Policies and Procedures/Code of Ethics

Contents

POLICY STATEMENT......................................... 6

CHIEF COMPLIANCE OFFICER APPOINTMENT...................................................7

FIDUCIARY STATEMENT....................................................... 8

Background........................................................... 8

Firm Statement...................................................... 8

CODE OF ETHICS STATEMENT....................... 9

Background........................................................... 9

Introduction.......................................................... 9

Prohibited Purchases and Sales............................ 9

Insider Trading................................................................. 9

Personal Securities Transactions........................ 10

Initial Public Offerings (IPO’s).......................... 10

Limited or Private Offerings .............................. 10

Blackout Periods ............................................... 10

Short-Term Trading ........................................... 10

Miscellaneous Restrictions................................. 11

Margin Accounts................................................. 11

Short Sales ......................................................... 11

Exempted Transactions ...................................... 11

Prohibited Activities........................................... 11

Conflicts of Interest............................................ 11

Gifts and Entertainment...................................... 12

Political and Charitable Contributions............... 13

Confidentiality ................................................... 13

Service on Board of Directors ...........................13

Compliance Procedures...................................... 13

Compliance with Laws and Regulations ............ 13

Personal Securities Transactions Procedure Reporting............................................................ 13

Certification of Compliance............................... 16

Initial Certification............................................. 16

Acknowledgement of Amendments..................... 16

Annual Certification........................................... 16

Reporting Violations........................................... 16

Compliance Officer Duties................................. 17

Training and Education ...................................... 17

Recordkeeping.................................................... 17

Annual Review .................................................. 17

Sanctions ........................................................... 17

Definitions.......................................................... 18