of this Code will be reported to Geode's Chief Compliance Officer.

This Code is based on the principle that the officers, directors and employees of Geode owe a fiduciary duty to Geode clients and investors in the funds managed by Geode and must place the interests of Geode's clients and investors above their own. Fiduciary responsibility applies to all of the investment companies advised by Geode or any of its affiliates, as well as to any client account for which Geode or any of its affiliates acts as an investment adviser. Both types of portfolios are referred to in this Code as "Portfolios". Among other things, engaging in market timing or late trading of the Portfolios is prohibited.

Geode seeks to avoid actual and apparent conflicts of interest. A conflict of interest arises when there are factors that may prompt a question as to whether a Geode employee is acting solely in the best interests of Geode and its clients. Employees are expected to avoid situations that could present even the appearance of a conflict between their interests and the interests of Geode and its clients. Employees should advise their managers of any situation that could present an actual or apparent conflict of interest, erring on the side of caution in questionable circumstances. Managers who are uncertain whether a situation would be considered a conflict of interest should discuss the matter with Geode's Chief Compliance Officer or General Counsel, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1. Am I subject to these rules</u>

This Code applies to officers, directors, and employees of Geode who are involved in the management or operations of Geode or the Portfolios.

Three categories of people are distinguished for purposes of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Non-Access Board Members** - Directors of Geode who fulfill all of the following conditions will be deemed "**Non-Access Board Members**":

1) The Director is not an "interested person" (as defined in the Investment Company Act of 1940) of Geode. A Director will not be deemed an "interested person" solely by virtue of (i) being a director of Geode and (ii) owning, controlling or holding (directly or indirectly) less than 5% of the outstanding voting securities of Geode; and

2) The Director has no involvement with the day-to-day operations of either Geode or any Portfolio; and

3) The Director does not have online or other access to nonpublic information regarding trading activities or listings of current securities positions of any Portfolio or investment advisory recommendations or decisions of Geode. Board and committee materials prepared by Geode, attendance at Board and committee meetings, and information provided by or at the direction of Geode's Chief Compliance Officer do not ordinarily constitute such access.

All Directors of Geode are Non-Access Board Members unless Geode Compliance in its sole discretion determines otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Advisory Employees** – Includes all full-time employees, part-time employees, and temporary employees of Geode and all officers of Geode, except Non-Access Board Members. Solely for purposes of the Code, contract employees whether independent or sourced from agencies may be deemed advisory employees. In general, international contract employees are not considered Advisory Employees provided that such contractors have signed a non-disclosure agreement that prohibits use of Geode proprietary information. Domestic contractors are generally deemed Advisory Employees unless the following requirements are met (1) the hiring manager confirms in writing to Geode Compliance that the contractor does not have access to material non-public client information and (2) the contractor has signed a non-disclosure agreement that prohibits use of Geode proprietary information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Professionals** – Only those Advisory Employees with responsibility for managing a Portfolio(or a portion of a Portfolio), for making investment decisions for a Portfolio, or for executing orders on behalf of a Portfolio. For purposes of this Code, the term Investment Professionals includes all Portfolio Managers, Index Analysts, and Traders who are involved in the day-to-day management, support, or execution of Portfolio orders.

If you qualify for more than one category, your category is the more restrictive category – with Portfolio Manager being the most restrictive. You may also be placed in a particular category by designation of Geode Compliance.

Note that some rules apply not only to you, but also to anyone whose relationship to you makes them a "**Covered Person**." This means that the Code can apply to persons owning assets over which you have control or influence or in which you have an opportunity to directly or indirectly profit or share in any profit derived from a securities transaction, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your spouse, or a domestic partner who shares your household

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other immediate family member who (i) shares your household and (ii) is either under 18 or is supported financially by you. Other immediate family members may include children, stepchildren, grandchildren, parents, step-parents, grandparents, siblings, parents-, children-, or siblings-in-law (whether related by blood, adoption, or marriage)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anyone else who has been told by Geode Compliance that he or she is a Covered Person

This is not an exhaustive list of Covered Persons. Covered Persons may also include immediate family members who live with you that you do not financially support, or immediate family members whom you financially support or financially support you but do not live with you. If you have any doubt as to whether someone is a Covered Person, see Geode Compliance. Geode Compliance retains the discretion to interpret the rules and to decide how they apply to any given situation.

I. Rules for All Non-Access Board Members and Advisory Employees

**Following the rules — in letter and in spirit**

The rules covered in this Policy serve two important purposes — one regulatory, the other business. In general, investment firms are required to have rules governing personal securities transactions by people associated with the firm. The rules in this Policy were created to address these requirements.

As a Non-Access Board Member and Advisory Employee, you have a fiduciary duty. That means always placing the interests of firm's clients, including the Portfolio shareholders, above your own personal interests. It means never taking unfair advantage of your relationship to the Portfolios or Geode in attempting to benefit yourself or another party. Among other things, engaging in market timing or late trading of the Portfolios is prohibited. And it means never acting in a way that interferes or conflicts with the operation of the Portfolios or Geode's business. Any behavior that violates your fiduciary duty – or that even gives the appearance of doing so – could harm the company's reputation and business. Among other things, you need to comply with policies in the prospectus or other offering document of any Portfolio as they relate to limits on excessive trading.

Non-Access Board Members (together with their spouses, dependent children and household members) are prohibited from making any political contributions, including in-kind contributions, to an elected official or candidate for state or local office and from engaging in any political fundraising activities to or for such elected official or candidate or his or her Political Action Committee ("PAC") to the extent such contribution or activity is in any way connected to Geode's business. In addition, Non-Access Board Members are required to abide by the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With regard to those state and local jurisdictions identified by Geode to the Non-Access Board Members in writing from time to time, Non-Access Board Members must pre-clear with Geode's CCO state and local political contributions, including in-kind contributions, to all state and local candidates, PACs and Political Party Committees, and all political fundraising activity, in each case, to be made by themselves or their spouses, dependent children or household members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-Access Board Members should contact Geode Compliance at GCM_Ethics@geodecapital.com with any such pre-clearance requests and should wait until approval is given before making any such contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subject to the provisions of this Policy and all applicable laws and other restrictions, and taking into consideration recordkeeping and reporting requirements, Non-Access Board Members and their family members will generally be permitted to contribute up to any campaign contribution limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Geode's Compliance Department will keep records of all Non-Access Board Members contribution requests made pursuant to this Policy and related information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Non-Access Board Members will be asked to provide an annual signed certification relating to their political contributions and activity to Geode, which will include an affirmation that the Non-Access Board Members (together with his or her spouse, dependent children and household members) has not made any political contributions that are in any way connected to Geode's business.

Because no set of rules can anticipate every possible situation, it's essential that you follow these rules not just in letter, but in spirit as well. Any activity that compromises Geode's integrity, even if it doesn't expressly violate a rule, has the potential to be construed as a violation of your fiduciary duty and may result in scrutiny or further action up to, and including termination.

**WHAT'S REQUIRED**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1. Acknowledging your acceptance of the rules</u>

When you begin working at Geode (or begin service as a Director), and again each year, you are required to acknowledge that you have received and reviewed the Code, indicating that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you understand and will comply with all rules that currently apply to you

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you'll comply with any new or existing rules that become applicable to you in the future

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you authorize Geode to access your covered accounts and obtain necessary account information for compliance or employment-related purposes (e.g., transaction data, account statements, etc.).

**TO DO**

**If you are a New Non-Access Board Member or Advisory Employee:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sign and return a hard copy of the Acknowledgment Form or acknowledge electronically via StarCompliance within 10 days of hire that you have reviewed the Code.

**If you are a Current Non-Access Board Member or Advisory Employee:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acknowledge your acceptance every year by the deadline set for that year by Geode Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2. Complying with Federal Securities Laws</u>

In addition to complying with these rules and other company-wide policies, you need to comply with "**Federal Securities Laws**," which means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, the Bank Secrecy Act, and all rules and regulations established under these Acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3. Reporting violations to Geode Compliance</u>

If you become aware that you or someone else has violated any of these rules, you need to promptly report the violation.

**TO DO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify Geode's Chief Compliance Officer. The Chief Compliance Officer will keep confidential the identity of the person reporting a violation. No retaliation is permitted or allowed against someone who reports a violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4. Disclosing transactions in Covered Securities in certain limited circumstances.</u>

In the unlikely event that a Non-Access Board Member is provided nonpublic information regarding Portfolios' trading in and holdings of Covered Securities or investment advisory recommendations or decisions of Geode with respect to Covered Securities in the Board and committee materials prepared by Geode, through attendance of the Board and committee meetings, or if Geode's Chief Compliance Officer deems that the Board Member needs to know such information in order to fulfill his fiduciary duties, such Board Member will not lose his status as a Non-Access Board Member. Such Board Member will, however, be required to comply with this Part I.4.

A Non-Access Board Member need not file reports of his or her transactions in Covered Securities, as defined in Part II.1, unless at the time of the transaction such Board Member knew, or in the ordinary course of fulfilling his or her duties as a Geode Board Member should have known (from nonpublic information): (a) that one or more of the Portfolios had purchased or sold or was actively considering the purchase or sale of that Covered Security within the 15-day period preceding the Board Member's transaction, or (b) that one or more Portfolios would be purchasing, selling or actively considering the purchase or sale of that Covered Security within the 15 days following the Board Member's transaction. The knowledge in question is the Board Member's knowledge at the time of the Board Member's transaction, not knowledge subsequently acquired. If you are required to report a transaction in a Covered Security pursuant to the rule described above, complete a Securities Transaction Report (to be provided by Geode's Chief Compliance Officer) and submit it to Geode Compliance within 30 days of the end of the quarter in which the transaction was completed.

II. Additional Rules for Advisory Employees

**WHAT'S REQUIRED**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1. Disclosing all securities accounts and holdings in Covered Securities</u>

All Advisory Employees must disclose all securities accounts – those that hold Covered Securities (as defined below) and those that do not. You must also disclose all covered securities not held in an account. This rule covers not only securities accounts and holdings under your name or control but also those under the name and control (including trading discretion or investment control) of your Covered Persons (see below). Currency accounts (including cryptocurrency) and treasury direct investment accounts do not require disclosure. Information regarding these holdings must not be more than 45 days old when you submit it.

The term "**Covered Account**" encompasses a fairly wide range of accounts, including, without limitation, brokerage accounts, 401(k) accounts, IRA accounts, Roth accounts, Health Savings accounts and 529 accounts. Important factors to consider are your actual or potential investment control over an account, whether you benefit financially from an account, and what your family and financial relationships are with the account holder. Examples of Covered Accounts include any account holding Covered Securities (including shares of mutual funds advised or subadvised by Geode) that belongs to any of the following owners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Covered Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any corporation or similar entity where you, or any of your children, stepchildren, and grandchildren, parents, step-parents, grandparents, siblings, parents-, children-, or siblings-in-law (whether related by blood, adoption, or marriage) sharing your household, are a controlling shareholder or participate in investment decisions by the entity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any trust of which you and/or another Covered Person:

o participate(s) in making investment decisions for the trust;

o is a trustee of the trust; or

o is a settlor and you can revoke the trust by yourself and you participate in making investment decisions for the trust and if the Covered Person is the trustee, such Covered Person can revoke the trust by himself or herself and he/she participates in making investment decisions for the trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any account over which you have trading authority, power of attorney or other control

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any undertaking or account in which you have or a Covered Person has the opportunity to directly or indirectly profit or benefit from a transaction in a security.

The term "**Covered Security**" encompasses most types of securities, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of a Portfolio that is advised or subadvised by Geode;

o If you are invested in a mutual fund or exchange-traded fund ("ETF") of another company, check the prospectus to see if it is advised or subadvised by Geode. If you are unsure, contact Geode Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of stock (of both public and private companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporate and municipal bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bonds convertible into stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• options on securities (including options on stocks and stock indexes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• security futures and futures on broad-based market indexes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of closed-end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commodity interests (such as futures, options on futures, and swaps); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in private securities (see Section 6 for additional details).

**Exceptions**

The following exceptions are not considered Covered Securities (please note that accounts holding non-covered securities still require disclosure):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of open-end mutual funds that are not advised or subadvised by Geode;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interests in 529 College Savings Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares, debentures, or other securities issued by Geode or unregistered Portfolios managed by Geode where the interests held by bona fide institutional clients of Geode equal or exceed 75% of the total net asset value of the outstanding interests in the investment portfolio at the time of issuance to the Geode Advisory Employee or Portfolio Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Treasury securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obligations of U.S. government agencies and instrumentalities with remaining maturities of one year or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• money market instruments, such as certificates of deposit, banker's acceptances, and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currencies (including cryptocurrencies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of mutual funds in a Health Savings Account.

**TO DO**

**Newly Hired Advisory Employees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within 10 days of hire or of being notified that this Code applies to you, disclose via StarCompliance all of your securities accounts and holdings of covered securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Submit most recent statement for each securities account listed that does not have an electronic brokerage feed established with StarCompliance.

**Current Advisory Employees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promptly after any new securities account is opened, or a preexisting securities account becomes associated with you (such as marriage or inheritance), add the account with new information into your list of accounts on StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually, Advisory Employees are required to complete a Holdings Report attestation in StarCompliance. The Holdings Report contains a list of Covered Securities positions in accounts with an electronic brokerage feed established with StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advisory Employees with approved external accounts that do not have an electronic brokerage feed established with StarCompliance will be required to update the Holdings Report with Covered Securities positions in these approved external accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2. Moving securities accounts to Geode-approved broker</u>

While at Geode, you need to maintain your Covered Accounts in which you can trade Covered Securities at a broker approved by Geode. A list of Geode approved brokers is available in StarCompliance.

**TO DO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfer assets to your Geode-approved broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Close all of your Covered Accounts held at a non-approved broker except for accounts that you have received permission to maintain. Covered accounts that were open prior to your hire date, and are in the process of being transferred to a Geode-approved broker, must also be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For permission to maintain a non-approved broker Covered Account, submit a completed Covered Account Exception Request Form through StarCompliance. A current statement for the account must be provided at time of request.

**Exceptions – Approval Required**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This rule does not apply to accounts that trade only shares of mutual funds that are not advised or subadvised by Geode. If you have a mutual funds account that invests in funds advised or subadvised by Geode, you need to move this account to the Geode-approved broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless notified by Geode Compliance, this rule also does not apply to part-time and temporary employees and independent contractors of Geode.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With approval from Geode Compliance, you or a Covered Person can maintain a Covered Account at a financial institution other than the Geode-approved broker if any of the following applies:

o it contains only securities that can't be transferred

o it exists solely for products or services that are unlike any that Geode's approved broker provides or advises. Approval will not be granted for requests based on ancillary account features or promotional offers.

o it exists solely because your spouse's or domestic partner's employer also prohibits external Covered Accounts

o it is a managed account that is professionally managed by Geode or a third party registered investment adviser who has discretionary trading authority over the account (a "discretionary managed account")

o it is associated with an ESOP (employee stock option plan) or an ESPP (employee stock purchase plan) in which a Covered Person is the participant through either their current or former employer, including in instances where the options have not yet vested

o it is required by a direct purchase plan, a dividend reinvestment plan, or an automatic investment plan with a public company (collectively, "DPPs") in which regularly scheduled investments are made or planned

o it is required by a trust agreement

o it is associated with an estate of which you are the executor, but not a beneficiary, and your involvement with the account is temporary

o the holdings are maintained in a retirement plan or other defined benefit or defined contribution plan that prohibits the transfer of these holdings to the Geode-approved broker

o you can show that transferring the holdings would create a significant hardship

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3. Disclosing transactions in Covered Securities</u>

You need to disclose transactions in Covered Accounts that involve Covered Securities (including transactions in shares of mutual funds advised or subadvised by Geode). For accounts held ata Geode-approved broker, , Compliance automatically receives and stores transactions and holdings information via StarCompliance.

**TO DO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose any transactions in Covered Securities that would not otherwise be reported to Geode Compliance (for example, if you inherit stock that is in the form of certificate shares). Disclose these transactions to Geode Compliance via StarCompliance within 30 days of the end of the quarter in which the transaction was completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each quarter, Advisory Employees are required to complete the Quarterly Account and Transaction Report attestation in the StarCompliance. The Account Report contains a list of Covered accounts (including those for Covered Persons) that have been disclosed in StarCompliance. The Transaction Report contains a list of Covered Securities transactions in accounts with an electronic brokerage feed established with StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advisory Employees with approved external accounts that do not have an electronic brokerage feed established with StarCompliance will be required to update the Transaction Report with Covered Securities transactions in these approved external accounts and provide statements for Compliance to review on an ongoing basis.

**Exceptions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You do not have to report transactions in a Covered Account if the transactions are being made under an Automatic Investment Plan (see definition below), the details of which have been provided to Geode Compliance. For these purposes, an "Automatic Investment Plan" is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) Covered Accounts in accordance with a predetermined schedule and allocation, including a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You do not have to report transactions in a Covered Account if the transactions are being made through discretionary managed account, previously approved by Geode Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4. Charitable Gift Accounts and disclosing gifts of securities</u>

You need to notify Geode Compliance of any Covered Securities that you or a Covered Person gives, donates, or transfers to another party, or that you or a Covered Person receives from another party. This includes, among other things, inheritances of securities and donations of securities to charities.

You are not required to disclose Charitable Gift Accounts to Geode Compliance if your investment control is limited and you cannot benefit financially from the account.

**TO DO**

• Disclose transactions in the Quarterly Transaction Report within 30 days following the end of the quarter during which the gift or transfer was made. This includes donations or transfers of covered securities to a Charitable Gift Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5. Pre-Clearing Trades</u>

**Purpose**

The purpose of this rule is to reduce the possibility of conflicts between trades in Covered Accounts and trades made by the Portfolios. When you apply for pre-clearance, you're not just asking for approval, you are also stating that you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• don't have any Inside Information on the security you want to trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not using knowledge of actual or potential Portfolio trades to benefit yourself or others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• believe the trade is available to the general investor on the same terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will provide any relevant information requested by Geode Compliance

**Rules relating to pre-clearance** 

You and any Covered Person must clear in advance all proposed orders to buy or sell a Covered Security. It's important to understand the following rules before requesting pre-clearance for a trade:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have to apply for pre-clearance on the same day you want to trade and prior to placing the trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clearance approval is only good for one trading day and only for up to the number of shares you pre-clear. If you don't use it that trading day, it expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Place day orders only (orders that automatically expire at the end of the trading session). Good-till-cancelled orders (such as orders that stay open indefinitely until the market price of a security reaches a specified price) are not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Check the status of all orders at the end of the trading day and cancel any orders that haven't been executed that trading day. If any Covered Person leaves an order open (or places a trade after the close on a day a trade is approved) and it is executed the next day (or later), it will generate a violation that will be assigned to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless an exception listed below applies or Geode Compliance has instructed you otherwise, these pre-clearance rules apply to all of your Covered Accounts — including both accounts at a Geode-approved broker and any other brokerage accounts.

**Exceptions** 

You don't need to pre-clear trades in certain Covered Securities. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of open-ended mutual funds including funds advised or subadvised by Geode.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of ETFs (other than single stock ETFs, which are prohibited).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• options and futures that are based on an index (e.g., S&P 100 and S&P 500) or ETFs (other than single stock ETFs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commodities, options or futures on actual commodities (such as, grains or metals traded on a commodities exchange) or commodity indexes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities being transferred as a gift

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• automatic dividend reinvestments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rights subscriptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currency warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• options or futures based on one or more instruments that are not covered securities (e.g., currencies, U.S. Treasuries)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trades in all other options and futures need to be pre-cleared

With the prior approval of Geode Compliance, there are a few situations where you may be permitted to trade without pre-clearing. These situations are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in a Covered Account if the transactions are being made through discretionary managed account, previously approved by Geode Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases made through an automatic, regular program (ESPP, DRIPs, etc.,) that has been disclosed to and approved by Geode Compliance in advance. Please note that redemptions must be pre-cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when you can show that repeated rejection of your pre-clearance request is causing a significant hardship.

**Prohibited Trades**

Generally, requests will not be approved if we determine your transaction may take advantage of or hinder trading by the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A personal trade will not be permitted if any account at Geode holds such security and current day aggregate portfolio trading exceeds 10% of the security's average trading volume in the market for the last five days. All Advisory Employees and Portfolio Managers of Geode are subject to this restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading in a Geode managed ETF after market close is prohibited. An exception to trading after market close is allowed only in an approved account that is professionally managed by a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading in single stock ETFs

Geode reserves the right to reject, in its sole discretion, any proposed trade.

**TO DO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Login to StarCompliance and complete the pre-clearance request template. Submit the request electronically to Geode Compliance. You will receive a response to your request via e-mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Do not trade unless you receive approval to trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Place your order. Be sure your order is for the same security, direction, and quantity (or a lesser quantity) as your pre-clearance approval. Do not place a good-till-cancelled order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Check the status of your order at the end of the day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Cancel any orders that haven't been filled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6. Getting approval before investing in private securities transactions</u>

You or any Covered Person needs prior approval from Geode Compliance to invest in any private placement or other private securities transaction in Covered Securities, including non-public limited entities (e.g., limited partnerships, LLCs, S Corporations, etc.). This includes any add-on, any subsequent investment, or any investment whose terms materially differ from any previous approval you may have received. Note the additional restrictions under the heading "Requesting review of Portfolio investment decisions involving an issuer in which you hold a private investment" that apply to you.

**TO DO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Before investing in any private investment, fill out a Private Transaction Request Form (available on StarCompliance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Submit the request to Geode Compliance and await approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If approved, disclose via StarCompliance the final transaction within 30 days of the end of the quarter in which it was completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7. Getting approval to trade in Covered Accounts owned by others</u>

Generally, you may not exercise trading authority over an account that does not fall under the definition of Covered Account (i.e., that is not subject to reporting to Geode).

However, with prior approval from Geode Compliance, you can maintain and exercise trading authority over an account owned by a member of your family, even if it does not fall under the definition of Covered Account. Once approved, such account will be subject to the same reporting rules as your Covered Accounts.

**TO DO**

**If you are a New Advisory Employee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Take immediate steps to terminate any authority you may have to trade Covered Securities in a non-Covered Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To request an exception from this rule, submit a request to Geode Compliance. Don't direct any trades in the account until you get written approval from Geode Compliance.

**If you are a Current Advisory Employee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you want to trade in an account that may qualify for an exception, submit a request to Geode Compliance. Don't direct any trades in the account until you get written approval from Geode Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8. Complying with applicable trading limits</u>

Excessive trading is strongly discouraged. In general, anyone placing more than 60 trades in a quarter should expect additional scrutiny of their trades. Geode Compliance monitors trading activity and may limit the number of trades allowed in your Covered Accounts during a given period.

**Exceptions**

This rule does not apply to transactions made in a discretionary managed account, previously approved by Geode Compliance.

**TO DO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply fully and promptly with any trading limits placed on your Covered Accounts by Geode Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9. Surrendering 60-day gains</u>

Any sale of Covered Securities in a Covered Account will be matched against any purchases of that security, or its equivalent, in the same account during the previous 60 days (starting with the earliest purchase in the 60-day period). Any gain resulting from any matched transactions must be surrendered to Geode. Proceeds will be donated to a charity of Geode's choice. For specific information about how option transactions are treated under this rule, see the examples below.

Gains are calculated differently under this rule than they would be for tax purposes. Neither losses nor potential tax liabilities will be offset against the amount that must be surrendered under this rule.

**Exceptions**

This rule does not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to transactions in securities that are not considered Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to shares of open-ended mutual funds including funds advised or subadvised by Geode.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to transactions in ETFs (other than single stock ETFs, which are prohibited).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to transactions in options and futures that are based on an index or ETF (other than single stock ETFs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to transactions in commodities, options and futures on actual commodities (such as, grains or metals traded on a commodities exchange) or commodity indexes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to transactions in options or futures based on one or more instruments that are not covered securities (e.g., currencies, US Treasuries).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to transactions made in a discretionary managed account, previously approved by Geode Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the rule would prevent you from realizing a tax loss on a proposed trade.

**TO DO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Before trading a security in a Covered Account that might trigger this rule, make sure you understand how much may have to be surrendered. The calculation may be complicated, especially if options or multiple prior purchases could be involved. If you have any doubt, contact Geode Compliance.

**Option transactions under the 60-Day Rule**

Option transactions can be matched in two ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to prior purchases of the underlying security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to prior option transactions in the opposite direction.

When matching an option transaction to prior purchases of the underlying security, selling a call and buying a put are treated as sales and will be matched to any purchases of the underlying security made during the preceding 60 days.

When matching an option transaction to prior option transactions, a closing position is matched to any like opening positions taken during the preceding 60 days.

**Exercising an option**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The initial purchase or sale of an option, not the exercise or assignment of the option, is matched to any opposite transactions made during the preceding 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sale of the underlying securities received from the exercise of an option will also be matched to any opposite transactions made during the period.

**Automatic liquidation**

There is no exception to the 60-Day Rule for the selling of securities upon the automatic exercise of an option that is in the money at its expiration date. To avoid surrendering 60-day gains that would result from an automatic liquidation, you need to cancel the automatic liquidation before it happens.

**Corporate Actions**

The 60-Day Rule generally does not apply to mandatory or voluntary trading of securities through a corporate action. For example, participation in a tender offer initiated by a company to repurchase shares outstanding is not considered a matched trade as defined in this Code, and therefore is not subject to the 60-Day Rule.

However, should an employee purchase securities after receiving notification of such offer, the 60-Day Rule still stands in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10. Communicating your ownership of securities in certain circumstances</u>

If you make any communication that is intended to influence or may influence a Portfolio's decision to buy, hold or sell a security while you are holding such security in a Covered Account or while you or any Covered Person decided to place a trade in such security, you must disclose the information about your personal interest in the security to the person responsible for the investment decisions of the Portfolio and to Geode Compliance at the same time as you are making such communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11. Portfolio investment decisions involving a company in which you hold a private investment</u>

If you or your Covered Person make a private investment in a company in compliance with Section 6 above, and subsequently you play a material role in a Portfolio's decision to buy, hold or sell securities of that company, you must take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose the private interest to the person(s) making the investment decision about the security in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contact Geode senior management and obtain an independent review of any decision to buy the securities for your assigned Portfolio(s) before buying for the Portfolio(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>12. Serving as a director</u>

You need to get approval in advance to serve as a director or trustee of a publicly traded company or a privately held company that is likely to issue shares. Approval depends on a determination that the activity would be in the best interests of the Portfolios and their shareholders. Prior approval is required for other activities as well, including accepting additional employment outside of Geode or participating in an activity that may create an actual or perceived conflict of interest with Geode.

**TO DO**

**If you are a New Advisory Employee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request approval to continue to participate in any covered activities by completing an Outside Activities and Affiliations Request Form through StarCompliance.

**If you are a Current Advisory Employee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request approval before participating in any covered activities by completing the form mentioned above.

**WHAT'S PROHIBITED**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>13. Trading restricted securities</u>

No Covered Person may trade securities that appear on restricted securities lists maintained by Geode Compliance. The restricted securities lists are updated on an as needed basis in StarCompliance and generate an automated denial when employees attempt to pre-clear transactions in securities identified on the lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14. Using short strategies</u>

<u>Not permitted</u> in any Covered Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selling a security that is on loan to you from a broker dealer (rather than owned by you) at the time you sell it (a "short position") if the short position in that security that exceeds the same Covered Account's long position in that security (or its equivalent); this prohibition includes buying puts to open, selling calls to open, and selling securities short, as well as writing straddles, collars, and spreads.

<u>Permitted</u> in any Covered Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selling short a given number of shares of a security while holding the same number of shares, or more, of the security in your Covered Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options or futures based on one or more instruments that are not covered securities (i.e., currencies, U.S. Treasuries).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options and futures that are based on an index (e.g., S&P 100 and S&P 500) or ETFs (other than single stock ETFs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15. Participating in IPOs</u>

A Covered Person is not allowed to participate in an IPO (initial public offering) where no public market in a similar security of the issuer previously existed. This rule applies to equity securities, corporate debt securities, and free stock offers through the Internet. With prior approval from Geode Compliance, you may participate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you have been offered shares because you already own equity in the company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you have been offered shares because you're a policyholder or depositor of a mutual company that is reorganizing into a stock company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your spouse or domestic partner has been offered shares because of his or her employment with the company

**TO DO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request approval to participate in an IPO that may qualify as an exception from Geode Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Don't participate in any IPO without written approval from Geode Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16. Participating in an investment club</u>

No Covered Person may participate in an investment club or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>17. Investing in a hedge fund</u>

No Covered Person may invest in a hedge fund, alternative investment, or similar investment product or vehicle.

**Exceptions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A hedge fund, alternative investment, or similar investment product or vehicle that you bought prior to your designation as a Covered Person at Geode. This exception is subject to the prior approval of Geode Compliance. If your request is approved, neither you nor your Covered Persons can make any further investments in the product.

**TO DO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request approval to invest in an investment product or vehicle issued or advised by Geode from Geode Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request approval to maintain existing hedge fund investments that may qualify as an exception from Geode Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>18. Profiting from knowledge of Portfolio transactions</u>

You may not use your knowledge of transactions in Portfolios advised by Geode to profit by the market effect of these transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>19. Influencing a Portfolio to act in a way that benefits you or others</u>

The Portfolios advised or subadvised by Geode are required to act in the best interests of their shareholders and clients. Accordingly, you are prohibited from influencing any of these Portfolios to act for the benefit of any other party other than its shareholders or clients.

For example, you may not influence a Portfolio to buy, sell, or refrain from trading a security in order to affect that security's price to advance your own interests or the interests of a party that has or seeks to have a business relationship with Geode.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>20. Transacting with a Portfolio</u>

No Covered Person may engage in any transaction with a Portfolio other than in the regular performance of business duties, or permitted purchases or sales of Portfolio shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>21. Attempting to defraud a Portfolio or the market</u>

Attempting to defraud a Portfolio or the market in any way is a violation of Geode policies and federal law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>22. Using a derivative to get around a rule</u>

If something is prohibited by these rules, then it's also against these rules to effectively accomplish the same thing by using a derivative. This includes futures, options, options on futures, and other types of derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>23. Limitations on Disclosure to Geode Directors</u>

You may not disclose to a Geode director any nonpublic information (as defined above) regarding trading activities or listings of current securities positions of any Portfolio or investment advisory recommendations or decisions of Geode, without the prior permission of the Chief Compliance Officer. If you believe that such information has become public, you should contact Geode Compliance and receive an express clearance from the Chief Compliance Officer before disclosing such information to Geode directors.

# III.Additional Rules for Investment Professionals Only
**WHAT'S PROHIBITED**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1. Failing to recommend or trade for a Portfolio</u>

You may not delay or refrain from recommending or trading a suitable security or commodity interest for a Portfolio in order to avoid an actual or apparent conflict of interest with a transaction in that security or commodity interest in one of your Covered Accounts. Any time you receive, directly from an issuer, material information about that issuer that is publicly available, you must check to see if that information has been disclosed to Geode. If not, you must communicate that information to Geode before you trade any securities of that company in a Covered Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2. Trading within seven days of a Portfolio ("Blackout Rule")</u>

Trading in a Covered Account within seven calendar days before or after a trade is executed in the same issuer by any of the Portfolios you manage (or are involved in the day-to-day management of, including order execution) is not permitted.

Compliance may waive the Blackout Rule requirement as it applies to the Covered Security transactions if it is determined that the application of the requirement creates a significant hardship to the Investment Professional and / or their covered persons. Such waivers are reviewed on a case-by-case basis and should be escalated to Compliance before the applicable Covered Security transactions.

There are several exceptions to this rule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· De minimis transactions must comply with the pre-clearance, holding period, and reporting requirements set forth in the Code. However, they are exempt from the Blackout Rule. This exemption exists due to the broad scope and high frequency of Covered Securities trading across Portfolios, which would otherwise significantly restrict Investment Professionals from engaging in virtually any Covered Security transactions.

A de minimis transaction is a personal trade that meets one of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A single transaction in a Covered Security valued at $20,000 or less; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Multiple transactions in the same Covered Security within five business days of the initial trade, with a combined value of $20,000 or less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions coinciding with discretionary managed account, previously approved by Geode Compliance. This prohibition does not apply to purchases and sales of securities by Portfolio Managers of retail managed accounts, which would otherwise violate this prohibition solely because the transactions coincide with trades in a discretionary Covered Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When the rule would work to the disadvantage of a Portfolio. You must never let a trade in a Covered Account prevent a Portfolio you manage (or are involved in the day-to-day management of) from subsequently trading the same security or commodity interest if not making the trade would disadvantage the Portfolio. However, you need approval in advance from Geode Compliance before making any trades under this exception. Geode Compliance will need to know, among other things, what new information arose since the date of the Covered Account trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When the conflicting Portfolio trade results from standing orders. A Covered Account trade may precede a Fund trade in the same security or commodity interest when the Fund's trade was generated independently by the trading desk because of a standing instruction to trade proportionally across the Fund's holdings in response to Portfolio cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When the conflicting personal trade or fund trade is in an ETF (other than a single stock ETF, which is prohibited) or option on an ETF (other than a single stock ETF).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When the conflicting personal trade or fund trade is in options and futures that track broad-based indexes. Broad-based indexes are defined as (1) having a minimum of 30 securities; and (2) no one security represents more than 25% of the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When the conflicting personal trade or fund trade is in options or futures on commodity indexes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When the conflicting personal trade or fund trade is in options or futures based on one or more instruments that are not covered securities (e.g., currencies, US Treasuries).

**TO DO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Before trading personally, consider whether there is any likelihood that you may be interested in trading that security or commodity interest in your assigned Portfolios within the next seven calendar days. If so, refrain from trading in a Covered Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a Portfolio you manage has recently traded a security or commodity interest, you must delay any Covered Account trades in that security or commodity interest until the eighth calendar day after the most recent trade by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contact Geode Compliance immediately to discuss any situation where these rules would work to the disadvantage of the Portfolios.

# IV.Complying with Geode Policy on Insider Trading
The following is the Geode's policy governing "Inside Information," which is information about a company that is both Material and Nonpublic (as defined below). These rules apply regardless of whether you have obtained the Inside Information as a part of your job. These rules apply to any use of information obtained during your period of employment with Geode, even if that use occurs after your employment is terminated. The law imposes severe sanctions for violations of the insider trading laws, and Geode takes very seriously the need to ensure compliance with the securities laws and its own policies.

In order to understand and comply with this Policy, you need to understand two definitions. These definitions may be broader than the applicable legal standards because Geode's policies in some respects apply a higher standard that that required by the Federal Securities Laws. These definitions are:

**Material**

Information is "Material" if there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decision, or if public disclosure of that information would reasonably be expected to affect the price of the security or related securities of the company. The information need not be so important that it would have changed the investor's decision to buy or sell.

**Nonpublic**

Information is "Nonpublic" when it has not been disseminated in a manner making it available to investors generally. Information is "public" when it has been made available to investors generally by such means as national business and financial news services (e.g., Dow Jones, Bloomberg or Reuters), and national news services (e.g., Associated Press, New York Times or Wall Street Journal). These are only examples and information may become public in other ways.

*If you are in doubt as to whether information that you have may be considered to be "Material" or "Nonpublic," do not trade in any security issued by the company in question and do not disclose that information to anyone else. Contact Geode's General Counsel and/or Chief Compliance Officer and the General Counsel and/or Chief Compliance Officer will advise you as to whether the information you have is Inside Information.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) How you may come into possession of Inside Information?

You may come into possession of Inside Information in a variety of ways. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the course of seeking Geode's concurrence with a proposed corporate action, the company may disclose Inside Information that it believes would be pertinent to Geode's evaluation of that proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In a discussion with an employee of a company, you may learn information about the company that is Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may learn Inside Information through personal sources, such as your spouse whose company is involved in a transaction, or even from overhearing elevator conversations.

The fact that you have learned Inside Information does not mean that you have done anything wrong. To the contrary, there are situations where you could learn Inside Information about a public company as a necessary part of performing your job. At the same time, where you do not need Inside Information in order to do your job, you should try to avoid receiving it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) What to do when you acquire Inside Information?

1. Contact Geode's General Counsel and/or Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If there is a question about whether the information is "Inside Information," contact Geode's General Counsel and/or Chief Compliance Officer who will make that determination and advise you. Do not tell anyone else about the information, including your manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geode's General Counsel and/or Chief Compliance Officer will give you instructions as to what you should do. Those instructions may include the following:

o You may be told the information does not constitute "Inside Information" and add no additional restrictions may apply.

o You may be instructed that the information is Inside Information and may not be disclosed to anyone else without express clearance from Geode Compliance.

o You may be asked to sign a Confidentiality Letter or to follow additional procedures intended to preclude your communicating the Inside Information to others within Geode who do not know the Inside Information.

o A code name for the project or company may be designated. Once a code name is designated, that code name is to be used in all communications on the subject, whether these communications are in writing or oral.

2. Do Not Trade in Any Securities of The Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not trade any security of the company about which you have Inside Information until you are informed that you are free to do so. If you believe that the Inside Information has become public information or that it is no longer Material, you should contact Geode Compliance. You may not trade until you have received clearance to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not recommend to anyone else that he or she trade or refrain from trading in any securities of the company. Such recommendations are prohibited even if you do not also disclose the Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This is a complete ban and applies to any account in which you play any role in making investment decisions or exercise any investment discretion, regardless of whether you have a personal economic or ownership interest, including such accounts as:

o any of your personal accounts;

o any account in which you exercise investment discretion, including any account held by a Covered Person, any account held by a corporation in which you are a shareholder or officer, and any account for which you serve as trustee, guardian or executor;

o any account over which you have trading authority as part of your job or on the basis of having actual control over the account, whether via a power of attorney or otherwise;

o any account managed by Geode; and

o any account administered by Geode.

3. Do Not Disclose the Information to Anyone Else, Except as Set Forth Below.

To avoid disabling all Geode businesses and employees from trading in securities of a particular company when only one of them has Inside Information about that company, it is often necessary to create information barriers to "wall off" those who know from those who do not know the information. By restricting the knowledge to those who learned of it – as well as those who have a need to know it – those who do not know remain free to act with respect to the securities involved. Without information barriers, the knowledge of one part of the organization could be imputed to the entire organization. To avoid this risk, you must be aware of and follow the procedures set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not tell your manager or supervisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not tell other employees, including those who you believe need to know the information in order to do their jobs. If other employees in fact need to know the Inside Information in order to do their jobs, this will be handled through procedures that are tailored to limit disclosure to as great an extent as possible. Do not take it into your own hands to decide what Inside Information other employees need to know.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not tell anyone else outside of Geode, including accountants, employees or directors of the issuer. A decision whether it is necessary for such people to be told must be made in an appropriate manner by Geode's General Counsel and/or Chief Compliance Officer.

4. Take other steps to protect the confidentiality of Inside Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not leave documents containing Inside Information at copiers, in conference rooms or in any other place where they could be viewed by unauthorized persons. When such documents are not being used, store them in a secure location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shred all documents containing Inside Information that are to be discarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use passwords or other means to limit access to computer material containing Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not discuss Inside Information in public places, such as social gatherings, hallways, office areas open to other employees, elevators, restaurants, trains, taxi cabs, other public transportation or places where you might be overheard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Sanctions

Violations of this policy may in some cases also constitute violations of law and of the rules of regulatory and self-regulatory organizations. Penalties for violating applicable laws and regulations are severe, and may include substantial fines against those who misuse Inside Information, against their supervisors and management, and against Geode, as well as jail sentences, industry bars, or a combination of these sanctions.

If you violate this policy, whether or not your conduct violates applicable laws or regulations, you will be subject to disciplinary action by Geode up to and including dismissal.

V. Outside Business Activity and Affiliations

Any Advisory Employee that wishes to initiate an employment relationship outside of Geode or to engage in activity outside of work listed below or of a nature which could present a conflict of interest with his or her job (together, "Outside Business Activity" or "OBA") must obtain written approval (which may be electronic) from Geode prior to entering into an Outside Business Activity. This requirement also applies to new Advisory Employees who have not yet received approval to continue an OBA. In either case, the Advisory Employee must obtain approval from his or her manager and Geode Compliance. In certain cases, depending on the nature of the activity, Geode Compliance may also involve Geode's Chief Operating Officer or General Counsel. Advisory Employees are required to resubmit their approval request for reconsideration whenever they change an OBA or whenever there is a significant change in the nature or scope of the OBA.

Below is a non-exhaustive list of Outside Business Activities that require written approval from Geode. It is important to note, it is not possible to anticipate every situation that could present a conflict of interest or which could interfere with an Advisory Employee's ability to effectively perform his or her job. Accordingly, if an Advisory Employee believes that any OBA could raise such an issue, the Advisory Employee should follow this Policy even if the particular activity is not covered in the following list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment or self-employment of any sort (regular or temporary, full-time or part-time, employee or independent contractor) outside of Geode.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Becoming a director, officer, partner or trustee of any organization or business. (Approval is not required if the employee is acting as a director, officer, partner or trustee of a social, political, religious, or charitable group or endeavor, as long as the activity does not fall within one of the other categories requiring managerial and compliance approval.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raising money for any business venture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participating in a private securities transaction or receiving any compensation for any securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any activity where an employee manages or advises a portfolio or effects security transactions for any organization, including a nonprofit organization., regardless of whether the individual receives compensation or other remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Running for political office or accepting an appointment to a governmental or political position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Testifying as an expert witness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accepting speaking engagements (i.) which include statements that may be considered as sales or marketing information about Geode or its products or services, or (ii.) for which the individual receives compensation or other remuneration. (Speaking engagements that are related to the employee's job or profession and do not involve the matters identified in this paragraph do not require approval under this Policy.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Writing publications (i.) which involve discussion of Geode, Geode's products or services, or systems or technology, (ii.) which may be considered as sales or marketing literature, or (iii.) for which the individual receives compensation or other remuneration. (Publications that are related to the employee's job or profession and do not involve the matters identified in this paragraph do not require approval under this Policy.

Outside Business Activities that present an actual or apparent conflict of interest or that unacceptably interfere with the Advisory Employee's job, as determined by Geode, will not be approved. Approved OBAs generally are to be carried out in such a way that they do not interfere with the Advisory Employee's job or involve the inappropriate use of Company time, equipment, facilities or other resources. In addition, the Advisory Employee may not in any way lead anyone to think that Geode is sponsoring or otherwise related to or endorsing the Advisory Employee's activity. In some cases, approval of the activity may be conditioned on the employee's advising the outside source that Geode is not sponsoring the employee's activity.

Approval for Outside Business Activities is processed using the StarCompliance system under the Advisory Employee profile. OBA requests are directed to managers and Geode Compliance for review and approval within StarCompliance . All documentation related to the OBA is also maintained within StarCompliance.

**HOW WE ENFORCE THESE POLICIES**

**Geode Compliance**

Geode Compliance reviews and reconciles the information it receives. If these reviews turn up information that is incomplete, questionable, or potentially in violation of the rules in this document, Geode Compliance will investigate the matter and may contact you.

If it is determined that you or another Covered Person has violated a rule, Geode Compliance will notify Senior Management who may take responsible action. This may take the form of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a warning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fine or other payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limitation or ban on personal trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• referral to Geode Human Resources

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dismissal from employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• referral of the matter to civil or criminal authorities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclosure to regulators as required by law or regulation

Geode takes all rule violations seriously. You should be aware that other securities laws and regulations not addressed by these rules may also apply to you, depending on your role at Geode.

Compliance retains discretion to interpret the Code of Ethics and determine how the rules apply based on the particular situation or circumstance to maintain integrity and align with principles, including granting exceptions.

**Exceptions**

In cases where exceptions to these rules are noted and you may qualify for them, you need to get prior approval from Geode Compliance. The way to request any particular exception is discussed in the text of the relevant rule. If you believe that you have a situation that warrants an exception that is not discussed in the rules, you're encouraged to submit a written request to Geode Compliance. Your request will be considered by Geode Compliance in consultation with members of the Senior Management, if appropriate, and you'll be notified of the outcome.

**The nature of these rules**

These rules create an obligation of Advisory Employees and Portfolio Managers to Geode and the Portfolios. These rules, however, are not a promise or contract, and may be modified at any time. Geode retains the discretion to decide whether any rule applies to a specific situation, and how it should be interpreted.

------

**Legal Information**

*The Code of Ethics for Personal Investing, Insider Trading and Conflicts of Interest Policy constitutes the Code of Ethics adopted by Geode to comply with the provisions of Rule 17j-1 under the Investment Company Act of 1940, the provisions of Rule 204A-1 under the Investment Advisers Act of 1940, the provisions of Rules 204-2(a)(12) and 204-2(a)(13) under the Investment Advisers Act of 1940 and to prevent violations of insider trading laws. Geode is required to provide a copy of this Code, and any amendments to it, to all directors, officers and employees covered under it.*