<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 10017-3140
Registrant's telephone number, including area code:(212) 875-3500
Date of fiscal year end: October 31, 2003
Date of reporting period: November 1, 2002 to October 31, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
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[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
OCTOBER 31, 2003
- - 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 OCTOBER 31, 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
ANNUAL INVESTMENT ADVISER'S REPORT
October 31, 2003 (Unaudited)
November 20, 2003
Dear Shareholder:
For the 12 months ended October 31, 2003, the Common Class and Class A shares
(without sales charge) of Credit Suisse New York Municipal Fund(1) (the "Fund")
returned 4.05% and 3.97%(2), respectively, versus a gain of 5.26% for the Lehman
Brothers 5 Year Municipal Bond Index(3).
As we see it, activity in New York municipal securities over the course of
the Fund's fiscal year was driven mainly by the same factors that drove activity
in the market for municipal securities as a whole. Several elements combined to
raise the level of demand. Perhaps most important was the accommodative monetary
environment. Nominal short-term interest rates fell by a total of three-quarters
of a percentage point during the period to 1.00%, the lowest level in over 40
years. This, in turn, helped to fuel gains in most fixed income sectors. An
additional result was that lower-quality securities generally outperformed
higher-quality instruments. We did not find this surprising, as historically low
short-term rates helped to incentivize investors to look for comparatively
higher yields, and the prospect of better economic activity augured well for
riskier issuers.
At various times in the fiscal year (particularly in its second half),
investors appeared to anticipate that the Federal Reserve's next monetary move
would be to raise rates. The municipal market tended to respond in two primary
ways, in our view. First, many municipalities chose not to issue new bonds as
market-based yields rose, which helped to increase demand for existing bonds.
Second, many investors positioned their debt exposure in comparatively shorter
maturities in an effort to reduce vulnerability to higher rates.
Another plus for municipal demand came in the form of so-called "crossover
buyers" that do not consistently own municipals but, instead, purchase munis
when they are thought to be especially attractive. Insurance companies were
prominent in this regard. Flush with cash from higher premiums and lower payouts
for claims, they often found munis appealing on a risk-adjusted and tax-adjusted
basis, and bought them accordingly.
We attribute the Fund's underperformance of its Lehman Brothers 5 Year
Municipal Bond Index benchmark in the fiscal year to our belief that interest
rates were most likely to rise. Our analysis thus concluded that a relatively
defensive investment stance was appropriate, and we opted to position the
portfolio conservatively.
Several steps that we took on this basis ended up dampening the Fund's
relative performance. For example, we kept the portfolio's average maturity
shorter than that of the benchmark, believing that this would help to reduce
1
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potential downside risk. We emphasized highest-quality issues (i.e., rated AAA
or AA) but, as we noted earlier, riskier instruments fared better. New York
municipal debt underperformed the municipal debt of many other states in the
period, which proved unfavorable relative to a nationwide benchmark. We held a
number of bonds that became prerefunded and escrowed in U.S. Treasury securities
(a positive occurrence), but they underperformed their non-prerefunded
counterparts.
On the positive side, 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. This added value in the fiscal year's
second half. 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
due to rising worries about Puerto Rico's underlying creditworthiness.
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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[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE NEW YORK MUNICIPAL FUND(1) COMMON CLASS SHARES AND THE
LEHMAN BROS. 5 YR MUNICIPAL INDEX(3) FOR TEN YEARS.
<Table>
<Caption>
CREDIT SUISSE NEW YORK LEHMAN BROTHERS 5 YEAR
MUNICIPAL FUND(1) COMMON CLASS MUNICIPAL BOND INDEX(3)
10/31/93 $ 10,000 $ 10,000
11/30/93 $ 9,933 $ 9,949
12/31/93 $ 10,103 $ 10,096
1/31/94 $ 10,209 $ 10,186
2/28/94 $ 10,039 $ 10,020
3/31/94 $ 9,813 $ 9,811
4/30/94 $ 9,898 $ 9,872
5/31/94 $ 9,966 $ 9,922
6/30/94 $ 9,975 $ 9,917
7/31/94 $ 10,072 $ 10,032
8/31/94 $ 10,120 $ 10,080
9/30/94 $ 10,056 $ 10,013
10/31/94 $ 10,004 $ 9,947
11/30/94 $ 9,932 $ 9,856
12/31/94 $ 10,048 $ 9,968
1/31/95 $ 10,170 $ 10,092
2/28/95 $ 10,327 $ 10,268
3/31/95 $ 10,375 $ 10,373
4/30/95 $ 10,402 $ 10,413
5/31/95 $ 10,574 $ 10,632
6/30/95 $ 10,603 $ 10,651
7/31/95 $ 10,674 $ 10,781
8/31/95 $ 10,745 $ 10,879
9/30/95 $ 10,753 $ 10,906
10/31/95 $ 10,835 $ 10,972
11/30/95 $ 10,947 $ 11,072
12/31/95 $ 11,017 $ 11,130
1/31/96 $ 11,100 $ 11,242
2/29/96 $ 11,064 $ 11,210
3/31/96 $ 11,008 $ 11,131
4/30/96 $ 10,994 $ 11,130
5/31/96 $ 11,013 $ 11,126
6/30/96 $ 11,075 $ 11,192
7/31/96 $ 11,193 $ 11,274
8/31/96 $ 11,202 $ 11,284
9/30/96 $ 11,298 $ 11,377
10/31/96 $ 11,362 $ 11,476
11/30/96 $ 11,492 $ 11,625
12/31/96 $ 11,493 $ 11,603
1/31/97 $ 11,536 $ 11,643
2/28/97 $ 11,608 $ 11,728
3/31/97 $ 11,538 $ 11,600
4/30/97 $ 11,558 $ 11,650
5/31/97 $ 11,705 $ 11,793
6/30/97 $ 11,771 $ 11,889
7/31/97 $ 11,941 $ 12,098
8/31/97 $ 11,904 $ 12,036
9/30/97 $ 11,981 $ 12,143
10/31/97 $ 12,025 $ 12,206
11/30/97 $ 12,056 $ 12,244
12/31/97 $ 12,169 $ 12,349
1/31/98 $ 12,272 $ 12,462
2/28/98 $ 12,277 $ 12,481
3/31/98 $ 12,286 $ 12,491
4/30/98 $ 12,211 $ 12,439
5/31/98 $ 12,387 $ 12,589
6/30/98 $ 12,442 $ 12,632
7/31/98 $ 12,451 $ 12,676
8/31/98 $ 12,628 $ 12,831
9/30/98 $ 12,767 $ 12,964
10/31/98 $ 12,775 $ 13,002
11/30/98 $ 12,805 $ 13,025
12/31/98 $ 12,836 $ 13,070
1/31/99 $ 12,991 $ 13,208
2/28/99 $ 12,919 $ 13,195
3/31/99 $ 12,926 $ 13,206
4/30/99 $ 12,956 $ 13,245
5/31/99 $ 12,888 $ 13,192
6/30/99 $ 12,730 $ 13,042
7/31/99 $ 12,800 $ 13,123
8/31/99 $ 12,781 $ 13,117
9/30/99 $ 12,798 $ 13,165
10/31/99 $ 12,742 $ 13,133
11/30/99 $ 12,838 $ 13,210
12/31/99 $ 12,783 $ 13,166
1/31/2000 $ 12,741 $ 13,160
2/29/2000 $ 12,823 $ 13,203
3/31/2000 $ 13,001 $ 13,324
4/30/2000 $ 12,947 $ 13,293
5/31/2000 $ 12,906 $ 13,289
6/30/2000 $ 13,188 $ 13,533
7/31/2000 $ 13,328 $ 13,676
8/31/2000 $ 13,508 $ 13,823
9/30/2000 $ 13,462 $ 13,800
10/31/2000 $ 13,575 $ 13,897
11/30/2000 $ 13,650 $ 13,957
12/31/2000 $ 13,939 $ 14,175
1/31/2001 $ 14,123 $ 14,419
2/28/2001 $ 14,141 $ 14,494
3/31/2001 $ 14,271 $ 14,583
4/30/2001 $ 14,158 $ 14,503
5/31/2001 $ 14,302 $ 14,653
6/30/2001 $ 14,377 $ 14,736
7/31/2001 $ 14,547 $ 14,886
8/31/2001 $ 14,786 $ 15,087
9/30/2001 $ 14,681 $ 15,133
10/31/2001 $ 14,825 $ 15,258
11/30/2001 $ 14,691 $ 15,136
12/31/2001 $ 14,599 $ 15,063
1/31/2002 $ 14,841 $ 15,305
2/28/2002 $ 15,023 $ 15,479
3/31/2002 $ 14,758 $ 15,149
4/30/2002 $ 15,013 $ 15,499
5/31/2002 $ 15,085 $ 15,603
6/30/2002 $ 15,215 $ 15,773
7/31/2002 $ 15,346 $ 15,944
8/31/2002 $ 15,506 $ 16,097
9/30/2002 $ 15,708 $ 16,320
10/31/2002 $ 15,553 $ 16,154
11/30/2002 $ 15,526 $ 16,138
12/31/2002 $ 15,790 $ 16,459
1/31/2003 $ 15,791 $ 16,487
2/28/2003 $ 15,957 $ 16,667
3/31/2003 $ 15,915 $ 16,643
4/30/2003 $ 15,991 $ 16,722
5/31/2003 $ 16,201 $ 16,989
6/30/2003 $ 16,173 $ 16,945
7/31/2003 $ 15,861 $ 16,575
8/31/2003 $ 15,954 $ 16,692
9/30/2003 $ 16,259 $ 17,114
10/31/2003 $ 16,184 $ 17,002
</Table>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE NEW YORK MUNICIPAL FUND(1) CLASS A SHARES AND THE
LEHMAN BROS. 5 YR MUNICIPAL BOND INDEX(3) FROM
INCEPTION (11/30/01).
<Table>
<Caption>
CREDIT SUISSE NEW YORK
MUNICIPAL FUND(1) CLASS A LEHMAN BROTHERS 5 YEAR
(WITH MAXIMUM SALES CHARGE) MUNICIPAL BOND INDEX(3)
11/30/2001 $ 9,700 $ 10,000
12/31/2001 $ 9,634 $ 9,951
1/31/2002 $ 9,790 $ 10,111
2/28/2002 $ 9,897 $ 10,226
3/31/2002 $ 9,744 $ 10,009
4/30/2002 $ 9,897 $ 10,240
5/31/2002 $ 9,931 $ 10,308
6/30/2002 $ 10,024 $ 10,421
7/31/2002 $ 10,098 $ 10,533
8/31/2002 $ 10,202 $ 10,635
9/30/2002 $ 10,341 $ 10,782
10/31/2002 $ 10,228 $ 10,672
11/30/2002 $ 10,209 $ 10,662
12/31/2002 $ 10,380 $ 10,874
1/31/2003 $ 10,379 $ 10,892
2/28/2003 $ 10,505 $ 11,011
3/31/2003 $ 10,475 $ 10,996
4/30/2003 $ 10,523 $ 11,047
5/31/2003 $ 10,657 $ 11,224
6/30/2003 $ 10,636 $ 11,195
7/31/2003 $ 10,419 $ 10,951
8/31/2003 $ 10,488 $ 11,028
9/30/2003 $ 10,686 $ 11,307
10/31/2003 $ 10,634 $ 11,233
</Table>
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.
3
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AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2003(1)
<Table>
<Caption>
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
------ ------- -------- ---------
Common Class(4) 3.51% 4.95% 4.99% 5.72%
Class A Without Sales Charge 3.33% - - 5.42%
Class A With Maximum Sales Charge 0.22% - - 3.68%
</Table>
AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2003(1)
<Table>
<Caption>
SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
------ ------- -------- ---------
Common Class(4) 4.05% 4.84% 4.93% 5.66%
Class A Without Sales Charge 3.97% - - 4.91%
Class A With Maximum Sales Charge 0.89% - - 3.25%
</Table>
- ----------
(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 0.89%.
(3) The Lehman Brothers 5 Year Municipal Bond Index is an unmanaged index (with
no defined investment objective) of municipal bonds with maturities of
between four and six years, and is calculated by Lehman Brothers, Inc.
Investors cannot invest directly in an index.
(4) Inception date: 4/1/1987.
4
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CREDIT SUISSE NEW YORK MUNICIPAL FUND
SCHEDULE OF INVESTMENTS
October 31, 2003
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
MUNICIPAL BONDS (98.6%)
NEW YORK (95.6%)
$ 1,200 Hempstead Town, NY, Industrial Development Agency,
Residential Recovery, Revenue Bonds (BBB , A3) 12/01/10 5.000 $ 1,263,132
1,000 Long Island Power Authority of New York,
Electric Systems Revenue Bonds,
(MBIA Insured) (Non-Callable) (AAA , Aaa) 04/01/04 5.000 1,016,040
695 Metropolitan Transportation Authority New York
Transport Facilities Revenue Bonds,
Refunded Balanced, Series A (AAA , Aaa) 07/01/14 5.125 779,317
1,315 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series A (Non-Callable) (AAA , Baa1) 07/01/05 5.000 1,397,976
2,000 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series A (Non-Callable) (AAA , Baa1) 07/01/07 5.250 2,241,080
200 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series C-1 (FGIC Insured)
(Callable 07/01/07 @ $101.00) (AAA , Aaa) 07/01/22 5.500 229,298
1,500 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series C-1 (Non-Callable) (AAA , Aaa) 07/01/05 6.000 1,619,340
1,750 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series D (MBIA Insured) (Non-Callable) (AAA , Aaa) 07/01/05 6.000 1,889,230
200 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series E (AMBAC Insured)
(Callable 07/01/07 @ $101.00) (AAA , Aaa) 07/01/11 5.000 220,560
1,500 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series R (Non-Callable) (AAA , A3) 07/01/07 5.500 1,694,040
600 Metropolitan Transportation Authority, NY,
Dedicated Tax Fund, Series A (FGIC Insured) (AAA , Aaa) 04/01/13 5.600 693,570
1,000 Metropolitan Transportation Authority, NY,
Dedicated Tax Fund, Series A (Non-Callable) (AAA , Aaa) 04/01/15 5.500 1,148,740
1,000 Municipal Assistance Corp., New York City,
Revenue Bonds, Series H (AA+ , Aa1) 07/01/07 6.250 1,149,690
2,000 Municipal Assistance Corp., New York City,
Revenue Bonds, Series L (AA+ , Aa1) 07/01/04 6.000 2,067,000
1,000 Municipal Assistance Corp., New York City,
Revenue Bonds, Series M (AA+ , Aa1) 07/01/08 5.500 1,141,510
600 Municipal Assistance Corp., New York City,
Revenue Bonds, Series O (AA+ , Aa1) 07/01/06 5.250 658,338
1,500 Municipal Assistance Corp., New York City,
Revenue Bonds, Series P (AA+ , Aa1) 07/01/08 5.000 1,679,250
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
MUNICIPAL BONDS
NEW YORK
$ 1,475 Nassau County, NY, General Obligation Unlimited,
Series F (BBB , Baa2) 03/01/04 7.000 $ 1,500,665
3,000 New York City General Obligation Unlimited,
Series A (A , A2) 08/01/06 7.000 3,387,930
1,050 New York City General Obligation Unlimited,
Series D (A , A2) 08/01/07 5.750 1,169,311
1,980 New York City General Obligation Unlimited,
Series E (A , A2) 08/01/08 5.250 2,180,198
1,000 New York City General Obligation Unlimited,
Series F (A , A2) 08/01/09 5.000 1,090,290
1,000 New York City General Obligation Unlimited,
Series H (Callable 03/15/11 @ $101.00) (A , A2) 03/15/13 5.750 1,099,030
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 1,046,730
1,000 New York City General Obligation Unlimited,
Series J (Callable 08/01/07 @ $101.00) (A , A2) 08/01/11 6.125 1,118,380
1,000 New York City Industrial Development Agency,
YMCA Greater NY Project (NR, Baa1) 08/01/06 6.000 1,098,520
1,000 New York City Municipal Water Finance Authority,
Revenue Bonds, Series D (AA , Aa2) 06/15/15 5.250 1,092,260
465 New York City Transitional Finance Authority,
PreRefunded Future Tax, Series B (AA+ , Aa2) 02/01/08 5.500 527,082
205 New York City Transitional Finance Authority,
PreRefunded Future Tax, Series B (AA+ , Aa2) 02/01/08 5.500 232,370
760 New York City Transitional Finance Authority,
PreRefunded Future Tax, Series B (AA+ , Aa2) 02/01/08 5.500 856,429
1,000 New York City Transitional Finance Authority,
Unrefunded Future Tax Secured, Series B (AA+ , Aa2) 02/01/29 5.250 1,095,730
300 New York City Transitional Finance Authority
Revenue Bonds, Series B (AA+ , Aa2) 05/01/07 4.750 327,351
895 New York City Transitional Finance Authority
Revenue Bonds, Unrefunded Future Tax, Series B (AA+ , Aa2) 02/01/08 5.500 1,008,558
1,020 New York State Dormitory Authority,
Consolidated City University Systems,
Revenue Bonds, Series A (AA- , A3) 07/01/05 5.700 1,091,961
1,000 New York State Dormitory Authority,
Lenox Hill Hospital Obligation Group,
Revenue Bonds (NR, A3) 07/01/09 5.250 1,099,990
1,265 New York State Dormitory Authority,
Mental Health Services Facilities Revenue Bonds,
Series G (AAA , Aaa) 02/15/09 5.250 1,414,675
1,745 New York State Dormitory Authority, State
University Dormitory Facilities Revenue Bonds,
Series A, (AMBAC Insured) (AAA , Aaa) 07/01/06 5.750 1,932,064
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
MUNICIPAL BONDS
NEW YORK
$ 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 $ 1,108,750
250 New York State Dormitory Authority,
Unrefunded Balance Revenue Bonds,
Series B (Non-Callable) (AA- , A3) 02/15/06 6.000 273,462
350 New York State Dormitory Authority,
Unrefunded Balance Revenue Bonds,
Series B (Non-Callable) (AA- , A3) 02/15/07 6.000 392,196
520 New York State Environmental Facilities Corp.,
Clean Water & Drinking, Revenue Bonds
Revolving Funds, Series A (Non-Callable) (AAA , Aaa) 04/15/10 4.250 556,182
1,125 New York State Local Government Assistance Corp.,
Revenue Bonds, Series A (AAA , Aaa) 04/01/06 6.000 1,242,292
1,000 New York State Local Government Assistance Corp.,
Revenue Bonds, Series A (Non-Callable) (AA , A1) 04/01/07 6.000 1,130,560
100 New York State Power Authority, General
Purpose Revenue Bonds (AAA , Aaa) 01/01/18 7.000 122,899
1,000 New York State Thruway Authority, Highway &
Bridge Revenue Bonds, Series A (Non-Callable) (AAA , Aaa) 01/01/04 6.000 1,008,360
800 New York State Urban Development Corp.,
Correctional & Youth Facilities Revenue Bonds,
Series A (AA- , A3) 01/01/17 5.000 866,736
1,000 New York State Urban Development Corp.,
Correctional Capital Revenue Bonds, Series A,
(AMBAC-TCRS Insured) (AAA , Aaa) 01/01/06 5.400 1,082,030
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 1,175,550
1,000 New York State Urban Development Corp.,
State Facilities Revenue Bonds (AA- , A3) 04/01/11 5.750 1,143,230
1,000 Rockland County New York General
Obligation Bonds,
(Callable 10/15/09 @ $101.00) (AA- , A1) 10/15/14 5.500 1,118,040
1,000 Triborough Bridge & Tunnel Authority,
Revenue Bonds, Series A (AAA , Aa3) 01/01/07 5.500 1,110,380
1,420 Triborough Bridge & Tunnel Authority,
Revenue Bonds, Series A
(Callable 01/01/09 @ $101.00) (AAA , Aa3) 01/01/18 5.125 1,617,550
600 Triborough Bridge & Tunnel Authority,
Revenue Bonds, Series B (AA- , Aa3) 11/15/16 5.250 653,796
1,000 Triborough Bridge & Tunnel Authority,
Revenue Bonds, Series B (AAA , Aa3) 01/01/09 5.500 1,141,630
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
MUNICIPAL BONDS
NEW YORK
$ 1,000 Triborough Bridge & Tunnel Authority,
Revenue Bonds, Series Y (AAA , Aa3) 01/01/06 5.800 $ 1,090,850
------------
TOTAL NEW YORK (Cost $58,434,329) 62,092,128
------------
PUERTO RICO (3.0%)
1,000 Puerto Rico Commonwealth Aqueduct &
Sewer Authority, Revenue Bonds (MBIA Insured) (AAA , Aaa) 07/01/07 6.000 1,141,440
785 Puerto Rico Public Buildings Authority,
Government Facilities Revenue Bonds, Series C (A- , Baa1) 07/01/05 5.000 827,359
------------
TOTAL PUERTO RICO (Cost $1,845,628) 1,968,799
------------
TOTAL MUNICIPAL BONDS (Cost $60,279,957) 64,060,927
------------
SHORT-TERM INVESTMENT (0.3%)
<Caption>
NUMBER OF
SHARES
---------
151,199 Blackrock Provident New York Money Fund
(Cost $151,199) 151,199
------------
TOTAL INVESTMENTS AT VALUE (98.9%) (Cost $60,431,156) 64,212,126
OTHER ASSETS IN EXCESS OF LIABILITIES (1.1%) 746,566
------------
NET ASSETS (100.0%) $ 64,958,692
============
</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.
8
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2003
<Table>
ASSETS
Investments at value (Cost $60,431,156) (Note 1) $ 64,212,126
Interest receivable 904,326
Prepaid expenses 18,360
---------------
Total Assets 65,134,812
---------------
LIABILITIES
Advisory fee payable (Note 2) 55,181
Administrative services fee payable (Note 2) 16,945
Distribution fee payable (Note 2) 325
Payable for fund shares redeemed 55,067
Dividend payable 16,201
Trustees' fee payable 5,986
Other accrued expenses payable 26,415
---------------
Total Liabilities 176,120
---------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 6,081
Paid-in capital (Note 5) 60,699,760
Accumulated net realized gain on investments 471,881
Net unrealized appreciation from investments 3,780,970
---------------
Net Assets $ 64,958,692
===============
COMMON SHARES
Net assets $ 63,423,445
Shares outstanding 5,937,158
---------------
Net asset value, offering price, and redemption price per share $ 10.68
===============
A SHARES
Net assets $ 1,535,247
Shares outstanding 143,487
---------------
Net asset value and redemption price per share $ 10.70
===============
Maximum offering price per share (net asset value/(1-3.00%)) $ 11.03
===============
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
STATEMENT OF OPERATIONS
For the Year Ended October 31, 2003
<Table>
INTEREST INCOME (NOTE 1) $ 3,047,251
---------------
EXPENSES
Investment advisory fees (Note 2) 296,256
Administrative services fees (Note 2) 129,829
Distribution fees (Note 2) 2,199
Legal fees 47,476
Transfer agent fees (Note 2) 40,828
Registration fees 34,106
Audit fees 23,090
Printing fees (Note 2) 20,628
Trustees' fees 18,987
Insurance expense 9,618
Custodian fees 8,421
Interest expense 4,238
Miscellaneous expense 5,561
---------------
Total expenses 641,237
Less: fees waived (Note 2) (194,652)
---------------
Net expenses 446,585
---------------
Net investment income 2,600,666
---------------
NET REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investments 471,936
Net change in unrealized appreciation (depreciation) from investments 69,237
---------------
Net realized and unrealized gain from investments 541,173
---------------
Net increase in net assets resulting from operations $ 3,141,839
===============
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
OCTOBER 31, 2003 OCTOBER 31, 2002
---------------- ----------------
FROM OPERATIONS
Net investment income $ 2,600,666 $ 3,439,213
Net realized gain from investments 471,936 1,404,525
Net change in unrealized appreciation (depreciation) from investments 69,237 (530,357)
---------------- ----------------
Net increase in net assets resulting from operations 3,141,839 4,313,381
---------------- ----------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income
Common Class shares (2,571,775) (3,438,226)
Class A shares (28,891) (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 distributions (3,999,335) (4,066,976)
---------------- ----------------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 5)
Proceeds from sale of shares 37,966,195 46,489,121
Reinvestment of dividends and distributions 3,665,536 3,582,449
Net asset value of shares redeemed (59,390,146) (80,114,680)
---------------- ----------------
Net decrease in net assets from capital share transactions (17,758,415) (30,043,110)
---------------- ----------------
Net decrease in net assets (18,615,911) (29,796,705)
NET ASSETS
Beginning of year 83,574,603 113,371,308
---------------- ----------------
End of year $ 64,958,692 $ 83,574,603
================ ================
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
--------------------------------------------------------------------------------
2003 2002 2001 2000 1999
------------ ------------ ------------ ------------ ------------
PER SHARE DATA
Net asset value, beginning of year $ 10.81 $ 10.74 $ 10.24 $ 10.04 $ 10.54
------------ ------------ ------------ ------------ ------------
INVESTMENT OPERATIONS
Net investment income 0.38 0.38(1) 0.43 0.44 0.42
Net gain (loss) on investments
(both realized and unrealized) 0.05 0.13 0.50 0.20 (0.44)
------------ ------------ ------------ ------------ ------------
Total from investment operations 0.43 0.51 0.93 0.64 (0.02)
------------ ------------ ------------ ------------ ------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.38) (0.38) (0.43) (0.44) (0.42)
Distributions from net realized gains (0.18) (0.06) -- -- (0.06)
------------ ------------ ------------ ------------ ------------
Total dividends and distributions (0.56) (0.44) (0.43) (0.44) (0.48)
------------ ------------ ------------ ------------ ------------
NET ASSET VALUE, END OF YEAR $ 10.68 $ 10.81 $ 10.74 $ 10.24 $ 10.04
============ ============ ============ ============ ============
Total return(2) 4.05% 4.91% 9.20% 6.54% (0.26)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 63,423 $ 83,434 $ 113,371 $ 74,948 $ 83,934
Ratio of expenses to average net assets(3) 0.60% 0.60% 0.60% 0.62% 0.61%
Ratio of net investment income to average
net assets 3.51% 3.58% 4.03% 4.37% 4.03%
Decrease reflected in above operating
expense ratios due to waivers 0.26% 0.25% 0.16% 0.11% 0.10%
Portfolio turnover rate 6% 34% 51% 29% 55%
</Table>
- ----------
(1) Per share information is calculated using the average shares outstanding
method.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the period shown, total returns would have been lower.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. These arrangements resulted in a reduction to
the net expense ratio by .02%, and .01% for the years ended October 31,
2000, and 1999, respectively. The Common Class shares' net operating expense
ratio after reflecting these arrangements was .60% for the years ended
October 31, 2000, and 1999, respectively. For the years ended October 31,
2003, 2002, and 2001 there was no effect on the net operating expense ratio
because of transfer agent credits.
See Accompanying Notes to Financial Statements.
12
<Page>
FINANCIAL HIGHLIGHTS
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR FOR THE PERIOD
ENDED ENDED
OCTOBER 31, 2003 OCTOBER 31, 2002(1)
---------------- -------------------
PER SHARE DATA
Net asset value, beginning of period $ 10.81 $ 10.61
--------------- ---------------
INVESTMENT OPERATIONS
Net investment income 0.35 0.31(2)
Net gain on investments (both realized and unrealized) 0.07 0.26
--------------- ---------------
Total from investment operations 0.42 0.57
--------------- ---------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.35) (0.31)
Distributions from net realized gains (0.18) (0.06)
--------------- ---------------
Total dividends and distributions (0.53) (0.37)
--------------- ---------------
NET ASSET VALUE, END OF PERIOD $ 10.70 $ 10.81
=============== ===============
Total return(3) 3.97% 5.46%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 1,535 $ 140
Ratio of expenses to average net assets(4) 0.85% 0.85%(5)
Ratio of net investment income to average net assets 3.29% 3.21%(5)
Decrease reflected in above operating expense ratios due to waivers 0.26% 0.36%(5)
Portfolio turnover rate 6% 34%
</Table>
- ----------
(1) For the period November 30, 2001 (inception date) through October 31, 2002.
(2) Per share information is calculated using the average shares outstanding
method.
(3) Total returns are historical and assume changes in share price, reinvestment
of all dividends and distributions and no sales charge. Had certain expenses
not been reduced during the period shown, total returns would have been
lower. Total returns for periods less than one year are not annualized.
(4) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the year ended October 31, 2003 and the
period ended October 31, 2002, there were no transfer agent credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS
October 31, 2003
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. Class A shares are sold subject to a front-end
sales charge of up 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. (the
"Exchange") on each day the Exchange is open for business. Debt securities with
a remaining maturity greater than 60 days are valued in accordance with the
price supplied by a pricing service, which may use a matrix, formula or other
objective method that takes into consideration market indices, yield curves and
other specific adjustments. The Fund's equity investments are valued at market
value, which is generally determined using the closing price on the exchange or
market on which the security is primarily traded at the time of valuation (the
"Valuation Time"). If no sales are reported, equity investments are generally
valued at the most recent bid quotation as of the Valuation Time or at the
lowest asked quotation in the case of a short sale of securities. Securities and
other assets for which market quotations are not readily available, or whose
values have been materially affected by events occurring before the Fund's
Valuation Time but after the close of the securities' primary markets, are
valued at fair value as determined in good faith by the Board of Trustees under
procedures established by the Board of Trustees. Debt obligations that will
mature in 60 days or less are valued on the basis of amortized cost, which
approximates market value, unless it is determined that this method would not
represent fair value.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. Certain expenses are
class-specific expenses and vary by class. Income,
14
<Page>
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 the specific identification method
for both financial reporting and income tax purposes.
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income are declared daily and paid monthly. Distributions of net
realized capital gains, if any, are declared and paid at least annually.
However, to the extent that a net realized capital gain can be reduced by a
capital loss carryforward, such gain will not be distributed. Income and capital
gain distributions are determined in accordance with federal income tax
regulations, which may differ from accounting principles generally accepted in
the United States of America ("GAAP").
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Fund's intention to continue to qualify for and elect the tax treatment
applicable to regulated investment companies under the Internal Revenue Code of
1986, as amended, and 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, pools available cash into either
a short-term variable rate time deposit issued by State Street Bank and Trust
Company ("SSB"), the Fund's custodian, or a money market fund advised by CSAM.
The short-term time deposit issued by SSB is a variable rate account classified
as a short-term investment.
G) 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
is pooled together with cash collateral for other funds/portfolios advised by
15
<Page>
CSAM and may be invested in a variety of investments, including certain
CSAM-advised funds, money market instruments and 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 at
October 31, 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 securities 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. There was no
securities lending income for the year ended October 31, 2003.
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 year ended October 31,
2003, investment advisory fees earned and voluntarily waived were $296,256 and
$194,652, respectively.
16
<Page>
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM and SSB serve as co-administrators to the Fund.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the Fund's average daily net assets.
For the year ended October 31, 2003, co-administrative services fees earned by
CSAMSI were $74,064.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon 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 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 year ended October 31, 2003, co-administrative services fees earned
by SSB (including out-of-pocket expenses) were $55,765.
In addition to serving as the Fund's co-administrator, CSAMSI currently
serves as distributor of 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 year ended
October 31, 2003, distribution fees earned by CSAMSI were $2,199. Common Class
shares are not subject to distribution fees.
Certain brokers, dealers and financial representatives provide transfer agent
related services to the Fund, and receive compensation for these services from
CSAM. CSAM is then reimbursed by the Fund. For the year ended October 31, 2003,
the Fund reimbursed CSAM $18,994, which is included in the Fund's transfer agent
expense.
For the year ended October 31, 2003, CSAMSI and its affiliates advised the
Fund that they retained $7,401 from commissions earned on the sale of Class A
shares.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Fund to provide certain financial printing and fulfillment services. For the
year ended October 31, 2003, Merrill was paid $11,912 for its services to the
Fund.
17
<Page>
NOTE 3. LINE OF CREDIT
The Fund, together with other funds/portfolios advised by CSAM (collectively,
the "Participating Funds"), participate in a $100 million committed, unsecured
line of credit facility ("Credit Facility") for temporary or emergency purposes
with Deutsche Bank, A.G. as administrative agent and syndication agent and SSB
as operations agent. Under the terms of the Credit Facility, the Participating
Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the
average unused amount of the Credit Facility, which is allocated among the
Participating Funds in such manner as is determined by the governing Boards of
the Participating Funds. In addition, the Participating Funds pay interest on
borrowings at the Federal Funds rate plus 0.50%. At October 31, 2003, the Fund
had no loans outstanding under the Credit Facility. During the year ended
October 31, 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 year ended October 31, 2003, purchases and sales of investment
securities (excluding short-term investments) were $4,276,056 and $22,175,272,
respectively.
18
<Page>
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 YEAR ENDED FOR THE YEAR ENDED
OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- -------------- ------------ --------------
Shares sold 3,303,255 $ 35,488,737 4,296,791 $ 45,999,534
Shares issued in reinvestment
of dividends and distributions 339,279 3,622,524 337,029 3,581,710
Shares redeemed (5,426,136) (58,276,481) (7,469,943) (79,767,013)
------------- -------------- ------------ --------------
Net decrease (1,783,602) $ (19,165,220) (2,836,123) $ (30,185,769)
============= ============== ============ ==============
<Caption>
CLASS A
-------------------------------------------------------------------
FOR THE YEAR ENDED FOR THE PERIOD ENDED
OCTOBER 31, 2003 OCTOBER 31, 2002(1)
-------------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- -------------- ------------ --------------
Shares sold 230,225 $ 2,477,458 45,776 $ 489,587
Shares issued in reinvestment
of dividends and distributions 4,031 43,012 68 739
Shares redeemed (103,752) (1,113,665) (32,861) (347,667)
------------- -------------- ------------ --------------
Net increase 130,504 $ 1,406,805 12,983 $ 142,659
============= ============== ============ ==============
</Table>
- ----------
(1) For the period November 30, 2001 (inception date) through October 31, 2002.
On October 31, 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
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
Common Class 2 49%
Class A 4 67%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP.
19
<Page>
The tax characteristics of dividends and distributions paid during the years
ended October 31, 2003 and 2002 by the Fund were as follows:
<Table>
<Caption>
ORDINARY INCOME LONG-TERM CAPITAL GAIN TAX EXEMPT
------------------------------- ------------------------------- -------------------------------
2003 2002 2003 2002 2003 2002
-------------- -------------- -------------- -------------- -------------- --------------
$ 233,963 $ -- $ 1,164,706 $ 627,763 $ 2,600,666 $ 3,439,213
</Table>
At October 31, 2003, the components of distributable earnings on a tax basis
for the Fund were as follows:
<Table>
Accumulated realized gain $ 471,881
Unrealized appreciation 3,780,970
------------
$ 4,252,851
============
</Table>
At October 31, 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 (depreciation) from investments were $60,431,156,
$3,804,204, $(23,234) and $3,780,970, respectively.
NOTE 7. CONTINGENCIES
In the normal course of business, the Fund may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Fund's maximum exposure under these arrangements is dependent on future claims
that may be made against the Fund and, therefore, cannot be estimated; however,
based on experience, the risk of loss from such claims is considered remote.
20
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees and Shareholders of
Credit Suisse New York Municipal Fund:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Credit Suisse New York Municipal
Fund (the "Fund") at October 31, 2003, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the years (or
periods) presented, in conformity with accounting principles generally accepted
in the United States of America. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States of America, which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at October
31, 2003 by correspondence with the custodian, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 23, 2003
21
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- -------------------------- ----------- ------------ -------------------- ------------- ---------------
INDEPENDENT TRUSTEES
Richard H. Francis Trustee, Since 1999 Currently retired 44 None
c/o Credit Suisse Asset Nominating and
Management, LLC Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten Trustee, Since Fund Dean of Yale School of 43 Director of Aetna, Inc.
Box 208200 Nominating and Inception(2) Management and William (insurance company);
New Haven, Connecticut Audit S. Beinecke Professor Director of Calpine
06520-8200 Committee in the Practice of Corporation (energy
Member International Trade provider); Director of
Date of Birth: 10/29/46 and Finance (11/95 - CarMax Group (used car
present) dealers)
Peter F. Krogh Trustee, Since 2001 Dean Emeritus and 43 Director of Carlisle
301 ICC Nominating and Distinguished Companies Incorporated
Georgetown University Audit Professor of (diversified
Washington, DC 20057 Committee International Affairs manufacturing company);
Member at the Edmund A. Walsh Member of Selection
Date of Birth: 02/11/37 School of Foreign Committee for Truman
Service, Georgetown Scholars and Henry Luce
University (6/95 - Scholars; Senior
present); Moderator of Associate of Center for
PBS foreign affairs Strategic and
television series International Studies;
(1988 - 2000) Trustee of numerous world
affairs organizations
</Table>
- ----------
(1) Each Trustee and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Trustee of the Fund on February 6,
1998. He resigned as Trustee on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
22
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- -------------------------- ----------- ------------ -------------------- ------------- ---------------
INDEPENDENT TRUSTEES
James S. Pasman, Jr. Trustee, Since 1999 Currently retired 45 Director of Education
c/o Credit Suisse Asset Nominating and Management Corp.
Management, LLC Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Trustee, Since 1999 Partner of Lehigh 45 None
Lehigh Court, LLC Nominating Court, LLC and RZ
40 East 52nd Street Committee Capital (private
New York, New York Member and investment firms) (7/02
10022 Audit - present); Consultant
Committee to SunGard Securities
Date of Birth: 07/10/48 Chairman Finance, Inc. from
February 2002 to July
2002; President of
SunGard Securities
Finance, Inc. from 2001
to February 2002;
President of Loanet,
Inc. (on-line
accounting service)
from 1997 to 2001
</Table>
23
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE
- -------------------------- ----------- ------------ -------------------- ------------- ---------------
INTERESTED TRUSTEES
Joseph D. Gallagher(3) Trustee, Since 2003 Managing Director and 46 None
Credit Suisse Asset Chairman of Chief Executive
Management, LLC the Board and Officer of CSAM since
466 Lexington Avenue Chief 2003; Global Chief
New York, New York Executive Financial Officer,
10017-3140 Officer Credit Suisse Asset
Management since 1999;
Date of Birth: 12/14/62 Chief Executive Officer
and Director of Credit
Suisse Asset Management
Limited, London,
England, from June 2000
to 2003; Director of
Credit Suisse Asset
Management Funds (UK)
Limited, London,
England, from June 2000
to 2003; Managing
Director, Head - Asian
Corporate Finance and
M&A, Credit Suisse
First Boston, Hong
Kong, China, from
January 1998 to May
1999
William W. Priest, Jr.(4) Trustee Since 1999 Co-Managing Partner, 50 Director of Globe
Steinberg Priest & Sloane Steinberg Priest & Wireless, LLC (a
Capital Management, LLC Sloane Capital maritime communications
12 East 49th Street Management, LLC since company); Director of
12th Floor March 2001; Chairman InfraRed X (a medical
New York, New York and Managing Director device company)
10017 of CSAM from 2000 to
February 2001, Chief
Date of Birth: 09/24/41 Executive Officer and
Managing Director of
CSAM from 1990 to 2000
</Table>
- ----------
(3) Mr. Gallagher is a Trustee who is an "interested person" of the Fund as
defined in the 1940 Act, because he is an officer of CSAM.
(4) Mr. Priest is a Trustee who is an "interested person" of the Fund as defined
in the 1940 Act, because he provided consulting services to CSAM within the
last two years (ended 12/31/02).
24
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------------------- ----------- ------------ ----------------------------------------------
OFFICERS
Hal Liebes Vice President and Since 1999 Managing Director and Global General Counsel
Credit Suisse Asset Secretary of CSAM; Associated with CSAM since 1997;
Management, LLC Officer of other Credit Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 07/06/64
Michael A. Pignataro Chief Financial Officer Since 1999 Director and Director of Fund Administration
Credit Suisse Asset and Treasurer of CSAM; Associated with CSAM since 1984;
Management, LLC Officer of other Credit Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 11/15/59
Gregory N. Bressler Assistant Secretary Since 2000 Director and Deputy General Counsel of CSAM;
Credit Suisse Asset Associated with CSAM since January 2000;
Management, LLC Associated with the law firm of Swidler Berlin
466 Lexington Avenue Shereff Friedman LLP from 1996 to 2000;
New York, New York Officer of other Credit Suisse Funds
10017-3140
Date of Birth: 11/17/66
Rocco A. Del Guercio Assistant Treasurer Since 1999 Vice President of CSAM; Associated with CSAM
Credit Suisse Asset since June 1996; Officer of other Credit Suisse
Management, LLC Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/28/63
Joseph Parascondola Assistant Treasurer Since 2000 Assistant Vice President of CSAM; Associated
Credit Suisse Asset with CSAM since April 2000; Assistant Vice
Management, LLC President, Deutsche Asset Management from
466 Lexington Avenue January 1999 to April 2000; Assistant Vice
New York, New York President, Weiss, Peck & Greer LLC from
10017-3140 November 1995 to December 1998; Officer of
other Credit Suisse Funds
Date of Birth: 06/05/63
</Table>
25
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH TRUST SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------------------- ----------- ------------ ----------------------------------------------
OFFICERS
Robert M. Rizza Assistant Treasurer Since 2002 Assistant Vice President of CSAM; Associated
Credit Suisse Asset with CSAM since 1998; Officer of other Credit
Management, LLC Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Trustees and is available, without charge, upon request, by calling
800-927-2874.
26
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
TAX INFORMATION LETTER (UNAUDITED)
October 31, 2003
IMPORTANT TAX INFORMATION FOR SHAREHOLDERS
During the year ended October 31, 2003, the Fund declared dividends of
$1,164,706 that were designated as long-term capital gains dividends.
IMPORTANT TAX INFORMATION FOR SHAREHOLDERS
In the twelve months ended October 31, 2003, (the end of the fiscal year),
100% of the dividends paid by the Fund were exempt-interest dividends for the
purpose of federal income taxes and free from such taxes.
In January 2004, you will be furnished with a schedule of the yearly
percentage breakdown by state or U.S. possession of the source of interest
earned by the Fund in 2003. It is suggested that you consult your tax advisor
concerning the applicability of State and local taxes to dividends paid by the
Fund during the year.
27
<Page>
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<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030 [CREDIT SUISSE ASSET MANAGEMENT LOGO]
800-927-2874 - www.csam-americas.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSNYM-2-1003
<Page>
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics applicable to its Chief Executive
Officer, President, Chief Financial Officer and Chief Accounting Officer, or
persons performing similar functions. A copy of the code is filed as Exhibit
11(a)(1) to this Form. There were no amendments to the code during the fiscal
year ended October 31, 2003. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended October 31, 2003.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's governing board has determined that it has three audit
committee financial experts serving on its audit committee: Richard H. Francis,
James S. Pasman, Jr., and Steven N. Rappaport. Each audit committee financial
expert is "independent" for purposes of this item.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Form N-CSR disclosure requirement is 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. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
N-CSR disclosure requirement not yet effective with respect to the registrant.
ITEM 10. CONTROLS AND PROCEDURES.
(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
registrant's second fiscal half-year that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(a)(1) The registrant's code of ethics is an exhibit to this report.
<Page>
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under
the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b) under
the Act are an exhibit to this report.
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: January 5, 2004
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: January 5, 2004
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: January 5, 2004