| I. | Covered Officers/Purpose of the Code |
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|   | · | honest and ethical conduct, including the ethical handling of actual; |
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|   | · | or apparent conflicts of interest between personal and professional relationships; |
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|   | · | full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Fund; |
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|   | · | compliance with applicable laws and governmental rules and regulations; |
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|   | · | the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and |
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|   | · | accountability for adherence to the Code. |
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| II. | Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest |
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|   | · | not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; |
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|   | · | not 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; |
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|   | · | service as a director on the board of any public or private company; |
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|   | · | the receipt of any non-nominal gifts; |
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|   | · | 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 to raise any question of impropriety; |
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|   | · | 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 or any affiliated person thereof; |
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|   | · | 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. |
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| III. | Disclosure and Compliance |
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|   | · | Each Covered Officer should familiarize himself/herself with the disclosure requirements generally applicable to the Fund; |
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|   | · | 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 Trustees and auditors, and to governmental regulators and self-regulatory organizations; |
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|   | · | each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. |
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| IV. | Reporting and Accountability |
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|   | · | upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands the Code; |
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|   | · | annually thereafter affirm to the Board that he/she has complied with the requirements of the Code; |
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|   | · | not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and |
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|   | · | notify the Chair of the Audit Committee of the Fund promptly if he/she knows of any violation of this Code. Failure to do so is itself a violation of this Code. |
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|   | · | file at least annually a complete and accurate Funds' Trustees and Officers Questionnaire. |
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|   | · | the General Counsel will take all appropriate action to investigate any potential violations reported to him; |
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|   | · | if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action; |
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|   | · | any matter that the General Counsel believes is a violation will be reported to the Committee; |
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|   | · | if the Committee concurs that a violation has occurred, it will inform the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer; |
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|   | · | the Committee will be responsible for granting waivers, as appropriate; and |
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|   | · | any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. |
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| V. | Other Policies and Procedures |
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| VI. | Amendments |
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| VII. | Confidentiality |
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| VIII. | Internal Use |
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| Chairman and/or Chairman Emeritus And Founder     | Lacy B. Herrmann   |
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| Chair, Vice Chair and/or Trustee and/or President | Diana P. Herrmann  |
|                                              |               |
| Chief Financial Officer and Treasurer             | Joseph P. DiMaggio |