UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File No. 811-4964
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CREDIT SUISSE NEW YORK MUNICIPAL FUND
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(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
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(Address of Principal Executive Offices) (Zip Code)
J. Kevin Gao, Esq.
Credit Suisse New York Municipal Fund
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code: (212) 875-3500
Date of fiscal year end: October 31st
Date of reporting period: November 1, 2004 to October 31, 2005
ITEM 1. REPORTS TO STOCKHOLDERS.
CREDIT | ASSET
SUISSE | MANAGEMENT
CREDIT SUISSE FUNDS
Annual Report
October 31, 2005
o CREDIT SUISSE
NEW YORK MUNICIPAL FUND
The Fund's investment objectives, risks, charges and expenses (which should be
considered carefully before investing), and more complete information about the
Fund, are provided in the Prospectus, which should be read carefully before
investing. You may obtain additional copies by calling 800-927-2874 or by
writing to Credit Suisse Funds, P.O. Box 55030, Boston, MA 02205-5030.
Credit Suisse Asset Management Securities, Inc., Distributor, is located at 466
Lexington Ave., New York, NY 10017-3140. Credit Suisse Funds are advised by
Credit Suisse Asset Management, LLC.
Investors in the Credit Suisse Funds should be aware that they may be eligible
to purchase Common Class and/or Advisor Class shares (where offered) directly or
through certain intermediaries. Such shares are not subject to a sales charge
but may be subject to an ongoing service and distribution fee of up to 0.50% of
average daily net assets. Investors in the Credit Suisse Funds should also be
aware that they may be eligible for a reduction or waiver of the sales charge
with respect to Class A, B or C shares. For more information, please review the
relevant prospectuses or consult your financial representative.
The views of the Fund's management are as of the date of the letter and the Fund
holdings described in this document are as of October 31, 2005; these views and
Fund holdings may have changed subsequent to these dates. Nothing in this
document is a recommendation to purchase or sell securities.
Fund shares are not deposits or other obligations of Credit Suisse Asset
Management, LLC ("CSAM") or any affiliate, are not FDIC-insured and are not
guaranteed by CSAM or any affiliate. Fund investments are subject to investment
risks, including loss of your investment.
CREDIT SUISSE NEW YORK MUNICIPAL FUND
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2005 (unaudited)
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November 21, 2005
Dear Shareholder:
PERFORMANCE SUMMARY
11/1/04 - 10/31/05
FUND & BENCHMARK PERFORMANCE
Common Class1 (0.14)%
Class A (without sales charge)1,2 (0.39)%
Lehman Brothers 5 Year Municipal Bond Index3 0.47%
For the 12 months ended October 31, 2005, the Common Class and Class A shares
(without sales charge) of the Fund underperformed their benchmark, the Lehman
Brothers 5 Year Municipal Bond Index, by 61 and 86 basis points, respectively.
MARKET OVERVIEW: RATES RISE, CURVE FLATTENS
In our view, performance in New York municipal securities over the course of
the Fund's fiscal year was consistent with the market for municipal securities
as a whole. The major factor driving activity in the period was the Fed's
gradualist approach to monetary tightening, which brought nominal short-term
rates from 1.75% at the start of the Fund's fiscal year to 3.75% at its end.
This rising rate environment prompted the short end of the yield curve to climb
approximately 200 basis points. But securities at the longer end rose far less
(the ten-year Treasury rose 53 basis points in the period) and in some cases
actually fell (the 30-year Treasury fell five basis points). This "bearish"
flattening in the yield curve proved a difficult environment in which to find
value among municipal securities, particularly in those securities with
maturities of less than ten years.
Within New York, a rebounding statewide economy fueled tax revenues for many
municipalities, helping to support their underlying creditworthiness. S&P and
Moody's both upgraded their ratings and revised their outlook on New York City
to "Stable," largely due to substantial revenue gains from the higher mortgage
tax on residential sales. State finances also improved significantly, but a
number of upstate counties (Westchester, Monroe) felt increasing financial
pressure from their rising pension and health care costs, the responsibility for
which in New York State lands squarely on the local municipalities.
1
CREDIT SUISSE NEW YORK MUNICIPAL FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
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STRATEGIC REVIEW: CAUTIOUS APPROACH SLOWS PERFORMANCE
We attribute the Fund's underperformance of its Lehman Brothers 5 Year
Municipal Bond Index benchmark in the fiscal year to our conservative approach
to the investments in the Fund. We kept the portfolio's overall duration shorter
than the benchmark in an attempt to minimize its vulnerability to rising rates.
This precluded significant participation in the potential benefits derived from
the flattening witnessed in the yield curve.
Also consistent with our generally cautious perspective, we maintained our
longstanding underweight in lower-rated credits (i.e., those rated BBB and A)
relative to the Index. For example, we did not own any tobacco and very few
health care issues in the portfolio, both of which recorded gains in the fiscal
year period. Also weighing on performance was our modest exposure to bonds
issued by Puerto Rico, the spreads of which widened due to the increasing
pension fund burden the island faces.
Lori A. Cohane Frank J. Biondo
Co-Portfolio Manager Co-Portfolio Manager
The Fund's dividends are derived from interest on New York municipal
obligations that are exempt from regular federal income taxes and from New York
State and New York City personal income taxes. Some income from the Fund that is
exempt from regular federal taxes may be subject to State and City taxes, and
some income may be subject to the federal alternative minimum tax. This Fund may
be more volatile than a more geographically diverse municipal fund.
In addition to historical information, this report contains forward-looking
statements, which may concern, among other things, domestic and foreign markets,
industry and economic trends and developments and government regulation and
their potential impact on the Fund's investment portfolio. These statements are
subject to risks and uncertainties and actual trends, developments and
regulations in the future and their impact on the Fund could be materially
different from those projected, anticipated or implied. The Fund has no
obligation to update or revise forward-looking statements.
2
CREDIT SUISSE NEW YORK MUNICIPAL FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
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COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE NEW YORK MUNICIPAL FUND1 COMMON CLASS SHARES AND THE
LEHMAN BROS. 5 YR MUNICIPAL INDEX3 FOR TEN YEARS.
LINE CHART:
CREDIT SUISSE NEW YORK MUNICIPAL FUND1 - COMMON CLASS -- $15,288
LEHMAN BROS. 5 YEAR MUNICIPAL BOND INDEX3 -- $16,080
CREDIT SUISSE LEHMAN BROS.
NEW YORK MUNICIPAL 5 YEAR MUNICIPAL
FUND1 - COMMON CLASS BOND INDEX3
10/95 10000 10000
10103 10091
10168 10144
10245 10245
10211 10217
10159 10145
10146 10144
10164 10140
10221 10200
10330 10275
10339 10284
10427 10368
10/96 10487 10459
10606 10595
10607 10575
10647 10611
10714 10688
10649 10572
10667 10617
10803 10748
10863 10836
11020 11026
10986 10970
11057 11067
10/97 11098 11124
11126 11159
11231 11254
11326 11357
11331 11375
11339 11384
11270 11337
11432 11473
11483 11512
11491 11553
11654 11694
11783 11815
10/98 11790 11849
11818 11870
11846 11912
11989 12038
11923 12025
11929 12035
11957 12072
11894 12022
11749 11886
11813 11960
11796 11955
11812 11998
10/99 11760 11969
11848 12039
11798 11999
11759 11994
11834 12033
11999 12143
11949 12115
11911 12112
12171 12334
12300 12464
12466 12598
12424 12577
10/00 12529 12665
12598 12720
12865 12919
13034 13141
13051 13209
13171 13290
13067 13217
13199 13354
13269 13430
13426 13567
13647 13750
13550 13792
10/01 13682 13906
13558 13795
13473 13728
13697 13949
13865 14107
13621 13807
13855 14126
13922 14220
14042 14375
14163 14531
14311 14670
14497 14874
10/02 14354 14722
14329 14708
14573 15000
14574 15026
14727 15190
14688 15168
14759 15240
14952 15483
14927 15443
14638 15106
14724 15213
15005 15598
10/03 14936 15495
15008 15559
15051 15619
15096 15693
15254 15884
15169 15818
14928 15501
14886 15422
14902 15479
15033 15640
15222 15896
15252 15917
10/04 15310 16005
15193 15900
15303 16044
15303 16040
15245 15961
15155 15860
15306 16043
15306 16089
15426 16163
15290 16075
15350 16188
15245 16147
10/05 15288 16080
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE NEW YORK MUNICIPAL FUND1 CLASS A SHARES2 AND THE LEHMAN
BROS. 5 YR MUNICIPAL BOND INDEX3,5 FROM INCEPTION (11/30/01).
LINE CHART:
CREDIT SUISSE NEW YORK MUNICIPAL FUND1 - CLASS A2 -- $10,818
(WITH MAXIMUM SALES CHARGE)
LEHMAN BROS. 5 YEAR MUNICIPAL BOND INDEX3,5 -- $11,656
CREDIT SUISSE
NEW YORK
MUNICIPAL
FUND1 - LEHMAN BROS.
CLASS A2 5 YEAR
(WITH MAXIMUM MUNICIPAL
SALES CHARGE) BOND INDEX3,5
11/01 9700 10000
9633.68 9951.2
9789.73 10111.4
9896.62 10226.2
9743.9 10008.6
9896.8 10239.7
9931.25 10308.5
10024.1 10420.7
10098.5 10533.4
10201.6 10634.6
10341.5 10782.1
10/02 10228.2 10672.2
10208.8 10661.6
10379.7 10873.8
10378.7 10892.3
10504.9 11011
10475.4 10995.6
10522.6 11047.3
10657.1 11224
10636 11194.8
10419 10950.7
10487.7 11027.7
10685.5 11306.7
10/03 10634 11232.5
10682.9 11278.6
10711.4 11322.6
10740.8 11375.8
10851.5 11514.7
10788.8 11466.8
10605.3 11236.9
10573.3 11179.1
10592.5 11220.5
10673.1 11337.6
10815.3 11522.9
10834.1 11538.1
10/04 10860 11602
10775.5 11525.8
10851.2 11630.3
10838.2 11627.4
10805.6 11570.1
10739.8 11496.8
10833.4 11629.9
10844 11663
10924.8 11716.7
10828.6 11653.2
10871.4 11734.8
10796.6 11705.3
10/05 10818.1 11656.1
3
CREDIT SUISSE NEW YORK MUNICIPAL FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
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AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 20051
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
------ ------- -------- ---------
Common Class4 0.84% 4.36% 4.48% 5.22%
Class A Without Sales Charge 0.47% -- -- 3.06%
Class A With Maximum Sales Charge (2.50)% -- -- 2.24%
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 20051
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
------ ------- -------- ---------
Common Class4 (0.14)% 4.06% 4.34% 5.16%
Class A Without Sales Charge (0.39)% -- -- 2.83%
Class A With Maximum Sales Charge (3.33)% -- -- 2.03%
Returns represent past performance and include change in share price and
reinvestment of dividends and capital gains. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. The current performance of the Fund may be lower or higher than
the figures shown. Returns and share price will fluctuate, and redemption value
may be less than original cost. The performance results do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. Performance information current to the most recent
month-end is available at www.csam.com/us.
- --------------
1 Fee waivers and/or expense reimbursements may reduce expenses for the Fund,
without which performance would be lower. Waivers and/or reimbursements may
be discontinued at any time.
2 Total return for Class A shares for the reporting period based on offering
price (with maximum sales charge of 3.00%) was down 3.33%.
3 The Lehman Brothers 5 Year Municipal Bond Index is an unmanaged index (with
no defined investment objective) of municipal bonds with maturities of
between four and six years, and is calculated by Lehman Brothers, Inc.
Investors cannot invest directly in an index.
4 Inception date: 4/1/87.
5 Performance for the benchmark is not available for the period beginning
November 30, 2001 (commencement of operations). For that reason, performance
is shown for the period beginning December 1, 2001.
4
CREDIT SUISSE NEW YORK MUNICIPAL FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
INFORMATION ABOUT YOUR FUND'S EXPENSES
As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees, distribution
and service (12b-1) fees and other Fund expenses. Examples of transaction costs
include sales charges (loads), redemption fees and account maintenance fees,
which are not shown in this section and which would result in higher total
expenses. The following table is intended to help you understand your ongoing
expenses of investing in the Fund and to help you compare these expenses with
the ongoing expenses of investing in other mutual funds. The table is based on
an investment of $1,000 made at the beginning of the six month period ended
October 31, 2005.
The table illustrates your Fund's expenses in two ways:
o ACTUAL FUND RETURN. This helps you estimate the actual dollar amount of
ongoing expenses paid on a $1,000 investment in the Fund using the Fund's
actual return during the period. To estimate the expenses you paid over
the period, simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by
the number in the "Expenses Paid per $1,000" line under the share class
you hold.
o HYPOTHETICAL 5% FUND RETURN. This helps you to compare your Fund's ongoing
expenses with those of other mutual funds using the Fund's actual expense
ratio and a hypothetical rate of return of 5% per year before expenses.
Examples using a 5% hypothetical fund return may be found in the
shareholder reports of other mutual funds. The hypothetical account values
and expenses may not be used to estimate the actual ending account balance
or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
5
CREDIT SUISSE NEW YORK MUNICIPAL FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX MONTH PERIOD ENDED OCTOBER 31, 2005
- --------------------------------------------------------------------------------
COMMON
ACTUAL FUND RETURN CLASS CLASS A
--------- ---------
Beginning Account Value 5/1/05 $1,000.00 $1,000.00
Ending Account Value 10/31/05 $ 998.90 $ 998.60
Expenses Paid per $1,000* $ 3.02 $ 4.28
HYPOTHETICAL 5% FUND RETURN
Beginning Account Value 5/1/05 $1,000.00 $1,000.00
Ending Account Value 10/31/05 $1,022.18 $1,020.92
Expenses Paid per $1,000* $ 3.06 $ 4.33
COMMON
CLASS CLASS A
--------- ---------
ANNUALIZED EXPENSE RATIOS* 0.60% 0.85%
- --------------
* Expenses are equal to the Fund's annualized expense ratio for each share
class, multiplied by the average account value over the period, multiplied by
the number of days in the most recent fiscal half year period, then divided
by 365.
The "Expenses Paid per $1,000" and the "Annualized Expense Ratios" in the
tables are based on actual expenses paid by the Fund during the period, net
of fee waivers and/or expense reimbursements. If those fee waivers and/or
expense reimbursements had not been in effect, the Fund's actual expenses
would have been higher.
For more information, please refer to the Fund's prospectus.
6
CREDIT SUISSE NEW YORK MUNICIPAL FUND
ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED)
October 31, 2005 (unaudited)
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CREDIT QUALITY BREAKDOWN*
RATINGS
S&P
- ------------------------------------------------
AAA 64.2%
AA 17.6%
A 12.0%
BBB 6.0%
------
Subtotal 99.8%
Short-Term Investments 0.2%
------
Total 100.0%
======
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* Expressed as a percentage of total Investments and may vary over time.
7
CREDIT SUISSE NEW YORK MUNICIPAL FUND
SCHEDULE OF INVESTMENTS
October 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
------ ------------- -------- ----- -----
MUNICIPAL BONDS (99.2%)
NEW YORK (96.1%)
$ 1,000 Brookhaven NY, General Obligation Unlimited
(MBIA Insured) (Non-Callable) (AAA , Aaa) 08/15/14 5.000 $ 1,079,580
200 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series E (AMBAC
Insured) (Callable 07/01/07 @ $101.00) (AAA , Aaa) 07/01/11 5.000 209,034
600 Metropolitan Transportation Authority, NY,
Dedicated Tax Fund, Series A (FGIC Insured) (AAA , Aaa) 04/01/13 5.600 654,078
695 Metropolitan Transportation Authority, NY,
Transportation Facilities Revenue Bonds,
Prerefunded, Series C (FSA Insured)
(Callable 07/01/12 @ $100.00) (AAA , Aaa) 07/01/14 5.125 752,365
1,000 Municipal Assistance Corp., New York City,
Revenue Bonds, Series H (AAA , Aaa) 07/01/07 6.250 1,051,480
1,000 Municipal Assistance Corp., New York City,
Revenue Bonds, Series M (AAA , Aaa) 07/01/08 5.500 1,058,950
1,110 Nassau County NY Interim Finance Authority
Revenue Bonds, Refunding Sales Tax Secured,
Series B (AMBAC Insured) (Non-Callable) (AAA , Aaa) 11/15/12 5.000 1,196,047
1,000 Nassau County NY Interim Finance Authority
Revenue Bonds, Sales Tax Secured, Series A
(AMBAC Insured) (Non-Callable) (AAA , Aaa) 11/15/11 5.000 1,074,410
635 Nassau County NY Interim Finance Authority
Revenue Bonds, Sales Tax Secured, Series A (AAA , Aaa) 11/15/22 5.000 666,953
400 New York City, Educational Construction Fund,
Revenue Bonds, Series A (MBIA Insured)
(Non-Callable) (AAA , Aaa) 04/01/12 5.000 428,152
1,000 New York City, General Obligation Unlimited,
Series F (A+ , A1) 08/01/09 5.000 1,050,510
450 New York City, General Obligation Unlimited,
Series G (A+ , A1) 08/01/11 5.000 476,726
1,000 New York City, General Obligation Unlimited,
Series H
(Callable 03/15/11 @ $101.00) (A+ , A1) 03/15/13 5.750 1,095,640
1,000 New York City, General Obligation Unlimited,
Series I (Non-Callable) (A+ , A1) 08/01/11 5.000 1,059,390
340 New York City, General Obligation Unlimited,
Unrefunded Balance, Series J
(Callable 08/01/07 @ $101.00) (A+ , A1) 08/01/11 6.125 358,248
1,000 New York City, Industrial Development Agency,
YMCA Greater NY Project (BBB+ , Baa1) 08/01/06 6.000 1,020,570
1,000 New York City, Municipal Water Finance
Authority Revenue Bonds, Series D (AA+ , Aa2) 06/15/15 5.250 1,079,590
110 New York City, Transitional Finance Authority,
Prerefunded Future Tax 2004, Series C
(Non-Callable) (AAA , Aa1) 02/01/08 5.500 115,596
1,000 New York City, Transitional Finance Authority,
Refunding Future Tax Secured, Series B
(Callable 02/01/11 @ $100.00) # (AAA , Aa1) 02/01/29 5.250 1,069,550
785 New York City, Transitional Finance Authority,
Unrefunded Balance, Future Tax 2004,
Series C (Non-Callable) (AAA , Aa1) 02/01/08 5.500 823,646
See Accompanying Notes to Financial Statements.
8
CREDIT SUISSE NEW YORK MUNICIPAL FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
------ ------------- -------- ----- -----
MUNICIPAL BONDS
NEW YORK
$ 650 New York City, Transitional Finance Authority,
Unrefunded Future Tax, Series B (AAA , Aa1) 02/01/08 5.500 $ 681,999
1,000 New York State Dormitory Authority, Lenox Hill
Hospital Obligation Group, Revenue Bonds (BBB+ , Baa2) 07/01/09 5.250 1,020,450
1,200 New York State Dormitory Authority, New York
University, Revenue Bonds, Series A
(FGIC Insured) (AAA , Aaa) 07/01/15 5.000 1,288,464
2,000 New York State Dormitory Authority, State
University Educational Facilities Revenue Bonds,
Series B (Callable 05/15/08 @ $101.00) (AAA , Aaa) 07/01/15 5.000 2,161,440
1,000 New York State Dormitory Authority, State
University Educational Facilities Revenue Bonds,
Series B (Callable 05/15/08 @ $101.00) (AA- , A2) 05/15/09 5.250 1,059,580
500 New York State Dormitory Authority, Yeshiva
University, Revenue Bonds (AMBAC Insured)
(Non-Callable) (AAA , Aaa) 07/01/14 5.250 548,630
520 New York State Environmental Facilities Corp.,
Clean Water & Drinking Revenue Bonds,
Revolving Funds, Series A (Non-Callable) (AAA , Aaa) 04/15/10 4.250 537,862
1,125 New York State Local Government Assistance
Corp., Revenue Bonds, Series A (AAA , Aaa) 04/01/06 6.000 1,139,175
505 New York State Thruway Authority, General
Revenue Bonds, Refunding, Series E (MBIA
Insured) (Callable 01/01/08 @ $101.00) (AAA , Aaa) 01/01/25 5.000 523,079
325 New York State Thruway Authority, General
Revenue Bonds, Series F (AMBAC Insured)
(Callable 01/01/15 @ $100.00) (AAA , Aaa) 01/01/18 5.000 345,485
800 New York State Urban Development Corp.,
Correctional & Youth Facilities Revenue
Bonds, Series A (AA- , A2) 01/01/17 5.000 842,120
1,000 New York State Urban Development Corp.,
Correctional Facilities Service Contract Revenue
Bonds, Series C
(Callable 01/01/09 @ $101.00) (AAA , Aaa) 01/01/13 6.000 1,088,730
1,000 New York State Urban Development Corp.,
State Facilities Revenue Bonds (AA- , A2) 04/01/11 5.750 1,096,160
750 New York State, General Obligation Unlimited,
Refunding Series C (AA , A1) 04/15/17 5.000 797,917
1,000 Rockland County New York General Obligation
Bonds (Callable 10/15/09 @ $101.00) (AA- , A1) 10/15/14 5.500 1,076,510
1,000 Triborough Bridge & Tunnel Authority,
Revenue Bonds, Series A
(Callable 01/01/09 @ $101.00) (AAA , Aa2) 01/01/18 5.125 1,067,560
1,000 Triborough Bridge & Tunnel Authority,
Revenue Bonds, Series B (AAA , Aa2) 01/01/09 5.500 1,067,960
------------
TOTAL NEW YORK (Cost $32,269,863) 32,663,636
------------
PUERTO RICO (3.1%)
1,000 Puerto Rico Commonwealth Aqueduct & Sewer
Authority, Revenue Bonds (MBIA Insured) (AAA , Aaa) 07/01/07 6.000 1,048,040
------------
TOTAL PUERTO RICO (Cost $1,017,377) 1,048,040
------------
TOTAL MUNICIPAL BONDS (Cost $33,287,240) 33,711,676
------------
See Accompanying Notes to Financial Statements.
9
CREDIT SUISSE NEW YORK MUNICIPAL FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NUMBER OF
SHARES VALUE
------ -----
SHORT-TERM INVESTMENT (0.1%)
49,088 Blackrock Provident New York Money Fund
(Cost $49,088) $ 49,088
------------
TOTAL INVESTMENTS AT VALUE (99.3%) (Cost $33,336,328) 33,760,764
OTHER ASSETS IN EXCESS OF LIABILITIES (0.7%) 229,369
------------
NET ASSETS (100.0%) $ 33,990,133
============
INVESTMENT ABBREVIATIONS
AMBAC = American Municipal Bond Assurance Corporation
FGIC = Financial Guaranty Insurance Company
FSA = Financial Security Assurance, Inc.
MBIA = Municipal Bond Investors Assurance Company
- --------------------------------------------------------------------------------
+ Credit ratings given by the Standard & Poor's Division of The McGraw-Hill
Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are
unaudited.
# Variable rate obligations - The interest rate shown is the rate as of October
31, 2005.
See Accompanying Notes to Financial Statements.
10
CREDIT SUISSE NEW YORK MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2005
- --------------------------------------------------------------------------------
ASSETS
Investments at value (Cost $33,336,328) (Note 2) $33,760,764
Interest receivable 461,867
Receivable for fund shares sold 3,279
Prepaid expenses 23,040
-----------
Total Assets 34,248,950
-----------
LIABILITIES
Advisory fee payable (Note 3) 2,227
Administrative services fee payable (Note 3) 5,357
Distribution fee payable (Note 3) 553
Payable for fund shares redeemed 211,798
Dividend payable 8,514
Trustees' fee payable 5,498
Other accrued expenses payable 24,870
-----------
Total Liabilities 258,817
-----------
NET ASSETS
Capital stock, $0.001 par value (Note 6) 3,395
Paid-in capital (Note 6) 32,979,675
Undistributed net investment income 5
Accumulated net realized gain on investments 582,622
Net unrealized appreciation from investments 424,436
-----------
Net Assets $33,990,133
===========
COMMON SHARES
Net assets $31,569,050
Shares outstanding 3,152,396
-----------
Net asset value, offering price, and redemption price per share $10.01
======
A SHARES
Net assets $ 2,421,083
Shares outstanding 241,587
-----------
Net asset value and redemption price per share $10.02
======
Maximum offering price per share (net asset value/(1-3.00%)) $10.33
======
See Accompanying Notes to Financial Statements.
11
CREDIT SUISSE NEW YORK MUNICIPAL FUND
STATEMENT OF OPERATIONS
For the Year Ended October 31, 2005
- --------------------------------------------------------------------------------
INTEREST INCOME (Note 2) $ 1,754,482
-----------
EXPENSES
Investment advisory fees (Note 3) 170,211
Administrative services fees (Note 3) 86,607
Distribution fees (Note 3)
Class A 5,824
Registration fees 37,525
Printing fees (Note 3) 22,753
Audit fees 22,080
Legal fees 19,061
Transfer agent fees (Note 3) 18,491
Trustees' fees 17,758
Custodian fees 6,318
Insurance expense 4,502
Commitment fees (Note 4) 972
Miscellaneous expense 8,467
-----------
Total expenses 420,569
Less: fees waived (Note 3) (159,777)
-----------
Net expenses 260,792
-----------
Net investment income 1,493,690
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain from investments 582,663
Net change in unrealized appreciation (depreciation)
from investments (2,095,390)
-----------
Net realized and unrealized loss from investments (1,512,727)
-----------
Net decrease in net assets resulting from operations $ (19,037)
===========
See Accompanying Notes to Financial Statements.
12
CREDIT SUISSE NEW YORK MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
FOR THE YEAR FOR THE YEAR
ENDED ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
---------------- ----------------
FROM OPERATIONS
Net investment income $1,493,690 $2,073,573
Net realized gain from investments 582,663 521,441
Net change in unrealized appreciation (depreciation)
from investments (2,095,390) (1,261,144)
----------- -----------
Net increase (decrease) in net assets resulting
from operations (19,037) 1,333,870
----------- -----------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income
Common Class shares (1,417,385) (2,021,349)
Class A shares (76,292) (52,232)
Distributions from net realized gains
Common Class shares (502,732) (460,484)
Class A shares (18,690) (11,457)
----------- -----------
Net decrease in net assets resulting from dividends
and distributions (2,015,099) (2,545,522)
----------- -----------
FROM CAPITAL SHARE TRANSACTIONS (Note 6)
Proceeds from sale of shares 3,942,618 7,297,824
Reinvestment of dividends and distributions 1,876,477 2,355,158
Net asset value of shares redeemed (22,709,755) (20,485,093)
----------- -----------
Net decrease in net assets from capital
share transactions (16,890,660) (10,832,111)
----------- -----------
Net decrease in net assets (18,924,796) (12,043,763)
NET ASSETS
Beginning of year 52,914,929 64,958,692
----------- -----------
End of year $33,990,133 $52,914,929
=========== ===========
Undistributed net investment income (loss) $ 5 $ (8)
=========== ===========
See Accompanying Notes to Financial Statements.
13
CREDIT SUISSE NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Year)
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31,
-----------------------------------------------------
2005 2004 2003 2002 2001
------- ------- ------- ------- --------
PER SHARE DATA
Net asset value, beginning of year $ 10.49 $ 10.68 $ 10.81 $ 10.74 $ 10.24
------- ------- ------- ------- --------
INVESTMENT OPERATIONS
Net investment income 0.36 0.37 0.38 0.381 0.43
Net gain (loss) on investments
(both realized and unrealized) (0.37) (0.11) 0.05 0.13 0.50
------- ------- ------- ------- --------
Total from investment operations (0.01) 0.26 0.43 0.51 0.93
------- ------- ------- ------- --------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.36) (0.37) (0.38) (0.38) (0.43)
Distributions from net realized gains (0.11) (0.08) (0.18) (0.06) --
------- ------- ------- ------- --------
Total dividends and distributions (0.47) (0.45) (0.56) (0.44) (0.43)
------- ------- ------- ------- --------
NET ASSET VALUE, END OF YEAR $ 10.01 $ 10.49 $ 10.68 $ 10.81 $ 10.74
======= ======= ======= ======= ========
Total return2 (0.14)% 2.50% 4.05% 4.91% 9.20%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $31,569 $51,055 $63,423 $83,434 $113,371
Ratio of expenses to average net assets 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of net investment income
to average net assets 3.52% 3.53% 3.51% 3.58% 4.03%
Decrease reflected in above operating
expense ratios due to
waivers/reimbursements 0.38% 0.36% 0.26% 0.25% 0.16%
Portfolio turnover rate 38% 27% 6% 34% 51%
- --------------------------------------------------------------------------------
1 Per share information is calculated using the average shares outstanding
method.
2 Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the years shown, total returns would have been lower.
See Accompanying Notes to Financial Statements.
14
CREDIT SUISSE NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
(For a Class A Share of the Fund Outstanding Throughout Each Period)
- --------------------------------------------------------------------------------
FOR THE
PERIOD
FOR THE YEAR ENDED OCTOBER 31, ENDED
------------------------------ OCTOBER 31,
2005 2004 2003 20021
------- ------- ------- -------
PER SHARE DATA
Net asset value, beginning of period $ 10.50 $ 10.70 $ 10.81 $ 10.61
------- ------- ------- -------
INVESTMENT OPERATIONS
Net investment income 0.33 0.34 0.35 0.312
Net gain (loss) on investments
(both realized and unrealized) (0.37) (0.12) 0.07 0.26
------- ------- ------- -------
Total from investment operations (0.04) 0.22 0.42 0.57
------- ------- ------- -------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.33) (0.34) (0.35) (0.31)
Distributions from net realized gains (0.11) (0.08) (0.18) (0.06)
------- ------- ------- -------
Total dividends and distributions (0.44) (0.42) (0.53) (0.37)
------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 10.02 $ 10.50 $ 10.70 $ 10.81
======= ======= ======= =======
Total return3 (0.39)% 2.13% 3.97% 5.46%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 2,421 $ 1,860 $ 1,535 $ 140
Ratio of expenses to average net assets 0.85% 0.85% 0.85% 0.85%4
Ratio of net investment income
to average net assets 3.27% 3.28% 3.29% 3.21%4
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.38% 0.36% 0.26% 0.36%4
Portfolio turnover rate 38% 27% 6% 34%
- --------------------------------------------------------------------------------
1 For the period November 30, 2001 (inception date) through October 31, 2002.
2 Per share information is calculated using the average shares outstanding
method.
3 Total returns are historical and assume changes in share price, reinvestment
of all dividends and distributions, and no sales charge. Had certain expenses
not been reduced during the periods shown, total returns would have been
lower. Total returns for periods less than one year are not annualized.
4 Annualized.
See Accompanying Notes to Financial Statements.
15
CREDIT SUISSE NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
Credit Suisse New York Municipal Fund (the "Fund"), is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as a
non-diversified open-end management investment company that seeks to maximize
current interest income exempt from regular federal income taxes, New York State
and New York City personal income taxes, to the extent consistent with prudent
investment management and the preservation of capital. The Fund was organized
under the laws of the Commonwealth of Massachusetts as a business trust on
December 23, 1986.
The Fund is authorized to offer two classes of shares: Common Class and Class
A shares. Each class of shares represents an equal pro rata interest in the
Fund, except that they bear different expenses which reflect the difference in
the range of services provided to them. The Fund's Common Class shares are
closed to new investors, other than (1) investors in employee retirement, stock,
bonus, pension or profit-sharing plans, (2) investment advisory clients of
Credit Suisse Asset Management, LLC ("CSAM"), (3) certain registered investment
advisers ("RIAs"), (4) certain broker-dealers and RIAs with clients
participating in comprehensive fee programs and (5) employees of CSAM or its
affiliates and current and former Directors or Trustees of funds advised by CSAM
or its affiliates. Any Common Class shareholder as of the close of business on
December 12, 2001 can continue to buy Common Class shares of the Fund and open
new accounts under the same Social Security number. Class A shares are sold
subject to a front-end sales charge of up to 3.00%.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
A) SECURITY VALUATION -- The net asset value of the Fund is determined daily
as of the close of regular trading on the New York Stock Exchange, Inc. (the
"Exchange") on each day the Exchange is open for business. Debt securities with
a remaining maturity greater than 60 days are valued in accordance with the
price supplied by a pricing service, which may use a matrix, formula or other
objective method that takes into consideration market indices, yield curves and
other specific adjustments. Debt obligations that will mature in 60 days or less
are valued on the basis of amortized cost, which approximates market value,
unless it is determined that using this method would not represent fair value.
The Fund's equity investments are valued at market value, which is generally
determined using the closing price on the exchange or market on which the
security is primarily traded at the time of valuation (the "Valuation Time"). If
no sales are reported, equity investments
16
CREDIT SUISSE NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
are generally valued at the most recent bid quotation as of the Valuation
Time or at the lowest asked quotation in the case of a short sale of securities.
Investments in mutual funds are valued at the mutual fund's closing net asset
value per share on the day of valuation. Securities and other assets for which
market quotations are not readily available, or whose values have been
materially affected by events occurring before the Fund's Valuation Time but
after the close of the securities' primary markets, are valued at fair value as
determined in good faith by, or under the direction of, the Board of Trustees
under procedures established by the Board of Trustees. The Fund may utilize a
service provided by an independent third party which has been approved by the
Board of Trustees to fair value certain securities. When fair-value pricing is
employed, the price of securities used by a fund to calculate its net asset
value may differ from quoted or published prices for the same securities.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. Certain expenses are
class-specific expenses and vary by class. Income, expenses (excluding
class-specific expenses) and realized/unrealized gains/losses are allocated
proportionately to each class of shares based upon the relative net asset value
of the outstanding shares of that class. The cost of investments sold is
determined by use of the specific identification method for both financial
reporting and income tax purposes.
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income are declared daily and paid monthly. Distributions of net
realized capital gains, if any, are declared and paid at least annually.
However, to the extent that a net realized capital gain can be reduced by a
capital loss carryforward, such gain will not be distributed. Income and capital
gain distributions are determined in accordance with federal income tax
regulations, which may differ from accounting principles generally accepted in
the United States of America ("GAAP").
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Fund's intention to continue to qualify for and elect the tax treatment
applicable to regulated investment companies under the Internal Revenue Code of
1986, as amended, and to make the requisite distributions to its shareholders,
which will be sufficient to relieve it from federal income and excise taxes.
17
CREDIT SUISSE NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
E) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
F) SHORT-TERM INVESTMENTS -- The Fund, together with other funds/portfolios
advised by CSAM, an indirect, wholly-owned subsidiary of Credit Suisse Group,
pools available cash into either a short-term variable rate time deposit issued
by State Street Bank and Trust Company ("SSB"), the Fund's custodian, or a money
market fund advised by CSAM. The short-term time deposit issued by SSB is a
variable rate account classified as a short-term investment.
G) OTHER -- The interest on New York municipal obligations is excluded from
gross income for federal income tax purposes and exempt from New York State and
New York City personal income taxes. A portion of income may be subject to State
and City taxes or the federal alternative minimum tax. This Fund may be riskier
than a more geographically diverse municipal fund.
NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Fund. For its investment advisory
services, CSAM is entitled to receive a fee from the Fund at an annual rate of
0.40% of the Fund's average daily net assets. For the year ended October 31,
2005, investment advisory fees earned and voluntarily waived for the Fund were
$170,211 and $159,777, respectively. CSAM will not recapture from the Fund any
fees it waived during the fiscal year ended October 31, 2005. Fee waivers and
reimbursements are voluntary and may be discontinued by CSAM at any time.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Fund.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the Fund's average daily net assets.
For the year ended October 31, 2005, co-administrative services fees earned by
CSAMSI were $42,553.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses calculated in total for all the Credit Suisse
funds/portfolios co-administered by SSB and allocated based upon relative
average net assets of
18
CREDIT SUISSE NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
each fund/portfolio subject to an annual minimum fee. For the year ended October
31, 2005, co-administrative services fees earned by SSB (including out-of-pocket
expenses) were $44,054.
In addition to serving as the Fund's co-administrator, CSAMSI currently
serves as distributor to the Fund's shares. Pursuant to a distribution plan
adopted by the Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives
fees for its distribution services. This is calculated at an annual rate of
0.25% of the average daily net assets of the Class A shares. Common Class shares
are not subject to distribution fees.
Certain brokers, dealers and financial representatives provide transfer agent
related services to the Fund, and receive compensation for these services from
CSAM. CSAM is then reimbursed by the Fund. For the year ended October 31, 2005,
the Fund reimbursed CSAM $16,316, which is included in the Fund's transfer agent
expense.
For the year ended October 31, 2005, CSAMSI and its affiliates advised the
Fund that they retained $321 from commissions earned on the sale of the Fund's
Class A shares.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Fund to provide certain financial printing and fulfillment services. For the
year ended October 31, 2005, Merrill was paid $5,658 for its services to the
Fund.
NOTE 4. LINE OF CREDIT
The Fund, together with other funds/portfolios advised by CSAM (collectively,
the "Participating Funds"), participates in a $75 million committed, unsecured
line of credit facility ("Credit Facility") for temporary or emergency purposes
with Deutsche Bank, A.G. as administrative agent and syndication agent and SSB
as operations agent. Under the terms of the Credit Facility, the Participating
Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the
average unused amount of the Credit Facility, which is allocated among the
Participating Funds in such manner as is determined by the governing Boards of
the Participating Funds. In addition, the Participating Funds pay interest on
borrowings at the Federal Funds rate plus 0.50%. At October 31, 2005 and during
the year ended October 31, 2005, the Fund had no borrowings under the Credit
Facility.
19
CREDIT SUISSE NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 5. PURCHASES AND SALES OF SECURITIES
For the year ended October 31, 2005, purchases and sales of investment
securities (excluding short-term investments) were $16,254,913 and $32,910,942,
respectively.
NOTE 6. CAPITAL SHARE TRANSACTIONS
The Fund is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share, of which an unlimited
number of shares are classified as Common Class shares and an unlimited number
of shares are classified as Class A shares. Transactions in capital shares for
each class were as follows:
COMMON CLASS
-------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
-------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------ ----------- ------------
Shares sold 222,854 $ 2,286,620 606,506 $ 6,419,036
Shares issued in reinvestment of
dividends and distributions 175,161 1,794,066 218,633 2,303,050
Shares redeemed (2,111,589) (21,635,635) (1,896,327) (19,906,602)
----------- ------------ ----------- ------------
Net decrease (1,713,574) $(17,554,949) (1,071,188) $(11,184,516)
=========== ============ =========== ============
CLASS A
-------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2005 OCTOBER 31, 2004
-------------------------------------------------------
SHARES VALUE SHARES VALUE
----------- ------------ ----------- ------------
Shares sold 161,914 $ 1,655,998 84,081 $ 878,788
Shares issued in reinvestment of
dividends and distributions 8,063 82,411 4,944 52,108
Shares redeemed (105,563) (1,074,120) (55,339) (578,491)
----------- ------------ ----------- ------------
Net increase 64,414 $ 664,289 33,686 $ 352,405
=========== ============ =========== ============
On October 31, 2005, the number of shareholders that held 5% or more of the
outstanding shares of each class of the Fund was as follows:
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
Common Class 2 59%
Class A 1 67%
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
20
CREDIT SUISSE NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2005
- --------------------------------------------------------------------------------
NOTE 7. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP.
The tax characteristics of dividends and distributions paid during the years
ended October 31, 2005 and 2004 for the Fund were as follows:
ORDINARY INCOME LONG-TERM CAPITAL GAIN TAX EXEMPT
--------------------- ---------------------- ----------------------
2005 2004 2005 2004 2005 2004
-------- -------- -------- -------- ---------- ----------
$-- $-- $521,422 $471,941 $1,493,677 $2,073,581
At October 31, 2005, the components of distributable earnings on a tax basis
for the Fund were as follows:
Undistributed net investment income $ 5
Accumulated net realized gain 582,622
Unrealized appreciation 424,436
-----------
$ 1,007,063
===========
At October 31, 2005, the identified cost for federal income tax purposes, as
well as the gross unrealized appreciation from investments for those securities
having an excess of value over cost, gross unrealized depreciation from
investments for those securities having an excess of cost over value and the net
unrealized appreciation from investments were $33,326,328, $627,526, $(203,090)
and $424,436, respectively.
NOTE 8. CONTINGENCIES
In the normal course of business, the Fund may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Fund's maximum exposure under these arrangements is dependent on future claims
that may be made against the Fund and, therefore, cannot be estimated; however,
based on experience, the risk of loss from such claims is considered remote.
21
CREDIT SUISSE NEW YORK MUNICIPAL FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
To the Board of Trustees and Shareholders of
Credit Suisse New York Municipal Fund:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Credit Suisse New York Municipal
Fund (the "Fund") at October 31, 2005, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the years (or
periods) presented, in conformity with accounting principles generally accepted
in the United States of America. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at October 31, 2005 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
December 19, 2005
22
CREDIT SUISSE NEW YORK MUNICIPAL FUND
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
- --------------------------------------------------------------------------------
TERM NUMBER OF
OF OFFICE1 PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ----------------- ------------ --------- -------------------- ------------- ---------------
INDEPENDENT TRUSTEES
Enrique Arzac Trustee, Since Professor of Finance 47 Director of The
c/o Credit Suisse Asset Nominating 2005 and Economics, Adams Express
Management, LLC Committee Graduate School of Company
Attn: General Counsel Member Business, Columbia (a closed-end
466 Lexington Avenue and Audit University since 1971. investment company);
New York, New York Committee Director of Petroleum
10017-3140 Chairman and Resources
Corporation (a closed-
Date of Birth: 02/10/41 end investment company)
Richard H. Francis Trustee, Since Currently retired 41 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and Audit
Attn: General Counsel Committee
466 Lexington Avenue Member
New York, New York
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten Trustee, Since The Juan Trippe 40 Director of
Box 208200 Nominating Fund Professor in the Practice Aetna, Inc.
New Haven, Connecticut and Audit Inception of International Trade, (insurance company);
06520-8200 Committee Finance and Business from Director of
Member July 2005 to present; Partner CarMax Group
Date of Birth: 10/29/46 and Chairman of Garten (used car
Rothkopf (consulting firm) dealers)
from October 2005 to
present; Dean of Yale
School of Management
from November 1995 to
June 2005.
Peter F. Krogh Trustee, Since Dean Emeritus and 40 Director
301 ICC Nominating 2001 Distinguished Professor of Carlisle
Georgetown University and Audit of International Affairs Companies
Washington, DC 20057 Committee at the Edmund A. Incorporated
Member Walsh School of (diversified
Date of Birth: 02/11/37 Foreign Service, manufacturing
Georgetown University company)
from June 1995
to present.
- ----------------
1 Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
23
CREDIT SUISSE NEW YORK MUNICIPAL FUND
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
TERM NUMBER OF
OF OFFICE1 PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- ----------------- ------------ --------- -------------------- ------------- ---------------
INDEPENDENT TRUSTEES
James S. Pasman, Jr. Trustee, Since Currently retired 42 Director of
c/o Credit Suisse Asset Nominating 1999 Education
Management, LLC and Audit Management
Attn: General Counsel Committee Corp.
466 Lexington Avenue Member
New York, New York
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Chairman of Trustee Partner of Lehigh 46 Director of
Lehigh Court, LLC the Board of since Court, LLC and RZ Presstek, Inc.
40 East 52nd Street Trustees, 1999 Capital (private (digital imaging
New York, New York Nominating and investment firms) technologies
10022 Committee Chairman from July 2002 to company); Director
Chairman since present; Transition of Wood Resources,
Date of Birth: 07/10/48 and Audit 2005 Adviser to SunGard LLC. (plywood
Committee Securities Finance, manufacturing
Member Inc. from February company)
2002 to July 2002;
President of SunGard
Securities Finance, Inc.
from 2001 to February
2002; President of
Loanet, Inc. (on-line
accounting service)
from 1997 to 2001.
INTERESTED TRUSTEE
Michael E. Kenneally 2,3 Trustee Since Chairman and Global 40 None
c/o Credit Suisse Asset 2004 Chief Executive Officer
Management, LLC of CSAM from 2003 to
Attn: General Counsel July 2005; Chairman
466 Lexington Avenue and Chief Investment
New York, New York Officer of Banc of
10017-3140 America Capital
Management from 1998
Date of Birth: 03/30/54 to March 2003.
- ----------------
2 Mr. Kenneally is a Trustee who is an "interested person" of the Fund as
defined in the 1940 Act, because he was an officer of CSAM within the last
two fiscal years.
3 Effective July 31, 2005, Steven B. Plump was appointed as Chief Executive
Officer and President of the Fund. Mr. Kenneally, who previously held these
positions, resigned effective July 31, 2005.
24
CREDIT SUISSE NEW YORK MUNICIPAL FUND
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
TERM OF
OFFICE1 AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------- ----------- -------- ----------------------------------------------
OFFICERS
Steven B. Plump3 Chief Since Managing Director; Associated with CSAM or its
Credit Suisse Asset Executive 2005 predecessor since 1995; Officer of other Credit
Management, LLC Officer and Suisse Funds
466 Lexington Avenue President
New York, New York
10017-3140
Date of Birth: 02/08/59
Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 1999 Associated with CSAM or its predecessor since 1984;
Management, LLC Officer and Officer of other Credit Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Emidio Morizio Chief Since Director and Global Head of Compliance of CSAM; Associated
Credit Suisse Asset Compliance 2004 with CSAM since July 2000; Vice President and Director of
Management, LLC Officer Compliance of Forstmann-Leff Associates from 1998 to June
466 Lexington Avenue 2000; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 09/21/66
Ajay Mehra Chief Legal Since Director and General Counsel (Americas) of CSAM since
Credit Suisse Asset Officer 2004 September 2004; Senior Associate of Shearman & Sterling
Management, LLC LLP from September 2000 to September 2004; Senior
466 Lexington Avenue Counsel of the SEC Division of Investment Management
New York, New York from June 1997 to September 2000; Officer of other
10017-3140 Credit Suisse Funds
Date of Birth: 08/14/70
J. Kevin Gao Vice President Since Vice President and Associate General Counsel of CSAM;
Credit Suisse Asset and Secretary 2004 Associated with CSAM since July 2003; Associated with the
Management, LLC law firm of Willkie Farr & Gallagher LLP from 1998 to 2003;
466 Lexington Avenue Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 10/13/67
- ----------------
3 Effective July 31, 2005, Steven B. Plump was appointed as Chief Executive
Officer and President of the Fund. Mr. Kenneally, who previously held these
positions, resigned effective July 31, 2005.
25
CREDIT SUISSE NEW YORK MUNICIPAL FUND
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
TERM OF
OFFICE1 AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------- ----------- -------- ----------------------------------------------
OFFICERS
Robert Rizza Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2002 since 1998; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
The Statement of Additional Information includes additional information about
the Trustees and is available, without charge, upon request, by calling
800-927-2874.
26
CREDIT SUISSE NEW YORK MUNICIPAL FUND
TAX INFORMATION LETTER
October 31, 2005 (unaudited)
- --------------------------------------------------------------------------------
IMPORTANT TAX INFORMATION FOR SHAREHOLDERS
During the year ended October 31, 2005, the Fund declared dividends of
$521,422 that were designated as long-term capital gains dividends.
In the twelve months ended October 31, 2005, (the end of the fiscal year),
100% of the dividends paid by the Fund were exempt-interest dividends for the
purpose of federal income taxes and free from such taxes.
In January 2006, you will be furnished with a schedule of the yearly
percentage breakdown by state or U.S. possession of the source of interest
earned by the Fund in 2005. It is suggested that you consult your tax advisor
concerning the applicability of State and local taxes to dividends paid by the
Fund during the year.
27
CREDIT SUISSE NEW YORK MUNICIPAL FUND
PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION
- --------------------------------------------------------------------------------
Information regarding how each Fund voted proxies related to its portfolio
securities during the 12-month period ended June 30 of each year, as well as the
policies and procedures that each Fund uses to determine how to vote proxies
relating to its portfolio securities are available:
o By calling 1-800-927-2874
o On the Fund's website, www.csam.com/us
o On the website of the Securities and Exchange Commission,
http://www.sec.gov.
The Fund files a complete schedule of its portfolio holdings for the first
and third quarters of its fiscal year with the SEC on Form N-Q. The Fund's Forms
N-Q are available on the SEC's website at http://www.sec.gov and may be reviewed
and copied at the SEC's Public Reference Room in Washington, DC. Information on
the operation of the SEC's Public Reference Room may be obtained by calling
1-800-SEC-0330.
28
P.O. BOX 55030, BOSTON, MA 02205-5030 CREDIT | ASSET
800-927-2874 o WWW.CSAM.COM/US SUISSE | MANAGEMENT
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. NYM-AR-1005
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics applicable to its Chief Executive
Officer, President, Chief Financial Officer and Chief Accounting Officer, or
persons performing similar functions. A copy of the code is filed as Exhibit
12(a)(1) to this Form. There were no amendments to the code during the fiscal
year ended October 31, 2005. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended October 31, 2005.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's governing board has determined that it has four audit committee
financial experts serving on its audit committee: Enrique R. Arzac, Richard H.
Francis, James S. Pasman, Jr., and Steven N. Rappaport. Each audit committee
financial expert is "independent" for purposes of this item.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) through (d). The information in the table below is provided for services
rendered to the registrant by its independent registered public accounting firm,
PricewaterhouseCoopers LLP ("PwC"), for its fiscal years ended October 31, 2004
and October 31, 2005.
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit Fees $16,315 $13,471
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit-Related Fees1 $4,500 $3,150
- ---------------------------------------- -------------------------------------- --------------------------------------
Tax Fees2 $2,323 $2,439
- ---------------------------------------- -------------------------------------- --------------------------------------
All Other Fees -- --
- ---------------------------------------- -------------------------------------- --------------------------------------
Total $23,138 $19,060
- ---------------------------------------- -------------------------------------- --------------------------------------
1 Services include agreed-upon procedures in connection with the registrant's
semi-annual financial statements ($3,000 for 2004 and $3,150 for 2005), the
registrant's third quarter 2004 Form N-Q filing ($1,500) in 2004.
2 Tax services in connection with the registrant's excise tax calculations
and review of the registrant's applicable tax returns.
The information in the table below is provided with respect to non-audit
services that directly relate to the registrant's operations and financial
reporting and that were rendered by PwC to the registrant's investment adviser,
Credit Suisse Asset Management, LLC ("CSAM"), and any service provider to the
registrant controlling, controlled by or under common control with CSAM that
provided ongoing services to the registrant ("Covered Services Provider"), for
the registrant's fiscal years ended October 31, 2004 and October 31, 2005.
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
2
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit-Related Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
Tax Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
All Other Fees N/A $394,000
- ---------------------------------------- -------------------------------------- --------------------------------------
Total N/A $394,000
- ---------------------------------------- -------------------------------------- --------------------------------------
(e)(1) Pre-Approval Policies and Procedures. The Audit Committee ("Committee")
of the registrant is responsible for pre-approving (i) all audit and permissible
non-audit services to be provided by the independent registered public
accounting firm to the registrant and (ii) all permissible non-audit services to
be provided by the independent registered public accounting firm to CSAM and any
Covered Services Provider if the engagement relates directly to the operations
and financial reporting of the registrant. The Committee may delegate its
responsibility to pre-approve any such audit and permissible non-audit services
to the Chairperson of the Committee, and the Chairperson shall report to the
Committee, at its next regularly scheduled meeting after the Chairperson's
pre-approval of such services, his or her decision(s). The Committee may also
establish detailed pre-approval policies and procedures for pre-approval of such
services in accordance with applicable laws, including the delegation of some or
all of the Committee's pre-approval responsibilities to other persons (other
than CSAM or the registrant's officers). Pre-approval by the Committee of any
permissible non-audit services shall not be required so long as: (i) the
aggregate amount of all such permissible non-audit services provided to the
registrant, CSAM and any Covered Services Provider constitutes not more than 5%
of the total amount of revenues paid by the registrant to its independent
registered public accounting firm during the fiscal year in which the
permissible non-audit services are provided; (ii) the permissible non-audit
services were not recognized by the registrant at the time of the engagement to
be non-audit services; and (iii) such services are promptly brought to the
attention of the Committee and approved by the Committee (or its delegate(s))
prior to the completion of the audit.
(e)(2) The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to the
registrant for which the pre-approval requirement was waived pursuant to Rule
2-01(c)(7)(i)(C) of Regulation S-X:
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit-Related Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
Tax Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
All Other Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
Total N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
3
The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to CSAM
and any Covered Services Provider required to be approved pursuant to Rule
2-01(c)(7)(ii)of Regulation S-X, for the registrant's fiscal years ended October
31, 2004 and October 31, 2005:
- ---------------------------------------- -------------------------------------- --------------------------------------
2004 2005
- ---------------------------------------- -------------------------------------- --------------------------------------
Audit-Related Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
Tax Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
All Other Fees N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
Total N/A N/A
- ---------------------------------------- -------------------------------------- --------------------------------------
(f) Not Applicable.
(g) The aggregate fees billed by PwC for non-audit services rendered to the
registrant, CSAM and Covered Service Providers for the fiscal years ended
October 31, 2004 and October 31, 2005 were $6,823 and $5,589, respectively.
(h) Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
Included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
4
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 11. CONTROLS AND PROCEDURES.
(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
second fiscal quarter of the period covered by this
5
report that have materially affected, or are reasonably likely to materially
affect, the registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Registrant's Code of Ethics is an exhibit to this report.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under
the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b)
under the Act are an exhibit to this report.
6
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE NEW YORK MUNICIPAL FUND
/s/ Steven B. Plump
-------------------
Name: Steven B. Plump
Title: Chief Executive Officer
Date: January 9, 2006
Pursuant to the requirements of the Securities Exchange Act of
1934 and the Investment Company Act of 1940, this report has been signed below
by the following persons on behalf of the registrant and in the capacities and
on the dates indicated.
/s/ Steven B. Plump
-------------------
Name: Steven B. Plump
Title: Chief Executive Officer
Date: January 9, 2006
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: January 9, 2006
7