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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: