<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. 811-04170
---------------------------------------------------
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 10017-3140
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 December 31, 2003
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2003
- - 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 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 DECEMBER 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.
<Page>
CREDIT SUISSE CASH RESERVE FUND
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2003 (Unaudited)
January 23, 2004
Dear Shareholder:
For Credit Suisse Cash Reserve Fund (the "Fund"), the annualized current
yields for the seven-day period ended December 31, 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.
There is little doubt that 2003 was a challenging year for money market
vehicles. In our opinion, two factors exerted the biggest influence on investor
demand:
- SHORT-TERM INTEREST RATES WERE SUFFICIENTLY LOW TO COMPEL MANY INVESTORS TO
LOOK ELSEWHERE FOR ATTRACTIVE YIELDS. Nominal short-term interest rates
started 2003 at 1.25% and were cut to 1.00% (the lowest such level since
1958) in June. While this provided a desirable backdrop for longer-maturity
fixed income instruments, it also acted to reduce the relative attraction
of the shortest maturities, which serve as the core holdings of money
market portfolios. The Federal Reserve (the "Fed") additionally helped keep
downward pressure on market-based interest rates with frequent public
statements reiterating its belief that an accommodative monetary stance was
both appropriate and sustainable.
- THE U.S. ECONOMIC RECOVERY STRENGTHENED AND GAINED MOMENTUM AS THE YEAR
PROGRESSED. Many investors thus became more comfortable with
growth-oriented, comparatively risky financial assets and chose to withdraw
cash from money market vehicles accordingly.
The main driver of our investment approach during the year was our conviction
that the Fed would choose to keep interest rates fairly low. 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 56
days at December 31, 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 expect that the rebound in U.S. economic growth will prove
sustainably strong, which has direct implications for interest rates and,
therefore, money market funds as well. While we would not be surprised if the
Fed chose to raise interest rates as the economy strengthens, the potential
1
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timing of such a move is unclear. We also believe that the Fed may opt to stay
on the monetary sidelines if rising GDP growth remains unaccompanied by rising
inflation.
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 view that
nominal rates are unlikely to decline further, we are not incentivized to keep
the portfolio's average weighted maturity on the long side, and thus will
probably allow it to 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 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.
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2003(2)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
Common Class 0.72% 3.29% 4.13% 2.55% 4/16/85
Class A 0.47% -- -- 0.76% 11/30/01
Class B -- -- -- 0.15%(3) 5/01/03
Class C -- -- -- 0.15%(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
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2003 (Unaudited)
January 23, 2004
Dear Shareholder:
For Credit Suisse New York Tax Exempt Fund (the "Fund"), the annualized
current yields for the seven-day period ended December 31, 2003 were 0.58%(1)
and 0.35%(1) (with waivers and reimbursements) for the Fund's Common Class and
Class A shares, respectively. The Fund's average weighted maturity was 18 days
at December 31, 2003, versus 51 days on December 31, 2002.
2003 was a challenging year 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, two factors exerted the biggest influence on
investor demand, in our opinion. The first was that short-term interest rates
were sufficiently low to compel many investors to look elsewhere for attractive
yields. Nominal short-term interest rates started 2003 at 1.25% and were cut to
1.00% (the lowest such level since 1958) in June. While this provided a
desirable backdrop for longer-maturity fixed income instruments, it also acted
to reduce the relative attraction of the shortest maturities, which serve as the
core holdings of money market portfolios. The second especially influential
factor was that the U.S. economic recovery strengthened and gained momentum as
the year progressed. Many investors thus became more comfortable with
growth-oriented, comparatively risky financial assets and chose to withdraw cash
from money market vehicles accordingly.
Our investment approach during the 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 expect that the rebound in U.S. economic growth will prove
sustainably strong, which has direct implications for interest rates and,
therefore, money market funds as well. While we would not be surprised if the
Federal Reserve (the "Fed") chose to raise interest rates as the economy
strengthens, the potential timing of such a move is unclear. We also believe
that
3
<Page>
the Fed may opt to stay on the monetary sidelines if rising GDP growth remains
unaccompanied by rising inflation.
With regard to strategy, the approach we took 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 DECEMBER 31, 2003(2)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------ ------- -------- --------- ---------
Common Class 0.54% 1.95% 2.43% 1.51% 4/18/85
Class A 0.30% -- -- 0.46% 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
December 31, 2003
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
ASSET BACKED COMMERCIAL PAPER (24.1%)
FINANCE (24.1%)
$ 3,000 Barton Capital Corp. (A-1+ , P-1) 01/05/04 1.071 $ 2,999,643
2,500 Clipper Receivables Corp. (A-1 , P-1) 01/05/04 1.081 2,499,700
3,000 Compass Securitization LLC. (A-1+ , P-1) 01/22/04 1.101 2,998,075
3,050 Lexington Parker Capital Corp. (A-1 , NR) 01/05/04 1.100 3,049,627
3,000 Old Line Funding Corp. (A-1+ , P-1) 01/15/04 1.091 2,998,728
2,900 Preferred Receivables Funding (A-1 , P-1) 01/08/04 1.092 2,899,386
2,900 Romulus Funding Corp. (A-1 , P-1) 01/16/04 1.151 2,898,611
------------
TOTAL ASSET BACKED COMMERCIAL PAPER (Cost $20,343,770) 20,343,770
------------
COMMERCIAL PAPER (14.0%)
BANKS (3.5%)
3,000 Banque Generale du Luxembourg (A-1+ , P-1) 01/23/04 1.081 2,998,020
------------
FINANCE (10.5%)
3,500 Atlantis One Funding Corp. (A-1+ , P-1) 01/22/04 1.081 3,497,795
2,500 Citigroup Global Markets Holdings, Inc. (A-1+ , P-1) 01/08/04 1.091 2,499,470
2,800 Morgan Stanley (A+ , Aa3) 01/20/04 5.625 2,806,162
------------
8,803,427
------------
TOTAL COMMERCIAL PAPER (Cost $11,801,447) 11,801,447
------------
VARIABLE RATE CORPORATE OBLIGATIONS (7.1%)
BANKS (3.5%)
3,000 Bank One NA## (A+ , Aa2) 01/02/04 1.040 2,999,956
------------
FINANCE (3.6%)
1,000 General Electric Capital Corp.## (AAA , Aaa) 01/22/04 1.270 1,000,525
2,000 Merrill Lynch & Company, Inc.## (A+ , Aa3) 02/23/04 1.470 2,002,563
------------
3,003,088
------------
TOTAL VARIABLE RATE CORPORATE OBLIGATIONS (Cost $6,003,044) 6,003,044
------------
UNITED STATES AGENCY OBLIGATIONS (46.0%)
6,000 Fannie Mae## (AAA , Aaa) 03/15/04 1.080 5,998,560
1,000 Fannie Mae Discount Notes (AAA , Aaa) 07/23/04 1.280 992,747
1,500 Fannie Mae Discount Notes (AAA , Aaa) 09/13/04 1.340 1,485,707
500 Fannie Mae Discount Notes (AAA , Aaa) 09/17/04 1.340 495,161
2,500 Fannie Mae Discount Notes (AAA , Aaa) 10/15/04 1.310 2,473,800
2,000 Fannie Mae Discount Notes (AAA , Aaa) 11/12/04 1.360 1,976,124
2,000 Fannie Mae Note (AAA , Aaa) 05/14/04 5.625 2,032,167
7,000 Federal Home Loan Bank Bonds## (AAA , Aaa) 01/05/04 1.100 6,999,648
2,600 Freddie Mac (AAA , Aaa) 01/15/04 3.250 2,601,812
2,600 Freddie Mac (AAA , Aaa) 04/16/04 4.875 2,627,645
3,000 Freddie Mac Discount Notes (AAA , Aaa) 01/08/04 1.080 2,999,370
1,124 Freddie Mac Discount Notes (AAA , Aaa) 04/02/04 1.110 1,120,812
3,000 Freddie Mac Discount Notes (AAA , Aaa) 04/05/04 1.085 2,991,410
1,000 Freddie Mac Discount Notes (AAA , Aaa) 10/07/04 1.280 990,044
500 Freddie Mac Discount Notes (AAA , Aaa) 10/07/04 1.310 494,906
2,500 Freddie Mac Global Notes (AAA , Aaa) 07/15/04 3.000 2,525,744
------------
TOTAL UNITED STATES AGENCY OBLIGATIONS (Cost $38,805,657) 38,805,657
------------
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
REPURCHASE AGREEMENT (15.7%)
$ 13,203 Goldman Sachs Group, L.P. (Agreement dated
12/31/03, to be repurchased at $13,203,704,
collateralized by $7,455,000 Federal Home
Loan Bank 1.875% due 6/15/06, and $17,788,303
U.S. Treasury Strip 0.00% due 8/15/23.
Market Value of collateral is $13,467,060)
(Cost $13,203,000) (A-1+ , P-1) 01/02/04 0.960 $ 13,203,000
------------
TOTAL INVESTMENTS AT VALUE (106.9%) (Cost $90,156,918) 90,156,918
LIABILITIES IN EXCESS OF OTHER ASSETS (-6.9%) (5,813,328)
------------
NET ASSETS (100.0%) $ 84,343,590
============
</Table>
Average Weighted Maturity -- 56 days (Unaudited)
- ----------
+ 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.
## The interest rate is as of December 31, 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
December 31, 2003
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
MUNICIPAL BONDS (98.2%)
$ 2,000 Chautauqua County, NY, Industrial Development
Agency, Red Wing Co. Project
(Wachovia Bank LOC) VRDN## (NR , Aa2) 01/02/04 1.010 $ 2,000,000
1,300 Jay Street Development Corp., NY Certificates
Facilities Lease Revenue Bonds, Jay Street
Project, Series A-1
(JP Morgan Chase & Co. LOC) VRDN## (A1+ , VMIG1) 01/07/04 1.100 1,300,000
600 Jay Street Development Corp.,
NY Certificates Facilities Lease Revenue Bonds,
Series A-1 (Depfa Bank PLC LOC) VRDN## (A1+ , VMIG1) 01/07/04 1.080 600,000
800 Long Island Power Authority, NY Electric System,
Revenue Bonds, Series D (FSA LOC) VRDN## (A1+ , VMIG1) 01/07/04 1.100 800,000
275 Long Island Power Authority, NY Electric System,
Revenue Bonds, Subseries 1B
(State Street Bank & Trust Co. LOC) VRDN## (A1+ , Aa2) 01/02/04 1.270 275,000
1,000 Metropolitan Transportation Authority,
New York Dedicated Tax Fund, Revenue Bonds,
Series B (FSA Insured) VRDN## (A1+ , NR) 01/02/04 1.180 1,000,000
1,600 Monroe County, NY, Industrial Development
Agency, Revenue Bonds, St. Ann's Home for
Aged Project (HSBC Bank USA LOC) VRDN## (NR , VMIG1) 01/07/04 1.110 1,600,000
1,000 Nassau County, NY, Industrial Development Civic
Facility, Revenue Bonds, Refunding &
Improvement, Cold Spring Harbor
(Morgan Guaranty Trust LOC) VRDN## (A1+ , NR) 01/02/04 1.270 1,000,000
1,900 New York State, General Obligation Unlimited,
Environmental Quality, Series G (Westdeutsche
Landesbank LOC) VRDN## (A1+ , VMIG1) 10/02/04 1.030 1,900,000
1,000 New York State Dormitory Authority, Revenue
Bonds, Certificates Series D, VRDN## (AAA , NR) 01/02/04 0.990 1,000,000
1,700 New York State Dormitory Authority, Revenue
Bonds, Cornell University, Series B
(Morgan Guaranty Trust LOC) VRDN## (A1+ , VMIG1) 01/02/04 1.270 1,700,000
1,570 New York State Housing Finance Agency,
Revenue Bonds, Normandie City I Project
(Landesbank Hessen-Thuringen LOC) VRDN## (A1+ , VMIG1) 01/07/04 1.080 1,570,000
2,000 New York State Local Government
Assistance Corp., Revenue Bonds, Series B
(Westdeutsche Landesbank and Bayerische
Landesbank LOC) VRDN## (A1+ , VMIG1) 01/07/04 1.080 2,000,000
1,400 New York State Power Authority, Revenue
Bonds, Adjusted Subseries 5, VRDN## (A-1 , VMIG1) 01/07/04 1.100 1,400,000
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
$ 350 New York, NY, City Cultural Resources,
Revenue Bonds, Solomon Guggenheim,
Series B (Westdeutsche Landesbank LOC) VRDN## (A1+ , VMIG1) 01/02/04 1.270 $ 350,000
0(1) New York, NY, City Industrial Development
Agency, Revenue Bonds, Adjusted Abigail
Press Incorporated Project
(JP Morgan Chase & Co. LOC) VRDN## (A1+ , NR) 01/02/04 1.250 100
700 New York, NY, City Industrial Development
Agency Civic Facility, Revenue Bonds,
National Audubon Society
(Citibank N.A. LOC) VRDN## (A1+ , NR) 01/02/04 1.270 700,000
200 New York, NY, City Municipal Water Finance
Authority Water & Sewer Systems,
Revenue Bonds, Adjusted
Series C (FGIC Insured) VRDN## (A1+ , VMIG1) 01/02/04 1.270 200,000
1,600 New York, NY, City Transitional Finance
Authority, NYC Recovery Series 3, Subseries
3H (Bank of New York LOC) VRDN## (A1+ , VMIG1) 01/02/04 1.280 1,600,000
600 New York, NY, City Transitional Finance
Authority, Revenue Bonds, NYC Recovery
Series 1, Subseries 1D (Landesbank
Hessen-Thuringen LOC) VRDN## (A1+ , VMIG1) 01/02/04 1.270 600,000
200 New York, NY, City Transitional Finance
Authority, Revenue Bonds, NYC Recovery
Series 3, Subseries 3E
(Bank of New York LOC) VRDN## (A1+ , VMIG1) 01/02/04 1.270 200,000
1,000 New York, NY, General Obligation Unlimited,
Adjusted Subseries H-2
(Bank of Nova Scotia LOC) VRDN## (A-1 , VMIG1) 01/07/04 1.050 1,000,000
400 New York, NY, General Obligation Unlimited,
Series B2- Subseries B9
(JP Morgan Chase & Co. LOC) VRDN## (A1+ , VMIG1) 01/07/04 1.120 400,000
300 New York, NY, General Obligation Unlimited,
Subseries A-5 (KBC Bank LOC) VRDN## (A-1 , VMIG1) 01/02/04 1.270 300,000
700 New York, NY, General Obligation Unlimited,
Subseries A-7
(Morgan Guaranty Trust LOC) VRDN## (A1+ , VMIG1) 01/02/04 1.270 700,000
1,915 New York, NY, General Obligation Unlimited,
Subseries A-8 (AMBAC Insurance) VRDN## (A1+ , VMIG1) 01/07/04 1.050 1,915,000
1,300 New York, NY, General Obligation Unlimited,
Subseries A-8
(Morgan Guaranty Trust LOC) VRDN## (A1+ , VMIG1) 01/02/04 1.270 1,300,000
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
----- ------------- -------- ----- -----
$ 500 New York, NY, General Obligation Unlimited,
Subseries A-8
(Morgan Guaranty Trust LOC) VRDN## (A1+ , VMIG1) 01/02/04 1.270 $ 500,000
1,800 New York, NY, Housing Development Corp.,
Revenue Bonds, Multifamily Columbus
Apartments, Series A (FNMA LOC) VRDN## (A1+ , NR) 01/07/04 1.100 1,800,000
1,300 Niagara Falls, NY, Bridging Community Toll,
Revenue Bonds, Adjusted Fixed Series A
(FGIC Insured) VRDN## (A1+ , VMIG1) 01/07/04 1.050 1,300,000
965 Tompkins County, NY, Indistrial Development
Agency, Revenue Bonds, Civic Facility,
Series A (HSBC Bank LOC) VRDN## (NR , VMIG1) 01/02/04 1.220 965,000
3,995 Triborough Bridge and Tunnel Authority NY,
Floater- PA 956, VRDN## (A-1 , NR) 01/02/04 1.280 3,995,000
1,500 Yonkers, NY, Industrial Development Agency,
Revenue Bonds, Merlots Series A01, VRDN## (NR , VMIG1) 01/07/04 1.220 1,500,000
------------
TOTAL MUNICIPAL BONDS (Cost $37,470,100) 37,470,100
------------
TOTAL INVESTMENTS AT VALUE (98.2%) (Cost $37,470,100) 37,470,100
OTHER ASSETS IN EXCESS OF LIABILITIES (1.8%) 671,611
------------
NET ASSETS (100.0%) $ 38,141,711
============
</Table>
Average Weighted Maturity -- 18 days (Unaudited)
INVESTMENT ABBREVIATIONS
AMBAC = Ambac Assurance Corporation
FGIC = Financial Guaranty Insurance Company
FNMA = Federal National Mortgage Association
FSA = Financial Security Assurance, Inc.
LOC = Letter of Credit
NR = Not Rated
VRDN = Variable Rate Demand Note
- ----------
+ 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.
## The interest rate is as of December 31, 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.
(1) Amount represents less than $1,000 par.
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2003
<Table>
<Caption>
CASH NEW YORK
RESERVE FUND TAX EXEMPT FUND
-------------- ---------------
ASSETS
Investments at value (Cost $76,953,918 and
$37,470,100, respectively) (Note 1) $ 76,953,918 $ 37,470,100
Repurchase agreement at value (Cost $13,203,000 and
$0, respectively) (Note 1) 13,203,000 --
Cash 87 32,156
Receivable for fund shares sold 1,157,234 68,676
Interest receivable 196,978 69,899
Receivable from investment adviser -- 4,118
Receivable for investments sold -- 1,100,889
Prepaid expenses 53,423 37,145
-------------- ---------------
Total Assets 91,564,640 38,782,983
-------------- ---------------
LIABILITIES
Advisory fee payable (Note 2) 727 --
Administrative services fee payable (Note 2) 16,196 9,234
Distribution fee payable (Note 2) 303 4
Payable for investments purchased 6,999,648 --
Payable for fund shares redeemed 140,096 593,014
Dividend payable 25,752 11,757
Directors' fee payable 90 90
Other accrued expenses payable 38,238 27,173
-------------- ---------------
Total Liabilities 7,221,050 641,272
-------------- ---------------
NET ASSETS
Capital stock, $0.001 par value (Note 3) 84,505 38,177
Paid-in capital (Note 3) 84,570,376 38,125,808
Accumulated net realized loss on investments (311,291) (22,274)
-------------- ---------------
Net Assets $ 84,343,590 $ 38,141,711
============== ===============
COMMON SHARES
Net assets $ 82,990,435 $ 38,120,549
Shares outstanding 83,152,946 38,155,934
-------------- ---------------
Net asset value, offering price, and redemption
price per share $ 1.00 $ 1.00
============== ===============
A SHARES
Net assets $ 1,246,795 $ 21,162
Shares outstanding 1,246,433 21,170
-------------- ---------------
Net asset value, offering price, and redemption
price per share $ 1.00 $ 1.00
============== ===============
B SHARES
Net assets $ 60,339 NA
Shares outstanding 60,202 NA
-------------- ---------------
Net asset value, offering price, and redemption
price per share $ 1.00 NA
============== ===============
C SHARES
Net assets $ 46,021 NA
Shares outstanding 45,917 NA
-------------- ---------------
Net asset value, offering price, and redemption
price per share $ 1.00 NA
============== ===============
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2003
<Table>
<Caption>
CASH NEW YORK
RESERVE FUND TAX EXEMPT FUND
-------------- ---------------
INTEREST INCOME (Note 1) $ 1,478,107 $ 1,088,385
-------------- ---------------
EXPENSES
Investment advisory fees (Note 2) 417,859 253,819
Administrative services fees (Note 2) 191,547 165,391
Distribution fees (Note 2) 4,216 61
Transfer agent fees 108,793 18,678
Legal fees 72,653 41,627
Registration fees 56,594 31,392
Printing fees (Note 2) 26,595 23,082
Audit fees 25,825 26,636
Directors' fees 15,992 15,992
Custodian fees 12,085 8,589
Insurance expense 11,908 10,700
Miscellaneous expense 8,565 9,307
-------------- ---------------
Total expenses 952,632 605,274
Less: fees waived (Note 2) (358,477) (78,438)
-------------- ---------------
Net expenses 594,155 526,836
-------------- ---------------
Net investment income 883,952 561,549
-------------- ---------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS 16,484 (18,733)
-------------- ---------------
Net increase in net assets resulting from operations $ 900,436 $ 542,816
============== ===============
</Table>
See Accompanying Notes to Financial Statements.
12
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
CASH RESERVE FUND NEW YORK TAX EXEMPT FUND
------------------------------------- -------------------------------------
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002 DECEMBER 31, 2003 DECEMBER 31, 2002
----------------- ----------------- ----------------- -----------------
FROM OPERATIONS
Net investment income $ 883,952 $ 2,868,600 $ 561,549 $ 1,380,398
Net realized gain (loss)
from investments 16,484 (246,467) (18,733) 155
----------------- ----------------- ----------------- -----------------
Net increase in net assets
resulting from operations 900,436 2,622,133 542,816 1,380,553
----------------- ----------------- ----------------- -----------------
FROM DIVIDENDS
Dividends from net investment income
Common Class Shares (862,082) (2,875,574) (561,471) (1,380,232)
Class A Shares (7,590) (7,157) (78) (166)
Class B Shares (84) -- -- --
Class C Shares (65) -- -- --
----------------- ----------------- ----------------- -----------------
Net decrease in net assets
resulting from dividends (869,821) (2,882,731) (561,549) (1,380,398)
----------------- ----------------- ----------------- -----------------
FROM CAPITAL SHARE
TRANSACTIONS (Note 3)
Proceeds from sale of shares 525,939,171 763,895,569 233,273,590 263,891,050
Reinvestment of dividends 317,836 1,151,887 46,677 243,105
Net asset value of shares redeemed (581,864,671) (926,533,330) (312,915,128) (333,064,869)
----------------- ----------------- ----------------- -----------------
Net decrease in net assets from
capital share transactions (55,607,664) (161,485,874) (79,594,861) (68,930,714)
----------------- ----------------- ----------------- -----------------
Increase due to capital contribution
from adviser (Note 2) 150,000 -- -- --
----------------- ----------------- ----------------- -----------------
Net decrease in net assets (55,427,049) (161,746,472) (79,613,594) (68,930,559)
NET ASSETS
Beginning of year 139,770,639 301,517,111 117,755,305 186,685,864
----------------- ----------------- ----------------- -----------------
End of year $ 84,343,590 $ 139,770,639 $ 38,141,711 $ 117,755,305
================= ================= ================= =================
Distributions in excess of net
investment income $ -- $ (14,131) $ -- $ --
================= ================= ================= =================
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE CASH RESERVE FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
--------------------------------------------------------------
2003 2002 2001 2000 1999
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.0074 0.0125 0.0371 0.0592 0.0464
Net loss on investments
(both realized and unrealized) (0.0014) -- -- -- --
---------- ---------- ---------- ---------- ----------
Total from investment operations 0.0060 0.0125 0.0371 0.0592 0.0464
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS
Dividends from net investment income (0.0072) (0.0125) (0.0371) (0.0592) (0.0464)
---------- ---------- ---------- ---------- ----------
INCREASE DUE TO CAPITAL CONTRIBUTION 0.0012 -- -- -- --
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
========== ========== ========== ========== ==========
Total return(1) 0.72% 1.25% 3.77% 6.08% 4.74%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 82,990 $ 138,095 $ 301,516 $ 343,623 $ 463,971
Ratio of expenses to average net assets(2) 0.49% 0.55% 0.55% 0.57% 0.56%
Ratio of net investment income to average
net assets 0.74% 1.38% 3.85% 5.07% 4.66%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.30% 0.14% 0.11% 0.11% 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 years shown, total returns would have been lower.
(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 .02%, and .01% for the years
ended December 31, 2000 and 1999, respectively. The Common Class shares'
operating expense ratio after reflecting these arrangements was .55% for
each of the years ended December 31, 2000 and 1999, respectively. For the
years ended December 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.
14
<Page>
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
-------------------------------------------
2003 2002 2001(1)
----------- ----------- -----------
PER SHARE DATA
Net asset value, beginning of period $ 1.0000 $ 1.0000 $ 1.0000
----------- ----------- -----------
INVESTMENT OPERATIONS
Net investment income 0.0050 0.0100 0.0011
Net loss on investments (both realized and unrealized) (0.0019) -- --
----------- ----------- -----------
Total from investment operations 0.0031 0.0100 0.0011
----------- ----------- -----------
LESS DIVIDENDS
Dividends from net investment income (0.0047) (0.0100) (0.0011)
----------- ----------- -----------
INCREASE DUE TO CAPITAL CONTRIBUTION 0.0016 -- --
----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 1.0000 $ 1.0000 $ 1.0000
=========== =========== ===========
Total return(2) 0.47% 1.01% 0.11%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 1,247 $ 1,676 $ 1
Ratio of expenses to average net assets 0.74% 0.80% 0.80%(3)
Ratio of net investment income to average net assets 0.49% 1.01% 1.43%(3)
Decrease reflected in above operating expense ratios due to
waivers/reimbursements 0.30% 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.
15
<Page>
(For Class B and Class C Shares of the Fund Outstanding Throughout the Period)
<Table>
<Caption>
FOR THE PERIOD ENDED DECEMBER 31, 2003(1)
-----------------------------------------
CLASS B CLASS C
------------------ ------------------
PER SHARE DATA
Net asset value, beginning of period $ 1.0000 $ 1.0000
------------------ ------------------
INVESTMENT OPERATIONS
Net investment income 0.0016 0.0016
Net loss on investments
(both realized and unrealized) (0.0022) (0.0022)
------------------ ------------------
Total from investment operations (0.0006) (0.0006)
------------------ ------------------
LESS DIVIDENDS
Dividends from net investment income (0.0015) (0.0015)
------------------ ------------------
INCREASE DUE TO CAPITAL CONTRIBUTION 0.0021 0.0021
------------------ ------------------
NET ASSET VALUE, END OF PERIOD $ 1.0000 $ 1.0000
================== ==================
Total return(2) 0.15% 0.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 60 $ 46
Ratio of expenses to average net assets(3) 0.94% 0.94%
Ratio of net investment income to average net assets(3) 0.24% 0.24%
Decrease reflected in above operating expense ratios due to
waivers/reimbursements(3) 0.40% 0.40%
</Table>
- ----------
(1) For the period May 1, 2003 (inception date) through December 31, 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.
16
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
--------------------------------------------------------------
2003 2002 2001 2000 1999
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of year $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.0055 0.0090 0.0202 0.0341 0.0267
Net loss on investments
(both realized and unrealized) (0.0001) -- -- -- --
---------- ---------- ---------- ---------- ----------
Total from investment operations 0.0054 0.0090 0.0202 0.0341 0.0267
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS
Dividends from net investment income (0.0054) (0.0090) (0.0202) (0.0341) (0.0267)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
========== ========== ========== ========== ==========
Total return(1) 0.54% 0.90% 2.13% 3.46% 2.70%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 38,121 $ 117,734 $ 186,685 $ 197,544 $ 181,842
Ratio of expenses to average net assets(2) 0.52% 0.55% 0.55% 0.57% 0.56%
Ratio of net investment income to average
net assets 0.55% 0.92% 2.11% 3.39% 2.68%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.08% 0.08% 0.15% 0.11% 0.13%
</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 years shown, total returns would have been lower.
(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 .02% and .01% for the years
ended December 31, 2000 and 1999, respectively. The Common Class shares'
net operating expense ratio after reflecting these arrangements was .55%
for each of the years ended December 31, 2000 and 1999, respectively. For
the years ended December 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.
17
<Page>
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
------------------------------------
2003 2002 2001(1)
---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 1.0000 $ 1.0000 $ 1.0000
---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.0031 0.0062 0.0004
Net loss on investments (both realized and unrealized) (0.0001) -- --
---------- ---------- ----------
Total from investment operations 0.0030 0.0062 0.0004
---------- ---------- ----------
LESS DIVIDENDS
Dividends from net investment income (0.0030) (0.0062) (0.0004)
---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 1.0000 $ 1.0000 $ 1.0000
========== ========== ==========
Total return(2) 0.30% 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 0.77% 0.80% 0.80%(3)
Ratio of net investment income to average net assets 0.30% 0.59% 0.50%(3)
Decrease reflected in above operating expense ratios due
to waivers/reimbursements 0.08% 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.
18
<Page>
CREDIT SUISSE FUNDS
NOTES TO FINANCIAL STATEMENTS
December 31, 2003
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.
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. 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
1:00 p.m. 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 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
19
<Page>
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 each Fund may declare and pay short-term capital gains, if any,
periodically as the Board of Directors determines. 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.
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 the security. 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.
20
<Page>
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 those 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
each Fund 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 year ended December 31, 2003, investment advisory fees earned and
voluntarily waived were as follows:
<Table>
<Caption>
GROSS NET
ADVISORY ADVISORY
FUND FEE WAIVER FEE
---- --------- ---------- ---------
Cash Reserve $ 417,859 $ (358,477) $ 59,382
New York Tax Exempt 253,819 (78,438) 175,381
</Table>
During the year ended December 31, 2003, CSAM voluntarily contributed capital
to Cash Reserve in the amount of $150,000 to offset the effect of realized
losses. CSAM received no shares of common stock in exchange for this
contribution, which increased the net asset value of the Fund. For tax purposes,
this capital contribution was applied against realized losses for the year ended
December 31, 2003. Such amount has been recorded as additional paid-in capital
in the Statement of Assets and Liabilities.
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 the year ended December 31, 2003, co-administrative services fees earned by
21
<Page>
CSAMSI were as follows:
<Table>
<Caption>
FUND CO-ADMINISTRATION FEE
---- ---------------------
Cash Reserve $ 119,389
New York Tax Exempt 101,528
</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 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 December 31, 2003, co-administrative services fees earned
by SSB (including out-of-pocket fees) were as follows:
<Table>
<Caption>
FUND CO-ADMINISTRATION FEE
---- ---------------------
Cash Reserve $ 72,158
New York Tax Exempt 63,863
</Table>
In addition to serving as each Fund's co-administrator, CSAMSI 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. The maximum
amount payable of the Class B and Class C shares of Cash Reserve is 0.75% of its
average daily net assets. Class B and Class C shares of Cash Reserve pay these
fees at the annual rate of 0.45% of its average net assets. Common Class shares
of the Funds do not bear distribution expenses. CSAMSI may use this fee to
compensate service organizations for distribution services. For the year ended
December 31, 2003, distribution fees paid to CSAMSI were as follows:
<Table>
<Caption>
FUND DISTRIBUTION FEE
---- ----------------
Cash Reserve
Class A $ 3,906
Class B 176
Class C 134
--------
$ 4,216
========
New York Tax Exempt
Class A $ 61
========
</Table>
22
<Page>
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Funds to provide certain financial printing and fulfillment services. For
the year ended December 31, 2003, Merrill was paid for its services by the Funds
as follows:
<Table>
<Caption>
FUND AMOUNT
---- ------
Cash Reserve $ 9,778
New York Tax Exempt 9,718
</Table>
NOTE 3. CAPITAL SHARE TRANSACTIONS
Cash Reserve is authorized to issue six billion full and fractional shares of
capital stock, $0.001 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, $0.001 par value
per share, of which one billion shares are classified as Common Class shares and
one billion shares are classified as Class A shares. Transactions in shares of
each Fund were as follows:
<Table>
<Caption>
CASH RESERVE
------------------------------------------------------------------------
COMMON CLASS
------------------------------------------------------------------------
FOR THE YEAR ENDED
------------------------------------------------------------------------
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 520,418,561 $ 520,418,561 761,897,915 $ 761,897,915
--------------- --------------- --------------- ---------------
Shares issued in reinvestment
of dividends 311,899 311,899 1,144,952 1,144,952
Shares redeemed (576,012,469) (576,012,469) (926,205,948) (926,205,948)
--------------- --------------- --------------- ---------------
Net decrease (55,282,009) $ (55,282,009) (163,163,081) $ (163,163,081)
=============== =============== =============== ===============
<Caption>
CLASS A
------------------------------------------------------------------------
FOR THE YEAR ENDED
------------------------------------------------------------------------
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 5,357,497 $ 5,357,497 1,997,654 $ 1,997,654
Shares issued in reinvestment
of dividends 5,873 5,873 6,935 6,935
Shares redeemed (5,795,144) (5,795,144) (327,382) (327,382)
--------------- --------------- --------------- ---------------
Net increase (decrease) (431,774) $ (431,774) 1,677,207 $ 1,677,207
=============== =============== =============== ===============
</Table>
23
<Page>
<Table>
<Caption>
CLASS B CLASS C
------------------------------------------------------------------------
FOR THE PERIOD ENDED FOR THE PERIOD ENDED
DECEMBER 31, 2003(1) DECEMBER 31, 2003(1)
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 117,222 $ 117,222 45,891 $ 45,891
Shares issued in reinvestment
of dividends 38 38 26 26
Shares redeemed (57,058) (57,058) -- --
--------------- --------------- --------------- ---------------
Net increase 60,202 $ 60,202 45,917 $ 45,917
=============== =============== =============== ===============
</Table>
- ----------
(1) For the period May 1, 2003 (inception date) through December 31, 2003.
<Table>
<Caption>
NEW YORK TAX EXEMPT
------------------------------------------------------------------------
COMMON CLASS
------------------------------------------------------------------------
FOR THE YEAR ENDED
------------------------------------------------------------------------
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold 233,273,590 $ 233,273,590 262,836,050 $ 262,836,050
Shares issued in reinvestment
of dividends 46,618 46,618 242,994 242,994
Shares redeemed (312,915,128) (312,915,128) (332,029,869) (332,029,869)
--------------- --------------- --------------- ---------------
Net decrease (79,594,920) $ (79,594,920) (68,950,825) $ (68,950,825)
=============== =============== =============== ===============
<Caption>
CLASS A
------------------------------------------------------------------------
FOR THE YEAR ENDED
------------------------------------------------------------------------
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------------- --------------- --------------- ---------------
Shares sold -- $ -- 1,055,000 $ 1,055,000
Shares issued in reinvestment
of dividends 59 59 111 111
Shares redeemed -- -- (1,035,000) (1,035,000)
--------------- --------------- --------------- ---------------
Net increase 59 $ 59 20,111 $ 20,111
=============== =============== =============== ===============
</Table>
On December 31, 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
Common Class 5 53%
Class A 6 61%
Class B 2 99%
New York Tax Exempt
Common Class 4 86%
Class A 1 95%
</Table>
24
<Page>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 4. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP.
The tax characteristics of dividends and distributions paid during the years
ended December 31, 2003 and 2002, respectively, by the Funds were as follows:
<Table>
<Caption>
FUND ORDINARY INCOME TAX EXEMPT INCOME
---- ------------------------- -------------------------
2003 2002 2003 2002
----------- ---------- ----------- -----------
Cash Reserve $ 869,821 $ 2,882,731 $ -- $ --
New York Tax Exempt 1,363 -- 560,186 1,380,398
</Table>
At December 31, 2003, the components of distributable earnings on a tax basis
for the Funds were as follows:
<Table>
<Caption>
CASH RESERVE NEW YORK TAX EXEMPT
------------ -------------------
Accumulated realized loss $ (311,291) $ (22,274)
</Table>
At December 31, 2003, the Funds had capital loss carryforwards available to
offset possible future capital gains as follows:
<Table>
<Caption>
FUND EXPIRES DECEMBER 31,
---- -----------------------------------------------------
2007 2009 2010 2011
----------- ----------- ----------- -----------
Cash Reserve $ 64,825 $ -- $ 246,466 $ --
New York Tax Exempt -- 3,541 -- 18,733
</Table>
The Cash Reserve Fund utilized net capital loss carryforwards of $16,483
during 2003.
At December 31, 2003, the identified cost for federal income tax purposes was
as follows:
<Table>
<Caption>
FUND IDENTIFIED COST
---- ---------------
Cash Reserve $ 90,156,918
New York Tax Exempt 37,470,100
</Table>
25
<Page>
NOTE 5. CONTINGENCIES
In the normal course of business, each Fund may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Funds' maximum exposure under these arrangements is dependent on future claims
that may be made against the Funds and, therefore, cannot be estimated; however,
based on experience, the risk of loss from such claims is considered remote.
26
<Page>
CREDIT SUISSE FUNDS
REPORT OF INDEPENDENT AUDITORS
To the Board of Directors and Shareholders of
Credit Suisse Cash Reserve Fund, Inc. and
Credit Suisse New York Tax Exempt Fund, Inc.:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules 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 Cash Reserve Fund,
Inc. and Credit Suisse New York Tax Exempt Fund, Inc. (the "Funds") at December
31, 2003, the results of each of their operations for the year then ended, the
changes in each of their net assets for each of the two years in the period then
ended and the financial highlights for each of the 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 Funds' 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 December 31, 2003 by
correspondence with the custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 3, 2004
27
<Page>
CREDIT SUISSE FUNDS
INFORMATION CONCERNING DIRECTORS 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 DIRECTOR HELD BY DIRECTOR
- ------------------------ -------------- ------------ ---------------------------- ------------- ----------------
INDEPENDENT DIRECTORS
Richard H. Francis Director, Since Currently retired 43 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and
466 Lexington Avenue Audit
New York, New York Committee
10017-3140 Member
Date of Birth: 04/23/32
Jeffrey E. Garten(2) Director, Since Dean of Yale School of 42 Director of
Box 208200 Nominating 1998 Management and William Aetna, Inc.
New Haven, Connecticut and S. Beinecke Professor in the (insurance
06520-8200 Audit Practice of International company);
Committee Trade and Finance (11/95 -- Director of
Date of Birth: 10/29/46 Member present) Calpine
Corporation
(energy
provider);
Director of
CarMax Group
(used car
dealers)
</Table>
- ----------
(1) Each Director and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Director of the Fund on February 6,
1998. He resigned as Director on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
28
<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 DIRECTOR HELD BY DIRECTOR
- ------------------------ -------------- ------------ ---------------------------- ------------- ----------------
INDEPENDENT DIRECTORS
Peter F. Krogh Director, Since Dean Emeritus and 42 Director
301 ICC Nominating 2001 Distinguished Professor of Carlisle
Georgetown University and Audit of International Affairs at Companies
Washington, DC 20057 Committee the Edmund A. Walsh Incorporated
Member School of Foreign (diversified
Date of Birth: 02/11/37 Service, Georgetown manufacturing
University (6/95 -- company);
present); Moderator of Member of
PBS foreign affairs Selection
television series Committee
(1988 -- 2000) for Truman
Scholars and
Henry Luce
Scholars; Senior
Associate of
Center for
Strategic and
International
Studies; Trustee
of numerous
world affairs
organizations
James S. Pasman, Jr. Director, Since Currently retired 44 Director of
c/o Credit Suisse Asset Nominating 1999 Education
Management, LLC and Audit Management
466 Lexington Avenue Committee Corp.
New York, New York Member
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Director, Since Partner of Lehigh Court, 44 None
Lehigh Court, LLC Nominating 1999 LLC and RZ Capital
40 East 52nd Street Committee (private investment
New York, New York Member and firms) (7/02 -- present);
10022 Audit Consultant to SunGard
Committee Securities Finance, Inc.
Date of Birth: 07/10/48 Chairman 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>
29
<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 DIRECTOR HELD BY DIRECTOR
- ------------------------ -------------- ------------ ---------------------------- ------------- ----------------
INTERESTED DIRECTORS
Joseph D. Gallagher(3) Director, Since Managing Director, Chief 45 None
Credit Suisse Asset Chairman of 2003 Executive Officer of CSAM
Management, LLC the Board and Global Chief Operating
466 Lexington Avenue and Chief Officer of Credit Suisse
New York, New York Executive Asset Management since 2003;
10017-3140 Officer Global Chief Financial
Officer, Credit Suisse Asset
Date of Birth: 12/14/62 Management from 1999 to
2003; 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) Director Since Co-Managing Partner, 49 Director of
Steinberg Priest & 1999 Steinberg Priest & Sloane Globe Wireless,
Sloane Capital Management, LLC LLC (maritime
Capital Management, LLC since March 2001; Chairman communications
12 East 49th Street and Managing Director of company);
12th Floor CSAM from 2000 to February Director of
New York, New York 2001; Chief Executive Officer InfraRed X
10017 and Managing Director of (medical device
CSAM from 1990 to 2000 company
Date of Birth: 09/24/41
</Table>
- ----------
(3) Mr. Gallagher is a Director who is an "interested person" of each Fund as
defined in the 1940 Act, because he is an officer of CSAM.
(4) Mr. Priest is a Director who is an "interested person" of each Fund as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
30
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ------------------------ -------------- ------------ ----------------------------------------------
OFFICERS
Hal Liebes Vice President Since Managing Director and Global General Counsel of CSAM;
Credit Suisse Asset and Secretary 1999 Associated with CSAM since 1997; Officer of other Credit
Management, LLC Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 07/06/64
Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 1999 Associated with CSAM since 1984; Officer of other Credit
Management, LLC Officer and Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Gregory N. Bressler Assistant Since Director and Deputy General Counsel of CSAM; Associated
Credit Suisse Asset Secretary 2000 with CSAM since January 2000; Associated with the law
Management, LLC firm of Swidler Berlin Shereff Friedman LLP from 1996 to
466 Lexington Avenue 2000; Officer of other Credit Suisse Funds
New York, New York
10017-3140
Date of Birth: 11/17/66
Rocco A. Del Guercio Assistant Since Vice President of CSAM; Associated with CSAM since
Credit Suisse Asset Treasurer 1999 June 1996; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/28/63
Joseph Parascondola Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2000 since April 2000; Assistant Vice President, Deutsche
Management, LLC Asset Management from January 1999 to April 2000; Assistant
466 Lexington Avenue Vice President, Weiss, Peck & Green LLC from November
New York, New York 1995 to December 1998; Officer of other Credit Suisse
10017-3140 Funds
Date of Birth: 06/05/63
</Table>
31
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ------------------------ -------------- ------------ ----------------------------------------------
OFFICERS
Robert M. Rizza Assistant Since Assistant Vice President of CSAM; Associated with CSAM
Credit Suisse Asset Treasurer 2002 since 1998; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Directors and is available, without charge, upon request, by calling
800-222-8977.
32
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
TAX INFORMATION LETTER (UNAUDITED)
December 31, 2003
IMPORTANT TAX INFORMATION FOR SHAREHOLDERS
In the twelve months ended December 31, 2003 (the end of the fiscal year),
99.76% 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.
33
<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030
800-927-2874 - www.csam.com
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSMMF-2-1203
<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 December 31, 2003. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended December 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.
(a) through (d). The information in the table below is provided for services
rendered to the registrant by its principal auditors, PricewaterhouseCoopers LLP
("PwC"), for its fiscal years ended December 31, 2002 and December 31, 2003.
<Table>
<Caption>
2002 2003
- ---------------------------------------------------------------
Audit Fees $ 17,556 $ 15,274
Audit-Related Fees(1) -- 3,000
Tax Fees(2) 2,675 2,327
All Other Fees -- --
Total $ 20,231 $ 20,601
</Table>
(1) Services include agreed-upon procedures in connection with the registrant's
semi-annual financial statements.
(2) Tax services in connection with the registrant's excise tax calculations
and review of the registrant's applicable tax returns.
The information in the table below is provided with respect to non-audit
services that directly relate to the registrant's operations and financial
reporting and that were rendered by PwC to the registrant's investment adviser,
Credit Suisse Asset Management, LLC ("CSAM"), and any service provider to the
registrant controlling, controlled by or under common control with CSAM that
provided ongoing services to the registrant ("Covered Services Provider"), for
the registrant's fiscal years ended December 31, 2002 and December 31, 2003.
<Table>
<Caption>
2002 2003
- -------------------------------------------------------------
Audit-Related Fees N/A N/A
Tax Fees N/A N/A
All Other Fees N/A N/A
Total N/A N/A
</Table>
<Page>
(e)(1) Pre-Approval Policies and Procedures. The Audit Committee ("Committee")
of the registrant is responsible for pre-approving (i) all audit and permissible
non-audit services to be provided by the independent auditors to the registrant
and (ii) all permissible non-audit services to be provided by the independent
auditors to CSAM and any Covered Services Provider if the engagement relates
directly to the operations and financial reporting of the registrant. The
Committee may delegate its responsibility to pre-approve any such audit and
permissible non-audit services to the Chairperson of the Committee, and the
Chairperson shall report to the Committee, at its next regularly scheduled
meeting after the Chairperson's pre-approval of such services, his or her
decision(s). The Committee may also establish detailed pre-approval policies and
procedures for pre-approval of such services in accordance with applicable laws,
including the delegation of some or all of the Committee's pre-approval
responsibilities to other persons (other than CSAM or the registrant's
officers). Pre-approval by the Committee of any permissible non-audit services
shall not be required so long as: (i) the aggregate amount of all such
permissible non-audit services provided to the registrant, CSAM and any Covered
Services Provider constitutes not more than 5% of the total amount of revenues
paid by the registrant to its independent auditors during the fiscal year in
which the permissible non-audit services are provided; (ii) the permissible
non-audit services were not recognized by the registrant at the time of the
engagement to be non-audit services; and (iii) such services are promptly
brought to the attention of the Committee and approved by the Committee (or its
delegate(s)) prior to the completion of the audit.
(e)(2) The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to the
registrant for which the pre-approval requirement was waived pursuant to Rule
2-01(c)(7)(i)(C) of Regulation S-X:
<Table>
<Caption>
2002 2003
- -------------------------------------------------------------
Audit-Related Fees N/A N/A
Tax Fees N/A N/A
All Other Fees N/A N/A
Total N/A N/A
</Table>
The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to CSAM
and any Covered Services Provider required to
<Page>
be approved pursuant to Rule 2-01(c)(7)(ii)of Regulation S-X, for the
registrant's fiscal years ended December 31, 2002 and December 31, 2003:
<Table>
<Caption>
2002 2003
- -------------------------------------------------------------
Audit-Related Fees N/A N/A
Tax Fees N/A N/A
All Other Fees N/A N/A
Total N/A N/A
</Table>
(f) Not Applicable.
(g) The aggregate fees billed by PwC for non-audit services rendered to the
registrant, CSAM and Covered Service Providers for the fiscal years ended
December 31, 2002 and December 31, 2003 were $2,675 and $5,327, respectively.
(h) Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Form N-CSR disclosure requirement not applicable to the registrant.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement not applicable to the registrant.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Form N-CSR disclosure requirement not applicable to the registrant.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Form 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
<Page>
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.
(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 TAX EXEMPT FUND, INC.
/s/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: March 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: March 5, 2004
<Page>
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: March 5, 2004