Document:

exv10w27

 

Exhibit 10.27

	 	 	 
	Bank of America Investment Account Customer Agreement

	 	 
	 	 	 
	 

	 	CAPITAL SHARES

1. Introduction

  This Agreement contains the terms governing the Investment Account (the “Account”) that I am
opening with you to facilitate my investment in one or more of the Capital Shares of the Columbia
Cash Reserves, Columbia Money Market Reserves, Columbia Treasury Reserves, Columbia Government
Reserves, Columbia Municipal Reserves or Columbia California Tax-Exempt Reserves money Funds
(referred to individually as a “Fund” and collectively as the “Funds”), which are available through
Bank of America (“BofA”) as Shareholder Servicing Agent. I understand that my application to open
an Account is considered a part of this agreement and that, by signing the application, I am
agreeing to the terms of this Agreement and to the terms governing any additional Account Services
that I elected on my application or request in the future.

  The Account is a custodial account that you maintain on my behalf as a Shareholder Servicing
Agent for each Fund to enable me to invest in one or more of the Funds. Through the Account, I can
purchase and redeem shares in one or more of the Funds, receive dividends and other distributions
on my Fund investments, exchange shares in one Fund for shares in other Funds, and obtain
information, including periodic Account statements, about the number and net asset value of my Fund
shares and about my transactions in the Fund.

  Although you or an affiliate bank make the funds available through the Account as Shareholder
Servicing Agent, Columbia Management Distributors, Inc., and Columbia Management are the
Distributor and Investment Adviser to Columbia Funds, respectively.

  I understand that you and your affiliates receive fees from the Funds for performing services
such as shareholder servicing, administrative services, investment adviser services and
distribution.

  The investment policies, fees and expenses, and role of the shareholder servicing agent for
each fund are explained in a prospectus, which is available from you without charge. I recognize
that I should review carefully the provisions of the current prospectus relating to each Fund in
which I am considering an investment before I instruct you to purchase shares in that Fund for me.

2. Appointment of Agent

  I understand that you are a Shareholder Servicing Agent as described in the prospectus. I
appoint you as my Shareholder Servicing Agent in all transactions on my behalf with the Fund,
including purchases, exchanges and redemptions. As my Shareholder Servicing Agent, you may
establish minimums, limitations, restrictions, and charges for the Account different from those
that apply to Fund investors through other Shareholder Servicing Agents.

3. Transaction Account

  I understand that this Account is available to customers of Bank of America. To keep my
status as a customer, I agree to maintain, in addition to this Account, one of the Bank of America
transaction Accounts permitted by you and specified by me in my Account Application for use in
connection with purchases and redemptions of Fund shares. Such an account will be referred to as
the “Transaction Account”. I understand that, for my protection, the registration of the
Transaction Account and this Account must be the same.

4. No Guarantees of Insurance or Advice

  I understand that you do not warrant the safety of investments in any Fund or guarantee their
performance and that investments in Fund shares are not insured by the Federal Deposit Insurance
Corporation or any other governmental entity. I understand that I must make my own investment
decisions about investing in the Funds. I acknowledge that Bank of America did not provide me with
investment advice and did not make recommendations about investing in the Funds. I assume all risk
of loss resulting from any decision that I make to purchase, exchange or sell shares of any Fund.

5. Initial Purchase of Shares

  I have instructed you to make my initial purchase of Fund shares by debiting my Transaction
Account in an amount specified by me. My Fund shares will be maintained in book entry form, and no
certificates representing my shares will be issued to me. I understand that you will customarily
transmit my initial purchase order within one full business day following its receipt at the
Shareholder Servicing Center and I will become a Fund shareholder on that day. However, if I have
not made collected funds available to you for my initial purchase, you may delay transmitting my
order to the Fund until you have received collected funds.

6. Additional Purchase of Shares

  I may also instruct you to purchase additional shares for me from time to time in writing or
by telephone. The amount of additional share purchases shall be subject to the minimum amount set
by you. The same terms that apply to initial share purchases (as explained in Paragraph 5) also
apply to additional share purchases.

7. Dividends and Distributions

  I understand that I will be entitled to any dividends and distributions of capital gains paid
by a Fund if I am a Fund shareholder on the record date as set by the Board of Trustees of the Fund
for that payment. Since Fund dividends are paid monthly although accrued daily, such dividends
will actually be received once a month. Dividends will be posted when received. The calculation
method for these dividends is disclosed in the prospectus and statement of additional information
of the funds.

8. Redemption of Shares/Exchanges Among Funds

  I may instruct you from time to time to redeem some or all of my shares in one or more Funds.
I may also instruct you from time to time to exchange shares by redeeming some or all of my shares
in one Fund and investing the proceeds in another Fund. To facilitate Fund exchanges, I hereby
request you to obtain information for me about the other Funds into which I may exchange.

  In the case of a redemption, I understand that you will deposit the proceeds to my Transaction
Account. In the case of an exchange, I will direct you as to which Fund or Funds into which to
invest the proceeds of the redemption, and I understand that the proceeds may be invested only in a
Fund or Funds with an account registration under the same account registration as the redeemed
Fund. I understand that you will normally automatically transmit my redemption or exchange order
within one full business day after you receive it at your Service Center. I agree that you may
delay the redemption or exchange of any Fund share until the funds I have given you to purchase it
are collected.

9. Purchase, Exchange, and Redemption Procedures

  I agree to follow the procedures you establish for purchase, exchange, and redemption orders,
including procedures for accepting my telephone instructions. To provide a record of instructions,
you may, if you wish, record my telephone instructions to you. I agree to use the instruction
forms you provide me for all my written purchase, exchange, and redemption orders. You may delay
transmitting any of my instructions until you have received them in proper form.

10. Verbal Instructions

  I agree that you will not be liable for honoring any verbal instructions, including those by
telephone, to purchase, exchange, or redeem Fund shares which you receive from any person claiming
to be me, provided you have followed your normal customer verification procedures. You will not be
liable for any unauthorized redemptions provided you have disposed of the proceeds in a manner
provided for redemptions in Paragraph 8. You will not be liable for any unauthorized exchanges
provided you have invested the proceeds in a manner provided for exchanges in Paragraph 8.

11. Telephone Inquiries

  You will provide a telephone number so that I can inquire about the status of my Account and
my Transaction Account, including number of shares owned and Transaction Account balances. I agree
that you may respond to such inquiries and furnish the requested information to any person claiming
to be me, provided you have followed your normal customer verification procedures. I agree that
you can record my conversations with you.

12. Monthly Statements

  Transactions in the Fund shares will be reported on BofA’s regular periodic statement. Such
statement shall be conclusive if not objected to in writing within ten days of delivery of such
statement to me. If I do not object within ten days of delivery of such statement, it will
constitute a complete waiver by me of all claims that I may have with respect to such transactions
or statement. I shall remain liable at all times, however, for the return to BofA of any dividends
or interest erroneously distributed to me or deposited into the Transaction Account or another
account of mine or securities erroneously distributed to me or deposited into my Investment Account
or another account of mine. You may omit sending a statement to me for any month when my Account
has had a zero balance and no activity.

13. Proxies

  You will send to me all Fund proxy solicitation material and proxies. I understand that I am
expected to vote them in such manner as I consider desirable and then return them in accordance
with the instructions received. I understand that, if my written proxy instructions have not been
received by you by the fifth business day prior to the meeting at which the proxy is to be voted,
you are authorized pursuant to applicable agreements with the Funds to vote my outstanding shares
in the same proportion as the proxies received from other Account customers. I relieve you of
liability if proxies inadvertently do not reach me.

14. Account Closing

  I understand that a redemption of all my Fund shares does not at that time automatically
terminate this Agreement or close my Account. I may make an additional purchase during the
following year and return my Account to active status. However, if I have not made an additional
purchase for one year following full redemption, you may automatically close my Account and
terminate this Agreement.

  I may terminate this Agreement and close my Account at any time by giving you written notice.

  You may, at your discretion, terminate this Agreement and close my Account at any time,
effective upon sending notice to me.

  If my Account is closed, you are authorized to redeem all of my Fund shares and handle the
proceeds as provided for in Paragraph 8 of this Agreement or, if authorized by me, you will
transfer my Fund shares to another Shareholder

 

					
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Servicing Agent. If my Account is closed, this Agreement will continue in effect until the proceeds of any redemption are processed in accordance
with Paragraph 8 or until my Fund shares are accepted for custody by another Shareholder Servicing Agent.

15. Amendment

  You may amend this Agreement at any time in any respect effective upon written notice to me.

16. Assignments and Transfers

  I agree not to assign, transfer, or pledge any right, title, or interest I have in this
Agreement, in the Account, or in any of my Fund shares, to any other person without your prior
written consent. You may disregard any attempted assignment, transfer, or pledge made without your
consent.

18. Account Documentation

  I
understand that the Account will not be opened until all documentation required by you is
received. You will notify me if my application is missing documentation.

You may also require signature guarantees for changes that I request to be made to your
records with respect to my Account, including but not limited to changes in the Transaction Account
specified in my latest application, or for any written requests by me for additional Account
services made after I have submitted my initial Account application to you. You may refuse to
accept or carry out any transaction that does not satisfy any restrictions then in effect. If BofA
and I have entered into any security agreement granting BofA a security interest in the Account,
then in the event of any conflict between the terms of this Agreement and the terms of such
security agreement, the terms of such security agreement shall control.

19. Obligation of Others

  My
obligations under this Agreement will also be binding on my heirs, executors, and legal
representatives.

20. Delay in Enforcement

  You
may delay enforcing any of your rights under this Agreement without losing them.

21. Governing Law

  This
Agreement is to be governed by the laws of the State of North Carolina.

22. ARBITRATION

  Arbitration
is final and binding on the parties. Except as set forth in Paragraph 25 below,
the parties are waiving the right to seek remedies in court, including the right to a jury trial.
Pre-arbitration discovery is generally more limited than and different from court proceedings. The
arbitrators reward is not required to include factual findings or legal reasoning and any party’s
right to appeal or seek modifications of rulings by the arbitrators is strictly limited.

22. ARBITRATION AGREEMENT

  To
the extent permitted by law, any controversy arising out of or relating to this Agreement
shall be submitted to arbitration before three arbitrators and such arbitration shall be conducted
in accordance with the rules then in effect of the American Arbitration Association, provided,
however, that each party shall select an arbitrator and the two arbitrators so selected shall
select a third arbitrator. Arbitration must be commenced by service upon the other party of a
written notice of intention to arbitrate. Judgment upon any award rendered by the arbitrators
shall be final, and may be entered in any court having jurisdiction.

23. Provisional Remedies

  I
acknowledge and agree that in addition to and without waiver of the binding arbitration
agreement set forth above, BofA, to the extent it deems necessary, shall be entitled to sue for
provisional remedies, including the remedy of prejudgment writs of attachment, available in any
court having jurisdiction.

24. Severability

  If
a provision of this agreement is rendered invalid or unenforceable by any law,
administrative order, or judicial decision, all other provisions of this Agreement remain in
effect.

25. Definitions

  In
this Agreement, the words “I”, “me” and “my” refer to each individual who is an Applicant
for the Account. If the Applicant is not an individual, these terms refer to the Applicants duly
authorized representatives. The terms “you” and “your” refer to Bank of America and its agents and
representatives. The term “business day” means each calendar day on which you, the Distributor,
and the Funds are all open for busin

INSTRUCTIONS AND IMPORTANT NOTICE

Under United States law, we are required to obtain, and you are required to give us a U.S.
taxpayer identification number (TIN) for each of your accounts. If we are unable to obtain a TIN
for each account, then we are required to maintain a list of the name, address and account number
of each person from whom we were unable to obtain a TIN and, upon request, give the list to the
United States Treasury Department. U.S. federal income tax law may require us to withhold 31% of
all interest payments we make to you if:

     - we do not have a valid and certified TIN on file for you or the TIN you gave us is incorrect;

     - all joint account owners who are Foreign Persons fail to certify or recertify that they are
neither citizens or residents of the U.S. nor engaged in a U.S. trade or business with which this
account is connected.

     - you have been notified by the Internal Revenue Service that you are subject to backup
withholding.

In addition, if you fail to provide a true and correct tax certification, you may also be subject
to a $50 fine imposed by the Internal Revenue Service. The 31% withholding requirement, called
“Backup withholding,” is not an additional tax. Any amount withheld is paid to the Internal
Revenue Service and can be claimed as a credit against your income tax liability.

INFORMATION FOR FOREIGN PERSONS

By checking the foreign person box on the investment account application, all signers
of the account certify under penalties of perjury that they are the beneficial owners of the
account and that (1) they are neither citizens nor residents of the U.S., (2) they are not formed
under the laws of the United States or of any State within the United States, and (3) they are not
engaged in a U.S. trade or business with which this account is connected.

	•	 	If you are married to a U.S. citizen or resident and have made an election under the provisions of the Internal Revenue Code Section 6013(g) or (h), you are
treated as a U.S. resident and may not claim Foreign Person status.
	 
	•	 	If you cease to be an Foreign Person after you have completed this form, you must notify us within 30 days of your change in status.
	 
	•	 	If your account is a joint account, each joint owner must qualify as an Foreign Person and must sign. However, if one of the joint owners is a U.S. taxpayer,
that joint owner must sign on this form and provide his/her U.S. Taxpayer Identification Number.
	 
	•	 	This form generally entitles you to Foreign Person status for three calendar years. Prior to the third year, you must recertify your status as an Foreign Person.
	 
	•	 	Checking the Foreign Person box will eliminate any 31% backup withholding and IRS Form 1099-DIV and Form 1099-B reporting. However, it will subject all dividend
payments to 30% nonresident withholding (or lower treaty rate, if applicable) and to IRS Form 1042-S reporting.

STATEMENT REGARDING USA PATRIOT ACT

Pursuant to requirements of law, including the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, Bank of
America is obtaining information and will take necessary actions to verify your identity, including
in some instances, requesting additional documentation from you.

 

					
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	 	9/30/3exv10w28

 

Exhibit 10.28

CODE OF ETHICS

(As amended on January 20, 2006)

SECTION 1: STATEMENT OF PURPOSE AND APPLICABILITY

	 	(A)	 	Statement of Purpose
	 
	 	 	 	It is the policy of Allied Capital Corporation (the “Company”) that no affiliated
person of the Company shall, in connection with the purchase or sale, directly or
indirectly, by such person of any security held or to be acquired by the Company,

	 	(1)	 	Employ any device, scheme or artifice to defraud the Company;
	 
	 	(2)	 	Make to the Company an untrue statement of a material fact or
omit to state to the Company a material fact necessary in order to make the
statement made, in light of the circumstances under which it is made, not
misleading;
	 
	 	(3)	 	Engage in an act, practice, or course of business which
operates or would operate as a fraud or deceit upon the Company; or
	 
	 	(4)	 	Engage in any manipulative practice with respect to the
Company.

	 	(B)	 	Scope of the Code
	 
	 	 	 	In order to prevent the access persons, as defined in Section II, paragraph (A)
below, of the Company from engaging in any of these prohibited acts, practices or
courses of business, the Board of Directors of the Company has adopted this Code of
Ethics.

SECTION II: DEFINITIONS

	 	(A)	 	Access Person. “Access Person” means any director, officer, or
“Advisory Person” of the Company.
	 
	 	(B)	 	Advisory Person. “Advisory person” of the Company means: (i) any employee
of the Company or of any company in a control relationship to 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 a security by the Company, or
whose functions relate to the making of any recommendations with respect to such
purchases or sales; and (ii) any natural person in a control relationship to the
Company who obtains information concerning recommendations made to the Company with
regard to the purchase or sale of security.
	 
	 	(C)	 	Beneficial Interest. “Beneficial Interest” includes any entity, person,
trust, or account with respect to which an Access Person exercises investment
discretion or provides investment advice. A beneficial interest shall be presumed to
include all accounts in the name of or for the benefit of the Access Person, his or her
spouse, dependent children, or any person living with him or her or to whom he or she
contributes economic support.
	 
	 	(D)	 	Beneficial Ownership. “Beneficial Ownership” shall be determined in
accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, except that
the determination of

 

 

	 	 	 	direct or indirect Beneficial Ownership shall apply to all securities, and not just
equity securities, that an Access Person has or acquires. Rule 16a-1(a)(2) provides
that the term “beneficial owner” means any person who, directly or indirectly,
through any contract, arrangement, understanding, relationship, or
otherwise, has or shares a direct or indirect pecuniary interest in any equity security. Therefore, an
Access Person may be deemed to have Beneficial Ownership of securities held by
members of his or her immediate family sharing the same household, or by certain
partnerships, trusts, corporations, or other arrangements.
	 
	 	(E)	 	Covered Security. “Covered Security” means a security as defined in
Section 2(a)(36) of the Investment Company Act of 1940, as amended (the “1940 Act”),
except that it does not include (i) direct delegations of the Government of the United
States; (ii) banker’s acceptances, bank certificates of deposit, commercial paper and
high quality short-term debt instruments including repurchase agreements; and (iii) shares issued by open-end funds.
	 
	 	(F)	 	Company. The “Company” means Allied Capital Corporation, a Maryland
corporation.
	 
	 	(G)	 	Designated Officer. “Designated Officer” shall mean the officer of the
Company designated by the Board of Directors from time to time to be responsible for
management of compliance with this Code. The Designated Officer may appoint a designee
to carry out certain of his or her functions pursuant to this Code.
	 
	 	(H)	 	Disinterested Director. “Disinterested Director” means a director of
the Company who is not an “interested person” of the Company within the meaning of
Section 2(a)(19) of the 1940 Act.
	 
	 	(I)	 	Purchase or Sale of a Covered Security. Purchase or Sale of a Covered
Security includes, among other things, the writing of an option to purchase or sell a
covered security, or the use of derivative product to take a position in a Covered
Security.

SECTION III: STANDARDS OF CONDUCT

	 	(A)	 	General Standards

	 	(1)	 	No Access Person shall engage, directly or
indirectly, in any business transaction or arrangement for personal
profit that is inconsistent with the best interests of the Company or
its shareholders; nor shall he or she make use of any confidential
information gained by reason of his or her employment by or affiliation
with the Company or affiliates thereof in order to derive a personal
profit for himself or herself or for any Beneficial Interest, in
violation of the fiduciary duty owed to the Company or its
shareholders.
	 
	 	(2)	 	Any Access Person recommending or authorizing
the purchase or sale of a Covered Security by the Company shall, at the
time of such recommendation or authorization, disclose any Beneficial
Interest in or Beneficial Ownership of such Covered Security or the
issuer thereof.

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	 	(3)	 	No Access Person shall dispense any information
concerning Securities holdings or Securities transactions of the
Company to anyone outside the Company, without obtaining prior written
approval from the Designated Officer, or such person or persons as
these individuals may designate to act on their behalf. Notwithstanding
the preceding sentence, such Access Person may dispense such
information without obtaining prior written approval:

	 	(a)	 	when there is a public report
containing the same information; or
	 
	 	(b)	 	when such information is
dispensed in accordance with compliance procedures established
to prevent conflicts of interest between the Company and its
affiliates.

	 	(4)	 	All personal securities transactions should be
conducted consistent with this Code and in such a manner as to avoid
actual or potential conflicts of interest, the appearance of a conflict
of interest, or any abuse of an individual’s position of trust and
responsibility within the Company.

	 	(B)	 	Prohibited Transactions

	 	(1)	 	General Prohibition. No Access Person
shall purchase or sell, directly or indirectly, any Covered Security in
which he or she has, or by reason of such transaction acquires, any
direct or indirect Beneficial Ownership and which such Access Person
knows or should have known at the time of such purchase or sale is
being considered for purchase or sale by the Company, or is held in the
portfolio of the Company unless such Access Person shall have obtained
prior written approval for such purpose from the Designated Officer.

	 	(a)	 	An Access Person who becomes
aware that the Company is considering the purchase or sale of
any Covered Security by any person (an issuer) must immediately
notify the Designated Officer of any interest that such Access
Person may have in any outstanding Covered Securities of that
issuer.
	 
	 	(b)	 	An Access Person shall similarly
notify the Designated Officer of any other interest or
connection that such Access Person might have in or with such
issuer.
	 
	 	(c)	 	Once an Access Person becomes
aware that the Company is considering the purchase or sale of a
Covered Security or that the Company holds a Covered Security in
its portfolio, such Access Person may not engage, without prior
approval of the Designated Officer, in any transaction in any
Covered Securities of that issuer.

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	 	(d)	 	The notifications or permission
may be provided verbally, but should be confirmed in writing as
soon and with as much detail as possible.

	 	(2)	 	Gifts. No Access Person may accept,
directly or indirectly, any gift, favor, or service from any person
with whom he or she transacts business on behalf of the Company under
circumstances when to do so would conflict with the Company’s best
interests or would impair the ability of such person to be completely
disinterested when required, in the course of business, to make
judgments and/or recommendations on behalf of the Company.
	 
	 	(3)	 	Service as Director. No Access Person
shall serve on the board of directors of a portfolio company of the
Company without prior written authorization of the Designated Officer
based upon a determination that the board service would be consistent
with the interests of the Company and its shareholders.

SECTION IV: PROCEDURES TO IMPLEMENT CODE OF ETHICS

The following reporting procedures have been established to assist Access Persons in
avoiding a violation of this Code, and to assist the Company in preventing, detecting, and
imposing sanctions for violations of this Code. Every Access Person must follow these
procedures. Questions regarding these procedures should be directed to the Designated
Officer.

	 	(A)	 	Applicability
	 
	 	 	 	All Access Persons are subject to the reporting requirements set forth in
Section IV(B) except:

	 	(1)	 	with respect to transactions effected for, and
Covered Securities held in, any account over which the Access Person
has no direct or indirect influence or control;
	 
	 	(2)	 	a Disinterested Director who would be required
to make a report solely by reason of being a Director need not make an
annual holdings report.
	 
	 	(3)	 	an Access Person need not make a quarterly
transaction report if the report would duplicate information contained
in broker trade confirmations or account statements received by the
Company with respect to the Access Person.

	 	(B)	 	Report Types

	 	(1)	 	Initial Holdings Report. An Access
Person must file an initial report not later than 10 days after that
person became an Access Person. The initial report must (a) contain
the title, number of shares and principal amount of each Covered
Security in which the Access Person had any direct or indirect

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	 	 	 	beneficial ownership when the person became an Access Person; (b)
identify any broker, dealer or bank with whom the Access Person
maintained an account in which any Covered Securities were held for
the direct or indirect benefit of the Access Person as of the date
the person became an Access Person, and (c) indicate the date that
the report is filed with the Designated Person.
	 
	 	(2)	 	Quarterly Transaction Report. An
Access Person must file a quarterly transaction report not later than
30 days after the end of a calendar quarter. With respect to any
transaction made during the reporting quarter, the quarterly
transaction report must contain (a) the transaction date, title,
interest date and maturity date (if applicable), the number of shares
and the principal amount of each Covered Security; (b) the nature of
the transaction; (c) the price of the Covered Security at which the
transaction occurred; (d) the name of the broker, dealer or bank
through which the transaction was effected; and (e) the date that the
report is submitted by the Access Person.
	 
	 	(3)	 	Annual Holdings Report. An Access
Person must file an annual holdings report not later than 45 days after
the end of a fiscal year. The annual report must contain (a) the
title, number of shares, and 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 in which any
Covered Securities are held for the direct or indirect benefit of the
Access Person; and (c) the date the report is submitted.
	 
	 	(4)	 	Confirmations and Account Statements.
In lieu of providing a quarterly transaction report, an Access Person
may direct his or her broker to provide to the Designated Officer (a)
duplicate confirmations of all transactions in any Covered Security in
which he or she has, or by reason of such transaction acquires, any
direct or indirect Beneficial Ownership, and (b) copies of periodic
statements for all investment accounts in which they have Beneficial
Ownership.
	 
	 	(5)	 	Company Reports. No less frequently
than annually, the Company must furnish to the Board of Directors, and
the Board of Directors must consider, a written report that:

	 	(a)	 	describes any issues arising
under the Code of Ethics since the last report to the Board of
Directors, including but not limited to, information about
material violations of the code or procedures and sanctions
imposed in response to the material violations; and
	 
	 	(b)	 	certifies that the Company has
adopted procedures reasonably necessary to prevent Access
Persons from violating the code.

	 	(C)	 	Disclaimer of Beneficial Ownership. Any report
required under this Section IV may contain a statement that the report shall
not be construed as an admission by the person submitting such duplicate
confirmation or account statement or making such

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	 	 	 	report that he or she has any direct or indirect beneficial ownership in the
Covered Security to which the report relates.
	 
	 	(D)	 	Review of Reports. The reports, duplicate
confirmations, and account statements required to be submitted under this
Section IV shall be delivered to the Designated Officer. The Designated
Officer shall review such reports, duplicate confirmations, and account
statements to determine whether any transactions recorded therein constitute a
violation of the Code of Ethics. Before making any determination that a
violation has been committed by any Access Person, such Access Person shall be
given an opportunity to supply additional explanatory material. The Designated
Officer shall maintain copies of the reports, duplicate confirmations, and
account statements as required by Rule 17j-1(d).
	 
	 	(E)	 	Acknowledgment and Certification. Upon becoming an
Access Person and annually thereafter, all Access Persons shall sign an
acknowledgment and certification of their receipt of and intent to comply with
this Code in the form attached hereto as Exhibit A and return it to the
Designated Officer.
	 
	 	(F)	 	Records. The Company shall maintain records with
respect to this Code in the manner and to the extent set forth below, which
records may be maintained on microfilm under the conditions described in Rule
31a-2(f)(1) under the 1940 Act and shall be available for examination by
representatives of the Securities and Exchange Commission (the “SEC”).

	 	(1)	 	A copy of this Code and any other Code of
Ethics of the Company that is, or at any time within the past five
years has been, in effect shall be preserved in an easily accessible
place.
	 
	 	(2)	 	A record of any violation of this Code and of
any action taken as a result of such violation shall be preserved in an
easily accessible place for a period of not less than five years
following the end of the fiscal year in which the violation occurs.
	 
	 	(3)	 	A copy of each report made or duplicate
confirmation or account statement received pursuant to this Code shall
be preserved for a period of not less than five years from the end of
the fiscal year in which it is made, the first two years in an easily
accessible place.
	 
	 	(4)	 	A list of all persons who are, or within the
past five years have been, required to make reports pursuant to this
Code shall be maintained in an easily accessible place.
	 
	 	(5)	 	A record of any decision, and the reasons
supporting the decision, to approve a request by an Access Person to
purchase or sell any Covered Security shall be maintained for at least
five years after the end of the fiscal year in which the request is
approved.

	 	(G)	 	Obligation to Report a Violation. Every Access Person
who becomes aware of a violation of this Code of Ethics by any person must
report it to the Designated

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	 	 	 	Officer, who shall report it to appropriate management personnel. The
management personnel will take such disciplinary action that they consider
appropriate under the circumstances. In the case of officers or other
employees of the Company, such action may include removal from office. If
the management personnel consider disciplinary action against any person,
they will cause notice thereof to be given to that person and provide to
that person the opportunity to be heard. The Board of Directors will be
notified, in a timely manner, of remedial action taken with respect to
violations of the Code of Ethics.
	 
	 	(H)	 	Confidentiality. All reports of Covered Securities
transactions, duplicate confirmations, account statements and other information
filed with the Company or furnished to any person pursuant to this Code shall be
treated as confidential, but are subject to review as provided herein and by
representatives of the SEC.

SECTION V: SANCTIONS

     Upon determination that a violation of this Code has occurred, appropriate management
personnel of the Company may impose such sanctions as they deem appropriate, including, among other
things, a letter of censure or suspension or termination of the employment of the violator.
Violations of this Code and any sanctions imposed with respect thereto shall be reported in a
timely manner to the Board of Directors of the Company.

SECTION VI: AMENDMENTS

     This Code of Ethics may be amended from time to time by resolution of the Board of
Directors, or without a resolution of the Board of Directors to the extent the approval of such
amendment is not required under the 1940 Act.

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