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Exhibit 99.CODE ETHICS
EXHIBIT 12(a)(1)
CODE OF ETHICS
CREDIT SUISSE FUNDS
CREDIT SUISSE INSTITUTIONAL FUNDS
CREDIT SUISSE CLOSED-END FUNDS
CODE OF ETHICS FOR SENIOR OFFICERS
PREAMBLE
Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted
disclosing whether a company has a code of ethics for senior financial officers.
The Securities and Exchange Commission (the "SEC") has adopted rules requiring
annual disclosure of an investment company's code of ethics applicable to the
company's principal executive as well as principal financial officers, if such a
code has been adopted. In response, the above Funds (each a "Fund", and together
the "Funds") have adopted this Code of Ethics.
STATEMENT OF POLICY
It is the obligation of the senior officers of the Funds to provide full,
fair, timely and comprehensible disclosure--financial and otherwise--to Fund
shareholders, regulatory authorities and the general public. In fulfilling that
obligation, senior officers must act ethically, honestly and diligently. This
Code is intended to enunciate guidelines to be followed by persons who serve the
Funds in senior officerships. No Code can address every situation that a senior
officer might face; however, as a guiding principle, senior officers should
strive to implement the spirit as well as the
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letter of applicable laws, rules and regulations, and to provide the type of
clear and complete disclosure and information Fund shareholders have a right to
expect.
The purpose of this Code of Ethics is to promote high standards of ethical
conduct by Covered Persons (as defined below) in their capacities as officers of
the Funds, to instruct them as to what is considered to be inappropriate and
unacceptable conduct or activities for officers and to prohibit such conduct or
activities. This Code supplements other policies that the Funds and their
adviser have adopted or may adopt in the future with which Fund officers are
also required to comply (e.g., code of ethics relating to personal trading and
conduct).
COVERED PERSONS
This Code of Ethics applies to those persons appointed by the Fund's Board
of Directors as Chief Executive Officer, President, Chief Financial Officer and
Chief Accounting Officer, or persons performing similar functions. It is
recognized that each of such persons currently is a full-time employee of Credit
Suisse Asset Management LLC ("CSAM"), each Fund's investment adviser.
PROMOTION OF HONEST AND ETHICAL CONDUCT
In serving as an officer of the Funds, each Covered Person must maintain
high standards of honesty and ethical conduct and must encourage his colleagues
who provide services to the Funds, whether directly or indirectly, to do the
same.
Each Covered Person understands that as an officer of a Fund, he has a duty
to act in the best interests of the Fund and its shareholders. The interests of
other CSAM clients or CSAM itself or the Covered Person's personal interests
should not be allowed to compromise the Covered
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Person's fulfilling his duties as an officer of the Fund. The governing Boards
of the Funds recognize that the Covered Persons are also officers or employees
of CSAM. Furthermore, the governing Boards of the Funds recognize that, subject
to the Covered Person's fiduciary duties to the Funds, the Covered Persons will
in the normal course of their duties (whether formally for the Funds or for
CSAM, or for both) be involved in establishing policies and implementing
decisions that will have different effects on CSAM and the Funds. The governing
Boards of the Funds recognize that the participation of the Covered Persons in
such activities is inherent in the contractual relationship between the Funds
and CSAM and/or its affiliates, and is consistent with the expectation of the
governing Boards of the performance by the Covered Persons of their duties as
officers of the Funds.
If a Covered Person believes that his responsibilities as an officer or
employee of CSAM are likely to materially compromise his objectivity or his
ability to perform the duties of his role as an officer of the Funds, he should
consult with CSAM's general counsel, the Funds' chief legal officer or outside
counsel, or counsel to the independent Directors/Trustees of the relevant Fund
or Funds. Under appropriate circumstances, a Covered Person should also consider
whether to present the matter to the Directors/Trustees of the relevant Fund or
Funds or a committee thereof.
No Covered Person shall suggest that any person providing, or soliciting to
be retained to provide, services to a Fund give a gift or an economic benefit of
any kind to him in connection with the person's retention or the provision of
services.
PROMOTION OF FULL, FAIR, ACCURATE, TIMELY AND UNDERSTANDABLE DISCLOSURE
No Covered Person shall create or further the creation of false or
misleading information in any SEC filing or report to Fund shareholders. No
Covered Person shall conceal or fail
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to disclose information within the Covered Person's possession legally required
to be disclosed or necessary to make the disclosure made not misleading. If a
Covered Person shall become aware that information filed with the SEC or made
available to the public contains any false or misleading information or omits to
disclose necessary information, he shall promptly report it to CSAM's general
counsel or Fund counsel, who shall advise such Covered Person whether corrective
action is necessary or appropriate.
Each Covered Person, consistent with his responsibilities, shall exercise
appropriate supervision over, and shall assist, relevant Fund service providers
in developing financial information and other disclosure that complies with
relevant law and presents information in a clear, comprehensible and complete
manner. Each Covered Person shall use his best efforts within his area of
expertise to assure that Fund reports reveal, rather than conceal, the relevant
Fund's financial condition.
Each Covered Person shall seek to obtain additional resources if he
believes that available resources are inadequate to enable the Funds to provide
full, fair and accurate financial information and other disclosure to regulators
and Fund shareholders.
Each Covered Person shall inquire of other Fund officers and service
providers, as appropriate, to assure that information provided is accurate and
complete and presented in an understandable format using comprehensible
language.
Each Covered Person shall diligently perform his services to the Funds, so
that information can be gathered and assessed early enough to facilitate timely
filings and issuance of reports and required certifications.
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PROMOTION OF COMPLIANCE WITH APPLICABLE GOVERNMENT LAWS, RULES AND REGULATIONS
Each Covered Person shall become and remain knowledgeable concerning the
laws and regulations relating to the Funds and their operations and shall act
with competence and due care in serving as an officer of the Funds. Each Covered
Person with specific responsibility for financial statement disclosure will
become and remain knowledgeable concerning relevant auditing standards,
generally accepted accounting principles, FASB pronouncements and other
accounting and tax literature and developments.
Each Covered Person shall devote sufficient time to fulfilling his
responsibilities to the Funds, recognizing that he will devote substantial time
to providing services to other CSAM clients and will perform other activities as
an employee of CSAM.
Each Covered Person shall cooperate with a Fund's independent auditors,
regulatory agencies and internal auditors in their review or inspection of the
Fund and its operations.
No Covered Person shall knowingly violate any law or regulation relating to
the Funds or their operations or seek to illegally circumvent any such law or
regulation.
No Covered Person shall engage in any conduct involving dishonesty, fraud,
deceit or misrepresentation involving the Funds or their operations.
PROMOTING PROMPT INTERNAL REPORTING OF VIOLATIONS
Each Covered Person shall promptly report his own violations of this Code
and violations by other Covered Persons of which he is aware to the Chairman of
the relevant Fund's Audit Committee.
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Any requests for a waiver from or an amendment to this Code shall be made
to the Chairman of the relevant Fund's Audit Committee. All waivers and
amendments shall be disclosed as required by law.
SANCTIONS
Failure to comply with this Code will subject the violator to appropriate
sanctions, which will vary based on the nature and severity of the violation.
Such sanctions may include censure, suspension or termination of position as an
officer of the Fund. Sanctions shall be imposed by the relevant Fund's Audit
Committee, subject to review by the entire Board of Directors/Trustees of the
Fund.
Each Covered Person shall be required to certify annually whether he has
complied with this Code.
NO RIGHTS CREATED
This Code of Ethics is a statement of certain fundamental principles,
policies and procedures that govern the Funds' senior officers in the conduct of
the Funds' business. It is not intended to and does not create any rights in any
employee, investor, supplier, competitor, shareholder or any other person or
entity.
RECORDKEEPING
The Funds will maintain and preserve for a period of not less than six (6)
years from the date such action is taken, the first two (2) years in an easily
accessible place, a copy of the information or materials supplied to the Board
(1) that provided the basis for any amendment or
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waiver to this Code and (2) relating to any violation of the Code and sanctions
imposed for such violation, together with a written record of the approval or
action taken by the relevant Board.
AMENDMENTS
The Directors/Trustees will make and approve such changes to this Code of
Ethics as they deem necessary or appropriate to effectuate the purposes of this
Code.
Dated: May 17, 2005
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CODE OF ETHICS FOR SENIOR OFFICERS:
I HEREBY CERTIFY THAT:
(1) I have read and I understand the Code of Ethics for Senior Officers
adopted by the Credit Suisse Funds, the Credit Suisse Institutional
Funds and the Credit Suisse Closed-End Funds (the "Code of Ethics");
(2) I recognize that I am subject to the Code of Ethics;
(3) I have complied with the requirements of the Code of Ethics during the
calendar year ending December 31, _______; and
(4) I have reported all violations of the Code of Ethics required to be
reported pursuant to the requirements of the Code during the calendar
year ending December 31, _______.
Set forth below exceptions to items (3) and (4), if any:
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Name:
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Date: