<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. 811-04964
---------------------------------------------
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, 2004
Date of reporting period: November 1, 2003 to April 30, 2004
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ITEM 1. REPORTS TO STOCKHOLDERS.
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[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
SEMIANNUAL REPORT
APRIL 30, 2004
(UNAUDITED)
- - CREDIT SUISSE
NEW YORK MUNICIPAL FUND
THE FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD BE
CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT THE
FUND, ARE PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-927-2874 OR BY
WRITING TO CREDIT SUISSE FUNDS, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. CREDIT SUISSE FUNDS ARE ADVISED BY
CREDIT SUISSE ASSET MANAGEMENT, LLC.
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INVESTORS IN THE CREDIT SUISSE FUNDS SHOULD BE AWARE THAT THEY MAY BE ELIGIBLE
TO PURCHASE COMMON CLASS AND/OR ADVISOR CLASS SHARES (WHERE OFFERED) DIRECTLY OR
THROUGH CERTAIN INTERMEDIARIES. SUCH SHARES ARE NOT SUBJECT TO A SALES CHARGE
BUT MAY BE SUBJECT TO AN ONGOING SERVICE AND DISTRIBUTION FEE OF UP TO 0.50% OF
AVERAGE DAILY NET ASSETS. INVESTORS IN THE CREDIT SUISSE FUNDS SHOULD ALSO BE
AWARE THAT THEY MAY BE ELIGIBLE FOR A REDUCTION OR WAIVER OF THE SALES CHARGE
WITH RESPECT TO CLASS A, B OR C SHARES. FOR MORE INFORMATION, PLEASE REVIEW THE
RELEVANT PROSPECTUSES OR CONSULT YOUR FINANCIAL REPRESENTATIVE.
THE VIEWS OF THE FUND'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE FUND
HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF APRIL 30, 2004; THESE VIEWS AND
FUND HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS
DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
FUND SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT TO INVESTMENT
RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT
April 30, 2004 (unaudited)
May 18, 2004
Dear Shareholder:
For the six months ended April 30, 2004, the Common Class and Class A shares
(without sales charge) of Credit Suisse New York Municipal Fund(1) (the "Fund")
returned -0.05% and -0.27%(2), respectively, versus a gain of 0.04% for the
Lehman Brothers 5 Year Municipal Bond Index(3).
The primary drivers of activity in New York municipal securities during the
Fund's fiscal half-year, in our view, were the same as those that most
influenced fixed income markets more broadly. These were the historically low
level of nominal interest rates, and shifting perceptions about if and when the
Federal Reserve (the "Fed") might choose to change its monetary policy to one of
tightening from one of accommodation.
The nominal fed funds rate remained at its multi-decade low of 1.00%, which
compelled many investors to seek out higher yields within the fixed income
universe (E.G., in high yield and investment-grade corporate debt), as well as
riskier financial assets that offered the potential for higher returns. This
affected the municipal market negatively in two ways. First, it appeared to
dissuade municipal buyers from being in the market until yields rose. Second, it
drew money away from municipals and into higher-risk assets such as stocks.
As for monetary policy, the Fed publicly declared its intention to remain
accommodative on numerous occasions. The Fed's official statement issued at its
monetary policy meeting on March 16, though, was widely interpreted as a signal
that the Fed was more inclined to alter its approach sooner than previously
believed. After staying fairly solid for several months, bond prices fell
sharply in April, when a number of economic indicators left a growing impression
that the economy was strengthening to the point at which the Fed would have to
step in and raise rates.
An auspicious development within the municipal market itself was that the
economy's rebound helped to boost tax revenues for numerous municipalities and,
in turn, boded well for their underlying creditworthiness. This was true of New
York State and New York City, whose respective ratings outlooks improved
accordingly.
The Fund underperformed its Lehman Brothers 5 Year Municipal Bond Index
benchmark in the fiscal half-year principally because we maintained a duration
approach that was consistent with our expectation that interest rates were most
likely to rise. We thus kept the portfolio's overall duration (I.E., a measure
of sensitivity to interest rates) lower than that of the benchmark. This proved
unfavorable for most of the period while bond yields generally fell, but helped
1
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considerably in April while yields rose. We are hopeful that our duration stance
will continue to benefit the Fund versus the benchmark going forward.
Several aspects of our strategy contributed especially positively to
half-year performance:
- We sold some lower-rated issues whose prices had appreciated nicely, and
used the proceeds to purchase higher-quality, more-liquid issues that
subsequently appreciated.
- We continued to own premium-structured callable issues, which tended to
hold their value comparatively well amid bouts of market volatility.
- We maintained a significantly below-benchmark allocation to bonds issued by
Puerto Rico [note: Puerto Rico municipal debt is exempt from federal, state
and local taxes in all states], which underperformed not only New York
paper, but also the municipal market as a whole.
Lori A. Cohane, Frank J. Biondo,
Co-Portfolio Manager Co-Portfolio Manager
THE FUND'S DIVIDENDS ARE DERIVED FROM INTEREST ON NEW YORK MUNICIPAL
OBLIGATIONS THAT ARE EXEMPT FROM REGULAR FEDERAL INCOME TAXES AND FROM NEW YORK
STATE AND NEW YORK CITY PERSONAL INCOME TAXES. SOME INCOME FROM THE FUND THAT IS
EXEMPT FROM REGULAR FEDERAL TAXES MAY BE SUBJECT TO STATE AND CITY TAXES, AND
SOME INCOME MAY BE SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX. THIS FUND MAY
BE MORE VOLATILE THAN A MORE GEOGRAPHICALLY DIVERSE MUNICIPAL FUND. IN THE
AFTERMATH OF THE TERRORIST ATTACK ON SEPTEMBER 11, 2001, ISSUERS OF MUNICIPAL
SECURITIES IN NEW YORK STATE AND NEW YORK CITY HAVE SUFFERED FINANCIAL
DIFFICULTIES, WHICH COULD ADVERSELY AFFECT THE ABILITY OF THOSE ISSUERS TO MAKE
PROMPT PAYMENTS OF PRINCIPAL AND INTEREST ON THEIR SECURITIES, AS WELL AS THE
CREDIT RATING, MARKET VALUE AND YIELD OF SUCH SECURITIES. THE DEFAULT OR
CREDIT-RATING DOWNGRADE OF ONE OF THESE ISSUERS COULD AFFECT THE MARKET VALUES
AND MARKETABILITY OF ALL MUNICIPAL SECURITIES, THEREBY HURTING THE FUND'S
PERFORMANCE. FURTHERMORE, IF THE FUND HAS DIFFICULTY FINDING ATTRACTIVE NEW YORK
MUNICIPAL SECURITIES TO PURCHASE, THE FUND MAY PURCHASE SECURITIES THAT PAY
INTEREST NOT EXEMPT FROM NEW YORK TAXES.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
2
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AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------- ------- -------- --------- ----------
Common Class 3.28% 4.92% 5.29% 5.61% 4/1/87
Class A Without
Sales Charge 2.99% -- -- 4.67% 11/30/01
Class A With
Maximum
Sales Charge (0.08)% -- -- 3.30% 11/30/01
</Table>
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2004(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
------- ------- -------- --------- ----------
Common Class 1.15% 4.54% 5.03% 5.48% 4/1/87
Class A Without
Sales Charge 0.79% -- -- 3.77% 11/30/01
Class A With
Maximum
Sales Charge (2.21)% -- -- 2.46% 11/30/01
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. DUE TO MARKET VOLATILITY, THE PERFORMANCE OF THE FUNDS MAY BE
LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE,
AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE
RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. PERFORMANCE INFORMATION
CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements 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 -3.25%.
(3) The Lehman Brothers 5 Year Municipal Bond Index is an unmanaged index
(with no defined investment objective) of municipal bonds with maturities
of between four and six years, and is calculated by Lehman Brothers, Inc.
Investors cannot invest directly in an index.
3
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CREDIT SUISSE NEW YORK MUNICIPAL FUND
SCHEDULE OF INVESTMENTS
April 30, 2004 (unaudited)
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
---------- ------------- -------- ------------ --------------
MUNICIPAL BONDS (98.8%)
NEW YORK (95.5%)
$ 1,255 Brookhaven NY General Obligation Unlimited
(MBIA Insured) (Non-Callable) (AAA , Aaa) 08/15/14 5.000 $ 1,353,907
695 Metropolitan Transportation Authority New York
Transport Facilities Revenue Bonds,
Prerefunded Series C (FSA Insured)
(Callable 07/01/12 @ $100.00) (AAA , Aaa) 07/01/14 5.125 763,214
1,315 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series A (Non-Callable) (AAA , Baa1) 07/01/05 5.000 1,370,085
2,000 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series A (Non-Callable) (AAA , Baa1) 07/01/07 5.250 2,182,820
200 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series C-1 (FGIC Insured)
(Callable 07/01/07 @ $101.00) (AAA , Aaa) 07/01/22 5.500 223,206
1,500 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series C-1 (Non-Callable) (AAA , Aaa) 07/01/05 6.000 1,579,815
1,750 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series D (MBIA Insured) (Non-Callable) (AAA , Aaa) 07/01/05 6.000 1,843,118
200 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series E (AMBAC Insured)
(Callable 07/01/07 @ $101.00) (AAA , Aaa) 07/01/11 5.000 216,320
1,500 Metropolitan Transportation Authority,
Commuter Facilities Revenue Bonds,
Series R (Non-Callable) (AAA , A3) 07/01/07 5.500 1,647,555
600 Metropolitan Transportation Authority, NY,
Dedicated Tax Fund,
Series A (FGIC Insured) (AAA , Aaa) 04/01/13 5.600 676,560
1,000 Metropolitan Transportation Authority, NY,
Dedicated Tax Fund, Series A (Non-Callable) (AAA , Aaa) 04/01/15 5.500 1,125,490
1,000 Municipal Assistance Corp., New York City,
Revenue Bonds, Series H (AA+ , Aa1) 07/01/07 6.250 1,118,900
500 Municipal Assistance Corp., New York City,
Revenue Bonds, Series L (AA+ , Aa1) 07/01/04 6.000 504,075
1,000 Municipal Assistance Corp., New York City,
Revenue Bonds, Series M (AA+ , Aa1) 07/01/08 5.500 1,111,970
600 Municipal Assistance Corp., New York City,
Revenue Bonds, Series O (AA+ , Aa1) 07/01/06 5.250 642,972
1,500 Municipal Assistance Corp., New York City,
Revenue Bonds, Series P (AA+ , Aa1) 07/01/08 5.000 1,639,155
1,000 Nassau County New York Interim Finance,
Revenue Bonds, Series A (AAA , Aaa) 11/15/09 5.000 1,092,850
</Table>
See Accompanying Notes to Financial Statements.
4
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
---------- ------------- -------- ------------ --------------
MUNICIPAL BONDS
NEW YORK
$ 500 New York City General Obligation Unlimited,
Prerefunded Series H, Subseries 1-h
(Callable 08/01/04 @ 101.50) (A , A2) 08/01/08 6.000 $ 513,550
3,000 New York City General Obligation Unlimited,
Series A (A , A2) 08/01/06 7.000 3,310,830
1,050 New York City General Obligation Unlimited,
Series D (A , A2) 08/01/07 5.750 1,147,324
1,980 New York City General Obligation Unlimited,
Series E (A , A2) 08/01/08 5.250 2,145,508
1,000 New York City General Obligation Unlimited,
Series F (A , A2) 08/01/09 5.000 1,075,580
1,000 New York City General Obligation Unlimited,
Series H (Callable 03/15/11 @ $101.00) (A , A2) 03/15/13 5.750 1,091,490
1,000 New York City General Obligation Unlimited,
Series J (Callable 08/01/07 @ $101.00) (A , A2) 08/01/11 6.125 1,102,660
105 New York City General Obligation Unlimited,
Unrefunded Series H, Subseries h1
(Callable 08/01/04 @ $101.50) (A , A2) 08/01/08 6.000 107,601
1,000 New York City Industrial Development Agency,
YMCA Greater NY Project (BBB+ , Baa1) 08/01/06 6.000 1,077,870
1,000 New York City Municipal Water Finance Authority,
Revenue Bonds, Series B (Non-Callable) (AAA , Aaa) 06/15/14 5.000 1,074,350
1,000 New York City Municipal Water Finance Authority,
Revenue Bonds, Series D (AA , Aa2) 06/15/15 5.250 1,071,240
465 New York City Transitional Finance Authority,
PreRefunded Future Tax, Series B (AA+ , Aa2) 02/01/08 5.500 513,039
205 New York City Transitional Finance Authority,
PreRefunded Future Tax, Series C (AA+ , Aa2) 02/01/08 5.500 226,179
1,000 New York City Transitional Finance Authority,
Unrefunded Future Tax Secured, Series B# (AA+ , Aa2) 02/01/29 5.250 1,081,440
760 New York City Transitional Finance Authority,
Unrefunded Future Tax, Series B (AA+ , Aa2) 02/01/08 5.500 834,229
300 New York City Transitional Finance Authority
Revenue Bonds, Series B (AA+ , Aa2) 05/01/07 4.750 320,172
895 New York City Transitional Finance Authority
Revenue Bonds, Unrefunded Future Tax, Series B (AA+ , Aa2) 02/01/08 5.500 982,415
1,020 New York State Dormitory Authority,
Consolidated City University Systems,
Revenue Bonds, Series A (AA- , A3) 07/01/05 5.700 1,068,950
1,000 New York State Dormitory Authority,
Lenox Hill Hospital Obligation Group,
Revenue Bonds (A- , A3) 07/01/09 5.250 1,095,170
1,265 New York State Dormitory Authority,
Mental Health Services Facilities
Revenue Bonds, Series G (AAA , Aaa) 02/15/09 5.250 1,385,479
</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
$ 1,745 New York State Dormitory Authority,
State University Dormitory Facilities
Revenue Bonds, Series A (AMBAC Insured) (AAA , Aaa) 07/01/06 5.750 $ 1,885,717
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 1,087,310
350 New York State Dormitory Authority,
Unrefunded Balance Revenue Bonds,
Series B (Non-Callable) (AA- , A3) 02/15/07 6.000 382,175
520 New York State Environmental Facilities Corp.,
Clean Water & Drinking, Revenue Bonds
Revolving Funds, Series A (Non-Callable) (AAA , Aaa) 04/15/10 4.250 547,810
1,125 New York State Local Government Assistance Corp.,
Revenue Bonds, Series A (AAA , Aaa) 04/01/06 6.000 1,211,186
1,000 New York State Local Government Assistance Corp.,
Revenue Bonds, Series A (Non-Callable) (AA , A1) 04/01/07 6.000 1,101,040
100 New York State Power Authority,
General Purpose Revenue Bonds (AAA , Aaa) 01/01/18 7.000 119,640
800 New York State Urban Development Corp.,
Correctional & Youth Facilities
Revenue Bonds, Series A (AA- , A3) 01/01/17 5.000 856,536
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 1,142,460
1,000 New York State Urban Development Corp.,
State Facilities Revenue Bonds (AA- , A3) 04/01/11 5.750 1,123,780
1,000 Rockland County New York General Obligation
Bonds, (Callable 10/15/09 @ $101.00) (AA- , A1) 10/15/14 5.500 1,104,000
1,000 Triborough Bridge & Tunnel Authority,
Revenue Bonds, Series A (AAA , Aa3) 01/01/07 5.500 1,085,720
1,420 Triborough Bridge & Tunnel Authority,
Revenue Bonds, Series A
(Callable 01/01/09 @ $101.00) (AAA , Aa3) 01/01/18 5.125 1,577,790
600 Triborough Bridge & Tunnel Authority,
Revenue Bonds, Series B (AA- , Aa3) 11/15/16 5.250 643,704
1,000 Triborough Bridge & Tunnel Authority,
Revenue Bonds, Series B (AAA , Aa3) 01/01/09 5.500 1,113,350
1,000 Triborough Bridge & Tunnel Authority,
Revenue Bonds, Series Y (AAA , Aa3) 01/01/06 5.800 1,065,780
330 White Plains NY, General Obligation Unlimited,
Public Improvement Project (MBIA Insured)
(Non-Callable) (AAA , Aaa) 04/01/09 4.000 344,906
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TOTAL NEW YORK (Cost $54,350,862) 56,709,992
--------------
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
---------- ------------- -------- ------------ --------------
MUNICIPAL BONDS
PUERTO RICO (3.3%)
$ 1,000 Puerto Rico Commonwealth Aqueduct & Sewer
Authority, Revenue Bonds (MBIA Insured) (AAA , Aaa) 07/01/07 6.000 $ 1,113,580
785 Puerto Rico Public Buildings Authority,
Government Facilities Revenue Bonds, Series C (A- , Baa1) 07/01/05 5.000 813,762
--------------
TOTAL PUERTO RICO (Cost $1,833,944) 1,927,342
--------------
TOTAL MUNICIPAL BONDS (Cost $56,184,806) 58,637,334
--------------
<Caption>
NUMBER OF
SHARES
----------
SHORT-TERM INVESTMENT (0.3%)
181,290 Blackrock Provident New York Money Fund
(Cost $181,290) 181,290
--------------
TOTAL INVESTMENTS AT VALUE (99.1%) (Cost $56,366,096) 58,818,624
OTHER ASSETS IN EXCESS OF LIABILITIES (0.9%) 553,094
--------------
NET ASSETS (100.0%) $ 59,371,718
==============
</Table>
INVESTMENT ABBREVIATIONS
AMBAC = American Municipal Bond Assurance Corporation
FGIC = Financial Guaranty Insurance Company
FSA = Financial Security Assurance, Inc.
MBIA = MBIA Insurance Corporation
+ Credit ratings given by the Standard & Poor's Division of The McGraw-Hill
Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are
unaudited.
# Variable rate obligations -- The interest rate shown is the rate as of April
30, 2004.
See Accompanying Notes to Financial Statements.
7
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2004 (unaudited)
<Table>
ASSETS
Investments at value (Cost $56,366,096) (Note 1) $ 58,818,624
Interest receivable 797,467
Receivable for fund shares sold 11,516
Receivable from investment adviser (Note 2) 8,910
Prepaid expenses 30,476
---------------
Total Assets 59,666,993
---------------
LIABILITIES
Administrative services fee payable (Note 2) 11,581
Distribution fee payable (Note 2) 315
Payable for fund shares redeemed 214,390
Dividend payable 15,201
Other accrued expenses payable 53,788
---------------
Total Liabilities 295,275
---------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 5,706
Paid-in capital (Note 5) 56,726,040
Accumulated net investment loss (5)
Accumulated net realized gain on investments 187,449
Net unrealized appreciation from investments 2,452,528
---------------
Net Assets $ 59,371,718
===============
COMMON SHARES
Net assets $ 57,862,704
Shares outstanding 5,560,736
---------------
Net asset value, offering price, and redemption price per share $ 10.41
===============
A SHARES
Net assets $ 1,509,014
Shares outstanding 144,784
---------------
Net asset value and redemption price per share $ 10.42
===============
Maximum offering price per share (net asset value/(1-3.00%)) $ 10.74
===============
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 2004 (unaudited)
<Table>
INTEREST INCOME (Note 1) $ 1,303,096
---------------
EXPENSES
Investment advisory fees (Note 2) 125,911
Administrative services fees (Note 2) 53,862
Distribution fees (Note 2)
Class A 1,920
Transfer agent fees (Note 2) 32,267
Legal fees 26,162
Printing fees (Note 2) 14,535
Registration fees 10,681
Audit fees 9,588
Trustees' fees 8,659
Insurance expense 7,363
Custodian fees 3,822
Commitment fees (Note 3) 1,150
Miscellaneous expense 7,210
---------------
Total expenses 303,130
Less: fees waived (Note 2) (112,851)
---------------
Net expenses 190,279
---------------
Net investment income 1,112,817
---------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain from investments 187,510
Net change in unrealized appreciation (depreciation) from investments (1,328,442)
---------------
Net realized and unrealized loss from investments (1,140,932)
---------------
Net decrease in net assets resulting from operations $ (28,115)
===============
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED FOR THE YEAR
APRIL 30, 2004 ENDED
(UNAUDITED) OCTOBER 31, 2003
------------------ ------------------
FROM OPERATIONS
Net investment income $ 1,112,817 $ 2,600,666
Net realized gain from investments 187,510 471,936
Net change in unrealized appreciation (depreciation) from investments (1,328,442) 69,237
------------------ ------------------
Net increase (decrease) in net assets resulting from operations (28,115) 3,141,839
------------------ ------------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income
Common Class shares (1,087,545) (2,571,775)
Class A shares (25,277) (28,891)
Distributions from net realized gains
Common Class shares (460,485) (1,379,597)
Class A shares (11,457) (19,072)
------------------ ------------------
Net decrease in net assets resulting from dividends and distributions (1,584,764) (3,999,335)
------------------ ------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 4,770,074 37,966,195
Reinvestment of dividends and distributions 1,467,254 3,665,536
Net asset value of shares redeemed (10,211,423) (59,390,146)
------------------ ------------------
Net decrease in net assets from capital share transactions (3,974,095) (17,758,415)
------------------ ------------------
Net decrease in net assets (5,586,974) (18,615,911)
NET ASSETS
Beginning of period 64,958,692 83,574,603
------------------ ------------------
End of period $ 59,371,718 $ 64,958,692
================== ==================
Accumulated Net Investment Loss $ (5) $ --
================== ==================
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31,
APRIL 30, 2004 ----------------------------------------------------
(UNAUDITED) 2003 2002 2001
-------------- -------------- -------------- --------------
PER SHARE DATA
Net asset value, beginning of period $ 10.68 $ 10.81 $ 10.74 $ 10.24
-------------- -------------- -------------- --------------
INVESTMENT OPERATIONS
Net investment income 0.19 0.38 0.38(1) 0.43
Net gain (loss) on investments
(both realized and unrealized) (0.19) 0.05 0.13 0.50
-------------- -------------- -------------- --------------
Total from investment operations 0.00 0.43 0.51 0.93
-------------- -------------- -------------- --------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.19) (0.38) (0.38) (0.43)
Distributions from net realized gains (0.08) (0.18) (0.06) --
-------------- -------------- -------------- --------------
Total dividends and distributions (0.27) (0.56) (0.44) (0.43)
-------------- -------------- -------------- --------------
NET ASSET VALUE, END OF PERIOD $ 10.41 $ 10.68 $ 10.81 $ 10.74
============== ============== ============== ==============
Total return(2) (0.05)% 4.05% 4.91% 9.20%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 57,863 $ 63,423 $ 83,434 $ 113,371
Ratio of expenses to average net assets(3) 0.60%(4) 0.60% 0.60% 0.60%
Ratio of net investment income to average
net assets 3.54%(4) 3.51% 3.58% 4.03%
Decrease reflected in above operating
expense ratios due to waivers 0.36%(4) 0.26% 0.25% 0.16%
Portfolio turnover rate 14% 6% 34% 51%
<Caption>
FOR THE YEAR ENDED OCTOBER 31,
-----------------------------------
2000 1999
-------------- --------------
PER SHARE DATA
Net asset value, beginning of period $ 10.04 $ 10.54
-------------- --------------
INVESTMENT OPERATIONS
Net investment income 0.44 0.42
Net gain (loss) on investments
(both realized and unrealized) 0.20 (0.44)
-------------- --------------
Total from investment operations 0.64 (0.02)
-------------- --------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.44) (0.42)
Distributions from net realized gains -- (0.06)
-------------- --------------
Total dividends and distributions (0.44) (0.48)
-------------- --------------
NET ASSET VALUE, END OF PERIOD $ 10.24 $ 10.04
============== ==============
Total return(2) 6.54% (0.26)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 74,948 $ 83,934
Ratio of expenses to average net assets(3) 0.62% 0.61%
Ratio of net investment income to average
net assets 4.37% 4.03%
Decrease reflected in above operating
expense ratios due to waivers 0.11% 0.10%
Portfolio turnover rate 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 periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Interest earned on uninvested cash balances 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 six months ended April 30,
2004, and the years ended October 31, 2003, 2002 and 2001, there was no
effect on the net operating expense ratio because of transfer agent
credits.
(4) Annualized.
See Accompanying Notes to Financial Statements.
11
<Page>
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEAR FOR THE PERIOD
APRIL 30, 2004 ENDED ENDED
(UNAUDITED) OCTOBER 31, 2003 OCTOBER 31, 2002(1)
------------------ ------------------ -------------------
PER SHARE DATA
Net asset value, beginning of period $ 10.70 $ 10.81 $ 10.61
------------------ ------------------ ------------------
INVESTMENT OPERATIONS
Net investment income 0.17 0.35 0.31(2)
Net gain (loss) on investments
(both realized and unrealized) (0.20) 0.07 0.26
------------------ ------------------ ------------------
Total from investment operations (0.03) 0.42 0.57
------------------ ------------------ ------------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.17) (0.35) (0.31)
Distributions from net realized gains (0.08) (0.18) (0.06)
------------------ ------------------ ------------------
Total dividends and distributions (0.25) (0.53) (0.37)
------------------ ------------------ ------------------
NET ASSET VALUE, END OF PERIOD $ 10.42 $ 10.70 $ 10.81
================== ================== ==================
Total return(3) (0.27)% 3.97% 5.46%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 1,509 $ 1,535 $ 140
Ratio of expenses to average net assets(4) 0.85%(5) 0.85% 0.85%(5)
Ratio of net investment income to average net assets 3.29%(5) 3.29% 3.21%(5)
Decrease reflected in above operating expense
ratios due to waivers 0.36%(5) 0.26% 0.36%(5)
Portfolio turnover rate 14% 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 periods 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 is used to offset portions of
the transfer agent expense. For the six months ended April 30, 2004, the
year ended October 31, 2003 and the period ended October 31, 2002, there
was no effect on the net operating expense ratio because of transfer agent
credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS
April 30, 2004 (unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse New York Municipal Fund (the "Fund") is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as a
non-diversified open-end management investment company that seeks to maximize
current interest income exempt from regular federal income taxes, New York State
and New York City personal income taxes, to the extent consistent with prudent
investment management and the preservation of capital. The Fund was organized
under the laws of the Commonwealth of Massachusetts as a business trust on
December 23, 1986.
The Fund is authorized to offer two classes of shares: Common Class and Class
A shares. Each class of shares represents an equal pro rata interest in the
Fund, except that they bear different expenses which reflect the difference in
the range of services provided to them. Effective December 12, 2001, the Common
Class closed to new investors. 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. 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. 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, or under the direction of, the Board of Trustees
under procedures established by the Board of Trustees. The Fund may utilize a
service provided by an independent third party which has been approved by the
Board of Trustees to fair value certain Fund portfolio securities.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income
13
<Page>
is recorded on the accrual basis. Dividends are recorded on the ex-dividend
date. Certain expenses are class-specific expenses and vary by class. Income,
expenses (excluding class-specific expenses) and realized/unrealized
gains/losses are allocated proportionately to each class of shares based upon
the relative net asset value of the outstanding shares of that class. The cost
of investments sold is determined by use of the specific identification method
for both financial reporting and income tax purposes.
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income are declared daily and paid monthly. Distributions of net
realized capital gains, if any, are declared and paid at least annually.
However, to the extent that a net realized capital gain can be reduced by a
capital loss carryforward, such gain will not be distributed. Income and capital
gain distributions are determined in accordance with federal income tax
regulations, which may differ from accounting principles generally accepted in
the United States of America ("GAAP").
D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is
the Fund's intention to continue to qualify for and elect the tax treatment
applicable to regulated investment companies under the Internal Revenue Code of
1986, as amended, and 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
14
<Page>
interest thereon). Cash collateral received by the Fund in connection with
securities lending activity may be pooled together with cash collateral for
other funds/portfolios advised by CSAM and may be invested in a variety of
investments, including certain CSAM-advised funds, funds advised by SSB, the
Fund's securities lending agent or money market instruments. However, in the
event of default or bankruptcy by the other party to the agreement, realization
and/or retention of the collateral may be subject to legal proceedings. The Fund
had no securities out on loan during the six months ended April 30, 2004.
Prior to March 17, 2004, Credit Suisse First Boston ("CSFB"), an affiliate of
CSAM, had been engaged by the Fund to act as the Fund's securities lending
agent. The Fund earned no income from securities lending for the six months
ended April 30, 2004.
Effective March 17, 2004, SSB has been engaged by the Fund to act as the
Fund's securities lending agent. The Fund's securities lending arrangement
provides that the Fund and SSB will share the net income earned from the
securities lending activities, with the Fund receiving 70% and SSB receiving 30%
of the earnings from the investment of cash collateral or any other securities
lending income in accordance with the provisions of the securities lending
agency agreement. Securities lending income is accrued as earned.
H) OTHER -- The interest on New York municipal obligations is excluded from
gross income for federal income tax purposes and exempt from New York State and
New York City personal income taxes. A portion of income may be subject to state
and City taxes or the federal alternative minimum tax. This Fund may be riskier
than a more geographically diverse municipal fund.
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
CSAM serves as investment adviser for the Fund. For its investment advisory
services, CSAM is entitled to receive a fee from the Fund at an annual rate of
0.40% of the Fund's average daily net assets. For the six months ended April 30,
2004, investment advisory fees earned and voluntarily waived for the Fund were
$125,911 and $112,851, respectively.
Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of
CSAM, and SSB serve as co-administrators to the Fund.
For its co-administrative services, CSAMSI currently receives a fee
calculated at an annual rate of 0.10% of the Fund's average daily net assets.
15
<Page>
For the six months ended April 30, 2004, co-administrative services fees earned
by CSAMSI were $31,478.
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 six months ended April 30, 2004, co-administrative service fees
earned by SSB (including out-of-pocket expenses) were $22,384.
In addition to serving as the Fund's co-administrator, CSAMSI currently
serves as distributor to the Fund's shares. Pursuant to a distribution plan
adopted by the Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives 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. 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 six months ended April 30,
2004, the Fund reimbursed CSAM $27,338, which is included in the Fund's transfer
agent expense.
For the six months ended April 30, 2004, CSAMSI and its affiliates advised
the Fund that they retained $95 from commissions earned on the sale of the
Fund's Class A shares.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Fund to provide certain financial printing and fulfillment services. For the
six months ended April 30, 2004, Merrill was paid $6,348 for its services to the
Fund.
NOTE 3. LINE OF CREDIT
The Fund, together with other funds/portfolios advised by CSAM (collectively,
the "Participating Funds"), participates in a $75 million committed, unsecured
line of credit facility ("Credit Facility") for temporary or
16
<Page>
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 April
30, 2004 and during the six months ended April 30, 2004, the Fund had no
borrowings under the Credit Facility.
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the six months ended April 30, 2004, purchases and sales of investment
securities (excluding short-term investments) were $8,419,980 and $12,432,143,
respectively.
At April 30, 2004, the identified cost for federal income tax purposes, as
well as the gross unrealized appreciation from investments for those securities
having an excess of value over cost, gross unrealized depreciation from
investments for those securities having an excess of cost over value and the net
unrealized appreciation from investments were $56,366,096, $2,670,526,
$(217,998) and $2,452,528, respectively.
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Fund is authorized to issue an unlimited number of full and fractional
shares of beneficial interest, $.001 par value per share, of which an unlimited
number of shares are classified as Common Class shares and an unlimited number
of shares are classified as Class A shares. Transactions in capital shares for
each class were as follows:
<Table>
<Caption>
COMMON CLASS
-------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
-------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------- --------------- ----------- ---------------
Shares sold 430,791 $ 4,590,224 3,303,255 $ 35,488,737
Shares issued in reinvestment
of dividends and distributions 135,571 1,437,637 339,279 3,622,524
Shares redeemed (942,784) (10,016,780) (5,426,136) (58,276,481)
-------- --------------- ---------- ---------------
Net decrease (376,422) $ (3,988,919) (1,783,602) $ (19,165,220)
======== =============== ========== ===============
</Table>
17
<Page>
<Table>
<Caption>
CLASS A
-------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003
-------------------------------------------------------------
SHARES VALUE SHARES VALUE
--------- --------------- ----------- ---------------
Shares sold 16,818 $ 179,850 230,225 $ 2,477,458
Shares issued in reinvestment
of dividends and distributions 2,789 29,617 4,031 43,012
Shares redeemed (18,310) (194,643) (103,752) (1,113,665)
-------- --------------- ---------- ---------------
Net increase 1,297 $ 14,824 130,504 $ 1,406,805
======== =============== ========== ===============
</Table>
On April 30, 2004, 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 48%
Class A 4 75%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 6. 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.
18
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
PRIVACY POLICY NOTICE (unaudited)
IMPORTANT PRIVACY CHOICES FOR CONSUMERS
We are committed to maintaining the privacy of every current and prospective
customer. We recognize that you entrust important personal information to us,
and we wish to assure you that we take seriously our responsibilities in
protecting and safeguarding this information.
In connection with making available investment products and services to
current and potential customers, we may obtain nonpublic personal information
about you. This information may include your name, address, e-mail address,
social security number, account number, assets, income, financial situation,
transaction history and other personal information.
We may collect nonpublic information about you from the following sources:
- Information we receive on applications, forms, questionnaires, web sites,
agreements or in the course of establishing or maintaining a customer
relationship; and
- Information about your transactions with us, our affiliates, or others.
We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except with your consent or as otherwise permitted
by law.
RESTRICT INFORMATION SHARING WITH AFFILIATES: In cases where we believe that
additional products and services may be of interest to you, we may share the
information described above with our affiliates unless you say "No."
/ / No, please do not share personal and financial information with your
affiliated companies. [If you check this box, you must send this notice
back to us with your name, address and account number to Credit Suisse
Funds, 466 Lexington Avenue, New York, New York 10017.]
We may also disclose this information to firms that perform services on our
behalf. These agents and service providers are required to treat the information
confidentially and use it only for the purpose for which it is provided.
We restrict access to nonpublic personal information about you to those
employees, agents or other parties who need to know that information to provide
products or services to you or in connection with your investments with or
through us. We maintain physical, electronic and procedural safeguards that
comply with federal standards to guard your nonpublic personal information.
NOTE: THIS NOTICE IS PROVIDED TO CLIENTS AND PROSPECTIVE CLIENTS OF CREDIT
SUISSE ASSET MANAGEMENT, LLC ("CSAM"), CSAM CAPITAL INC., AND CREDIT SUISSE
ASSET MANAGEMENT SECURITIES, INC., AND SHAREHOLDERS AND PROSPECTIVE SHAREHOLDERS
IN CSAM-SPONSORED AND -ADVISED INVESTMENT COMPANIES, INCLUDING CREDIT SUISSE
FUNDS, AND OTHER CONSUMERS AND CUSTOMERS, AS APPLICABLE. THIS NOTICE IS NOT
INTENDED TO BE INCORPORATED IN ANY OFFERING MATERIALS BUT IS MERELY A STATEMENT
OF OUR CURRENT PRIVACY POLICY, AND MAY BE AMENDED FROM TIME TO TIME UPON NOTICE
TO YOU. THIS NOTICE IS DATED AS OF MAY 19, 2004.
19
<Page>
CREDIT SUISSE NEW YORK MUNICIPAL FUND
PROXY VOTING (unaudited)
The policies and procedures that the Fund uses to determine how to vote
proxies relating to its portfolio securities are available:
- By calling 1-800-927-2874
- On the Fund's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
20
<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030 [CREDIT SUISSE ASSET MANAGEMENT LOGO]
800-927-2874 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSNYM-3-0404
<Page>
ITEM 2. CODE OF ETHICS.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
This item is inapplicable to a semi-annual report on Form N-CSR.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS
Form N-CSR disclosure requirement not yet effective with respect to the
registrant.
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
The Nominating Committee recommends Board member candidates. Shareholders of the
registrant may also submit nominees that will be considered by the Committee.
Recommendations should be mailed to the registrant's Secretary, c/o Credit
Suisse Asset Management, LLC, 466 Lexington Avenue, New York, NY 10017. Any
submission should include at a minimum the following information: the name, age,
business address, residence address and principal occupation or employment of
such individual; the class, series and number of shares of the registrant that
are beneficially owned by such individual; the date such shares were acquired
and the investment intent of such acquisition; whether such shareholder believes
such individual is, or is not, an "interested person" of the registrant (as
defined in the Investment Company Act of 1940) and information regarding such
individual that is sufficient, in the Committee's discretion, to make such
determination; and all other information relating to such individual that is
required to be disclosed in solicitation of proxies for election of directors in
an election contest (even if an election contest is not involved) or is
otherwise required pursuant to the rules for proxy materials under the
Securities Exchange Act of 1934.
ITEM 10. CONTROLS AND PROCEDURES.
<Page>
(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 last 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) Not applicable.
(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.
<Page>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE NEW YORK MUNICIPAL FUND
/s/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: July 6, 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: July 6, 2004
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: July 6, 2004