<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)
J. Kevin Gao, 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
Date of reporting period: January 1, 2004 to December 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
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[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 31, 2004
- - CREDIT SUISSE
NEW YORK TAX EXEMPT 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.
<Page>
THE VIEWS OF THE FUND'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND FUND
HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF DECEMBER 31, 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 TAX EXEMPT FUND
ANNUAL INVESTMENT ADVISER'S REPORT
December 31, 2004 (unaudited)
February 4, 2005
Dear Shareholder:
For the Credit Suisse New York Tax Exempt Fund (the "Fund") the annualized
current yields for the seven days ended December 31, 2004 were 1.21% and 1.89%
for the Fund's Common Class and Class A shares, respectively. The Fund's average
weighted maturity was 21 days at December 31, 2004, up from 18 days on December
31, 2003.
MARKET OVERVIEW: A LOW RATE ENVIRONMENT
Performance in New York municipal securities over the course of the Fund's
fiscal year was consistent with the market for municipal securities as a whole.
The major factor constraining municipal bonds in the period was nominal
short-term rates, which remained at historic lows of 1.00% for much for the
year. However, starting at the end of June, the Fed began to raise rates 25
basis points at each of its five consecutive open market committee meetings,
bringing the fed funds rate at year-end to 2.25%.
The low interest rate environment prompted many investors to look for more
attractive yields beyond the municipal universe. This trend reversed, but only
slightly, as interest rates began to rise and defensive investors parked cash in
money markets for safe keeping. With respect to New York itself, the fundamental
environment improved as public tax revenues increased and fiscal budgets were
less hard pressed than in 2003. During the course of the Fund's fiscal year, S&P
changed its outlook on the state from negative to stable and Moody's changed its
outlook on New York City, the state's biggest municipality and issuer of
municipal bonds, from stable to positive.
STRATEGIC REVIEW: PRESERVING CAPITAL AND MAXIMIZING AFTER-TAX RETURNS
Our investment approach during the year focused on preserving capital while
maximizing the Fund's potential after tax returns. Consistent with our
expectation that interest rates would rise, we kept the portfolio's overall
duration short to minimize its vulnerability to rising rates. The Fund's average
maturity increased only marginally to 21 from 18 days, reflecting the generally
short position we maintained. In addition, we concentrated the portfolio in
securities of comparatively strong credit quality, buying opportunistically only
when market-based rates fluctuated to levels we felt were 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
<Page>
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 MARKETS,
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.
THE FUND'S SHAREHOLDERS APPROVED A PLAN OF LIQUIDATION, DISSOLUTION AND
TERMINATION FOR THE FUND AT THE SPECIAL MEETING HELD ON DECEMBER 30, 2004.
ACCORDINGLY, EACH SHAREHOLDER OF THE FUND HAS RECEIVED A DISTRIBUTION IN AN
AMOUNT EQUAL TO THE NET ASSET VALUE PER SHARE ON JANUARY 6, 2005, PLUS ANY
PREVIOUSLY DECLARED AND UNPAID DIVIDENDS AND DISTRIBUTIONS.
<Page>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2004(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS 10 YEARS INCEPTION DATE
---------- -------- ---------- ----------- ----------
Common Class 0.66% 1.54% 2.27% 1.47% 4/18/85
Class A 0.69% - - 0.53% 11/30/01
</Table>
PAST PERFORMANCE CANNOT GUARANTEE FUTURE FUTURE RESULTS. THE FUND'S YIELD WILL
FLUCTUATE. ALTHOUGH THE FUND SEEKS TO MAINTAIN A CONSTANT NET ASSET VALUE OF $1
PER SHARE, THERE CAN BE NO ASSURANCE THAT IT CAN DO SO ON A CONTINUING BASIS
AND IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUND. AN INVESTMENT IN THE
FUND IS NEITHER INSURED NOR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
- ----------
(1) Returns assume reinvestment of dividends.
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
As an investor of the Fund, you incur two types of costs: ongoing expenses and
transaction costs. Ongoing expenses include management fees, distribution and
service (12b-1) fees and other Fund expenses. Examples of transaction costs
include sales charges (loads), redemption fees and account maintenance fees,
which are not shown in this section and which would result in higher total
expenses. The following table is intended to help you understand your ongoing
expenses of investing in the Fund and to help you compare these expenses with
the ongoing expenses of investing in other mutual funds. The table is based on
an investment of $1,000 made at the beginning of the six-month period ended
December 31, 2004.
The table illustrates your Fund's expenses in two ways:
- - ACTUAL FUND RETURN. This helps you estimate the actual dollar amount of
ongoing expenses paid on a $1,000 investment in the Fund using the Fund's
actual return during the period. To estimate the expenses you paid over the
period, simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the
number in the "Expenses Paid per $1,000" line under the share class you hold.
- - HYPOTHETICAL 5% FUND RETURN. This helps you to compare your Fund's ongoing
expenses with those of other mutual funds using the Fund's actual expense
ratio and a hypothetical rate of return of 5% per year before expenses.
Examples using a 5% hypothetical fund return may be found in the shareholder
reports of other mutual funds. The hypothetical account values and expenses
may not be used to estimate the actual ending account balance or expense you
paid for the period.
Please note that the expenses shown in these tables are meant to highlight your
ongoing expenses only and do not reflect any transaction costs, such as sales
charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX-MONTH PERIOD ENDED
DECEMBER 31, 2004
<Table>
<Caption>
COMMON SHARES CLASS A
------------- --------------
ACTUAL FUND RETURN
Beginning Account Value 7/1/04 $ 1,000.00 $ 1,000.00
Ending Account Value 12/31/04 $ 1,004.30 $ 1,005.70
Expenses Paid per $1,000* $ 2.56 $ 3.93
HYPOTHETICAL 5% FUND RETURN
Beginning Account Value 7/1/04 $ 1,000.00 $ 1,000.00
Ending Account Value 12/31/04 $ 1,022.58 $ 1,021.22
Expenses Paid per $1,000* $ 2.58 $ 3.96
<Caption>
COMMON SHARES CLASS A
------------- --------------
ANNUALIZED EXPENSE RATIOS* 0.51% 0.78%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO FOR EACH SHARE
CLASS, MULTIPLIED BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED
BY THE NUMBER OF DAYS IN THE MOST RECENT FISCAL HALF YEAR PERIOD, THEN
DIVIDED BY 366.
THE "EXPENSES PAID PER $1,000" AND THE "ANNUALIZED EXPENSE RATIOS" IN THE
TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE FUND DURING THE PERIOD, NET
OF FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS. IF THOSE FEE WAIVERS AND/OR
EXPENSE REIMBURSEMENTS HAD NOT BEEN IN EFFECT, THE FUND'S ACTUAL EXPENSES
WOULD HAVE BEEN HIGHER.
For more information, please refer to the Fund's prospectus.
[CHART]
SECTOR BREAKDOWN*
<Table>
New York Municipal Bonds 12,779,686 100.0%
Total 12,779,686 100.0%
</Table>
- ----------
* The Fund's sector breakdown is expressed as a percentage of total investments
and may vary over time.
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
SCHEDULE OF INVESTMENTS
December 31, 2004
<Table>
<Caption>
PAR RATINGS+
(000) (S&P/MOODY'S) MATURITY RATE% VALUE
- ------------ -------------- ------------ ---------- --------------
MUNICIPAL BONDS (111.2%)
$ 800 Jay Street Development Corp., NY
Certificates Facilities Lease Revenue
Bonds, Jay Street Project, Series A-4
(DEPFA Bank PLC LOC) VRDN ## (A1+ , VMIG1) 01/03/05 2.150 $ 800,000
0(1) New York, NY, City Industrial
Development Agency, Revenue Bonds,
Adjusted Abigail Press, Inc. Project
(JP Morgan Chase & Co. LOC) VRDN ## (A1+ , NR) 01/06/05 2.020 100
1,000 New York, NY, City Municipal Water
Finance Authority Water & Sewer
Systems, Revenue Bonds, Adjusted
Subseries C-1 (State Street Bank &
Trust LOC) VRDN ## (A1+ , VMIG1) 01/03/05 2.200 1,000,000
500 New York, NY, City Municipal Water
Finance Authority Water & Sewer
Systems, Revenue Bonds, Adjusted
Series C (FGIC Insured) VRDN ## (A1+ , VMIG1) 01/03/05 2.100 500,000
400 New York, NY, City Municipal Water
Finance Authority Water & Sewer
Systems, Revenue Bonds, Adjusted
Series C (FGIC Insured) VRDN ## (A1+ , VMIG1) 01/03/05 2.100 400,000
475 New York, NY, City Transitional Finance
Authority, Revenue Bonds, Adjusted
Future Tax Secured Subseries C4
(Landesbank Hessen-Thuringen LOC) VRDN
## (A1+ , VMIG1) 01/03/05 2.180 475,000
600 New York, NY, City Transitional Finance
Authority, Revenue Bonds, NYC Recovery
Series 3, Subseries 3F (Bank of New
York LOC) VRDN ## (A1+ , VMIG1) 01/03/05 2.200 600,000
900 New York, NY, General Obligation
Unlimited, Adjusted Series H,
Subseries H-2 (MBIA Insured) VRDN ## (A1+ , VMIG1) 01/03/05 2.200 900,000
700 New York, NY, General Obligation
Unlimited, Adjusted Series H,
Subseries H-3 (FSA Insured) VRDN ## (A1+ , VMIG1) 01/03/05 2.150 700,000
1,100 New York, NY, General Obligation
Unlimited, Adjusted Series H,
Subseries H-3 (FSA Insured) VRDN ## (A1+ , VMIG1) 01/03/05 2.150 1,100,000
800 New York, NY, General Obligation
Unlimited, Adjusted Subseries A-7
(AMBAC Insurance) VRDN ## (A1+ , VMIG1) 01/03/05 2.160 800,000
400 New York, NY, General Obligation
Unlimited, Adjusted Subseries B-2 (JP
Morgan Chase & Co. LOC) VRDN ## (A1+ , VMIG1) 01/03/05 2.180 400,000
800 New York, NY, General Obligation
Unlimited, Adjusted Subseries E3
(Westdeutsche Landesbank LOC) VRDN ## (A1+ , VMIG1) 01/03/05 2.150 800,000
1,000 North Hempstead, NY, General Obligation
Unlimited Notes, Series A, BAN (NR , MIG1) 02/03/05 2.000 1,000,829
600 Port Authority, New York & New Jersey
Special Obligation, Revenue Bonds
(Bayerische Landesbank LOC) VRDN ## (A1+ , VMIG1) 01/03/05 2.170 600,000
1,000 Rockland County, NY, General Obligation
Unlimited, Tax Anticipation Notes (NR , MIG1) 03/24/05 2.000 1,001,203
700 Suffolk County, NY, Industrial
Development Agency Research
Facilities, Revenue Bonds, Cold Spring
Harbor Laboratory Project (JP Morgan
Chase & Co. LOC) VRDN ## ## (A1+ , VMIG1) 01/03/05 2.200 700,000
1,000 Wappinger, NY, General Obligation
Unlimited Notes, BAN (NR , NR) 04/29/05 2.000 1,002,554
--------------
TOTAL MUNICIPAL BONDS (COST $12,779,686) 12,779,686
--------------
</Table>
See Accompanying Notes to Financial Statements.
<Page>
<Table>
<Caption>
VALUE
-------------
TOTAL INVESTMENTS AT VALUE (111.2%) (COST $12,779,686) 12,779,686
LIABILITIES IN EXCESS OF OTHER ASSETS (-11.2%) (1,290,503)
-------------
NET ASSETS (100.0%) $ 11,489,183
=============
</Table>
Average Weighted Maturity -- 21 days (Unaudited)
See Accompanying Notes to Financial Statements.
<Page>
INVESTMENT ABBREVIATIONS
AMBAC - American Municipal Bond Assurance Corporation
BAN -Bond Anticipation Notes
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
LOC - Letter of Credit
MBIA - Municipal Bond Investors Assurance Corporation
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, 2004 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) Par value of security held is less than $1,000.
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2004
<Table>
ASSETS
Investments at value (Cost $12,779,686) (Note 1) $ 12,779,686
Receivable for investments sold 8,604,925
Receivable for fund shares sold 331,696
Interest receivable 74,968
Receivable from investment adviser (Note 2) 6,799
Prepaid expenses 16,101
---------------
Total Assets 21,814,175
---------------
LIABILITIES
Due to custodian (overdraft) 9,745,555
Administrative services fee payable (Note 2) 7,243
Distribution fee payable (Note 2) 5
Payable for fund shares redeemed 527,898
Dividend payable 14,718
Other accrued expenses payable 29,573
---------------
Total Liabilities 10,324,992
---------------
NET ASSETS
Capital stock, $0.001 par value (Note 3) 11,525
Paid-in capital (Note 3) 11,499,932
Accumulated net realized loss on investments (22,274)
---------------
Net Assets $ 11,489,183
===============
COMMON SHARES
Net assets $ 11,467,882
Shares outstanding 11,503,268
---------------
Net asset value, offering price, and redemption price per share $ 1.00
===============
A SHARES
Net assets $ 21,301
Shares outstanding 21,308
---------------
Net asset value, offering price, and redemption price per share $ 1.00
===============
</Table>
See Accompanying Notes to Financial Statements
<Page>
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2004
<Table>
INTEREST INCOME (NOTE 1) $ 309,079
---------------
EXPENSES
Investment advisory fees (Note 2) 67,634
Administrative services fees (Note 2) 49,873
Distribution fees (Note 2)
Class A 86
Legal fees 42,407
Registration fees 39,591
Audit fees 22,438
Directors' fees 18,286
Insurance expense 16,478
Transfer agent fees 15,083
Printing fees (Note 2) 9,400
Custodian fees 1,543
Miscellaneous expense 7,996
---------------
Total expenses 290,815
Less: fees waived and expenses reimbursed (Note 2) (154,608)
---------------
Net expenses 136,207
---------------
Net investment income 172,872
---------------
Net increase in net assets resulting from operations $ 172,872
===============
</Table>
See Accompanying Notes to Financial Statements.
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------- -----------------
FROM OPERATIONS
Net investment income $ 172,872 $ 561,549
Net realized loss from investments - (18,733)
----------------- -----------------
Net increase in net assets
resulting from operations 172,872 542,816
----------------- -----------------
FROM DIVIDENDS
Dividends from net investment income
Common Class shares (172,657) (561,471)
Class A shares (215) (78)
----------------- -----------------
Net decrease in net assets
resulting from dividends (172,872) (561,549)
----------------- -----------------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 3)
Proceeds from sale of shares 86,162,020 233,273,590
Reinvestment of dividends 44,676 46,677
Net asset value of shares redeemed (112,859,224) (312,915,128)
----------------- -----------------
Net decrease in net assets
from capital share transactions (26,652,528) (79,594,861)
----------------- -----------------
Net decrease in net assets (26,652,528) (79,613,594)
NET ASSETS
Beginning of year 38,141,711 117,755,305
----------------- -----------------
End of year $ 11,489,183 $ 38,141,711
================= =================
</Table>
See Accompanying Notes to Financial Statements.
<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,
-------------------------------------------------------------------------------
2004 2003 2002 2001 2000
------------- ------------- ------------- ------------- -----------
PER SHARE DATA
Net asset value, beginning of year $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
------------- ------------- ------------- ------------- -----------
INVESTMENT OPERATIONS
Net investment income 0.0066 0.0055 0.0090 0.0202 0.0341
Net loss on investments
(both realized and unrealized) - (0.0001) - - -
------------- ------------- ------------- ------------- -----------
Total from investment operations 0.0066 0.0054 0.0090 0.0202 0.0341
------------- ------------- ------------- ------------- -----------
LESS DIVIDENDS
Dividends from net investment income (0.0066) (0.0054) (0.0090) (0.0202) (0.0341)
------------- ------------- ------------- ------------- -----------
NET ASSET VALUE, END OF YEAR $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
============= ============= ============= ============= ===========
Total return(1) 0.66% 0.54% 0.90% 2.13% 3.46%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 11,468 $ 38,121 $ 117,734 $ 186,685 $ 197,544
Ratio of expenses to average net assets(2) 0.50% 0.52% 0.55% 0.55% 0.57%
Ratio of net investment income
to average net assets 0.64% 0.55% 0.92% 2.11% 3.39%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.57% 0.08% 0.08% 0.15% 0.11%
</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% for the year ended
December 31, 2000. The Common Class shares' net operating expense ratio
after reflecting these arrangements was .55% for the year ended December
31, 2000. For the years ended December 31, 2004, 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.
<Page>
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
-------------------------------------------------------------------
2004 2003 2002 2001(1)
----------- ------------ ------------ ------------
PER SHARE DATA
Net asset value, beginning of period $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
----------- ------------ ------------ ------------
INVESTMENT OPERATIONS
Net investment income 0.0068 0.0031 0.0062 0.0004
Net loss on investments
(both realized and unrealized) - (0.0001) - -
----------- ------------ ------------ ------------
Total from investment operations 0.0068 0.0030 0.0062 0.0004
----------- ------------ ------------ ------------
LESS DIVIDENDS
Dividends from net investment income (0.0068) (0.0030) (0.0062) (0.0004)
----------- ------------ ------------ ------------
NET ASSET VALUE, END OF PERIOD $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
=========== ============ ============ ============
Total return(2) 0.69% 0.30% 0.62% 0.04%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 21 $ 21 $ 21 $ 1
Ratio of expenses to average net assets(3) 0.75% 0.77% 0.80% 0.80%(4)
Ratio of net investment income
to average net assets 0.39% 0.30% 0.59% 0.50%(4)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.57% 0.08% 0.08% 0.15%(4)
</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) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. For the years ended December 31, 2004, 2003 and
2002, and the period ended December 31, 2001, there was no effect on the
net operating expense ratio because of transfer agent credits.
(4) Annualized.
See Accompanying Notes to Financial Statements.
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
NOTES TO FINANCIAL STATEMENTS
December 31, 2004
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Credit Suisse New York Tax Exempt Fund, Inc. ("the Fund") is registered
under the Investment Company Act of 1940, as amended (the "1940 Act"), as an
open-end management investment company. The Fund was incorporated under the laws
of the state of Maryland on October 31, 1984.
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.
New York Tax Exempt offers two classes of shares: Common Class shares and
Class A shares. Each class of shares of the Fund represents an equal pro rata
interest in the Fund, except that it bears different expenses, which reflect the
difference in the range of services provided to them.
It is the policy of the Fund to maintain a stable net asset value of $1.00
per share. The Fund has adopted certain investment, fund valuation, dividend and
distribution policies to enable it to do so. There is no assurance, however,
that the Fund will be able to maintain a stable net asset value of $1.00 per
share.
A) SECURITY VALUATION - The net asset value of the Fund is determined at
12:00 noon eastern time and at the close of regular trading on the New York
Stock Exchange, Inc. on Monday through Friday, except for the days the following
holidays are observed: New Year's Day, Martin Luther King Jr.'s Birthday,
Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day,
Columbus Day, Veterans' Day, Thanksgiving Day and Christmas Day. The 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 the Fund's net asset value for purposes of sales and redemption at
$1.00 per share. These procedures include review by the Board of Directors, at
such intervals as it deems appropriate, to determine the extent, if any, to
which the Fund's net asset value per share calculated by using available market
quotations deviates from $1.00 per share. In the event such deviation exceeds
1/2 of 1%, the Board of Directors will promptly consider what action, if any,
should be initiated.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME - Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. The cost of investments sold is determined by use of the specific
identification method for both financial reporting and income tax purposes.
Income, expenses (excluding class-specific expenses) and realized/unrealized
gains/losses are
<Page>
allocated proportionately to each class of shares based upon the relative net
asset value of outstanding shares of that class.
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS - Dividends from net
investment income are declared daily and paid monthly. Distributions of net
realized capital gains, if any, are generally declared and paid annually,
although the Fund may declare and pay short-term capital gains, if any,
periodically as the Board of Directors determine. However, to the extent that a
net realized capital gain can be reduced by a capital loss carryover, such gain
will not be distributed. Income and capital gain distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States of America ("GAAP").
D) FEDERAL INCOME TAXES - No provision is made for federal taxes as it is
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 to make the requisite distributions to its shareholders,
which will be sufficient to relieve it from federal income and excise taxes.
E) REPURCHASE AGREEMENTS - The Fund may enter into repurchase agreements.
Under the terms of a typical repurchase agreement, the 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.
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 Fund.
For its investment advisory services, CSAM is entitled to receive a fee from the
Fund at an annual rate of 0.25% of the Fund's average daily net assets.
<Page>
For the year ended December 31, 2004, investment advisory fees earned,
voluntarily waived, and expenses reimbursed for the Fund were as follows:
<Table>
<Caption>
GROSS NET EXPENSE
ADVISORY FEE WAIVER ADVISORY FEE REIMBURSEMENT
------------ ---------- ------------ -------------
$ 67,634 $ (67,634) $ - $ (86,974)
</Table>
CSAM will not recapture from the Fund any fees it waived during the fiscal
year ended December 31, 2004.
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 the Fund's average daily net assets.
For the year ended December 31, 2004, co-administrative services fees earned by
CSAMSI were $27,054.
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, 2004, co-administrative services fees
earned by SSB (including out-of-pocket fees) were $22,819.
In addition to serving as the Fund's co-administrator, CSAMSI serves as
distributor of the Fund's shares. Pursuant to a distribution plan adopted by the
Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives a fee for its
distribution services. This fee is calculated at an annual rate of 0.25% of the
average daily net assets of the Class A shares of the Fund. Common Class shares
of the Fund do not bear distribution expenses. CSAMSI may use this fee to
compensate service organizations for distribution services.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Fund to provide certain financial printing and fulfillment services. For the
year ended December 31, 2004, Merrill was paid $7,507 for its services to the
Fund.
NOTE 3. CAPITAL SHARE TRANSACTIONS
The Fund 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
<Page>
shares and one billion shares are designated as Class A shares. Transactions in
shares of the Fund were as follows:
<Table>
<Caption>
COMMON CLASS
-------------------------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------------------------- ----------------------------------
SHARES VALUE SHARES VALUE
---------------- --------------- ---------------- --------------
Shares sold 86,162,020 $ 86,162,020 233,273,590 $ 233,273,590
Shares issued in reinvestment
of dividends 44,538 44,538 46,618 46,618
Shares redeemed (112,859,224) (112,859,224) (312,915,128) (312,915,128)
---------------- --------------- ---------------- --------------
Net decrease (26,652,666) $ (26,652,666) (79,594,920) $ (79,594,920)
================ =============== ================ ==============
<Caption>
CLASS A
-------------------------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
----------------------------------- ----------------------------------
SHARES VALUE SHARES VALUE
---------------- --------------- ---------------- --------------
Shares issued in reinvestment
of dividends 138 $ 138 59 $ 59
---------------- --------------- ---------------- --------------
Net increase 138 $ 138 59 $ 59
================ =============== ================ ==============
</Table>
On December 31, 2004, the number of shareholders that held 5% or more of
the outstanding shares of the Fund was as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
Common Class 4 76%
Class A 1 95%
</Table>
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 paid during the years ended December
31, 2004 and 2003, respectively, by the Fund were as follows:
<Table>
<Caption>
ORDINARY INCOME TAX EXEMPT INCOME
--------------------- --------------------------
2004 2003 2004 2003
-------- -------- ---------- ---------
$ - $ 1,363 $ 172,872 $ 560,186
</Table>
<Page>
At December 31, 2004, the components of distributable earnings on a tax
basis for the Fund were as follows:
<Table>
Accumulated realized loss $ (22,274)
</Table>
At December 31, 2004, the Fund had capital loss carryforwards available to
offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
-----------------------
2009 2011
-------- ---------
$ 3,541 $ 18,733
</Table>
At December 31, 2004, the identified cost of securities for federal income
tax purposes was $12,779,686.
NOTE 5. 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.
NOTE 6. LIQUIDATION
On December 30, 2004, the Fund's shareholders approved a Plan of
Liquidation, Dissolution and Termination under which all of the Fund's assets
have been liquidated. Accordingly, on January 6, 2005, each shareholder
received a distribution in an amount equal to the net asset value per share
plus previously declared and unpaid dividends and distributions.
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of
Credit Suisse New York Tax Exempt Fund, Inc.:
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Credit Suisse New York Tax Exempt
Fund at December 31, 2004, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended and the financial highlights for each of the years (or periods)
presented, in conformity with accounting principles generally accepted in the
United States of America. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of the
Portfolios' 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 the standards of the Public Company
Accounting Oversight Board (United States). Those standards 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, 2004 by correspondence with the custodian and brokers, provide a
reasonable basis for our opinion.
As discussed, in note 6, the Fund liquidated on January 6, 2005.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 7, 2005
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
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 41 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 40 Director of
Box 208200 Nominating 1998 School of Aetna, Inc.
New Haven, Connecticut and Audit Management and (insurance
06520-8200 Committee William S. Beinecke company);
Member Professor in the Director of
Date of Birth: 10/29/46 Practice of Calpine
International Corporation
Trade and Finance (energy
from November 1995 provider);
to present. 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 a Director on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
<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 40 Director of
301 ICC Nominating 2001 Distinguished Carlisle
Georgetown University Committee Professor of Companies
Washington, DC 20057 Chairman International Incorporated
and Audit Affairs at the (diversified
Date of Birth: 02/11/37 Committee Edmund A. Walsh manufacturing
Member School of Foreign company).
Service,
Georgetown
University from
June 1995 to
present.
James S. Pasman, Jr. Director, Since Currently retired 42 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 Lead Since Partner of Lehigh 42 Director of
Lehigh Court, LLC Director, 1999 Court, LLC and RZ Presstek,
40 East 52nd Street Nominating Capital (private Inc.
New York, New York Committee investment firms) (digital
10022 Member and from July 2002 to imaging
Audit present; technologies
Committee Transition Adviser company);
Chairman to SunGard Director of
Date of Birth: 07/10/48 Securities Wood
Finance, Inc. from Resources, LLC.
February 2002 to (plywood
July 2002; manufacturing
President of company).
SunGard Securities
Finance, Inc. from
2001 to February
2002; President of
Loanet, Inc.
(on-line
accounting service
from 1997 to 2001.
</Table>
<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
Michael E. Kenneally(3) Chairman and Since Chairman and 44 None
Credit Suisse Asset Chief 2004 Global Chief
Management, LLC Executive Executive Officer
466 Lexington Avenue Officer of CSAM since
New York, New York 2003; Chairman
10017-3140 and Chief
Investment Officer
Date of Birth: 03/30/54 of Banc of America
Capital Management
from 1998 to March
2003.
William W. Priest(4) Director Since Chief Executive 47 Director of
Epoch Investment 1999 Officer of J Net Globe Wireless,
Partners Enterprises, Inc. LLC (maritime
667 Madison Avenue (technology communication
New York, NY 10021 holdings company) company);
since June 2004; Director of
Date of Birth: 09/24/41 Chief Executive InfraRed X
Officer of Epoch (medical device
Investment company);
Partners, Inc. Director of J
since April 2004; Net
Co-Managing Enterprises,
Partner, Inc.
Steinberg Priest &
Sloane Capital
Management, LLC
from 2001 to March
2004; Chairman and
Managing Director
of CSAM from 2000
to February 2001;
Chief Executive
Officer and
Managing Director
of CSAM from 1990
to 2000.
</Table>
- ----------
(3) Mr. Kenneally is a Director who is an "interested person" of the Fund as
defined in the 1940 Act because he is an officer of CSAM.
(4) Mr. Priest is a Director who is an "interested person" of the Fund as
defined in the 1940 Act because he provided consulting services to CSAM
within the last two years (ended 12/31/02).
<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
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
Emidio Morizio Chief Since Director and Global Head of Compliance of CSAM; Associated
Credit Suisse Asset Compliance 2004 with CSAM since July 2000; Vice President and Director of
Management, LLC Officer Compliance of Forstmann-Leff Associates from 1998 to June
466 Lexington Avenue 2000; Officer of other Credit Suisse Funds.
New York, New York
10017-3140
Date of Birth: 09/21/66
Ajay Mehra Chief Since Director and Deputy General Counsel of CSAM since September
Credit Suisse Asset Legal 2004 2004; Senior Associate of Shearman & Sterling LLP from
Management, LLC Officer September 2000 to September 2004; Senior Counsel of the SEC
466 Lexington Avenue Division of Investment Management from June 1997 to September
New York, New York 2000; Officer of other Credit Suisse Funds.
10017-3140
Date of Birth: 08/14/70
J. Kevin Gao Vice President Since Vice President and legal counsel of CSAM; Associated with CSAM
Credit Suisse Asset and Secretary 2004 since July 2003; Associated with the law firm of Willkie Farr
Management, LLC & Gallagher LLP from 1998 to 2003; Officer of other Credit
466 Lexington Avenue Suisse Funds.
New York, New York
10017-3140
Date of Birth: 10/13/67
</Table>
<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 since January 2001;
Credit Suisse Asset Treasurer 2002 Associated with CSAM since 1998; Officer of other Credit
Management, LLC Suisse Funds.
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information
about the Directors and is available, without charge, upon request, by
calling 800-927-2874.
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
TAX INFORMATION LETTER (UNAUDITED)
December 31, 2004
IMPORTANT TAX INFORMATION FOR SHAREHOLDERS
In the twelve months ended December 31, 2004, (the end of the fiscal year),
100.00% 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 2005, you were 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 2004. 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.
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
PROXY POLICY AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how the Fund voted proxies related to its portfolio
securities during the 12-month period ended June 30, 2004 as well as 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.
The Fund files a complete schedule of its portfolio holdings for the first
and third quarters of its fiscal year with the SEC on Form N-Q. The Fund's Forms
N-Q are available on the SEC's website at http://www.sec.gov and may be reviewed
and copied at the SEC's Public Reference Room in Washington, DC. Information on
the operation of the SEC's Public Reference Room may be obtained by calling
1-800-SEC-0330.
<Page>
CREDIT SUISSE NEW YORK TAX EXEMPT FUND
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse New York Tax Exempt
Fund (the "Fund") was held at 466 Lexington Avenue, 16th Floor, New York, NY
10017 on December 30, 2004. The following matter was voted upon by the
shareholders of the Fund and the results are presented below. Shares delivered
not voted are included on the total for the proposal.
To consider and act upon a proposal to liquidate, dissolve and terminate
the Fund in accordance with the Plan of Liquidation, Dissolution and Termination
adopted by the Board of Directors:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 12,582,330 52.93% 98.92%
Against 121,180 0.51% 0.95%
Abstain 16,394 0.07% 0.13%
</Table>
<Table>
Total Eligible Shares 23,772,402
Total Shares Voted 12,719,904
% of Shares Voted 53.51%
</Table>
<Page>
P.O. Box 55030, Boston, MA 02205-5030
800-927-2874 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR.
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CSNYT-2-1204
<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
12(a)(1) to this Form. There were no amendments to the code during the fiscal
year ended December 31, 2004. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended December 31, 2004.
<Page>
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 independent registered public accounting firm,
PricewaterhouseCoopers LLP ("PwC"), for its fiscal years ended December 31, 2003
and December 31, 2004.
<Table>
<Caption>
2003 2004
- -------------------------------------------------------------------
Audit Fees $ 15,274 $ 15,274
Audit-Related Fees(1) $ 3,000 $ 4,500
Tax Fees(2) $ 2,327 $ 2,327
All Other Fees -- --
- -------------------------------------------------------------------
Total $ 20,601 $ 22,101
- -------------------------------------------------------------------
</Table>
(1) Services include agreed-upon procedures in connection with the registrant's
semi-annual financial statements ($3,000), and the registrant's third
quarter 2004 Form N-Q filing ($1,500).
(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, 2003 and December 31, 2004.
<Table>
<Caption>
2003 2004
- -------------------------------------------------------------------
Audit-Related Fees N/A N/A
</Table>
2
<Page>
<Table>
Tax Fees N/A N/A
All Other Fees N/A N/A
- -------------------------------------------------------------------
Total N/A N/A
- -------------------------------------------------------------------
</Table>
(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 registered public
accounting firm to the registrant and (ii) all permissible non-audit services to
be provided by the independent registered public accounting firm 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
registered public accounting firm 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>
2003 2004
- -------------------------------------------------------------------
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>
3
<Page>
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 be approved pursuant to Rule
2-01(c)(7)(ii)of Regulation S-X, for the registrant's fiscal years ended
December 31, 2003 and December 31, 2004:
<Table>
<Caption>
2003 2004
- -------------------------------------------------------------------
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, 2003 and December 31, 2004 were $5,327 and $6,827, respectively.
(h) Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
Schedule of investments is included as part of the report to shareholders filed
under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 8. PORTFOLIO MANGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement is not applicable to the registrant.
4
<Page>
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Registrant has a Nominating Committee (the "Committee"), which is
responsible for selecting and nominating persons for election or appointment by
the Registrant's Board as Board members. The Committee has adopted a Nominating
Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will
consider recommendations for nominees from shareholders submitted to the
Secretary of the Registrant, c/o Credit Suisse Asset Management, LLC, 466
Lexington Avenue, New York, New York 10017. A nomination submission must include
information regarding the recommended nominee as specified in the Charter. This
information includes all information relating to a recommended nominee that is
required to be disclosed in solicitations or proxy statements for the election
of Board members, as well as information sufficient to evaluate the factors to
be considered by the Committee, including character and integrity, business and
professional experience, and whether the person has the ability to apply sound
and independent business judgment and would act in the interests of the
Registrant and its shareholders.
Nomination submissions are required to be accompanied by a written consent of
the individual to stand for election if nominated by the Board and to serve if
elected by the shareholders, and such additional information must be provided
regarding the recommended nominee as reasonably requested by the Committee.
ITEM 11. CONTROLS AND PROCEDURES.
(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
second fiscal quarter of the period covered by this report that have materially
affected, or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Registrant's Code of Ethics is an exhibit to this report.
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(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.
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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/ Michael E. Kenneally
------------------------
Name: Michael E. Kenneally
Title: Chief Executive Officer
Date: March 8, 2005
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/ Michael E. Kenneally
------------------------
Name: Michael E. Kenneally
Title: Chief Executive Officer
Date: March 8, 2005
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: March 8, 2005
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