<Page>
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
CREDIT SUISSE NEW YORK MUNICIPAL FUND
------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Hal Liebes, Esq.
Credit Suisse New York Municipal Fund
466 Lexington Avenue
New York, New York 10017-3147
Registrant's telephone number, including area code:(212) 875-3500
Date of fiscal year end: October 31, 2003
Date of reporting period: April 30, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
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[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
SEMIANNUAL REPORT
APRIL 30, 2003
(UNAUDITED)
- - CREDIT SUISSE
NEW YORK MUNICIPAL FUND
MORE COMPLETE INFORMATION ABOUT THE FUND, INCLUDING CHARGES AND EXPENSES, IS
PROVIDED IN THE PROSPECTUS, WHICH MUST PRECEDE OR ACCOMPANY THIS DOCUMENT AND
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.
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THE FUND'S INVESTMENT ADVISER AND CO-ADMINISTRATORS MAY WAIVE SOME FEES AND/OR
REIMBURSE SOME EXPENSES, WITHOUT WHICH PERFORMANCE WOULD BE LOWER. WAIVERS
AND/OR REIMBURSEMENTS ARE SUBJECT TO CHANGE.
RETURNS INCLUDE CHANGE IN SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL
GAINS. PAST PERFORMANCE CANNOT GUARANTEE FUTURE RESULTS. RETURNS AND SHARE PRICE
WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST.
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 APRIL 30, 2003; 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.
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CREDIT SUISSE NEW YORK MUNICIPAL FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2003
May 20, 2003
Dear Shareholder:
For the six months ended April 30, 2003, the Common Class and Class A shares
of Credit Suisse New York Municipal Fund(1) (the "Fund") returned 2.82%(2) and
2.88%,(2) respectively, versus a gain of 3.51% for the Lehman Brothers 5 Year
Municipal Bond Index.(3)
Although the Fund generated a positive return during the period, it did not
keep pace with its Lehman Brothers 5 Year Municipal Bond Index benchmark. In
general, this was due to our belief that a relatively defensive investment
stance was appropriate. It thus made sense to us to position the portfolio
conservatively.
Accordingly, we maintained the overall approach we have taken in the Fund for
some time. Key aspects of our approach included:
- We kept the portfolio's average maturity shorter than that of the
benchmark, believing that this would help to reduce potential downside
risk, given the uncertainty in the overall economy.
- We continued to allocate a slightly higher degree of the portfolio to New
York City paper than the benchmark does, based on our analysis that the
risk of a downgrade in the City's debt rating was already reflected in the
price of its bonds. New York City paper underperformed the benchmark,
meaning that our above-benchmark allocation hurt relative performance.
- We occasionally kept cash reserves at levels that were somewhat higher than
normal, in anticipation of purchasing securities at valuations we deemed to
be more attractive.
Several factors helped our relative performance. We held a number of
securities that became prerefunded and escrowed in U.S. Treasury securities, and
their prices gained from the ensuing increase in their credit quality. In
addition, we owned premium-structured callable issues and raised the portfolio's
exposure to intermediate maturities, both of which benefited nicely in an
environment of rising interest-rate volatility. We also increased our holdings
of bonds with comparatively strong call protection and trimmed exposure to bonds
issued by Puerto Rico [note: Puerto Rico municipal debt is exempt from federal,
state and local taxes in all states], whose prices weakened in the period due to
rising worries about Puerto Rico's underlying creditworthiness.
1
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Our belief in an eventual economic recovery is intact and we intend to adhere
to the defensive investment stance we have described. Although we expect that
debt ratings for New York State and New York City may remain under pressure due
to budget-deficit concerns, we feel that a ratings downgrade is already
reflected in the prices of their respective securities. We have also built a
certain degree of flexibility into the portfolio that should allow us to take
advantage of price fluctuations and volatility.
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 THE
AFTERMATH OF THE TERRORIST ATTACK ON SEPTEMBER 11, 2001, ISSUERS OF MUNICIPAL
SECURITIES IN NEW YORK STATE AND NEW YORK CITY HAVE SUFFERED FINANCIAL
DIFFICULTIES, WHICH COULD ADVERSELY AFFECT THE ABILITY OF THOSE ISSUERS TO MAKE
PROMPT PAYMENTS OF PRINCIPAL AND INTEREST ON THEIR SECURITIES, AS WELL AS THE
CREDIT RATING, MARKET VALUE AND YIELD OF SUCH SECURITIES. THE DEFAULT OR
CREDIT-RATING DOWNGRADE OF ONE OF THESE ISSUERS COULD AFFECT THE MARKET VALUES
AND MARKETABILITY OF ALL MUNICIPAL SECURITIES, THEREBY HURTING THE FUND'S
PERFORMANCE. FURTHERMORE, IF THE FUND HAS DIFFICULTY FINDING ATTRACTIVE NEW YORK
MUNICIPAL SECURITIES TO PURCHASE, THE FUND MAY PURCHASE SECURITIES THAT PAY
INTEREST NOT EXEMPT FROM NEW YORK TAXES.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
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
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AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ----------
Common Class 7.84% 5.31% 5.28% 5.76% 4/1/87
Class A Without
Sales Charge 7.51% -- -- 5.95% 11/30/01
Class A With Maximum
Sales Charge 4.32% -- -- 3.54% 11/30/01
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2003(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ----------
Common Class 6.52% 5.54% 5.26% 5.76% 4/1/87
Class A Without
Sales Charge 6.32% -- -- 5.93% 11/30/01
Class A With Maximum
Sales Char 3.12% -- -- 3.66% 11/30/01
</Table>
Note: Past performance is not predictive of future performance. Investment
return and principal value of an investment will fluctuate so that an investor's
shares upon redemption may be worth more or less than their 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.
- ----------
(1) Fee waivers and/or expense reimbursements reduced 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 0.17%.
(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.
3
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CREDIT SUISSE NEW YORK MUNICIPAL FUND
SCHEDULE OF INVESTMENTS
April 30, 2003 (Unaudited)
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
MUNICIPAL BONDS (97.1%)
NEW YORK (93.0%)
$ 1,000 Battery Park City Authority, NY, Revenue
Bonds, Senior Series A (AAA , Aa3) 11/01/08 5.000 $ 1,037,990
1,200 Hempstead Town, NY, Industrial Development
Agency, Residential Recovery, Revenue Bonds (BBB , A3) 12/01/10 5.000 1,251,840
1,000 Long Island Power Authority of New York,
Electric Systems Revenue Bonds,
(MBIA Insured) (Non-Callable) (AAA , Aaa) 04/01/04 5.000 1,034,960
305 Metropolitan Transportation Authority
New York Transport Facilities Revenue Bonds,
Refunded Balanced Series C (AAA , Aaa) 07/01/14 5.125 345,797
695 Metropolitan Transportation Authority
New York Transport Facilities Revenue
Bonds, Series A (AAA , Aaa) 07/01/14 5.125 792,557
1,315 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series A (Non-Callable) (AAA , Baa1) 07/01/05 5.000 1,418,280
2,000 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series A (Non-Callable) (AAA , Baa1) 07/01/07 5.250 2,256,580
2,000 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series C-1 (Non-Callable) (AAA , Aaa) 07/01/05 6.000 2,199,720
1,750 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series D (MBIA Insured) (Non-Callable) (AAA , Aaa) 07/01/05 6.000 1,924,755
500 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series E (AMBAC Insured)
(Callable 07/01/07 @ $101.00) (AAA , Aaa) 07/01/10 5.000 552,965
200 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series E (AMBAC Insured)
(Callable 07/01/07 @ $101.00) (AAA , Aaa) 07/01/11 5.000 220,420
200 Metropolitan Transportation Authority,
Commuter Facilities Revenue
Bonds, Series C-1 (FGIC Insured)
(Callable 07/01/07 @ $101.00) (AAA , Aaa) 07/01/22 5.500 231,008
1,500 Metropolitan Transportation Authority,
Commuter Facilities Revenue
Bonds, Series R (Non-Callable) (AAA , A3) 07/01/07 5.500 1,707,360
600 Metropolitan Transportation Authority, NY,
Dedicated Tax Fund, Series A (FGIC Insured) (AAA , Aaa) 04/01/13 5.600 698,028
1,000 Metropolitan Transportation Authority, NY,
Dedicated Tax Fund, Series A (Non-Callable) (AAA , Aaa) 04/01/15 5.500 1,175,890
1,000 Municipal Assistance Corp., New York City,
Revenue Bonds, Series H (AA+ , Aa1) 07/01/07 6.250 1,161,120
</Table>
See Accompanying Notes to Financial Statements.
4
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
MUNICIPAL BONDS (CONTINUED)
NEW YORK (CONTINUED)
$ 2,000 Municipal Assistance Corp., New York City,
Revenue Bonds, Series L (AA+ , Aa1) 07/01/04 6.000 $ 2,112,680
1,000 Municipal Assistance Corp., New York City,
Revenue Bonds, Series M (AA+ , Aa1) 07/01/08 5.500 1,144,860
600 Municipal Assistance Corp., New York City,
Revenue Bonds, Series O (AA+ , Aa1) 07/01/06 5.250 665,340
1,500 Municipal Assistance Corp., New York City,
Revenue Bonds, Series P (AA+ , Aa1) 07/01/08 5.000 1,681,905
1,475 Nassau County, NY, General Obligation
Unlimited, Series F (BBB , Baa2) 03/01/04 7.000 1,539,546
3,000 New York City General Obligation Unlimited,
Series A (A , A2) 08/01/06 7.000 3,428,370
1,050 New York City General Obligation Unlimited,
Series D (A , A2) 08/01/07 5.750 1,172,346
1,980 New York City General Obligation Unlimited,
Series E (A , A2) 08/01/08 5.250 2,173,723
1,000 New York City General Obligation Unlimited,
Series F (A , A2) 08/01/09 5.000 1,081,780
1,000 New York City General Obligation Unlimited,
Series H (Callable 03/15/11 @ $101.00) (A , A2) 03/15/13 5.750 1,092,790
1,000 New York City General Obligation Unlimited,
Series H, Subseries h-1
(Callable 08/01/04 @ $101.50) (A , A2) 08/01/08 6.000 1,065,430
1,000 New York City General Obligation Unlimited,
Series J (Callable 08/01/07 @ $101.00) (A , A2) 08/01/11 6.125 1,121,060
1,000 New York City Industrial Development Agency,
YMCA Greater NY Project (BBB+ , Baa1) 08/01/06 6.000 1,106,730
1,000 New York City Municipal Water Finance Authority,
Revenue Bonds, Series D (AA , Aa2) 06/15/15 5.250 1,107,230
465 New York City Transitional Finance Authority,
PreRefunded Future Tax, Series B (AA+ , Aa2) 02/01/08 5.500 530,825
205 New York City Transitional Finance Authority,
PreRefunded Future Tax, Series B (AA+ , Aa2) 02/01/08 5.500 234,020
1,655 New York City Transitional Finance Authority,
PreRefunded Future Tax, Series B (AA+ , Aa2) 02/01/08 5.500 1,868,048
1,000 New York City Transitional Finance Authority,
Unrefunded Future Tax Secured, Series B (AA+ , Aa2) 02/01/29 5.250 1,091,510
300 New York City Transitional Finance Authority
Revenue Bonds, Series B (AA+ , Aa2) 05/01/07 4.750 328,530
1,020 New York State Dormitory Authority,
Consolidated City University Systems,
Revenue Bonds, Series A (AA- , A3) 07/01/05 5.700 1,110,739
1,000 New York State Dormitory Authority, Lenox Hill
Hospital Obligation Group, Revenue Bonds (A- , A3) 07/01/09 5.250 1,103,300
1,265 New York State Dormitory Authority, Mental
Health Services Facilities Revenue Bonds,
Series G (AAA , Aaa) 02/15/09 5.250 1,420,519
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
MUNICIPAL BONDS (CONTINUED)
NEW YORK (CONTINUED)
$ 1,745 New York State Dormitory Authority, State
University Dormitory Facilities Revenue
Bonds, Series A (AMBAC Insured) (AAA , Aaa) 07/01/06 5.750 $ 1,961,834
1,000 New York State Dormitory Authority, State
University Educational Facilities, Revenue
Bonds, Series B (Callable 05/15/08 @ $101.00) (AA- , A3) 05/15/09 5.250 1,114,680
250 New York State Dormitory Authority, Unrefunded
Balance Revenue Bonds, Series B (Non-Callable) (AA- , A3) 02/15/06 6.000 277,588
350 New York State Dormitory Authority, Unrefunded
Balance Revenue Bonds, Series B (Non-Callable) (AA- , A3) 02/15/07 6.000 395,797
520 New York State Environmental Facilities Corp.,
Clean Water & Drinking, Revenue Bonds
Revolving Funds, Series A (Non-Callable) (AAA , Aaa) 04/15/10 4.250 556,359
250 New York State Housing Finance Agency,
New York City Health Facilities, Revenue
Bonds, Series A (A , A3) 11/01/06 6.000 280,020
1,125 New York State Local Government Assistance
Corp., Revenue Bonds, Series A (AAA , Aaa) 04/01/06 6.000 1,262,711
1,000 New York State Local Government Assistance
Corp., Revenue Bonds, Series A (Non-Callable) (AA , A1) 04/01/07 6.000 1,142,130
100 New York State Power Authority, General Purpose
Revenue Bonds (AAA , Aaa) 01/01/18 7.000 124,181
2,000 New York State Thruway Authority, Highway &
Bridge Revenue Bonds, Series A (Non-Callable) (AAA , Aaa) 01/01/04 6.000 2,065,220
800 New York State Urban Development Corp.,
Correctional & Youth Facilities Revenue Bonds,
Series A (AA- , A3) 01/01/17 5.000 863,312
500 New York State Urban Development Corp.,
Correctional Capital Facilities Revenue Bonds,
Series 4 (AA- , A3) 01/01/04 5.200 513,170
1,000 New York State Urban Development Corp.,
Correctional Capital Revenue Bonds,
Series A, (AMBAC-TCRS Insured) (AAA , Aaa) 01/01/06 5.400 1,096,000
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 1,184,710
1,000 New York State Urban Development Corp.,
State Facilities Revenue Bonds (AA- , A3) 04/01/11 5.750 1,145,340
1,000 Port Authority NY & NJ, Revenue Bonds,
Consolidated Series 124 (AA- , A1) 08/01/07 5.000 1,096,120
1,000 Rockland County New York General Obligation
Bonds, (Callable 10/15/09 @ $101.00) (AA- , A1) 10/15/14 5.500 1,109,630
1,000 Triborough Bridge & Tunnel Authority, Revenue
Bonds, Series A (AAA , Aa3) 01/01/07 5.500 1,123,510
1,420 Triborough Bridge & Tunnel Authority, Revenue
Bonds, Series A (Callable 01/01/09 @ $101.00) (AAA , Aa3) 01/01/18 5.125 1,623,529
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
MUNICIPAL BONDS (CONCLUDED)
NEW YORK (CONCLUDED)
$ 1,000 Triborough Bridge & Tunnel Authority, Revenue
Bonds, Series B (AAA , Aa3) 01/01/09 5.500 $ 1,151,000
1,000 Triborough Bridge & Tunnel Authority, Revenue
Bonds, Series Y (AAA , Aa3) 01/01/06 5.800 1,110,680
-----------
TOTAL NEW YORK (Cost $63,249,173) 67,388,072
-----------
PUERTO RICO (4.1%)
1,000 Puerto Rico Commonwealth Aqueduct & Sewer
Authority, Revenue Bonds (MBIA Insured) (AAA , Aaa) 07/01/07 6.000 1,157,410
775 Puerto Rico Commonwealth Highway &
Transportation Authority, Revenue Bonds,
Series F (A , Baa1) 07/01/04 5.000 807,953
785 Puerto Rico Public Buildings Authority,
Government Facilities Revenue Bonds, Series C (A- , Baa1) 07/01/05 5.000 835,624
200 University of Puerto Rico, Revenue Bonds,
Series M (MBIA Insured)
(Callable 06/01/05 @ $101.50) (AAA , Aaa) 06/01/15 5.500 217,788
-----------
TOTAL PUERTO RICO (Cost $2,859,279) 3,018,775
-----------
TOTAL MUNICIPAL BONDS (Cost $66,108,452) 70,406,847
-----------
<Caption>
NUMBER
OF
SHARES
-------
SHORT-TERM INVESTMENT (0.5%)
359,526 Blackrock Provident New York Money Fund
(Cost $359,526) 359,526
-----------
TOTAL INVESTMENTS AT VALUE (97.6%) (Cost $66,467,978) 70,766,373
OTHER ASSETS IN EXCESS OF LIABILITIES (2.4%) 1,704,030
-----------
NET ASSETS (100.0%) $ 72,470,403
===========
</Table>
INVESTMENT ABBREVIATIONS
AMBAC = American Municipal Bond Assurance Corporation
FGIC = Financial Guaranty Insurance Company
MBIA = MBIA Insurance Corporation
TCRS = Transferable Custodial Receipts
- ----------
+ 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.
See Accompanying Notes to Financial Statements.
7
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2003 (Unaudited)
<Table>
ASSETS
Investments at value (Cost $66,467,978) (Note 1) $ 70,766,373
Interest receivable 1,008,363
Receivable for fund shares sold 831,379
Receivable from investment adviser (Note 2) 3,572
Prepaid expenses 4,918
------------
Total Assets 72,614,605
------------
LIABILITIES
Administrative services fee payable (Note 2) 13,297
Distribution fee payable (Note 2) 89
Dividend payable 24,992
Payable for fund shares redeemed 23,099
Trustees' fee payable 710
Other accrued expenses payable 82,015
------------
Total Liabilities 144,202
------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 6,748
Paid-in capital (Note 5) 67,872,431
Accumulated net realized gain on investments 292,829
Net unrealized appreciation from investments 4,298,395
------------
Net Assets $ 72,470,403
============
COMMON SHARES
Net assets 72,005,846
Shares outstanding 6,705,109
------------
Net asset value, offering price, and redemption price per share $ 10.74
============
A SHARES
Net assets 464,557
Shares outstanding 43,188
------------
Net asset value and redemption price per share $ 10.76
============
Maximum offering price per share (net asset value/(1-3.00%)) $ 11.09
============
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2003 (Unaudited)
<Table>
INTEREST INCOME (Note 1) $ 1,640,103
EXPENSES
Investment advisory fees (Note 2) 158,318
Administrative services fees (Note 2) 68,998
Distribution fees (Note 2) 859
Registration fees 39,467
Legal fees 34,927
Printing fees (Note 2) 28,972
Transfer agent fees (Note 2) 25,111
Audit fees 11,996
Trustees' fees 7,119
Custodian fees 4,758
Insurance expense 4,512
Interest expense 1,764
Miscellaneous expense 1,960
-----------
Total expenses 388,761
Less: fees waived (Note 2) (150,425)
-----------
Net expenses 238,336
-----------
Net investment income 1,401,767
-----------
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investments 292,884
Net change in unrealized appreciation (depreciation)
from investments 586,662
-----------
Net realized and unrealized gain from investments 879,546
-----------
Net increase in net assets resulting from operations $ 2,281,313
===========
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED FOR THE YEAR
APRIL 30, 2003 ENDED
(UNAUDITED) OCTOBER 31, 2002
------------------ ----------------
FROM OPERATIONS
Net investment income $ 1,401,767 $ 3,439,213
Net realized gain from investments 292,884 1,404,525
Net change in unrealized appreciation (depreciation)
from investments 586,662 (530,357)
------------- --------------
Net increase in net assets resulting from operations 2,281,313 4,313,381
------------- --------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income
Common Class shares (1,390,171) (3,438,226)
Class A shares (11,596) (987)
Distributions from net realized gains
Common Class shares (1,379,597) (627,756)
Class A shares (19,072) (7)
------------- --------------
Net decrease in net assets resulting from dividends
and distribuns (2,800,436) (4,066,976)
------------- --------------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 5)
Proceeds from sale of shares 21,288,733 46,489,121
Reinvestment of dividends and distributions 2,590,540 3,582,449
Net asset value of shares redeemed (34,464,350) (80,114,680)
------------- --------------
Net decrease in net assets from capital share
transactions (10,585,077) (30,043,110)
------------- --------------
Net decrease in net assets (11,104,200) (29,796,705)
NET ASSETS
Beginning of period 83,574,603 113,371,308
------------- --------------
End of period $ 72,470,403 $ 83,574,603
============= =============
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2003 --------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
------------------ --------- --------- -------- -------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 10.81 $ 10.74 $ 10.24 $ 10.04 $ 10.54 $ 10.35
------------------ --------- --------- -------- -------- ---------
INVESTMENT OPERATIONS
Net investment income 0.19(1) 0.38(1) 0.43 0.44 0.42 0.44
Net gain (loss) on investments
(both realized and unrealized) 0.11 0.13 0.50 0.20 (0.44) 0.19
------------------ --------- --------- -------- -------- ---------
Total from investment operations 0.30 0.51 0.93 0.64 (0.02) 0.63
------------------ --------- --------- -------- -------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.19) (0.38) (0.43) (0.44) (0.42) (0.44)
Distributions from net realized gains (0.18) (0.06) -- -- (0.06) --
------------------ --------- --------- -------- -------- ---------
Total dividends and distributions (0.37) (0.44) (0.43) (0.44) (0.48) (0.44)
------------------ --------- --------- -------- -------- ---------
NET ASSET VALUE, END OF PERIOD $ 10.74 $ 10.81 $ 10.74 $ 10.24 $ 10.04 $ 10.54
================== ========= ========= ======== ======== =========
Total return(2) 2.82% 4.91% 9.20% 6.54% (0.26)% 6.24%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 72,006 $ 83,434 $ 113,371 $ 74,948 $ 83,934 $ 106,922
Ratio of expenses to average net assets(3) 0.60%(4) 0.60% 0.60% 0.62% 0.61% 0.60%
Ratio of net investment income
to average net assets 3.54%(4) 3.58% 4.03% 4.37% 4.03% 4.24%
Decrease reflected in above operating
expense ratios due to waivers 0.38%(4) 0.25% 0.16% 0.11% 0.10% 0.07%
Portfolio turnover rate 2% 34% 51% 29% 55% 37%
</Table>
- ----------
(1) Per share information is calculated using the average share outstanding
method.
(2) Total returns are historical and assume changes in share price and
reinvestments of all dividends and distributions. Had certain expenses
not been reduced during the period shown, total returns would have been
lower. Total returns for periods less than one year are not annualized.
(3) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the net expense ratio by .00%, .02%, .01%, and .00% for the years ended
October 31, 2001, 2000, 1999 and 1998, respectively. The Common Class
shares' net operating expense ratio after reflecting these arrangements
was .60% for the years ended October 31, 2001, 2000, 1999, and 1998,
respectively. For the six months ended April 30, 2003 and for the year
ended October 31, 2002, there were no transfer agent credits.
(4) Annualized.
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED FOR THE PERIOD
APRIL 30, 2003 ENDED
(UNAUDITED) OCTOBER 31, 2002(1)
------------------- -------------------
PER SHARE DATA
Net asset value, beginning of period $ 10.81 $ 10.61
------- -------
INVESTMENT OPERATIONS
Net investment income(2) 0.18 0.31
Net gain on investments
(both realized and unrealized) 0.13 0.26
------- -------
Total from investment operations 0.31 0.57
------- -------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.18) (0.31)
Distributions from net realized gains (0.18) (0.06)
------- -------
Total dividends and distributions (0.36) (0.37)
------- -------
NET ASSET VALUE, END OF PERIOD $ 10.76 $ 10.81
======= =======
Total return(3) 2.88% 5.46%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 465 $ 140
Ratio of expenses to average net assets(4),(5) 0.85% 0.85%
Ratio of net investment income to average net
assets(5) 3.38% 3.21%
Decrease reflected in above operating expense ratios
due to waivers(5) 0.38% 0.36%
Portfolio turnover rate 2% 34%
</Table>
- ----------
(1) For the period November 30, 2001 (inception date) through October 31, 2002.
(2) Per share information is calculated using the average share outstanding
method.
(3) Total returns are historical and assume changes in share price,
reinvestments of all dividends and distributions, and no sales charge. Had
certain expenses not been reduced during the period shown, total returns
would have been lower. Total returns for periods of less than one year are
not annualized.
(4) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements had no effect on the Class A
shares' expense ratio.
(5) Annualized.
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS
April 30, 2003 (Unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Effective December 12, 2001, the Common
Class closed to new investors. Common Class shares are not subject to
distribution fees. Class A shares are sold subject to a front-end sales charge
of up to 3.00% and bear expenses pursuant to a distribution plan at an annual
rate of 0.25% of the average daily net assets of the Fund's Class A shares. For
the period November 30, 2001 (inception date) through February 26, 2002 the
Class A shares were sold with a front-end sales charge of up to 4.75%. Effective
February 27, 2002, the front-end sales charge was reduced from 4.75% to 3.00%.
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. on each
day the Exchange is open for business. Debt securities with a remaining maturity
greater than 60 days are valued on the basis of broker quotations or valuations
provided 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. 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. If no sales are reported, equity
investments are generally valued at the most recent bid price. Securities and
other assets for which market quotations are not readily available are valued at
fair value as determined in good faith by the Board of Trustees under procedures
established by the Board of Trustees in the absence of readily ascertainable
market values. Debt obligations that will mature in 60 days or less are valued
on the basis of amortized cost, which approximates market value, unless the
Board of Trustees determines that using this method would not reflect an
investment's fair value.
13
<Page>
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. 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 outstanding shares of that class. The cost of investments sold is
determined by the use of 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 carryover, 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 make the requisite distributions to its shareholders which
will be sufficient to relieve it from federal income and excise taxes.
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 Credit Suisse Asset Management, LLC ("CSAM"), an indirect,
wholly-owned subsidiary of Credit Suisse Group, pool available cash into a
short-term time deposit issued by State Street Bank and Trust Company ("SSB"),
the Fund's custodian. The short-term time deposit is a variable rate account
classified as a short-term investment.
G) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan including any accrued interest thereon and 105% of the market
value of foreign securities on loan including any accrued interest thereon. Cash
collateral received by the Fund in connection with securities lending activity
may be invested in a variety of investments including
14
<Page>
certain CSAM-advised funds or the AIM Institutional Funds - Liquid Asset
Portfolio. However, in the event of default or bankruptcy by the other party to
the agreement, realization and/or retention of the collateral may be subject to
legal proceedings. The Fund had no securities out on loan during the six months
ended April 30, 2003.
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged by
the Fund to act as the Fund's securities lending agent. Prior to April 1, 2003,
CSFB had agreed to charge the Fund fees for its securities lending activities
equal to its costs in providing services as sercurities lending agent and had
voluntarily waived such fees through March 31, 2003. Effective April 1, 2003,
the Fund and CSFB entered into an arrangement to share the income earned from
securities lending activities, whereby, generally, the Fund will receive 75% and
CSFB will receive 25% of the income, in accordance with the provisions of the
securities lending agency agreement. If CSFB should enter into a securities
lending agency agreement with another comparable investment company client under
which it will receive a smaller proportion of the fees, its fee agreement with
the Fund shall be reduced to such lower fee amount.
H) 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 2. 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 six months ended April 30,
2003, investment advisory fees earned and voluntarily waived were $158,318 and
$150,425, respectively.
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 six
months ended April 30, 2003, co-administrative services fees earned by CSAMSI
were $39,579.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee structure calculated in
total
15
<Page>
for all the Credit Suisse Funds/Portfolios co-administered by SSB and allocated
based upon relative average net assets of each fund/portfolio.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ ----------------------------------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the six months ended April 30, 2003, co-administrative service fees earned
by SSB (including out-of-pocket expenses) were $29,419.
In addition to serving as the Fund's co-administrator, CSAMSI 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 a fee for its
distribution services. This fee is calculated at an annual rate of 0.25% of the
average daily net assets of the Class A shares. For the six months ended April
30, 2003, distribution fees earned by CSAMSI were $859.
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 six months ended April 30,
2003, the Fund reimbursed CSAM $18,616, which is included in the Fund's transfer
agent expense.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by the
Fund to provide certain financial printing and fulfillment services. For the six
months ended April 30, 2003, Merrill was paid $5,405 for its services to the
Fund.
NOTE 3. LINE OF CREDIT
The Fund, together with other funds/portfolios advised by CSAM (collectively,
the "Participating Funds"), participates in a $150 million committed, unsecured
line of credit facility ("Credit Facility") with Deutsche Bank, A.G. as
administrative agent and syndication agent and SSB as operations agent for
temporary or emergency purposes. 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
16
<Page>
plus 0.50%. At April 30, 2003, the Fund had no loans outstanding under the
Credit Facility. During the six months ended April 30, 2003, the Fund had
borrowings under the Credit Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE LOAN OUTSTANDING
------------- ---------------- ----------------
$ 1,016,000 1.803% $ 2,875,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the six months ended April 30, 2003, purchases and sales of investment
securities (excluding short-term investments) were $1,659,624 and $13,858,484,
respectively.
At April 30, 2003, 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 net
unrealized appreciation (based on cost for federal income tax purposes) were:
$66,467,978, $4,298,700, $(305) and $4,298,395, respectively.
NOTE 5. 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:
<Table>
<Caption>
COMMON CLASS
------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002
------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------ ------------ -------------
Shares sold 1,864,988 $ 20,014,003 4,296,791 $ 45,999,534
Shares issued in reinvestment
of dividends and distributions 240,188 2,561,649 337,029 3,581,710
Shares redeemed (3,120,827) (33,491,330) (7,469,943) (79,767,013)
------------- ------------ ------------ ------------
Net decrease (1,015,651) $ (10,915,678) (2,836,123) $ (30,185,769)
============= ============= ============ ============
</Table>
17
<Page>
<Table>
<Caption>
CLASS A
-----------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE PERIOD ENDED
APRIL 30, 2003 (UNAUDITED) OCTOBER 31, 2002(1)
-----------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------ ------------
Shares sold 118,175 $ 1,274,730 45,776 $ 489,587
Shares issued in reinvestment
of dividends and distributions 2,712 28,891 68 739
Shares redeemed (90,682) (973,020) (32,861) (347,667)
------------- ------------- ------------ ------------
Net increase 30,205 $ 330,601 12,983 $ 142,659
============= ============= ============ ============
</Table>
- ----------
(1)For the period November 30, 2001 (inception date) through October 31, 2002.
On April 30, 2003, the number of shareholders that held 5% or more of the
outstanding shares of each class of the Fund were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
CLASS SHAREHOLDERS OF OUTSTANDING SHARES
----- ------------ ---------------------
Common Class 2 46%
Class A 7 82%
</Table>
Some of the shareholders are comprised of omnibus accounts, which are held on
behalf of several individual shareholders.
18
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of Credit Suisse New York Municipal Fund (the
"Fund") was held at 466 Lexington Avenue, 16th Floor, New York, NY 10017 on
April 11, 2003 and adjourned to May 2, 2003 and May 16, 2003. The following
matters were voted upon by the shareholders of the Fund and the results are
presented below. Shares delivered not voted are included on the total for the
proposals. All proposals were approved.
1. To Elect the Following Nominees as Trustees:
<Table>
<Caption>
FOR WITHHELD
------------ -----------------
Richard H. Francis 5,443,206 150,160
Jack W. Fritz 5,443,160 150,207
Joseph D. Gallagher 5,446,220 147,147
Jeffrey E. Garten 5,443,031 150,336
Peter F. Krogh 5,444,197 149,170
James S. Pasman, Jr. 5,441,699 151,668
Steven N. Rappaport 5,446,699 146,668
William W. Priest 5,443,376 149,991
Total Eligible Shares 7,645,672
Total Shares Voted 5,593,367
% of Shares Voted 73.16%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 4,270,379 55.85% 76.35%
Against 200,406 2.62% 3.58%
Abstain 122,421 1.60% 2.19%
Broker Non-votes 1,000,160 13.08% 17.88%
</Table>
2-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 4,286,872 56.07% 76.64%
Against 179,584 2.35% 3.21%
Abstain 126,750 1.66% 2.27%
Broker Non-votes 1,000,160 13.08% 17.88%
</Table>
19
<Page>
2-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 4,239,511 55.45% 75.80%
Against 207,531 2.71% 3.71%
Abstain 146,164 1.91% 2.61%
Broker Non-votes 1,000,160 13.08% 17.88%
</Table>
2-D. To Remove the Fundamental Investment Restriction on Short Sales:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 4,267,029 55.81% 76.29%
Against 204,663 2.68% 3.66%
Abstain 121,514 1.59% 2.17%
Broker Non-votes 1,000,160 13.08% 17.88%
</Table>
2-E. To Remove the Fundamental Investment Restriction on Margin Transactions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 4,223,057 55.24% 75.50%
Against 248,635 3.25% 4.45%
Abstain 121,514 1.59% 2.17%
Broker Non-votes 1,000,160 13.08% 17.88%
</Table>
2-F. To Remove the Fundamental Investment Restriction on Investments in Oil, Gas
and Mineral Programs:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 4,250,133 55.59% 75.99%
Against 196,352 2.57% 3.51%
Abstain 146,721 1.92% 2.62%
Broker Non-votes 1,000,160 13.08% 17.88%
</Table>
2-G. To Remove the Fundamental Investment Restriction on Investments in
Securities Issued by Other Investment Companies:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 4,252,445 55.62% 76.03%
Against 195,318 2.56% 3.49%
Abstain 145,443 1.90% 2.60%
Broker Non-votes 1,000,160 13.08% 17.88%
</Table>
20
<Page>
3. To Change the Fund's Investment Objective from Fundamental to
Non-Fundamental:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 3,938,253 51.51% 70.41%
Against 509,758 6.67% 9.11%
Abstain 145,196 1.90% 2.60%
Broker Non-votes 1,000,160 13.08% 17.88%
</Table>
4-A. To Amend the Charter Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 3,963,737 51.84% 70.86%
Against 489,776 6.41% 8.76%
Abstain 139,693 1.83% 2.50%
Broker Non-votes 1,000,160 13.08% 17.88%
</Table>
4-B. To Amend the Charter Document to Allow Reorganization of the Fund or its
Series Without Shareholder Approval:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
----------- ------------------ --------------
For 3,915,818 51.22% 70.01%
Against 537,113 7.03% 9.60%
Abstain 140,276 1.84% 2.51%
Broker Non-votes 1,000,160 13.08% 17.88%
</Table>
21
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
PRIVACY POLICY NOTICE
We are committed to maintaining the privacy of every current and prospective
customer. We recognize that you entrust important personal information to us,
and we wish to assure you that we take seriously our responsibilities in
protecting and safeguarding this information.
In connection with making available investment products and services to
current and potential customers, we may obtain nonpublic personal information
about you. This information may include your name, address, e-mail address,
social security number, account number, assets, income, financial situation,
transaction history and other personal information.
We may collect nonpublic information about you from the following sources:
- Information we receive on applications, forms, questionnaires, web sites,
agreements or in the course of establishing or maintaining a customer
relationship; and
- Information about your transactions with us, our affiliates, or others.
We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except with your consent or as otherwise permitted
by law. In cases where we believe that additional products and services may be
of interest to you, we may share the information described above with our
affiliates. We may also disclose this information to firms that perform services
on our behalf. These agents and service providers are required to treat the
information confidentially and use it only for the purpose for which it is
provided.
We restrict access to nonpublic personal information about you to those
employees, agents or other parties who need to know that information to provide
products or services to you or in connection with your investments with or
through us. We maintain physical, electronic and procedural safeguards that
comply with federal standards to guard your nonpublic personal information.
NOTE: THIS NOTICE IS PROVIDED TO CLIENTS AND PROSPECTIVE CLIENTS OF CREDIT
SUISSE ASSET MANAGEMENT, LLC ("CSAM"), CSAM CAPITAL INC., AND CREDIT SUISSE
ASSET MANAGEMENT SECURITIES, INC., AND SHAREHOLDERS AND PROSPECTIVE SHAREHOLDERS
IN CSAM SPONSORED AND ADVISED INVESTMENT COMPANIES, INCLUDING CREDIT SUISSE
FUNDS, AND OTHER CONSUMERS AND CUSTOMERS, AS APPLICABLE. THIS NOTICE IS NOT
INTENDED TO BE INCORPORATED IN ANY OFFERING MATERIALS BUT IS MERELY A STATEMENT
OF OUR CURRENT PRIVACY POLICY, AND MAY BE AMENDED FROM TIME TO TIME UPON NOTICE
TO YOU. THIS NOTICE IS DATED AS OF MAY 20, 2003.
22
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<Page>
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<Page>
P.O.Box 55030, BOSTON, MA 02205-5030
800-927-2874 -www.csam-americas.com
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE ASSET MANAGEMENT SECURITIES,INC., DISTRIBUTOR. CSNYM-3-0403
<Page>
ITEM 2. CODE OF ETHICS.
Form N-CSR disclosure requirement not yet effective with respect to the
Registrant.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Form N-CSR disclosure requirement not yet effective with respect to the
Registrant.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Form N-CSR disclosure requirement not yet effective with respect to the
Registrant.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
<Page>
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The Principal Executive Officer and Principal Financial Officer concluded
that the Registrant's Disclosure Controls and Procedures are effective based on
their evaluation of the Disclosure Controls and Procedures as of a date within
90 days of the filing date of this report.
(b) There were no significant changes in Registrant's internal controls or in
other factors that could significantly affect these controls subsequent to the
date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS.
(a) Form N-CSR disclosure requirement not yet effective with respect to the
Registrant.
(b) The certifications of the Registrant as required by Rule 30a-2 under the
Act are exhibits to this report.
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/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: July 2, 2003
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/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: July 2, 2003
<Page>
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: July 2, 2003