**Exhibit      10.4**

**NGP      CAPITAL RESOURCES COMPANY**

**NGP      INVESTMENT ADVISOR, LP**

**AMENDED      AND RESTATED**

**JOINT      CODE OF ETHICS**

**Adopted      July 31, 2008**

**SECTION      1**

|   | 1.1. | “Access                Person”                means (a) the Adviser, (b) any director, general partner, or officer                of                the Adviser or the Company, and (c) any Advisory Person. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2. | “Advisory                Person”                means any (a) employee of the Company (or any company in a Control                relationship with the Company) who, in connection with his or her                regular                functions or duties, makes, participates in, or obtains information                regarding the purchase or sale of Covered Securities by the Company                or                whose functions relate to the making of any recommendations with                respect                to such purchases or sales, and (b) employee of the Adviser who has                access                to nonpublic information regarding the Company’s purchase or sale of                securities, or nonpublic information regarding the portfolio holdings                of                the Company, or who, in connection with his or her regular functions                or                duties is involved in making securities recommendations to the Company,                or                has access to such recommendations that are not public. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 1.3. | “Annual                Certification”                means an Annual Certification of Compliance with Code of Ethics,                in the                form attached as Schedule F. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4. | “Automatic                Investment Plan”                means a program in which regular periodic purchases (or withdrawals)                are                made automatically in (or from) investment accounts in accordance                with a                predetermined schedule and allocation and includes a dividend reinvestment                plan. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.5. | “Beneficial                Ownership”                has the meaning set forth in paragraph (a)(2) of Rule 16a-1 under                the                Securities Exchange Act of 1934, and for purposes of this Code includes                any interest by which an Access Person or any Immediate Family Member                of                an Access Person can directly or indirectly derive monetary or other                economic benefit from the purchase, sale (or other acquisition or                disposition), or ownership of a security, including any such interest                that                arises as a result of: a general partnership interest in a general                or                limited partnership, an interest in a trust, a right to dividends                that is                separated or separate from the underlying security, a right to acquire                equity securities through the exercise or conversion of a derivative                security (whether or not presently exercisable), and a performance                related                advisory fee (other than an asset based                fee). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.6. | “Board                Member”                means each individual who serves as a director of the                Company. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.7. | “Committee                of Independent Directors”                means a committee comprised of all of the directors of the Company                who are                not “interested persons” of the Company as defined in Section 2(a)(19) of                the 1940 Act acting as a committee of the                whole. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.8. | “Compliance                Officer”                means the person designated by the Adviser to serve as the chief                compliance officer of the Adviser. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.9. | “Control”                has the meaning set forth in Section 2(a)(9) of the 1940 Act, and                includes                the power to exercise a controlling influence over the management                or                policies of a company, unless such power is solely the result of                an                official position with the company. Control shall be presumed to                exist                where a person owns beneficially, either directly or through one                or more                companies, more than 25% of the voting securities of a                company. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.10. | “Covered                Security”                means a security as defined in Section 2(a)(36) of the 1940 Act and                includes any and all stock, debt obligations, and similar instruments                of                whatever kind, including any right or warrant to purchase a security,                or                option to acquire or sell a security, a group or index of securities.                References to a security in this Code shall be deemed to refer to                and                include any warrant for, option in, or security immediately convertible                into that security, and shall also include any financial instrument                that                has an investment return or value that is based, in whole or in part,                on                that security (collectively “derivatives”). |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 1.11. | “Immediate                Family Member”                means a person who shares the same household as the Access Person                and is                related to the Access Person by blood, marriage, or                adoption. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.12. | “Independent                Board Member”                means each individual who serves as a director of the Company who                is not                an “interested person,” as defined in Section 2(a)(19) of the 1940 Act, of                the Company. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.13. | “Initial                Certification”                means an Initial Certification of Compliance with Code of Ethics,                in the                form attached as Schedule E. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.14. | “Initial                Public Offering”                means an offering of securities registered under the Securities Act                of                1933, the issuer of which, immediately before the registration was                not                subject to the reporting requirements of Section 13 or 15(d) of the                Securities Exchange Act of 1934. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.15 | “Investment                Personnel”                mean (a) any employee of the Company or the Advisor (or of any company                in                a control relationship to the Company or the Advisor who, in connection                with his or her regular functions or duties, makes or participates                in                making recommendations regarding the purchase or sale of securities                by the                Company or (b) any natural person who controls the Company or the                Advisor                and who obtains information concerning recommendations made by the                Company                regarding the purchase or sale of securities by the                Company. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.16. | “Limited                Offering”                means an offering that is exempt from registration pursuant to Section                4(2) of Section 4(6) of the Securities Act of 1933 or Rule 504, 505,                or                506 thereunder. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.17. | “Related                Party”                means an employee’s spouse, minor children, other relative who live in the                employee’s household and trusts and similar entities with respect to which                an employee is trustee or otherwise enjoys beneficial                ownership. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 1.18. | “Restricted                Securities”                has the meaning ascribed to such term in                Section 3.1. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.19. | “Restricted                Securities List”                means the list of Restricted Securities maintained by the Compliance                Officer as it exists at such time. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.20. | “Security                Held or to be Acquired by the Company”                means (a) any Covered Security that, within the most recent 15 days:                (i)                is or has been held by the Company, or (ii) is being or has been                considered by the Company or the Advisor for purchase by the Company,                and                (b) any option to purchase or sell, and any securities convertible                into or                exchangeable for, a Covered Security described in clause                (a). |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SECTION      2**

|   | (a) | The                duty at all times to place the interests of the stockholders of the                Company first. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                requirement that all personal securities transactions be conducted                in a                manner that does not interfere with the Company’s portfolio transactions                so as to avoid any actual or potential conflict of interest or any                abuse                of an individual’s position of trust and                responsibility. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                fundamental standard that Access Persons should not take inappropriate                or                unfair advantage of their relationship with the Company or the                Adviser. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                duty of all Access Persons to comply with all applicable federal                securities laws. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

**SECTION      3**

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**SECTION      4**

|   | The                prohibitions in Section 3 of this Code shall not apply                to: |
|--------|----------------------------------------------------------------------------------------------|

|   | (a) | purchases                or sales effected in any account over which an Access Person has                no direct                or indirect influence or control; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | purchases                or sales of securities that are not listed on the Restricted Securities                List, other than securities acquired in an Initial Public Offering                or a                Limited Offering; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | purchases                or sales of securities that are U.S. Treasury obligations, commercial                paper and high quality debt instruments (including repurchase agreements)                with a stated maturity of 12 months or less, bankers' acceptances,                and                bank certificates of deposit; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | purchases                and redemptions of shares of registered open-end investment companies                (mutual funds), but not shares of funds advised by the Adviser, closed-end                funds, or exchange traded funds; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | purchases                effected upon exercise of rights issued by an issuer pro rata to                all                holders of a class of its securities to the extent such rights were                acquired from such issuer, and sales of such rights to be                acquired; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | involuntary                (i.e., non-volitional) purchases and sales of                securities; |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (g) | transactions                effected pursuant to an Automatic Investment Plan; |
|--------|-----|--------------------------------------------------------------------------------|

|   | (h) | joint                investments permitted pursuant to an exemptive order issued by the                Securities and Exchange Commission;                or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | purchases                or sales for which the Access Person has received prior approval                from the                Compliance Officer in accordance with this                Code. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SECTION      5**

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|   | (a) | Prior                approval shall be granted only if a purchase or sale of securities                is                consistent with the purposes of this Code and Section 17(j) of the                1940                Act. To illustrate, a purchase or sale shall be considered consistent                with                those purposes if such purchase or sale is only remotely potentially                harmful to the Company or the Adviser because such purchase or sale                would                be unlikely to affect a highly institutional market, or because such                purchase or sale is clearly not related economically to the securities                held, purchased, or sold by the                Company. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Prior                approval shall take into account, among other                factors: |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (i) | whether                the investment opportunity should be reserved for the Company and                whether                the opportunity is being offered to the Access Person or Investment                Personnel by virtue of the Access Person’s or Investment Personnel’s                position with the Company or the                Adviser; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | whether                the amount or nature of the transaction or person making it is likely                to                affect the price or market for the                security; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (iii) | whether                the Access Person or Investment Personnel making the proposed purchase                or                sale is likely to benefit from purchases or sales being made or being                considered by the Company; |
|--------|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (iv) | whether                the security proposed to be purchased or sold is one that would qualify                for purchase or sale by the                Company; |
|--------|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (v) | whether                the transaction is non-volitional on the part of the individual,                such as                receipt of a stock dividend or a sinking fund call; |
|--------|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | (vi) | whether                the chance of a conflict of interest is remote;                and |
|--------|--------|------|-------------------------------------------------------------------------------------------|

|   |   | (vii) | whether                the transaction is likely to effect the Company                adversely. |
|--------|--------|-------|--------------------------------------------------------------------------------------------------|

|   | (c) | An                Access Person or Investment Personnel must submit in writing a completed                and executed Request for Permission to Engage in a Personal Securities                Transaction (a form of which is attached hereto as Schedule A), which                shall set forth the details of the proposed transaction. Approval                of the                transaction as described on such form shall be evidenced by the signature                of the Clearing Officer thereon. A copy of all prior approval forms,                with                all required signatures, shall be retained by the Compliance                Officer. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (d) | If                approval is given to the Access Person or Investment Personnel in                accordance with this Code to engage in a securities transaction,                the                Access Person or Investment Personnel is under an affirmative obligation                to disclose that position if such Access Person or Investment Personnel                plays a material role in the Company’s subsequent investment decision                regarding the same issuer. In such circumstances, an independent                review of                the Company’s investment decision to purchase securities of the issuer by                investment personnel with no personal interest in the issuer shall                be                conducted. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Approval                granted to an Access Person or Investment Personnel in accordance                with                this Code is only effective for seven days from the date of such                approval;                provided, however, that a pre-clearance expires upon the Access Person                or                Investment Personnel receiving pre-clearance becoming aware of facts                or                circumstances that would prevent a proposed trade from being pre-cleared                were such facts or circumstances made known to a Clearing Officer.                Accordingly, if an Access Person or Investment Personnel becomes                aware of                new or changed facts or circumstances that give rise to a question                as to                whether pre-clearance could be obtained if a Clearing Officer was                aware of                such facts or circumstances, the Access Person or Investment Personnel                shall be required to so advise a Clearing Officer and obtain a new                pre-clearance before proceeding with such                transaction. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SECTION      6**

|   | (a) | an                Access Person shall not be required to include in such reports any                transaction effected for any account over which such Access Person                does                not have any direct or indirect influence or control;                and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Independent                Board Members of the Company shall not be required to submit an Initial                Holdings Report or Annual Holdings Reports, and shall be required                to                submit a Quarterly Transaction Report of a transaction only if such                person, at the time of that transaction, knew, or in the ordinary                course                of fulfilling his official duties as a director of the Company should                have                known, that during the 15-day period immediately preceding or after                the                date of the transaction by such person, the security such person                purchased                or sold is or was purchased or sold by the Company or was being considered                for purchase or sale by the Company or the                Adviser. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (a) | the                date of the transaction, the title, the interest rate and maturity                date                (if applicable) and the number of shares, and the principal amount                of each                security involved; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                nature of the transaction (i.e., purchase, sale or other acquisition                or                disposition); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                price at which the transaction was                effected; |
|--------|-----|--------------------------------------------------------------------------------|

|   | (d) | the                name of the broker, dealer or bank with or through whom the transaction                was effected; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the                date that the report is submitted by the Access                Person. |
|--------|-----|-------------------------------------------------------------------------------------------|

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|   | (a) | the                title and the number of shares, and the principal amount of each                Covered                Security in which the Access Person had any direct or indirect beneficial                ownership; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                name of any broker, dealer or bank with whom the Access Person maintains                an account; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                date that the report is submitted by the Access                Person. |
|--------|-----|-------------------------------------------------------------------------------------------|

**SECTION      7**

|   | 7.1 | The                Compliance Officer shall: |
|--------|-----|----------------------------------------------|

|   | (a) | maintain                a current list of the names of all Access Persons, with an appropriate                description in each case of the titles or employment of such persons,                including a notation of any directorships held by Access Persons,                and the                date each such person became an Access                Person. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | on                an annual basis, furnish a copy of this Code to each Access                Person; |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (c) | notify                each Access Person of his or her obligation to file reports as provided                by                this Code; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | obtain                Initial and Annual Holdings Reports from Access Persons and review                Initial                and Annual Holdings Reports; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | report                to the Board Members of the Company the facts contained in any reports                filed with the Compliance Officer pursuant to this Code when any                such                report indicates that an Access Person purchased or sold a security                held                or to be acquired by the                Company; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (f) | supervise                the implementation of this Code by the Adviser and the enforcement                of the                terms hereof by the Adviser; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | determine                whether any particular securities transaction should be exempted                pursuant                to the provisions of this Code; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | issue                either personally or with the assistance of counsel as may be appropriate,                any interpretation of this Code that may appear consistent with the                objectives of Rule 17j-1 and this                Code; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | conduct                such inspections or investigations as shall reasonably be required                to                detect and report any apparent violations of this Code to the Board                Members of the Company; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | review                reports submitted pursuant to this                Code; |
|--------|-----|-------------------------------------------------------------------------------|

|   | (k) | maintain                and cause to be maintained in an easily accessible place, the following                records: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a                copy of any Code adopted pursuant to Rule 17j-1 which has been in                effect                during the past five years; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a                record of any violation of any such Code and of any action taken                as a                result of such violation; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a                copy of each report made by the Compliance Officer during the past                five                years; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | a                list of all persons who are, or within the past five years have been,                required to make reports pursuant to Rule 17j-1, or who are or were                responsible for reviewing these reports, with an appropriate description                of their title or employment; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | a                copy of each report made by an Access Person as required by Section                6 of                the Code, including any information provided in lieu of the reports                under                Section 6 of the Code, during the past five years;                and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | a                copy of each report to the Board Members of the Company required                by                Section 7.1(e) during the past five years;                and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | perform                such other duties as are set forth in this                Code. |
|--------|-----|----------------------------------------------------------------------------------------|

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**SECTION      8**

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*The      Wall Street Journa*

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|   | (a) | Report                the information and proposed trade immediately to the Compliance                Officer; |
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|   | (b) | Do                not purchase or sell the securities on behalf of anyone, including                Client                Accounts; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Do                not communicate the information to any person, other than to the                Compliance Officer. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

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**SECTION      9**

**SECTION      10**

**SECTION      11**

**SECTION      12**

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|   | (a) | Describing                issues arising under this Code of Ethics since the last report to                the                Board, including but not limited to, information about material violations                of the Code, sanctions imposed in response to such violations, changes                made to the Code or procedures, and any proposed or recommended changes                to                the Code or procedures, and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Certifying                that the Company and the Adviser each have adopted such procedures                as are                reasonably necessary to prevent Access Persons from violating the                Code. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SECTION      13**

**SECTION      14**

**SECTION      15**

**SECTION      16**

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**SCHEDULE      A**

|    Name                of Security |   |  Proposed Date ofTransaction |   |  No. of Sharesor PrincipalAmount |   |  DollarAmount ofTransaction |   | Nature of Transaction (Purchase, Sale, Other) |   |   Broker/Dealer or Bank |   |    Share Price |   |
|---------------------------------------------------|--------|---------------------------------------------|--------|------------------------------------------------------|--------|---------------------------------------|--------|------------------------------------------------------------------------|--------|---------------------------------------------|--------|------------------------------------|--------|
|                                              |   |                                        |   |                                                 |   |                                  |   |                                                                   |   |                                        |   |                               |   |   |   |   |   |   |   |
|                                              |   |                                        |   |                                                 |   |                                  |   |                                                                   |   |                                        |   |                               |   |   |   |   |   |   |   |
|                                              |   |                                        |   |                                                 |   |                                  |   |                                                                   |   |                                        |   |                               |   |   |   |   |   |   |   |
|                                              |   |                                        |   |                                                 |   |                                  |   |                                                                   |   |                                        |   |                               |   |   |   |   |   |   |   |
|                                              |   |                                        |   |                                                 |   |                                  |   |                                                                   |   |                                        |   |                               |   |   |   |   |   |   |   |
|                                              |   |                                        |   |                                                 |   |                                  |   |                                                                   |   |                                        |   |                               |   |   |   |   |   |   |   |
|                                              |   |                                        |   |                                                 |   |                                  |   |                                                                   |   |                                        |   |                               |   |   |   |   |   |   |   |
|                                              |   |                                        |   |                                                 |   |                                  |   |                                                                   |   |                                        |   |                               |   |   |   |   |   |   |   |
|                                              |   |                                        |   |                                                 |   |                                  |   |                                                                   |   |                                        |   |                               |   |   |   |   |   |   |   |
|                                              |   |                                        |   |                                                 |   |                                  |   |                                                                   |   |                                        |   |                               |   |   |   |   |   |   |   |

|                                         |   | Name:                ____________________________________________                                                                            |
|----------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|
|                                         |   |                                                                                                                                         |
|                                         |   | Position                with Company: _______________________________                                                                        |
|                                         |   |                                                                                                                                         |
| Date:                ________________        |   | Signature:                __________________________________________                                                                         |
|                                         |   |                                                                                                                                         |
| Permission                Granted _____ |   | Permission                Denied _________                                                                                                   |
|                                         |   |                                                                                                                                         |
| Date:                ________________        |   | Signature:                __________________________________________                                                                         |
|                                         |   |                                   Clearing Officer |

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**SCHEDULE      B**

|  Name                of Security |   | No. of Shares orPrincipal Amount |   |  Broker/Dealer or Bank |   |  Account No. |   |
|---------------------------------------|--------|------------------------------------------------------|--------|---------------------------------------|--------|------------------------|--------|
|                                  |   |                                                 |   |                                  |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                                  |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                                  |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                                  |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                                  |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                                  |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                                  |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                                  |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                                  |   |                   |   |   |   |   |

| Date:                ________________ |   | Signature:                __________________________________________                  |
|---------------------------------------|--------|---------------------------------------------------------------------------------------|
|                                  |   |                                                                                  |
|                                  |   | Printed                Name ________________________________________                  |
|                                  |   |                                                                                  |
|                                  |   | Company:                __________________________________________                    |
|                                  |   |                                                                                  |
|                                  |   | Position                with Company:                ________________________________ |

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**SCHEDULE      C**

|    Name of Security |   |   | Date   |   |   | No. of Sharesand PrincipalAmount |   |   | DollarAmount ofTransaction |   |   | Nature of Transaction (Purchase, Sale, Other) |   |   | Account |   |   | Executing Broker |   |
|----------------------------------------------|--------|--------|--------|--------|--------|-------------------------------------------------|--------|--------|---------------------------------|--------|--------|------------------------------------------------------------------------|--------|--------|---------|--------|--------|-----------------------|--------|
|                                         |   |   |   |   |   |                                            |   |   |                            |   |   |                                                                   |   |   |    |   |   |                  |   |
|                                         |   |   |   |   |   |                                            |   |   |                            |   |   |                                                                   |   |   |    |   |   |                  |   |
|                                         |   |   |   |   |   |                                            |   |   |                            |   |   |                                                                   |   |   |    |   |   |                  |   |
|                                         |   |   |   |   |   |                                            |   |   |                            |   |   |                                                                   |   |   |    |   |   |                  |   |
|                                         |   |   |   |   |   |                                            |   |   |                            |   |   |                                                                   |   |   |    |   |   |                  |   |
|                                         |   |   |   |   |   |                                            |   |   |                            |   |   |                                                                   |   |   |    |   |   |                  |   |
|                                         |   |   |   |   |   |                                            |   |   |                            |   |   |                                                                   |   |   |    |   |   |                  |   |
|                                         |   |   |   |   |   |                                            |   |   |                            |   |   |                                                                   |   |   |    |   |   |                  |   |
|                                         |   |   |   |   |   |                                            |   |   |                            |   |   |                                                                   |   |   |    |   |   |                  |   |
|                                         |   |   |   |   |   |                                            |   |   |                            |   |   |                                                                   |   |   |    |   |   |                  |   |

| Date:                ________________ |   | Signature:                __________________________________________                  |
|---------------------------------------|--------|---------------------------------------------------------------------------------------|
|                                  |   |                                                                                  |
|                                  |   | Printed                Name: _______________________________________                  |
|                                  |   |                                                                                  |
|                                  |   | Company:                __________________________________________                    |
|                                  |   |                                                                                  |
|                                  |   | Position                with Company:                ________________________________ |

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**SCHEDULE      D**

|  Name                of Security |   | No. of Shares orPrincipal Amount |   | Broker/Dealer or Bank |   |  Account No. |   |
|---------------------------------------|--------|------------------------------------------------------|--------|---------------------------------|--------|------------------------|--------|
|                                  |   |                                                 |   |                            |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                            |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                            |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                            |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                            |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                            |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                            |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                            |   |                   |   |   |   |   |
|                                  |   |                                                 |   |                            |   |                   |   |   |   |   |

| Date:                ________________ |   | Signature:                __________________________________________                  |
|---------------------------------------|--------|---------------------------------------------------------------------------------------|
|                                  |   |                                                                                  |
|                                  |   | Printed                Name: _______________________________________                  |
|                                  |   |                                                                                  |
|                                  |   | Company:                __________________________________________                    |
|                                  |   |                                                                                  |
|                                  |   | Position                with Company:                ________________________________ |

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**SCHEDULE      E**

| I                  am a director of the following public and private                  companies:  |   |
|--------------------------------------------------------------------------------------------------------|--------|

|   |    |
|--------|---------|
|   |    |
|   |    |
|   |    |
|   |  . |

|  ___________________________________________________      |
|----------------------------------------------------------------|
|                                                           |
| Name:                _______________________________________   |
|                                                           |
| Title:                ________________________________________ |

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**SCHEDULE      F**

| I                am a director of the following public and private                companies:  |   |
|----------------------------------------------------------------------------------------------------|--------|

|        |    |
|--------|---------|
|   |    |
|   |    |
|   |    |
|   |  . |

|  ___________________________________________________        |
|------------------------------------------------------------------|
|                                                             |
| Name:                  _______________________________________   |
|                                                             |
| Title:                  ________________________________________ |

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