----

|                                                                      | Revision 0 |
|----------------------------------------------------------------------|------------|
| Code of Ethics for Principal Executive and Senior Financial Officers |

| I.        | Covered Officers/Purpose of the Code                                               |
|-----------|------------------------------------------------------------------------------------|
|      |                                                                               |
| II.       | Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest |
|      |                                                                               |
| III.      | Disclosure and Compliance                                                          |
|      |                                                                               |
| IV.       | Reporting and Accountability                                                       |
|      |                                                                               |
| V.        | Other Policies and Procedures                                                      |
|      |                                                                               |
| VI.       | Amendments                                                                         |
|      |                                                                               |
| VII.      | Confidentiality                                                                    |
|      |                                                                               |
| VIII.     | Internal Use                                                                       |
|      |                                                                               |
| Exhibit A | Persons Covered by this Code of Ethics                                             |
|      |                                                                               |
| Exhibit B | Initial Certification Form                                                         |
|      |                                                                               |
| Exhibit C | Annual Certification Form                                                          |

----

|                                                                      | Revision 0 |
|----------------------------------------------------------------------|------------|
| Code of Ethics for Principal Executive and Senior Financial Officers |

| I. | Covered Officers/Purpose of the Code |
|----|--------------------------------------|

|   | · | honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the “SEC”) and in other public communications made by the Fund; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | compliance with applicable laws and governmental rules and regulations; |
|--------|--------|-------------------------------------------------------------------------|

|   | · | the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

|   | · | accountability for adherence to the Code. |
|--------|--------|-------------------------------------------|

| II. | Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest |
|-----|------------------------------------------------------------------------------------|

----

|                                                                      | Revision 0 |
|----------------------------------------------------------------------|------------|
| Code of Ethics for Principal Executive and Senior Financial Officers |

|   | · | use his or her personal influence or personal relationship improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; or |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | retaliate against any other Covered Officer or any employee of the Fund or their affiliated persons for reports of potential violations by the Fund of applicable rules and regulations that are made in good faith. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | service as a director, trustee, general partner, or officer of any unaffiliated business organization.  This rule does not apply to charitable, civic, religious, public, political, or social organizations, the activities of which do not conflict with the interests of the Fund; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                      | Revision 0 |
|----------------------------------------------------------------------|------------|
| Code of Ethics for Principal Executive and Senior Financial Officers |

|   | · | the receipt of any non-nominal gifts; |
|--------|--------|---------------------------------------|

|   | · | the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as raise any question of impropriety; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any ownership interest in, or any consulting or employment relationship with, any of the Fund’s service providers, other than its investment adviser, principal underwriter, administrator, transfer agent, custodian or any affiliated person thereof; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| III. | Disclosure and Compliance |
|------|---------------------------|

|   | · | Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Fund. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------|

|   | · | Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund’s Board, the Fund’s Audit Committee and the Fund’s independent auditors, and to governmental regulators and self-regulators and self-regulatory organizations. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Fund and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | It is the responsibility of each Covered Officer to promote and encourage professional integrity in all aspects of the Fund’s operations. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| IV. | Reporting and Accountability |
|-----|------------------------------|

|   | · | upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a report in the form of Exhibit B to the Fund’s compliance officer affirming that he or she has received, read, and understands the Code; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                      | Revision 0 |
|----------------------------------------------------------------------|------------|
| Code of Ethics for Principal Executive and Senior Financial Officers |

|   | · | annually sign and return a report in the form of Exhibit C to the Fund’s compliance officer as an affirmation that he or she has complied with the requirements of the Code; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | notify the Fund’s Audit Committee promptly if he or she knows of any violation of this Code.  Failure to do so is itself a violation of this Code. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Audit Committee will take all appropriate actions to investigate any potential violations reported to the Committee. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|

|   | · | If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further action. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Any matter that the Audit Committee believes is a violation of this Code will be reported to the full Board. |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | · | If the Board concurs that a violation has occurred, it will notify the appropriate personnel of the applicable service provider and may dismiss the Covered Officer as an officer of the Fund. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Audit Committee will be responsible for granting waivers of provisions of this Code, as appropriate. |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

| V. | Other Policies and Procedures |
|----|-------------------------------|

----

|                                                                      | Revision 0 |
|----------------------------------------------------------------------|------------|
| Code of Ethics for Principal Executive and Senior Financial Officers |

| VI. | Amendments |
|-----|------------|

| VII. | Confidentiality |
|------|-----------------|

| VIII. | Internal Use |
|-------|--------------|

----

|                                                                      | Revision 0 |
|----------------------------------------------------------------------|------------|
| Code of Ethics for Principal Executive and Senior Financial Officers |

----

|                                                                      | Revision 0 |
|----------------------------------------------------------------------|------------|
| Code of Ethics for Principal Executive and Senior Financial Officers |

|   | Please sign your name here: |   |
|--------|-----------------------------|--------|

|   | Please print your name here: |   |
|--------|------------------------------|--------|

|   | Please date here: |   |
|--------|-------------------|--------|

----

|                                                                      | Revision 0 |
|----------------------------------------------------------------------|------------|
| Code of Ethics for Principal Executive and Senior Financial Officers |

|   | Please sign your name here: |   |
|--------|-----------------------------|--------|

|   | Please print your name here: |   |
|--------|------------------------------|--------|

|   | Please date here: |   |
|--------|-------------------|--------|