SUPPLEMENT TO THE PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION

                        CREDIT SUISSE MUNICIPAL BOND FUND
               CREDIT SUISSE INSTITUTIONAL FUND - SMALL CAP GROWTH
                                    PORTFOLIO
                       CREDIT SUISSE EMERGING MARKETS FUND
                         CREDIT SUISSE FIXED INCOME FUND

THE FOLLOWING INFORMATION SUPERSEDES CERTAIN INFORMATION IN THE FUNDS'
PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION ("SAI").

POLICY CHANGES

The shareholders of each fund recently approved proposals to modify or eliminate
certain investment restrictions on, as applicable, borrowing money, lending
securities, real estate investment, short sales, margin transactions,
investments in oil, gas and mineral programs, pledging assets and acquiring more
than 10% of voting securities of any one issuer.

With respect to the Fixed Income and Global Fixed Income Funds, the Board
adopted a non-fundamental policy to permit the fund to invest in other
investment companies to the extent permitted by the Investment Company Act of
1940, as amended (the "1940 Act") or any SEC order. Presently, under the 1940
Act, each fund may hold securities of another investment company in amounts
which (a) do not exceed 3% of the total outstanding voting stock of such
company, (b) do not exceed 5% of the value of the fund's total assets and (c)
when added to all other investment company securities held by the fund, do not
exceed 10% of the value of the fund's total assets.

Each fund's investment objective and principal investment strategies remain
unchanged.

TAXATION

BACKGROUND

The Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act") changes
the United States federal income taxation of dividends received by individuals.
This supplement updates the statements in the "Taxes" section of the Prospectus
and the "Additional Information Concerning Taxes" section of the SAI, which were
prepared before the Act became law on May 28, 2003.

CHANGES TO TAXATION OF DIVIDENDS

Dividends received by an individual from a U.S. corporation or a qualifying
foreign corporation are generally subject to tax at graduated rates, which are
equal to the rates applicable to long-term capital gains of individuals and are
lower than ordinary income tax rates, provided that the individual receiving the
dividend satisfies certain holding period requirements. The maximum rate
applicable to such dividends is 15%.



The amount of dividends from a mutual fund that will be eligible for the lower
rates, however, cannot exceed the amount of dividends received by the mutual
fund that are qualifying dividends (i.e., dividends from U.S. corporations or
certain qualifying foreign corporations). Thus, to the extent dividends from a
mutual fund are attributable to other sources, such as taxable interest, fees
from securities lending transactions, most distributions from real estate
investment trusts, section 988 transactions, and short term capital gains, such
dividends will not be eligible for the lower rates. Nonetheless, the Act
provides that if at least 95% of the mutual fund's "gross income" is from
qualifying dividends, then 100% of its dividends will be eligible for the lower
rates. For these purposes, a mutual fund's "gross income" does not include gain
from the disposition of stock or securities except to the extent the net
short-term capital gain from such sales exceeds the net long-term capital loss
from such sales.

The Act also provides that if an individual receives a dividend qualifying for
the lower rates and such dividend constitutes an "extraordinary dividend," and
the individual subsequently recognizes a loss on the sale or exchange of stock
in respect of which the "extraordinary dividend" was paid, then the loss will be
long-term capital loss to the extent of such "extraordinary dividend." An
"extraordinary dividend" on common stock for this purpose is generally a
dividend (1) in an amount greater than or equal to 10% of the taxpayer's tax
basis (or trading value) in a share of stock, aggregating dividends with
ex-dividend dates within an 85-day period or (2) in an amount greater than or
equal to 20% of the taxpayer's tax basis (or trading value) in a share of stock,
aggregating dividends with ex-dividend dates within a 365-day period.

The Act lowers, from 20% to 15%, the maximum tax rates generally applicable to
long-term capital gains recognized by individuals on or after May 6, 2003. Thus,
long-term capital gains recognized by individuals upon the sale or redemption of
mutual fund shares on or after May 6, 2003, and distributions to individuals of
long-term capital gains recognized by mutual funds on or after May 6, 2003, will
be subject to a maximum rate of tax of 15%. The Act does not otherwise change
the taxation of capital gain distributions.

We will send you information after the end of each year setting forth the amount
of dividends paid by us that qualifies for the reduced rates.

The Act also reduces the rate of backup withholding from 30% to 28%.

EFFECTIVE DATES OF THE ACT

The Act is generally effective for tax years beginning after December 31, 2002,
through tax years beginning on or before December 31, 2008.

Dated: June 25, 2003                                                 16-0603
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