I.
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Covered Officers/Purpose of the Code
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honest and ethical conduct, including the ethical handling of actual 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 Company;
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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.
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Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest
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not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the
detriment of the Company;
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not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Company; and
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report annually any affiliations or other relationships related to conflicts of interests as is required by the Company's Directors and Officers Questionnaire, as amended from time to time.
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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 entertainment from any company with which the Company 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 Company’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 Company 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.
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Disclosure and Compliance
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each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;
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each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company’s
directors and auditors, and to governmental regulators and self-regulatory organizations;
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each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the adviser with the goal of promoting full,
fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and
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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.
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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 has received, read, and understands the Code;
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annually thereafter affirm to the Board that he has complied with the requirements of the Code;
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not retaliate against any other Covered Officer or any employee of the Fund or their affiliated persons for reports of potential violations that are made in good faith; and
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notify the CLO, or Chairman of the Audit Committee if the violation involves the CLO, promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this
Code.
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the CLO or Audit Committee Chairman, as applicable, will take all appropriate action to investigate any potential violations reported to him;
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if, after such investigation, the CLO or Audit Committee Chairman, as applicable, believes that no violation has occurred, the CLO or Audit Committee Chairman, as applicable, is not required
to take any further action;
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any matter that the CLO or Audit Committee Chairman, as applicable, 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 and make a recommendation to 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 from the Fund;
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the Board 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.
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Other Policies and Procedures
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VI.
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Amendments
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VII.
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Confidentiality
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VIII.
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Internal Use
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Office
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Name
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1
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President
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Mark D. Foster
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2
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Vice-President, Secretary and Treasurer
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Mickey Kim
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