| I. | INTRODUCTION  | [INSERT PAGE NUMBER] |
|----|--------------------|----------------------|

| II. | DEFINITIONS | 2 |
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| III. | COMPLIANCE WITH LAWS AND REGULATIONS | 4 |
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| IV. | CONFIDENTIALITY | 5 |
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| V. | LIMITED PERSONAL TRADE REPORTING FOR INDEPENDENT TRUSTEES | 6 |
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| VI. | CONFLICTS OF INTEREST | 6 |
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| VII. | RECORDKEEPING | 7 |
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| VIII. | REVIEWS; VIOLATIONS; PENALTIES | 7 |
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| IX. | BOARD APPROVALS AND REPORTS | 8 |
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| I.   | INTRODUCTION |
|----------------|--------------|

1

| A.   | General Prohibitions |
|----------------|----------------------|

| ·   | Employing any device, scheme, or artifice to defraud the Fund; |
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| ·   | Making to the Fund any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading; |
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| ·   | Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Fund; or |
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| ·   | Engaging in any manipulative practice with respect to the Fund. |
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2

|   | (a) | a copy of this Code of Ethics and any other Code of Ethics which is, or at any time within the past five (5) years has been in effect and all amendments to such Code(s); |
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|   | (b) | a copy of each signed and dated Certification acknowledging receipt of the Code and any amendments or updates to the Code for a period of at least five (5) years after the individual acknowledging receipt is no longer an Access Person; |
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|   | (c) | a record of any violation of the Code, and of any action taken as a result of the violation, for at least five (5) years after the end of the fiscal year in which such violation occurred; |
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|   | (d) | each report, record or finding made under this Code, including any information provided in lieu of these reports (e.g., duplicate account statements) for a period of at least five (5) years after the end of the fiscal year in which the report is made or the information is provided; |
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|   | (e) | a list of all individuals who currently are, or within the past five (5) years were deemed, Access Persons of the Fund, as well as records of any decision by the CCO to exempt a person from the definition of “Access Person” and supporting documentation for and facts surrounding such a decision; |
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|   | (f) | a list of all individuals who currently are, or within the past five (5) years have been, required to submit Personal Trade Reports pursuant to this Code; |
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|   | (g) | a list of all persons who currently are or within the past five (5) years have been responsible for reviewing reports submitted pursuant to the Code; and |
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|   | (h) | a copy of each report submitted to the Board pursuant to Rule 17j-1(c)(2)(ii) for a period of five (5) years after the end of the fiscal year in which the report is made. |
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| B.   | Initial Approval of Codes of Ethics |
|----------------|-------------------------------------|

| C.   | Approval of Material Changes to Codes of Ethics |
|----------------|-------------------------------------------------|

| D.   | Annual Reports to the Board |
|----------------|-----------------------------|

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| 1 | An individual who Beneficially Owns a significant portion (i.e., more than 25%) of the Fund’s outstanding shares would be a Control Person of the Fund.  In addition, an owner of Fund shares who is a controlling shareholder of the Fund or has or shares investment control over the Fund’s portfolio would be a “beneficial owner” of the Fund’s portfolio securities.  Without the above exclusion, in such cases the Fund’s own portfolio transactions, accounts and holdings technically could be subject to the reporting and other requirements in this Code.  This result would serve no protective purpose for the Fund and its shareholders, but could prevent the Fund from engaging in beneficial transactions on a timely basis and would otherwise have inappropriate and burdensome effects. |
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| 2 | Any transaction, however, that overrides the pre-set schedule or allocations of the automatic investment plan must be reported. |
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| Trans. Date | Title of Security | Ticker or CUSIP(if applicable) | Interest Rate & Maturity Date(if applicable) | Number of Shares | Principal Amount | Nature of Trans.(Buy or Sell) | Price  |
|-------------|-------------------|--------------------------------|--------------------------------------------------|------------------|------------------|-------------------------------|--------|
|        |              |                           |                                             |             |             |                          |   |
|        |              |                           |                                             |             |             |                          |   |
|        |              |                           |                                             |             |             |                          |   |
|        |              |                           |                                             |             |             |                          |   |
|        |              |                           |                                             |             |             |                          |   |
|        |              |                           |                                             |             |             |                          |   |
|        |              |                           |                                             |             |             |                          |   |
|        |              |                           |                                             |             |             |                          |   |
|        |              |                           |                                             |             |             |                          |   |

| Name of Broker, Dealer, Bank or Mutual Fund Co. | Date Account was Established |
|-------------------------------------------------|------------------------------|
|                                            |                         |
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