<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. 811-4170
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CREDIT SUISSE NEW YORK TAX EXEMPT FUND, INC.
---------------------------------------------------
(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 Tax Exempt Fund, Inc.
466 Lexington Avenue
New York, New York 10017-3147
Registrant's telephone number, including area code:(212) 875-3500
Date of fiscal year end: December 31, 2003
Date of reporting period: January 1, 2003 to June 30, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
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[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
SEMIANNUAL REPORT
JUNE 30, 2003
(UNAUDITED)
- - CREDIT SUISSE
CASH RESERVE FUND
- - CREDIT SUISSE
NEW YORK TAX EXEMPT FUND
MORE COMPLETE INFORMATION ABOUT THE FUNDS, 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.
<Page>
THE FUNDS' 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.
PAST PERFORMANCE CANNOT GUARANTEE FUTURE RESULTS. THE FUNDS' YIELDS WILL
FLUCTUATE. ALTHOUGH THE FUNDS SEEK TO MAINTAIN A CONSTANT NET ASSET VALUE OF $1
PER SHARE, THERE CAN BE NO ASSURANCE THAT THEY CAN DO SO ON A CONTINUING BASIS
AND IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN EACH FUND. AN INVESTMENT IN
EACH FUND IS NEITHER INSURED NOR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
THE VIEWS OF THE FUNDS' MANAGEMENT ARE AS OF THE DATE OF THE LETTERS AND THE
FUND HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF JUNE 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.
<Page>
CREDIT SUISSE CASH RESERVE FUND, INC.
SEMIANNUAL INVESTMENT ADVISER'S REPORT
June 30, 2003
July 23, 2003
Dear Shareholder:
For Credit Suisse Cash Reserve Fund, Inc. (the "Fund"), the annualized
current yields for the seven-day period ended June 30, 2003 were 0.65%(1) and
0.40%(1) (with waivers and reimbursements) for the Fund's Common Class and Class
A shares, respectively, and 0.20%(1) for the Fund's Class B and Class C shares.
The Fund's fiscal half-year was a difficult time for money market vehicles.
Most challenging, in our view, was the simple fact that short-term interest
rates were sufficiently low to compel many investors to look elsewhere for
attractive yields. The official fed funds rate was 1.25% during most of the
period, and the Federal Reserve (the "Fed") cut it by a quarter-point on June 25
to 1.00%, the lowest such level since 1958. The Fed additionally indicated in
frequent public comments that it was prepared to keep rates low not only to try
to stimulate economic growth, but also to avert even the remote possibility of
deflation.
To some degree, money market vehicles benefited early in the period from the
high degree of risk aversion caused by uncertainty about the timing and
potential length of a war in Iraq. While such risk aversion frequently wreaked
havoc on stocks, it also prompted some shifting of assets out of stocks and into
less-risky investments like money market funds. War-related uncertainty started
to abate around the time fighting began in mid-March, however, allowing for
greater risk-taking and a re-focusing of sentiment on the outlook for interest
rates and economic activity.
The main driver of our investment approach during the half-year was our
ongoing belief that the Fed would choose to keep interest rates low or reduce
them even further. We thus utilized two primary strategies in an attempt to
maximize the Fund's potential yield and return. First, we increased the
portfolio's holdings in comparatively longer-term (I.E., up to one year)
securities whose yields were correspondingly high. In the process, we lengthened
the Fund's average weighted maturity to 63 days at June 30, 2003 from 34 days at
the end of 2002. Second, we tried to buy opportunistically when we felt
market-based rates fluctuated to attractively high levels.
Looking ahead, we are cautiously optimistic about the prospects for economic
growth, which has direct implications for interest rates and, therefore, money
market funds as well. We believe that an abundance of monetary and fiscal
stimulus, combined with the likelihood that the Fed will remain committed to
trying to boost growth, should help to revive the pace of activity in the second
half of this year. While this may periodically result in
1
<Page>
higher market-based rates, we also expect that the Fed will probably keep
nominal rates unchanged for the time being.
In addition, we continue to see several important trends at work in the
corporate sector -- notably the deleveraging of balance sheets, the movement
toward a greater degree of financial disclosure and the adoption of increasingly
conservative accounting standards -- that could improve overall creditworthiness
and benefit the Fund's investable universe accordingly.
Our strategy going forward will retain the use of opportunistic buying when
we feel that market-based rates are sufficiently high. Given our expectation
that nominal rates will stay stable, we are not incentivized to keep the
portfolio's average weighted maturity on the long side, and thus are likely to
let it shorten somewhat.
CREDIT SUISSE ASSET MANAGEMENT, LLC
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 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.
AVERAGE ANNUAL RETURNS AS OF JUNE 30, 2003(2)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
Common Class 1.03% 3.73% 4.24% 2.60% 4/16/85
Class A 0.78% -- -- 0.88% 11/30/01
Class B -- -- -- 0.26%(3) 5/01/03
Class C -- -- -- 0.26%(3) 5/01/03
</Table>
- ----------
(1) Recent and any future declines in interest-rate levels could cause this
Fund's earnings to fall below the Fund's expenses, resulting in a negative
yield. CSAM has agreed voluntarily to waive fees and reimburse expenses as
necessary to maintain a positive yield. This waiver and reimbursement may
be changed or terminated at any time.
(2) Returns assume reinvestment of dividends.
(3) Returns for periods less than one year are not annualized.
2
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND, INC.
SEMIANNUAL INVESTMENT ADVISER'S REPORT
June 30, 2003
July 23, 2003
Dear Shareholder:
For Credit Suisse New York Tax Exempt Fund, Inc. (the "Fund"), the annualized
current yields for the seven-day period ended June 30, 2003 were 0.47%(1) and
0.22%(1) (with waivers and reimbursements) for the Fund's Common Class and Class
A shares, respectively. The Fund's average weighted maturity was 48 days at
June 30, 2003, versus 51 days on December 31, 2002.
The Fund's fiscal half-year was a challenging time for New York issuers of
municipal debt as well as money market vehicles more generally. In New York,
both the state and New York City (I.E., the state's biggest municipality and
issuer of municipal debt) endured budget negotiations whose difficult nature,
even in the best of times, was amplified by the necessity for fiscal austerity
to cope with anticipated shortfalls in public revenue. Not surprisingly, the
state's municipalities issued new debt heavily in order to raise badly needed
funds. Demand was sufficiently strong to absorb the new supply.
As for money market vehicles, the most challenging aspect of the environment,
in our view, was the simple fact that short-term interest rates were
sufficiently low to compel many investors to look elsewhere for attractive
yields. The official fed funds rate was 1.25% in most of the period, and the
Federal Reserve (the "Fed") cut it by a quarter-point on June 25 to 1.00%, the
lowest such level since 1958. The Fed additionally indicated in frequent public
comments that it was prepared to keep rates low not only to try to stimulate
economic growth, but also to avert even the remote possibility of deflation.
Our investment approach during the half-year utilized two primary strategies
in an attempt to preserve capital while maximizing the Fund's potential yield
and return. First, we stuck to our discipline of concentrating the portfolio in
securities of comparatively strong credit quality, such as those backed by bond
insurance or a letter of credit. Second, we tried to buy opportunistically when
we felt market-based rates fluctuated to attractively high levels.
Looking ahead, we are cautiously optimistic about the prospects for U.S.
economic growth, which has direct implications for interest rates and,
therefore, money market funds as well. We believe that an abundance of monetary
and fiscal stimulus, combined with the likelihood that the Fed will remain
committed to trying to boost growth, should help to revive the pace of activity
in the second half of this year. While this may periodically result in higher
market-based rates, we also expect that the Fed will probably keep nominal rates
unchanged for the time being.
3
<Page>
With regard to strategy, the approach we have taken thus far in 2003 remains
intact. We continue to 1) emphasize higher-quality instruments (e.g., insured or
backed by a letter of credit) and try to avoid issuers whose eventual ratings
downgrade appears probable to us; and 2) make new purchases on an opportunistic
basis when we see market-based rates as attractive.
CREDIT SUISSE ASSET MANAGEMENT, LLC
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.
4
<Page>
AVERAGE ANNUAL RETURNS AS OF JUNE 30, 2003(2)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
Common Class 0.74% 2.19% 2.50% 1.54% 4/18/85
Class A 0.50% -- -- 0.53% 11/30/01
</Table>
- ----------
(1) Recent and any future declines in interest-rate levels could cause this
Fund's earnings to fall below the Fund's expenses, resulting in a negative
yield. CSAM has agreed voluntarily to waive fees and reimburse expenses as
necessary to maintain a positive yield. This waiver and reimbursement may
be changed or terminated at any time.
(2) Returns assume reinvestment of dividends.
5
<Page>
CREDIT SUISSE CASH RESERVE FUND
SCHEDULE OF INVESTMENTS
June 30, 2003 (Unaudited)
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
-------- -------------- -------- -------- --------------
ASSET BACKED COMMERCIAL PAPER (33.0%)
FINANCE (33.0%)
$ 1,157 Amstel Funding Corp. (A-1+ , P1) 07/15/03 1.252 $ 1,156,437
5,000 Clipper Receivables Corp. (A-1 , P1) 07/21/03 1.031 4,997,139
6,000 Compass Securitization LLC (A-1+ , P-1) 07/08/03 1.211 5,998,588
5,000 Ivory Funding Corp. (A-1 , P1) 07/07/03 1.330 4,998,892
4,917 Kitty Hawk Funding Corp. (A-1+ , P1) 07/08/03 1.000 4,916,044
4,000 Moat Funding LLC (A-1+ , P1) 07/09/03 1.330 3,998,818
5,000 Old Line Funding Corp. (A-1+ , P1) 07/01/03 1.250 5,000,000
5,000 Special Purpose Accounts Receivables (A1 , P1) 07/21/03 0.991 4,997,250
5,000 Windmill Funding Corp. (A-1+ , P1) 07/10/03 1.262 4,998,425
--------------
TOTAL ASSET BACKED COMMERCIAL PAPER (Cost $41,061,593) 41,061,593
--------------
COMMERCIAL PAPER (27.0%)
BANKS (13.4%)
5,000 Depfa Bank PLC (A-1+ , P1) 09/24/03 0.942 4,987,989
2,900 HBOS Treasury Services PLC (A-1+ , P1) 07/16/03 1.202 2,898,550
5,000 Societe Generale (A-1+ , P1) 07/10/03 1.220 4,998,475
3,850 Svenska Handelsbanken AB (A-1, P1) 07/02/03 1.100 3,849,882
--------------
16,734,896
--------------
FINANCE (13.6%)
4,000 General Electric Capital Corp. (A-1+ , P1) 08/05/03 1.270 3,995,061
5,000 Goldman Sachs Group, Inc. (A-1 , P1) 11/17/03 0.923 4,982,239
2,800 Morgan Stanley Dean Witter (A+ , Aa3) 01/20/04 5.625 2,865,840
5,000 UBS Finance LLC (A-1+ , P1) 07/01/03 1.310 5,000,000
--------------
21,857,909
--------------
TOTAL COMMERCIAL PAPER (Cost $38,592,805) 38,592,805
--------------
VARIABLE RATE CORPORATE OBLIGATIONS (6.4%)
BANKS (2.4%)
3,000 Bank One NA## (A-1 , P1) 02/24/04 1.290 2,999,803
--------------
FINANCE (4.0%)
5,000 Merrill Lynch & Company, Inc.## (A-1 , P1) 05/21/04 1.260 5,014,769
--------------
TOTAL VARIABLE RATE CORPORATE OBLIGATIONS (Cost $8,014,572) 8,014,572
--------------
MUNICIPAL BONDS (11.7%)
CALIFORNIA (1.6%)
2,000 California State Housing Finance Agency,
Revenue Bonds Taxable Home Mortgage
Series T (AMBAC Assurance Corp.) VRDN## (A-1+ , VMIG1) 07/02/03 1.120 2,000,000
--------------
NEW YORK (7.5%)
4,725 New York City Housing Development Corp. ,
Series 95-B, Taxable Housing-Chelsea Center
(Bayerische Landesbank LOC) VRDN## (A-1 , P1) 07/02/03 1.050 4,725,000
4,600 New York State Housing Finance Agency,
Revenue Bonds, Taxable Housing, Kew Gardens,
Series B (Fannie Mae LOC) VRDN## (NR , VMIG1) 07/02/03 1.000 4,600,000
--------------
9,325,000
--------------
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
-------- -------------- -------- -------- --------------
MUNICIPAL BONDS (CONCLUDED)
WISCONSIN (2.6%)
$ 3,150 Waukesha Health System, Inc.,
Revenue Bonds, Taxable Bonds
(Bank One Trust Co. LOC) VRDN## (A-1 , VMIG1) 07/03/03 1.050 $ 3,150,000
--------------
TOTAL MUNICIPAL BONDS (Cost $14,475,000) 14,475,000
--------------
UNITED STATES AGENCY OBLIGATIONS (12.5%)
2,000 Fannie Mae (AAA , Aaa) 05/14/04 5.625 2,076,338
3,500 Fannie Mae Discount Notes (AAA , Aaa) 02/06/04 1.260 3,473,050
2,200 Fannie Mae Discount Notes (AAA , Aaa) 03/05/04 1.250 2,181,055
2,600 Federal Home Loan Bank (AAA , Aaa) 04/16/04 4.875 2,675,634
2,600 Freddie Mac (AAA , Aaa) 01/15/04 3.250 2,625,626
2,500 Freddie Mac (AAA , Aaa) 07/15/04 3.000 2,549,911
--------------
TOTAL UNITED STATES AGENCY OBLIGATIONS (Cost $15,581,614) 15,581,614
--------------
UNITED STATES TREASURY OBLIGATIONS (2.3%)
UNITED STATES TREASURY NOTE (2.3%)
2,800 United States Treasury Notes (Cost $2,850,245) (AAA , Aaa) 04/30/04 3.375 2,850,245
--------------
REPURCHASE AGREEMENT (6.2%)
7,688 Goldman Sachs Group, L.P. (Agreement dated
6/30/03, to be repurchased at $7,688,254,
collateralized by $2,079,000 Freddie Mac
2.750% due 3/15/08, $1,816,000 Freddie Mac
6.250% due 7/15/04, $3,030,000 Federal Home
Loan Bank 4.000% due 5/20/09 and $681,000
Fannie Mae 3.625% due 1/30/08. Market Value
of Collateral is $7,842,698). (Cost $7,688,000) (A1+ , Aaa) 07/01/03 1.190 7,688,000
--------------
TOTAL INVESTMENTS AT VALUE (99.1%) (Cost $123,249,060) 123,249,060
OTHER ASSETS IN EXCESS OF LIABILITIES (0.9%) 1,151,004
--------------
NET ASSETS (100.0%) $ 124,400,064
==============
</Table>
Average Weighted Maturity -- 63 days (Unaudited)
INVESTMENT ABBREVIATIONS
AMBAC = Ambac Assurance Corporation
VRDN = Variable Rate Demand Note
LOC = Letter of Credit
- ----------
+ Credit ratings given by Standard & Poor's Division of the McGraw-Hill
Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are
unaudited.
## The interest rate is as of June 30, 2003 and the maturity date is the later
of the next interest readjustment date or the date the principal amount can
be recovered through demand.
See Accompanying Notes to Financial Statements.
7
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
SCHEDULE OF INVESTMENTS
June 30, 2003 (Unaudited)
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
-------- -------------- -------- -------- --------------
MUNICIPAL BONDS (114.6%)
NEW YORK (114.6%)
$ 3,000 Arlington, NY, Central School District, General
Obligation Unlimited Notes, BAN (NR , NR) 12/19/03 1.200 $ 3,004,457
2,000 Chautauqua County, NY, Industrial Development
Agency, (Red Wing Co. Project)
(Wachovia Bank LOC) VRDN## (NR , Aa3) 07/01/03 1.040 2,000,000
4,000 Chemung County, NY Industrial Development
Agency, Revenue Bonds, Hathorn
Redevelopment Co. Project B
(Bank of New York LOC) VRDN## (NR , VMIG1) 07/03/03 0.900 4,000,000
5,000 East Meadow, NY, Union Free School District,
General Obligation Unlimited Notes,
Tax Anticipation Notes (NR , NR) 06/29/04 1.500 5,030,450
2,000 Farmingdale, NY, Union Free School District,
General Obligation Unlimited, BAN (NR , NR) 11/19/03 2.000 2,004,033
2,725 Huntington, NY, General Obligation
Unlimited, Series B, BAN (NR , NR) 10/30/03 1.500 2,729,198
5,500 Metropolitan Transportation Authority New York,
(ABN Amro Bank LOC) TECP (A-1+, PI) 08/11/03 1.100 5,500,000
4,900 Metropolitan Transportation Authority New York,
Revenue Bonds, Series D-2
(FSA Insured) VRDN## (A-1+ , VMIG1) 07/03/03 0.900 4,900,000
2,600 Monroe County, NY, Industrial Development
Agency, Revenue Bonds,
(St. Ann's Home for Aged Project)
(HSBC Bank USA LOC) VRDN## (NR , VMIG1) 07/02/03 0.960 2,600,000
1,000 New York State Dormitory Authority,
Revenue Bonds, Certificates Series D, VRDN## (AAA , NR) 07/03/03 1.000 1,000,000
3,500 New York State Housing Finance Agency,
Revenue Bonds, 750 6th Avenue- A
(FNMA LOC) VRDN## (NR , VMIG1) 07/02/03 1.100 3,500,000
1,700 New York State Housing Finance Agency,
Revenue Bonds, E39 Street Housing-A-Rmkt
(FNMA LOC) VRDN## (NR , VMIG1) 07/02/03 1.100 1,700,000
5,000 New York State Housing Finance Agency,
Revenue Bonds, Historic Front Street, Series A
(Bank of New York LOC) VRDN## (NR , VMIG1) 07/03/03 0.970 5,000,000
1,570 New York State Housing Finance Agency,
Revenue Bonds, Normandie City I Project
(Landesbank Hessen-Thuringen LOC) VRDN## (A-1+ , VMIG1) 07/02/03 0.920 1,570,000
2,000 New York State Housing Finance Agency,
Revenue Bonds, Series E
(BNP Paribas LOC) VRDN## (A-1+ , NR) 07/02/03 0.900 2,000,000
1,000 New York State Local Government Assistance
Corp., Revenue Bonds, Series B (MBIA Insured) (AAA , Aaa) 04/01/04 5.250 1,031,001
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
-------- -------------- -------- -------- --------------
MUNICIPAL BONDS (CONTINUED)
NEW YORK (CONTINUED)
$ 1,000 New York State Local Government Assistance
Corp., Revenue Bonds, Series B (Westdeutsche
Landesbank and Bayerische
Landesbank LOC) VRDN## (A-1+ , VMIG1) 07/02/03 0.900 $ 1,000,000
8,200 New York State Local Government
Assistance Corp., Revenue Bonds, Series F
(Toronto Dominion Bank LOC) VRDN## (A-1 , VMIG1) 07/02/03 0.900 8,200,000
2,000 New York State Thruway Authority, Revenue
Notes, Series A, BAN (SP-1+ , MIG1) 10/01/03 1.125 2,000,244
2,000 New York State Thruway Authority
Highway & Bridge Trust Fund, Revenue Bonds,
Series A (AMBAC Insured)## (AAA , Aaa) 04/01/04 5.800 2,110,012
3,950 New York State, General Obligation Unlimited,
Environmental Quality-G
(Westdeutsche Landesbank LOC)## (A-1+ , VMIG1) 10/02/03 1.480 3,950,105
1,400 New York, NY, City Cultural Resources,
Revenue Bonds, American Museum of
Natural History, Series A
(MBIA LOC) VRDN## (A-1+ , VMIG1) 07/02/03 0.850 1,400,000
1,935 New York, NY, City Cultural Resources,
Revenue Bonds, Carnegie Hall
(Westdeutsche Landesbank LOC) VRDN## (A-1+ , VMIG1) 07/02/03 0.850 1,935,000
2,200 New York, NY, City Housing Development Corp.,
Multifamily Rental, Revenue Bonds, Series A
(Carnegie Park) (FNMA Insured LOC) VRDN## (A-1+ , NR) 07/02/03 0.950 2,200,000
1,600 New York, NY, City Housing Development Corp.,
Multifamily Rental, Revenue Bonds, Series A
(FNMA LOC) VRDN## (A-1+ , NR) 07/02/03 0.950 1,600,000
3,725 New York, NY, City Industrial Development
Agency, Revenue Bonds, Adjusted Abigail
Press Incorporated Project
(JP Morgan Chase Bank LOC) VRDN## (A-1+ , NR) 07/03/03 1.000 3,725,000
1,500 New York, NY, City Municipal Water
Finance Authority, Revenue Bonds, Adjusted
Series A (FGIC LOC) VRDN## (A-1+ , VMIG1) 07/01/03 0.950 1,500,000
3,430 New York, NY, City Transitional Finance Authority,
Revenue Bonds, Adjusted Future Tax Secured
Series A-1 (Westdeutsche
Landesbank LOC) VRDN## (A-1+ , VMIG1) 07/02/03 1.000 3,430,000
1,300 New York, NY, City Transitional Finance Authority,
Revenue Bonds, Adjusted Future Tax Secured
Series B (Landesbank Baden
Wurtt LOC) VRDN## (A-1+ , VMIG1) 07/01/03 0.950 1,300,000
3,000 New York, NY, City Transitional Finance Authority,
Revenue Bonds, Future Tax Secured
Series A-2, (JP Morgan LOC) VRDN## (A-1+ , VMIG1) 07/02/03 0.900 3,000,000
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
-------- -------------- -------- -------- --------------
MUNICIPAL BONDS (CONTINUED)
NEW YORK (CONTINUED)
$ 2,265 New York, NY, City Transitional Finance Authority,
Revenue Bonds, Future Tax Secured Subseries
B-3 (First National Bank LOC) VRDN## (A-1+ , VMIG1) 07/02/03 1.000 $ 2,265,000
1,000 New York, NY, City Transitional Finance Authority,
Revenue Bonds, NYC Recovery Series 1,
Subseries 1D (Landesbank Hessen-
Thuringen LOC) VRDN## (A-1+ , VMIG1) 07/01/03 0.980 1,000,000
3,000 New York, NY, City Transitional Finance Authority,
Revenue Bonds, Subseries 2D
(Lloyds TSB Bank LOC) VRDN## (A-1+ , Aa2) 07/02/03 0.950 3,000,000
2,550 New York, NY, City Transitional Finance Authority,
Revenue Bonds, Subseries 2F
(Bayerische Landesbank LOC) VRDN## (A-1+ , VMIG1) 07/01/03 0.980 2,550,000
3,000 New York, NY, City Transitional Finance Authority,
Revenue Notes, BAN (SP-1+ , MIG1) 11/06/03 2.500 3,008,999
3,400 New York, NY, General Obligation Unlimited,
Adjusted Subseries G-2
(Bank of Nova Scotia LOC) VRDN## (A-1 , VMIG1) 07/02/03 0.900 3,400,000
2,130 New York, NY, General Obligation Unlimited,
Series B, Subseries B8
(Bayerische Landesbank LOC) VRDN## (A-1+ , VMIG1) 07/02/03 0.900 2,130,000
2,100 New York, NY, General Obligation Unlimited,
Series D (FGIC Insured) VRDN## (A-1+ , VMIG1) 07/02/03 0.950 2,100,000
1,100 New York, NY, General Obligation Unlimited,
Series F-2 (Toronto Dominion Bank LOC) VRDN## (A-1 , VMIG1) 07/02/03 0.900 1,100,000
1,600 New York, NY, General Obligation Unlimited,
Series H, Subseries H-6 (MBIA) VRDN## (A-1+ , VMIG1) 07/02/03 0.850 1,600,000
2,100 New York, NY, General Obligation Unlimited,
Subseries A-6 (Landesbank Hessen LOC) VRDN## (A-1+ , VMIG1) 07/02/03 0.950 2,100,000
2,000 New York, NY, General Obligation Unlimited,
Subseries A-8 (AMBAC Insurance) VRDN## (A-1+ , VMIG1) 07/02/03 0.900 2,000,000
1,800 New York, NY, Housing Development Corp.,
Revenue Bonds, Multifam-Columbus Apts-A
(FNMA) VRDN## (A-1+ , NR) 07/02/03 0.950 1,800,000
1,300 Niagara Falls, NY, Bridging Community Toll,
Revenue Bonds, Adjusted Fixed
Series A (FGIC) VRDN## (A-1+ , VMIG1) 07/02/03 0.850 1,300,000
2,000 Sachem Central School District, NY, Holbrook,
General Obligation Unlimited, BAN (NR , MIG1) 07/23/03 2.375 2,001,039
5,000 Somers, NY, Central School District, General
Obligation Unlimited Notes,
Tax Anticipation Notes (NR , NR) 10/10/03 1.250 5,004,950
2,078 Tompkins County, NY, General Obligation
Unlimited Notes, BAN (NR , NR) 03/13/04 1.750 2,087,477
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
-------- -------------- -------- -------- --------------
MUNICIPAL BONDS (CONCLUDED)
NEW YORK (CONCLUDED)
$ 1,000 Tompkins County, NY, Indistrial Development
Agency, Revenue Bonds, Civic Facility
Series A (HSBC Bank LOC) VRDN## (NR , VMIG1) 07/03/03 0.950 $ 1,000,000
3,995 Triborough Bridge and Tunnel Authority NY,
VRDN## (A-1+ , NR) 07/03/03 1.020 3,995,000
1,170 United Nations Development Corp., NY,
Revenue Bonds, Series B (Pre-refunded in
U.S. Government securities @ 102%) (NR , Aaa) 07/01/03 6.250 1,193,400
1,500 Yonkers, NY, Industrial Development Agency,
Revenue Bonds, VRDN## (NR , VMIG1) 07/02/03 1.090 1,500,000
--------------
TOTAL NEW YORK (Cost $131,055,365) 131,055,365
--------------
TOTAL MUNICIPAL BONDS (Cost $131,055,365) 131,055,365
--------------
TOTAL INVESTMENTS AT VALUE (114.6%) (Cost $131,055,365) 131,055,365
LIABILITIES IN EXCESS OF OTHER ASSETS (-14.6%) (16,675,683)
--------------
NET ASSETS (100.0%) $ 114,379,682
==============
</Table>
Average Weighted Maturity -- 48 days (Unaudited)
INVESTMENT ABBREVIATIONS
AMBAC = Ambac Assurance Corporation
BAN = Bond Anticipation Note
FGIC = Financial Guaranty Insurance Company
FNMA = Federal National Mortgage Association
FSA = Financial Security Assurance, Inc.
LOC = Letter of Credit
MBIA = MBIA Insurance Corporation
NR = Not Rated
TECP = Tax Exempt Commercial Paper
VRDN = Variable Rate Demand Note
- ----------
+ Credit ratings given by Standard & Poor's Division of the McGraw-Hill
Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are
unaudited.
## The interest rate is as of June 30, 2003 and the maturity date is the later
of the next interest readjustment date or the date the principal amount can
be recovered through demand.
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2003 (Unaudited)
<Table>
<Caption>
CASH NEW YORK
RESERVE FUND TAX EXEMPT FUND
--------------- ---------------
ASSETS
Investments at value (Cost $123,249,060 and $131,055,365,
respectively) (Note 1) $ 123,249,060 $ 131,055,365
Cash 506 --
Receivable for fund shares sold 1,754,700 144,823
Interest receivable 235,032 403,659
Prepaid expenses 43,363 24,805
--------------- ---------------
Total Assets 125,282,661 131,628,652
--------------- ---------------
LIABILITIES
Due to custodian -- 2,342,752
Advisory fee payable (Note 2) 6,114 23,368
Administrative services fee payable (Note 2) 23,862 22,044
Distribution fee payable (Note 2) 253 4
Payable for fund shares redeemed 764,146 2,477,974
Dividend payable 47,516 48,134
Directors' fee payable 568 620
Payable for investments purchased -- 12,304,685
Other accrued expenses payable 40,138 29,389
--------------- ---------------
Total Liabilities 882,597 17,248,970
--------------- ---------------
NET ASSETS
Capital stock, $0.001 par value (Note 3) 124,734 114,396
Paid-in capital (Note 3) 124,608,844 114,268,827
Distributions in excess of net investment income (8,423) --
Accumulated net realized loss on investments (325,091) (3,541)
--------------- ---------------
Net Assets $ 124,400,064 $ 114,379,682
=============== ===============
COMMON SHARES
Net assets $ 123,178,636 $ 114,358,534
Shares outstanding 123,510,329 114,375,194
--------------- ---------------
Net asset value, offering price, and redemption price per share $ 1.00 $ 1.00
=============== ===============
A SHARES
Net assets $ 1,129,608 $ 21,148
Shares outstanding 1,132,048 21,148
--------------- ---------------
Net asset value, offering price, and redemption price per share $ 1.00 $ 1.00
=============== ===============
B SHARES
Net assets $ 45,910 NA
Shares outstanding 45,909 NA
--------------- ---------------
Net asset value, offering price, and redemption price per share $ 1.00 NA
=============== ===============
C SHARES
Net assets $ 45,910 NA
Shares outstanding 45,909 NA
--------------- ---------------
Net asset value, offering price, and redemption price per share $ 1.00 NA
=============== ===============
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2003 (Unaudited)
<Table>
<Caption>
CASH NEW YORK
RESERVE FUND TAX EXEMPT FUND
--------------- ---------------
INTEREST INCOME (Note 1) $ 907,855 $ 679,148
--------------- ---------------
EXPENSES
Investment advisory fees (Note 2) 235,240 146,171
Administrative services fees (Note 2) 108,289 95,253
Distribution fees (Note 2) 2,206 35
Transfer agent fees 55,961 9,335
Registration fees 24,303 13,913
Legal fees 28,391 19,339
Audit fees 12,375 11,957
Printing fees (Note 2) 8,880 8,941
Custodian fees 8,297 5,134
Directors' fees 6,730 6,783
Insurance expense 6,485 5,882
Miscellaneous expense 2,384 2,469
--------------- ---------------
Total expenses 499,541 325,212
Less: fees waived (Note 2) (128,411) (7,324)
--------------- ---------------
Net expenses 371,130 317,888
--------------- ---------------
Net investment income 536,725 361,260
--------------- ---------------
NET REALIZED GAIN FROM INVESTMENTS 2,684 --
--------------- ---------------
Net increase in net assets resulting from operations $ 539,409 $ 361,260
=============== ===============
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
CASH RESERVE FUND NEW YORK TAX EXEMPT FUND
--------------------------------------- ---------------------------------------
FOR THE SIX MONTHS FOR THE SIX MONTHS
ENDED FOR THE YEAR ENDED FOR THE YEAR
JUNE 30, 2003 ENDED JUNE 30, 2003 ENDED
(UNAUDITED) DECEMBER 31, 2002 (UNAUDITED) DECEMBER 31, 2002
------------------ ------------------ ------------------ ------------------
FROM OPERATIONS
Net investment income $ 536,725 $ 2,868,600 $ 361,260 $ 1,380,398
Net realized gain (loss) from investments 2,684 (246,467) -- 155
------------------ ------------------ ------------------ ------------------
Net increase in net assets resulting
from operations 539,409 2,622,133 361,260 1,380,553
------------------ ------------------ ------------------ ------------------
FROM DIVIDENDS
Dividends from net investment income
Common Class Shares (526,235) (2,875,574) (361,206) (1,380,232)
Class A Shares (4,746) (7,157) (54) (166)
Class B Shares (18) -- -- --
Class C Shares (18) -- -- --
------------------ ------------------ ------------------ ------------------
Net decrease in net assets resulting
from dividends (531,017) (2,882,731) (361,260) (1,380,398)
------------------ ------------------ ------------------ ------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 3)
Proceeds from sale of shares 273,348,705 763,895,569 138,244,754 263,891,050
Reinvestment of dividends 187,068 1,151,887 23,386 243,105
Net asset value of shares redeemed (288,914,740) (926,533,330) (141,643,763) (333,064,869)
------------------ ------------------ ------------------ ------------------
Net decrease in net assets from
capital share transactions (15,378,967) (161,485,874) (3,375,623) (68,930,714)
------------------ ------------------ ------------------ ------------------
Net decrease in net assets (15,370,575) (161,746,472) (3,375,623) (68,930,559)
NET ASSETS
Beginning of period 139,770,639 301,517,111 117,755,305 186,685,864
------------------ ------------------ ------------------ ------------------
End of period $ 124,400,064 $ 139,770,639 $ 114,379,682 $ 117,755,305
================== ================== ================== ==================
DISTRIBUTIONS IN EXCESS OF NET
INVESTMENT INCOME $ (8,423) $ (14,131) $ -- $ --
================== ================== ================== ==================
</Table>
14
<Page>
CREDIT SUISSE CASH RESERVE FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Shares of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED DECEMBER 31,
JUNE 30, 2003 -------------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
------------- --------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
------------- --------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.0039 0.0125 0.0371 0.0592 0.0464 0.0499
------------- --------- --------- --------- --------- ---------
LESS DIVIDENDS
Dividends from net investment income (0.0039) (0.0125) (0.0371) (0.0592) (0.0464) (0.0499)
------------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
============= ========= ========= ========= ========= =========
Total return(1) 0.39% 1.25% 3.77% 6.08% 4.74% 5.12%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 123,179 $ 138,095 $ 301,516 $ 343,623 $ 463,971 $ 429,978
Ratio of expenses to average
net assets(2) 0.55%(3) 0.55% 0.55% 0.57% 0.56% 0.56%
Ratio of net investment income to
average net assets 0.81%(3) 1.38% 3.85% 5.07% 4.66% 5.00%
Decrease reflected in above
operating expense ratios due to
waivers/reimbursements 0.19%(3) 0.14% 0.11% 0.11% 0.12% 0.12%
</Table>
- ----------
(1) 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 periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(2) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Common Class shares net expense ratio by .00%, .02%, .01%, and .01% for
the years ended December 31, 2001, 2000, 1999 and 1998, respectively. The
Fund's net operating expense ratio after reflecting these arrangements was
.55% for each of the years ending December 31, 2001, 2000, 1999, and 1998,
respectively. For the six months ended June 30, 2003 and the year ended
December 31, 2002, there were no transfer agent credits.
(3) Annualized.
See Accompanying Notes to Financial Statements.
15
<Page>
CREDIT SUISSE CASH RESERVE FUND
FINANCIAL HIGHLIGHTS
(For a Class A Shares of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR
FOR THE SIX ENDED
MONTHS ENDED DECEMBER 31,
JUNE 30, 2003 ----------------------
(UNAUDITED) 2002 2001(1)
------------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 1.0000 $ 1.0000 $ 1.0000
------------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.0027 0.0100 0.0011
------------- --------- ---------
LESS DIVIDENDS
Dividends from net investment income (0.0027) (0.0100) (0.0011)
------------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 1.0000 $ 1.0000 $ 1.0000
============= ========= =========
Total return(2) 0.27% 1.01% 0.11%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 1,130 $ 1,676 $ 1
Ratio of expenses to average net assets 0.80%(3) 0.80% 0.80%(3)
Ratio of net investment income to average net assets 0.56%(3) 1.01% 1.43%(3)
Decrease reflected in above operating expense ratios
due to waivers/reimbursements 0.19%(3) 0.19% 0.37%(3)
</Table>
- ----------
(1) For the period November 30, 2001 (inception date) through December 31,
2001.
(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 periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Annualized.
See Accompanying Notes to Financial Statements.
16
<Page>
CREDIT SUISSE CASH RESERVE FUND
FINANCIAL HIGHLIGHTS
(For a Class B and Class C Shares of the Fund Outstanding Throughout The Period)
<Table>
<Caption>
CLASS B CLASS C
---------------- ----------------
FOR THE PERIOD FOR THE PERIOD
ENDED ENDED
JUNE 30, 2003(1) JUNE 30, 2003(1)
(UNAUDITED) (UNAUDITED)
---------------- ----------------
PER SHARE DATA
Net asset value, beginning of period $ 1.0000 $ 1.0000
---------------- ----------------
INVESTMENT OPERATIONS
Net investment income 0.0004 0.0004
---------------- ----------------
LESS DIVIDENDS
Dividends from net investment income (0.0004) (0.0004)
---------------- ----------------
NET ASSET VALUE, END OF PERIOD $ 1.0000 $ 1.0000
================ ================
Total return(2) 0.04% 0.04%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 46 $ 46
Ratio of expenses to average net assets(3) 1.00% 1.00%
Ratio of net investment income to average net assets(3) 0.30% 0.30%
Decrease reflected in above operating expense ratios
due to waivers/reimbursements(3) 0.25% 0.25%
</Table>
- ----------
(1) For the period May 1, 2003 (inception date) through June 30, 2003.
(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 period shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Annualized.
See Accompanying Notes to Financial Statements.
17
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Shares of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED DECEMBER 31,
JUNE 30, 2003 -------------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
------------- --------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
------------- --------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.0031 0.0090 0.0202 0.0341 0.0267 0.0287
------------- --------- --------- --------- --------- ---------
LESS DIVIDENDS
Dividends from net investment income (0.0031) (0.0090) (0.0202) (0.0341) (0.0267) (0.0287)
------------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
============= ========= ========= ========= ========= =========
Total return(1) 0.31% 0.90% 2.13% 3.46% 2.70% 2.92%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000s omitted) $ 114,359 $ 117,734 $ 186,685 $ 197,544 $ 181,842 $ 174,743
Ratio of expenses to average
net assets(2) 0.55%(3) 0.55% 0.55% 0.57% 0.56% 0.55%
Ratio of net investment income to
average net assets 0.62%(3) 0.92% 2.11% 3.39% 2.68% 2.86%
Decrease reflected in above
operating expense ratios due to
waivers/reimbursements 0.01%(3) 0.08% 0.15% 0.11% 0.13% 0.14%
</Table>
- ----------
(1) 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 periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(2) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. These arrangements resulted in a reduction to
the Common Class shares net expense ratio by .00%, .02%, .01%, and .00% for
the years ended December 31, 2001, 2000, 1999 and 1998, respectively. The
Fund's net operating expense ratio after reflecting these arrangements was
.55% for each of the years ending December 31, 2001, 2000, 1999, and 1998,
respectively. For the six months ended June 30, 2003 and the year ended
December 31, 2002, there were no transfer agent credits.
(3) Annualized.
See Accompanying Notes to Financial Statements.
18
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
FINANCIAL HIGHLIGHTS
(For a Class A Shares of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR
FOR THE SIX ENDED
MONTHS ENDED DECEMBER 31,
JUNE 30, 2003 ----------------------
(UNAUDITED) 2002 2001(1)
------------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 1.0000 $ 1.0000 $ 1.0000
------------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.0018 0.0062 0.0004
------------- --------- ---------
LESS DIVIDENDS
Dividends from net investment income (0.0018) (0.0062) (0.0004)
------------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 1.0000 $ 1.0000 $ 1.0000
============= ========= =========
Total return(2) 0.18% 0.62% 0.04%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 21 $ 21 $ 1
Ratio of expenses to average net assets 0.80%(3) 0.80% 0.80%(3)
Ratio of net investment income to average net assets 0.37%(3) 0.59% 0.50%(3)
Decrease reflected in above operating expense ratios
due to waivers/reimbursements 0.01%(3) 0.08% 0.15%(3)
</Table>
- ----------
(1) For the period November 30, 2001 (inception date) through December 31,
2001.
(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 periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Annualized.
See Accompanying Notes to Financial Statements.
19
<Page>
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS
June 30, 2003 (Unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Credit Suisse Cash Reserve Fund, Inc. ("Cash Reserve") and the Credit
Suisse New York Tax Exempt Fund, Inc. ("New York Tax Exempt") are registered
under the Investment Company Act of 1940, as amended (the "1940 Act"), as
open-end management investment companies. Cash Reserve and New York Tax Exempt
(each, a "Fund" and collectively, the "Funds") were incorporated under the laws
of the state of Maryland on November 15, 1984, and October 31, 1984,
respectively.
The investment objective of Cash Reserve is to provide investors with high
current income consistent with liquidity and stability of principal. The
investment objective of New York Tax Exempt is to provide investors with as high
a level of current interest income exempt from federal, New York State and New
York City personal income taxes as is consistent with preservation of capital
and liquidity.
Cash Reserve offers four classes of shares: Common Class, Class A, Class B
and Class C shares. New York Tax Exempt offers two classes of shares: Common
Class and Class A shares. Each class of shares in each Fund represents an equal
pro rata interest in each Fund, except that it bears different expenses, which
reflect the difference in the range of services provided to them. Common Class
shares of the Funds do not bear distribution expenses. Class A shares of the
Funds bear expenses paid pursuant to a plan of distribution at an annual rate of
0.25% of the average daily net asset value of each Fund Class A shares. Class B
and Class C shares of Cash Reserve bear expenses paid pursuant to a plan of
distribution at an annual rate not to exceed 0.75% of the average daily net
asset value of Cash Reserve's Class B and Class C shares.
Each Fund is considered to be a separate entity for financial reporting and
tax purposes. It is the policy of each Fund to maintain a stable net asset value
of $1.00 per share for each Fund. Each Fund has adopted certain investment, fund
valuation, dividend and distribution policies to enable it to do so. There is no
assurance, however, that each Fund will be able to maintain a stable net asset
value of $1.00 per share.
A) SECURITY VALUATION -- The net asset value of each Fund is determined at 12
noon eastern time and at the close of regular trading on the New York Stock
Exchange, Inc. on Monday through Friday, except for the days the following
holidays are observed: New Year's Day, Martin Luther King Jr.'s Birthday,
Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day,
Columbus Day, Veterans' Day, Thanksgiving Day and Christmas
20
<Page>
Day. Each Fund's investments are valued under the amortized cost method, which
has been determined by the Funds' Board of Directors to represent the fair value
of the Funds' investments. Amortized cost involves valuing a Fund's holding
initially at its cost and then assuming a constant amortization to maturity of
any discount or premium. The amortized cost method ignores any impact of
fluctuating interest rates. The Board of Directors has established procedures
intended to stabilize each Fund's net asset value for purposes of sales and
redemptions at $1.00 per share. These procedures include review by the Board of
Directors, at such intervals as it deems appropriate, to determine the extent,
if any, to which the Fund's net asset value per share calculated by using
available market quotations deviates from $1.00 per share. In the event such
deviation exceeds 1/2 of 1%, the Board of Directors will promptly consider what
action, if any, should be initiated.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. The cost of investments sold is determined by use of the specific
identification method for both financial reporting and income tax purposes.
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.
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 generally declared and paid annually,
although the Funds may declare and pay short-term capital gains, if any,
periodically as the Board of Directors determine. 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
each 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.
21
<Page>
E) REPURCHASE AGREEMENTS -- Each Fund may enter into repurchase agreements.
Under the terms of a typical repurchase agreement, a Fund acquires a security
subject to an obligation of the seller to repurchase. Securities pledged as
collateral for repurchase agreements are held by the Fund's broker until the
agreements mature. Each agreement requires that the market value of the
collateral be sufficient to cover payment of interest and principal; however, in
the event of default or bankruptcy by the other party to the agreement,
retention of the collateral may be subject to legal proceedings.
F) 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.
G) OTHER -- Under normal market conditions, New York Tax Exempt invests at
least 80% of net assets, plus any borrowings for investment purposes, in New
York municipal securities. Accordingly, this Fund may be riskier than a more
geographically-diverse municipal fund.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
Credit Suisse Asset Management, LLC ("CSAM"), an indirect, wholly-owned
subsidiary of Credit Suisse Group, serves as investment adviser for the Funds.
For its investment advisory services, CSAM is entitled to receive a fee from the
Funds at an annual rate of 0.35% and 0.25% of the average daily net assets for
Cash Reserve and New York Tax Exempt, respectively.
For the six months ended June 30, 2003, investment advisory fees earned and
voluntarily waived were as follows:
<Table>
<Caption>
GROSS NET
ADVISORY ADVISORY
FUND FEE WAIVER FEE
---- ---------- ---------- ----------
Cash Reserve $ 235,240 $ (128,411) $ 106,829
New York Tax Exempt 146,171 (7,324) 138,847
</Table>
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and State Street Bank and Trust Company ("SSB") serve as co-administrators
to the Funds.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of each Fund's average daily net assets.
For
22
<Page>
the six months ended June 30, 2003, co-administrative service fees earned by
CSAMSI were as follows:
<Table>
<Caption>
FUND CO-ADMINISTRATION FEE
---- ---------------------
Cash Reserve $ 67,211
New York Tax Exempt 58,468
</Table>
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based on the following fee schedule calculated in total
for all the Credit Suisse Funds/Portfolios co-administered by SSB and allocated
based upon relative average net assets of each fund/portfolio, subject to an
annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ ---------------------------------
First $5 billion .050% of average daily net assets
Next $5 billion .035% of average daily net assets
Over $10 billion .020% of average daily net assets
</Table>
For the six months ended June 30, 2003, co-administrative service fees earned
by SSB (including out-of-pocket fees) were as follows:
<Table>
<Caption>
FUND CO-ADMINISTRATION FEE
---- ---------------------
Cash Reserve $ 41,078
New York Tax Exempt 36,785
</Table>
In addition to serving as each Fund's co-administrator, CSAMSI currently
serves as distributor of each Fund's shares. Pursuant to a distribution plan
adopted by each 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 of each Fund and not
to exceed 0.75% of the average daily net assets of the Class B and Class C
shares of Cash Reserve. CSAMSI may use this fee to compensate service
organizations for distribution services. For the six months ended June 30, 2003,
distribution fees paid to CSAMSI were as follows:
<Table>
<Caption>
FUND CLASS DISTRIBUTION FEE
---- ------- ----------------
Cash Reserve Class A $ 2,144
Class B 31
Class C 31
----------
$ 2,206
==========
New York Tax Exempt Class A $ 35
==========
</Table>
23
<Page>
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Funds to provide certain financial printing and fulfillment services. For
the six months ended June 30, 2003, Merrill was paid $4,399 for its services
from each Fund.
NOTE 3. CAPITAL SHARE TRANSACTIONS
Cash Reserve is authorized to issue six billion full and fractional shares of
capital stock, $.001 par value per share, of which one billion shares are
classified as Common Class Shares, one billion shares are classified as Class A
Shares, one billion shares are classified as Class B shares and one billion
shares are classified as Class C shares. New York Tax Exempt is authorized to
issue four billion full and fractional shares of capital stock, $.001 par value
per share, of which one billion shares are classified as Common Class shares and
one billion shares are designated as Class A shares. Transactions in shares of
each Fund were as follows:
<Table>
<Caption>
CASH RESERVE
--------------------------------------------------------------------
COMMON CLASS
--------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
JUNE 30, 2003 (UNAUDITED) DECEMBER 31, 2002
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold 270,449,694 $ 270,449,694 761,897,915 $ 761,897,915
Shares issued in reinvestment
of dividends 183,013 183,013 1,144,952 1,144,952
Shares redeemed (285,557,333) (285,557,333) (926,205,948) (926,205,948)
-------------- -------------- -------------- --------------
Net decrease (14,924,626) $ (14,924,626) (163,163,081) $ (163,163,081)
============== ============== ============== ==============
</Table>
<Table>
<Caption>
CLASS A
--------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
JUNE 30, 2003 (UNAUDITED) DECEMBER 31, 2002
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold 2,807,229 $ 2,807,229 1,997,654 $ 1,997,654
Shares issued in reinvestment
of dividends 4,019 4,019 6,935 6,935
Shares redeemed (3,357,407) (3,357,407) (327,382) (327,382)
-------------- -------------- -------------- --------------
Net increase / (decrease) (546,159) $ (546,159) 1,677,207 $ 1,677,207
============== ============== ============== ==============
</Table>
24
<Page>
<Table>
<Caption>
CASH RESERVE CASH RESERVE
-------------------------------- --------------------------------
CLASS B CLASS C
-------------------------------- --------------------------------
FOR THE PERIOD ENDED FOR THE PERIOD ENDED
JUNE 30, 2003 (UNAUDITED)(1) JUNE 30, 2003 (UNAUDITED)(1)
-------------------------------- --------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold 45,891 $ 45,891 45,891 $ 45,891
Shares issued in reinvestment
of dividends 18 18 18 18
-------------- -------------- -------------- --------------
Net increase 45,909 $ 45,909 45,909 $ 45,909
============== ============== ============== ==============
</Table>
- ----------
(1) For the period May 1, 2003 (inception date) through June 30, 2003.
<Table>
<Caption>
NEW YORK TAX EXEMPT
--------------------------------------------------------------------
COMMON CLASS
--------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
JUNE 30, 2003 (UNAUDITED) DECEMBER 31, 2002
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold 138,244,754 $ 138,244,754 262,836,050 $ 262,836,050
Shares issued in reinvestment
of dividends 23,349 23,349 242,994 242,994
Shares redeemed (141,643,763) (141,643,763) (332,029,869) (332,029,869)
-------------- -------------- -------------- --------------
Net decrease (3,375,660) $ (3,375,660) (68,950,825) $ (68,950,825)
============== ============== ============== ==============
<Caption>
CLASS A
--------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
JUNE 30, 2003 (UNAUDITED) DECEMBER 31, 2002
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
-------------- -------------- -------------- --------------
Shares sold -- $ -- 1,055,000 $ 1,055,000
Shares issued in reinvestment
of dividends 37 37 111 111
Shares redeemed -- -- (1,035,000) (1,035,000)
-------------- -------------- -------------- --------------
Net increase 37 $ 37 20,111 $ 20,111
============== ============== ============== ==============
</Table>
25
<Page>
On June 30, 2003, the number of shareholders that held 5% or more of the
outstanding shares of each Fund was as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
FUND SHAREHOLDERS OF OUTSTANDING SHARES
---- ------------ ----------------------
Cash Reserve
CLASS
Common Class 4 63%
Class A 8 55%
New York Tax Exempt
CLASS
Common Class 2 89%
Class A 1 95%
</Table>
Some of the shareholders are omnibus accounts, which held shares on behalf of
several individual shareholders.
26
<Page>
CREDIT SUISSE CASH RESERVE FUND
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Cash Reserve 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 in the total for the
proposals. All proposals were approved except proposals 3 and 4.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
----------- --------------
Richard H. Francis 109,135,983 1,450,716
Jack W. Fritz 109,101,845 1,484,854
Joseph D. Gallagher 109,094,501 1,492,198
Jeffrey E. Garten 109,079,541 1,507,158
Peter F. Krogh 109,080,963 1,505,736
James S. Pasman, Jr. 109,127,788 1,458,911
Steven N. Rappaport 109,118,538 1,468,161
William W. Priest 109,126,366 1,460,333
Total Eligible Shares 136,429,205
Total Shares Voted 110,586,699
% of Shares Voted 81.06%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
------------ ----------------- ------------
For 82,737,885 60.65% 74.82%
Against 1,670,216 1.23% 1.51%
Abstain 986,123 0.72% 0.89%
Broker Non-votes 25,192,475 18.47% 22.78%
</Table>
2-B. 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 82,845,274 60.72% 74.91%
Against 1,577,259 1.16% 1.43%
Abstain 971,691 0.71% 0.88%
Broker Non-votes 25,192,475 18.47% 22.78%
</Table>
27
<Page>
2-C. To Remove the Fundamental Investment Restriction on Warrants:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
------------ ----------------- ------------
For 82,810,291 60.99% 74.88%
Against 1,577,153 1.16% 1.43%
Abstain 1,006,779 0.74% 0.91%
Broker Non-votes 25,192,475 18.47% 22.78%
</Table>
2-D. To Remove the Fundamental Policy of Concentrating in the Banking Industry:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
------------ ----------------- ------------
For 82,867,181 60.74% 74.93%
Against 1,553,930 1.14% 1.41%
Abstain 973,113 0.71% 0.88%
Broker Non-votes 25,192,475 18.47% 22.78%
</Table>
2-E. To Remove the Fundamental Investment Restriction on Investing in Equities,
Corporate Bonds and Municipal Bonds:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
------------ ----------------- ------------
For 82,827,656 60.71% 74.90%
Against 1,592,148 1.17% 1.44%
Abstain 974,419 0.71% 0.88%
Broker Non-votes 25,192,475 18.47% 22.78%
</Table>
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 47,540,727 34.85% 42.99%
Against 36,793,616 26.97% 33.27%
Abstain 1,059,880 0.78% 0.96%
Broker Non-votes 25,192,475 18.47% 22.78%
</Table>
4. To Amend the Organizational Document to Allow Involuntary Redemptions without
Shareholder Approval:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
------------ ----------------- ------------
For 47,629,779 34.91% 43.07%
Against 36,733,302 26.93% 33.22%
Abstain 1,031,143 0.76% 0.93%
Broker Non-votes 25,192,475 18.47% 22.78%
</Table>
28
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse New York Tax Exempt
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 in the
total for the proposals. All proposals were approved except proposals 3 and 4.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
----------- -------------
Richard H. Francis 115,167,655 72,091
Jack W. Fritz 115,167,655 72,091
Joseph D. Gallagher 115,167,655 72,091
Jeffrey E. Garten 115,167,655 72,091
Peter F. Krogh 115,167,655 72,091
James S. Pasman, Jr. 115,167,655 72,091
Steven N. Rappaport 115,167,655 72,091
William W. Priest 115,167,655 72,091
Total Eligible Shares 120,601,984
Total Shares Voted 115,239,745
% of Shares Voted 95.55%
</Table>
2-A. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
------------ ----------------- ------------
For 97,543,814 80.88% 84.64%
Against 331,483 0.28% 0.29%
Abstain 47,408 0.04% 0.04%
Broker Non-votes 17,317,040 14.36% 15.03%
</Table>
2-B. 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 97,543,814 80.88% 84.64%
Against 331,483 0.28% 0.29%
Abstain 47,408 0.04% 0.04%
Broker Non-votes 17,317,040 14.36% 15.03%
</Table>
29
<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 26,624,172 22.08% 23.10%
Against 71,286,276 59.11% 61.86%
Abstain 12,257 0.01% 0.01%
Broker Non-votes 17,317,040 14.36% 15.03%
</Table>
4. To Amend the Organizational Document to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
------------ ----------------- ------------
For 26,624,172 22.08% 23.10%
Against 71,251,125 59.08% 61.83%
Abstain 47,408 0.04% 0.04%
Broker Non-votes 17,317,040 14.36% 15.03%
</Table>
30
<Page>
CREDIT SUISSE FUNDS
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.
31
<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. CSMMF-3-0603
<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.
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)(1) Form N-CSR disclosure requirement not yet effective with respect to the
Registrant.
(a)(2) The certifications of the Registrant as required by Rule 30a-2(a) under
the Act are exhibits to this report.
(b) The certifications of the Registrant as required by Rule 30a-2(b) under
the Act are an exhibit 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 Tax Exempt Fund, Inc.
<Page>
/s/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: September 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: September 2, 2003
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: September 2, 2003