N-CSR 1 file001.txt CREDIT SUISSE NEW YORK MUNICIPAL FUND UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act File No. 811-4964 --------------------------------------------------------------------- CREDIT SUISSE NEW YORK MUNICIPAL FUND ------------------------------------------------------------------------ (Exact Name of Registrant as Specified in Charter) 466 Lexington Avenue, New York, New York 10017-3140 ------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) J. Kevin Gao, 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 31st Date of reporting period: November 1, 2004 to October 31, 2005 ITEM 1. REPORTS TO STOCKHOLDERS. CREDIT | ASSET SUISSE | MANAGEMENT CREDIT SUISSE FUNDS Annual Report October 31, 2005 o 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. 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 October 31, 2005; 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. CREDIT SUISSE NEW YORK MUNICIPAL FUND ANNUAL INVESTMENT ADVISER'S REPORT October 31, 2005 (unaudited) -------------------------------------------------------------------------------- November 21, 2005 Dear Shareholder: PERFORMANCE SUMMARY 11/1/04 - 10/31/05 FUND & BENCHMARK PERFORMANCE Common Class1 (0.14)% Class A (without sales charge)1,2 (0.39)% Lehman Brothers 5 Year Municipal Bond Index3 0.47% For the 12 months ended October 31, 2005, the Common Class and Class A shares (without sales charge) of the Fund underperformed their benchmark, the Lehman Brothers 5 Year Municipal Bond Index, by 61 and 86 basis points, respectively. MARKET OVERVIEW: RATES RISE, CURVE FLATTENS In our view, 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 driving activity in the period was the Fed's gradualist approach to monetary tightening, which brought nominal short-term rates from 1.75% at the start of the Fund's fiscal year to 3.75% at its end. This rising rate environment prompted the short end of the yield curve to climb approximately 200 basis points. But securities at the longer end rose far less (the ten-year Treasury rose 53 basis points in the period) and in some cases actually fell (the 30-year Treasury fell five basis points). This "bearish" flattening in the yield curve proved a difficult environment in which to find value among municipal securities, particularly in those securities with maturities of less than ten years. Within New York, a rebounding statewide economy fueled tax revenues for many municipalities, helping to support their underlying creditworthiness. S&P and Moody's both upgraded their ratings and revised their outlook on New York City to "Stable," largely due to substantial revenue gains from the higher mortgage tax on residential sales. State finances also improved significantly, but a number of upstate counties (Westchester, Monroe) felt increasing financial pressure from their rising pension and health care costs, the responsibility for which in New York State lands squarely on the local municipalities. 1 CREDIT SUISSE NEW YORK MUNICIPAL FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) October 31, 2005 (unaudited) -------------------------------------------------------------------------------- STRATEGIC REVIEW: CAUTIOUS APPROACH SLOWS PERFORMANCE We attribute the Fund's underperformance of its Lehman Brothers 5 Year Municipal Bond Index benchmark in the fiscal year to our conservative approach to the investments in the Fund. We kept the portfolio's overall duration shorter than the benchmark in an attempt to minimize its vulnerability to rising rates. This precluded significant participation in the potential benefits derived from the flattening witnessed in the yield curve. Also consistent with our generally cautious perspective, we maintained our longstanding underweight in lower-rated credits (i.e., those rated BBB and A) relative to the Index. For example, we did not own any tobacco and very few health care issues in the portfolio, both of which recorded gains in the fiscal year period. Also weighing on performance was our modest exposure to bonds issued by Puerto Rico, the spreads of which widened due to the increasing pension fund burden the island faces. 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 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. 2 CREDIT SUISSE NEW YORK MUNICIPAL FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) October 31, 2005 (unaudited) -------------------------------------------------------------------------------- COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE CREDIT SUISSE NEW YORK MUNICIPAL FUND1 COMMON CLASS SHARES AND THE LEHMAN BROS. 5 YR MUNICIPAL INDEX3 FOR TEN YEARS. LINE CHART: CREDIT SUISSE NEW YORK MUNICIPAL FUND1 - COMMON CLASS -- $15,288 LEHMAN BROS. 5 YEAR MUNICIPAL BOND INDEX3 -- $16,080 CREDIT SUISSE LEHMAN BROS. NEW YORK MUNICIPAL 5 YEAR MUNICIPAL FUND1 - COMMON CLASS BOND INDEX3 10/95 10000 10000 10103 10091 10168 10144 10245 10245 10211 10217 10159 10145 10146 10144 10164 10140 10221 10200 10330 10275 10339 10284 10427 10368 10/96 10487 10459 10606 10595 10607 10575 10647 10611 10714 10688 10649 10572 10667 10617 10803 10748 10863 10836 11020 11026 10986 10970 11057 11067 10/97 11098 11124 11126 11159 11231 11254 11326 11357 11331 11375 11339 11384 11270 11337 11432 11473 11483 11512 11491 11553 11654 11694 11783 11815 10/98 11790 11849 11818 11870 11846 11912 11989 12038 11923 12025 11929 12035 11957 12072 11894 12022 11749 11886 11813 11960 11796 11955 11812 11998 10/99 11760 11969 11848 12039 11798 11999 11759 11994 11834 12033 11999 12143 11949 12115 11911 12112 12171 12334 12300 12464 12466 12598 12424 12577 10/00 12529 12665 12598 12720 12865 12919 13034 13141 13051 13209 13171 13290 13067 13217 13199 13354 13269 13430 13426 13567 13647 13750 13550 13792 10/01 13682 13906 13558 13795 13473 13728 13697 13949 13865 14107 13621 13807 13855 14126 13922 14220 14042 14375 14163 14531 14311 14670 14497 14874 10/02 14354 14722 14329 14708 14573 15000 14574 15026 14727 15190 14688 15168 14759 15240 14952 15483 14927 15443 14638 15106 14724 15213 15005 15598 10/03 14936 15495 15008 15559 15051 15619 15096 15693 15254 15884 15169 15818 14928 15501 14886 15422 14902 15479 15033 15640 15222 15896 15252 15917 10/04 15310 16005 15193 15900 15303 16044 15303 16040 15245 15961 15155 15860 15306 16043 15306 16089 15426 16163 15290 16075 15350 16188 15245 16147 10/05 15288 16080 COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE CREDIT SUISSE NEW YORK MUNICIPAL FUND1 CLASS A SHARES2 AND THE LEHMAN BROS. 5 YR MUNICIPAL BOND INDEX3,5 FROM INCEPTION (11/30/01). LINE CHART: CREDIT SUISSE NEW YORK MUNICIPAL FUND1 - CLASS A2 -- $10,818 (WITH MAXIMUM SALES CHARGE) LEHMAN BROS. 5 YEAR MUNICIPAL BOND INDEX3,5 -- $11,656 CREDIT SUISSE NEW YORK MUNICIPAL FUND1 - LEHMAN BROS. CLASS A2 5 YEAR (WITH MAXIMUM MUNICIPAL SALES CHARGE) BOND INDEX3,5 11/01 9700 10000 9633.68 9951.2 9789.73 10111.4 9896.62 10226.2 9743.9 10008.6 9896.8 10239.7 9931.25 10308.5 10024.1 10420.7 10098.5 10533.4 10201.6 10634.6 10341.5 10782.1 10/02 10228.2 10672.2 10208.8 10661.6 10379.7 10873.8 10378.7 10892.3 10504.9 11011 10475.4 10995.6 10522.6 11047.3 10657.1 11224 10636 11194.8 10419 10950.7 10487.7 11027.7 10685.5 11306.7 10/03 10634 11232.5 10682.9 11278.6 10711.4 11322.6 10740.8 11375.8 10851.5 11514.7 10788.8 11466.8 10605.3 11236.9 10573.3 11179.1 10592.5 11220.5 10673.1 11337.6 10815.3 11522.9 10834.1 11538.1 10/04 10860 11602 10775.5 11525.8 10851.2 11630.3 10838.2 11627.4 10805.6 11570.1 10739.8 11496.8 10833.4 11629.9 10844 11663 10924.8 11716.7 10828.6 11653.2 10871.4 11734.8 10796.6 11705.3 10/05 10818.1 11656.1 3 CREDIT SUISSE NEW YORK MUNICIPAL FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) October 31, 2005 (unaudited) -------------------------------------------------------------------------------- AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 20051 SINCE 1 YEAR 5 YEARS 10 YEARS INCEPTION ------ ------- -------- --------- Common Class4 0.84% 4.36% 4.48% 5.22% Class A Without Sales Charge 0.47% -- -- 3.06% Class A With Maximum Sales Charge (2.50)% -- -- 2.24% AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 20051 SINCE 1 YEAR 5 YEARS 10 YEARS INCEPTION ------ ------- -------- --------- Common Class4 (0.14)% 4.06% 4.34% 5.16% Class A Without Sales Charge (0.39)% -- -- 2.83% Class A With Maximum Sales Charge (3.33)% -- -- 2.03% Returns represent past performance and include change in share price and reinvestment of dividends and capital gains. PAST PERFORMANCE CANNOT GUARANTEE FUTURE RESULTS. The current performance of the Fund may be lower or higher than the figures shown. Returns and share price will fluctuate, and redemption value may be 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 may reduce 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 down 3.33%. 3 The Lehman Brothers 5 Year Municipal Bond Index is an unmanaged index (with no defined investment objective) of municipal bonds with maturities of between four and six years, and is calculated by Lehman Brothers, Inc. Investors cannot invest directly in an index. 4 Inception date: 4/1/87. 5 Performance for the benchmark is not available for the period beginning November 30, 2001 (commencement of operations). For that reason, performance is shown for the period beginning December 1, 2001. 4 CREDIT SUISSE NEW YORK MUNICIPAL FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) October 31, 2005 (unaudited) -------------------------------------------------------------------------------- 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 October 31, 2005. The table illustrates your Fund's expenses in two ways: o 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. o 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 expenses 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. 5 CREDIT SUISSE NEW YORK MUNICIPAL FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) October 31, 2005 (unaudited) -------------------------------------------------------------------------------- EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE SIX MONTH PERIOD ENDED OCTOBER 31, 2005 -------------------------------------------------------------------------------- COMMON ACTUAL FUND RETURN CLASS CLASS A --------- --------- Beginning Account Value 5/1/05 $1,000.00 $1,000.00 Ending Account Value 10/31/05 $ 998.90 $ 998.60 Expenses Paid per $1,000* $ 3.02 $ 4.28 HYPOTHETICAL 5% FUND RETURN Beginning Account Value 5/1/05 $1,000.00 $1,000.00 Ending Account Value 10/31/05 $1,022.18 $1,020.92 Expenses Paid per $1,000* $ 3.06 $ 4.33 COMMON CLASS CLASS A --------- --------- ANNUALIZED EXPENSE RATIOS* 0.60% 0.85% -------------- * 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 365. 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. 6 CREDIT SUISSE NEW YORK MUNICIPAL FUND ANNUAL INVESTMENT ADVISER'S REPORT (CONTINUED) October 31, 2005 (unaudited) -------------------------------------------------------------------------------- CREDIT QUALITY BREAKDOWN* RATINGS S&P ------------------------------------------------ AAA 64.2% AA 17.6% A 12.0% BBB 6.0% ------ Subtotal 99.8% Short-Term Investments 0.2% ------ Total 100.0% ====== -------------- * Expressed as a percentage of total Investments and may vary over time. 7 CREDIT SUISSE NEW YORK MUNICIPAL FUND SCHEDULE OF INVESTMENTS October 31, 2005 --------------------------------------------------------------------------------
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ------ ------------- -------- ----- ----- MUNICIPAL BONDS (99.2%) NEW YORK (96.1%) $ 1,000 Brookhaven NY, General Obligation Unlimited (MBIA Insured) (Non-Callable) (AAA , Aaa) 08/15/14 5.000 $ 1,079,580 200 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series E (AMBAC Insured) (Callable 07/01/07 @ $101.00) (AAA , Aaa) 07/01/11 5.000 209,034 600 Metropolitan Transportation Authority, NY, Dedicated Tax Fund, Series A (FGIC Insured) (AAA , Aaa) 04/01/13 5.600 654,078 695 Metropolitan Transportation Authority, NY, Transportation Facilities Revenue Bonds, Prerefunded, Series C (FSA Insured) (Callable 07/01/12 @ $100.00) (AAA , Aaa) 07/01/14 5.125 752,365 1,000 Municipal Assistance Corp., New York City, Revenue Bonds, Series H (AAA , Aaa) 07/01/07 6.250 1,051,480 1,000 Municipal Assistance Corp., New York City, Revenue Bonds, Series M (AAA , Aaa) 07/01/08 5.500 1,058,950 1,110 Nassau County NY Interim Finance Authority Revenue Bonds, Refunding Sales Tax Secured, Series B (AMBAC Insured) (Non-Callable) (AAA , Aaa) 11/15/12 5.000 1,196,047 1,000 Nassau County NY Interim Finance Authority Revenue Bonds, Sales Tax Secured, Series A (AMBAC Insured) (Non-Callable) (AAA , Aaa) 11/15/11 5.000 1,074,410 635 Nassau County NY Interim Finance Authority Revenue Bonds, Sales Tax Secured, Series A (AAA , Aaa) 11/15/22 5.000 666,953 400 New York City, Educational Construction Fund, Revenue Bonds, Series A (MBIA Insured) (Non-Callable) (AAA , Aaa) 04/01/12 5.000 428,152 1,000 New York City, General Obligation Unlimited, Series F (A+ , A1) 08/01/09 5.000 1,050,510 450 New York City, General Obligation Unlimited, Series G (A+ , A1) 08/01/11 5.000 476,726 1,000 New York City, General Obligation Unlimited, Series H (Callable 03/15/11 @ $101.00) (A+ , A1) 03/15/13 5.750 1,095,640 1,000 New York City, General Obligation Unlimited, Series I (Non-Callable) (A+ , A1) 08/01/11 5.000 1,059,390 340 New York City, General Obligation Unlimited, Unrefunded Balance, Series J (Callable 08/01/07 @ $101.00) (A+ , A1) 08/01/11 6.125 358,248 1,000 New York City, Industrial Development Agency, YMCA Greater NY Project (BBB+ , Baa1) 08/01/06 6.000 1,020,570 1,000 New York City, Municipal Water Finance Authority Revenue Bonds, Series D (AA+ , Aa2) 06/15/15 5.250 1,079,590 110 New York City, Transitional Finance Authority, Prerefunded Future Tax 2004, Series C (Non-Callable) (AAA , Aa1) 02/01/08 5.500 115,596 1,000 New York City, Transitional Finance Authority, Refunding Future Tax Secured, Series B (Callable 02/01/11 @ $100.00) # (AAA , Aa1) 02/01/29 5.250 1,069,550 785 New York City, Transitional Finance Authority, Unrefunded Balance, Future Tax 2004, Series C (Non-Callable) (AAA , Aa1) 02/01/08 5.500 823,646 See Accompanying Notes to Financial Statements. 8 CREDIT SUISSE NEW YORK MUNICIPAL FUND SCHEDULE OF INVESTMENTS (CONTINUED) October 31, 2005 -------------------------------------------------------------------------------- PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ------ ------------- -------- ----- ----- MUNICIPAL BONDS NEW YORK $ 650 New York City, Transitional Finance Authority, Unrefunded Future Tax, Series B (AAA , Aa1) 02/01/08 5.500 $ 681,999 1,000 New York State Dormitory Authority, Lenox Hill Hospital Obligation Group, Revenue Bonds (BBB+ , Baa2) 07/01/09 5.250 1,020,450 1,200 New York State Dormitory Authority, New York University, Revenue Bonds, Series A (FGIC Insured) (AAA , Aaa) 07/01/15 5.000 1,288,464 2,000 New York State Dormitory Authority, State University Educational Facilities Revenue Bonds, Series B (Callable 05/15/08 @ $101.00) (AAA , Aaa) 07/01/15 5.000 2,161,440 1,000 New York State Dormitory Authority, State University Educational Facilities Revenue Bonds, Series B (Callable 05/15/08 @ $101.00) (AA- , A2) 05/15/09 5.250 1,059,580 500 New York State Dormitory Authority, Yeshiva University, Revenue Bonds (AMBAC Insured) (Non-Callable) (AAA , Aaa) 07/01/14 5.250 548,630 520 New York State Environmental Facilities Corp., Clean Water & Drinking Revenue Bonds, Revolving Funds, Series A (Non-Callable) (AAA , Aaa) 04/15/10 4.250 537,862 1,125 New York State Local Government Assistance Corp., Revenue Bonds, Series A (AAA , Aaa) 04/01/06 6.000 1,139,175 505 New York State Thruway Authority, General Revenue Bonds, Refunding, Series E (MBIA Insured) (Callable 01/01/08 @ $101.00) (AAA , Aaa) 01/01/25 5.000 523,079 325 New York State Thruway Authority, General Revenue Bonds, Series F (AMBAC Insured) (Callable 01/01/15 @ $100.00) (AAA , Aaa) 01/01/18 5.000 345,485 800 New York State Urban Development Corp., Correctional & Youth Facilities Revenue Bonds, Series A (AA- , A2) 01/01/17 5.000 842,120 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 1,088,730 1,000 New York State Urban Development Corp., State Facilities Revenue Bonds (AA- , A2) 04/01/11 5.750 1,096,160 750 New York State, General Obligation Unlimited, Refunding Series C (AA , A1) 04/15/17 5.000 797,917 1,000 Rockland County New York General Obligation Bonds (Callable 10/15/09 @ $101.00) (AA- , A1) 10/15/14 5.500 1,076,510 1,000 Triborough Bridge & Tunnel Authority, Revenue Bonds, Series A (Callable 01/01/09 @ $101.00) (AAA , Aa2) 01/01/18 5.125 1,067,560 1,000 Triborough Bridge & Tunnel Authority, Revenue Bonds, Series B (AAA , Aa2) 01/01/09 5.500 1,067,960 ------------ TOTAL NEW YORK (Cost $32,269,863) 32,663,636 ------------ PUERTO RICO (3.1%) 1,000 Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds (MBIA Insured) (AAA , Aaa) 07/01/07 6.000 1,048,040 ------------ TOTAL PUERTO RICO (Cost $1,017,377) 1,048,040 ------------ TOTAL MUNICIPAL BONDS (Cost $33,287,240) 33,711,676 ------------ See Accompanying Notes to Financial Statements. 9 CREDIT SUISSE NEW YORK MUNICIPAL FUND SCHEDULE OF INVESTMENTS (CONTINUED) October 31, 2005 -------------------------------------------------------------------------------- NUMBER OF SHARES VALUE ------ ----- SHORT-TERM INVESTMENT (0.1%) 49,088 Blackrock Provident New York Money Fund (Cost $49,088) $ 49,088 ------------ TOTAL INVESTMENTS AT VALUE (99.3%) (Cost $33,336,328) 33,760,764 OTHER ASSETS IN EXCESS OF LIABILITIES (0.7%) 229,369 ------------ NET ASSETS (100.0%) $ 33,990,133 ============
INVESTMENT ABBREVIATIONS AMBAC = American Municipal Bond Assurance Corporation FGIC = Financial Guaranty Insurance Company FSA = Financial Security Assurance, Inc. MBIA = Municipal Bond Investors Assurance Company -------------------------------------------------------------------------------- + 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 October 31, 2005. See Accompanying Notes to Financial Statements. 10 CREDIT SUISSE NEW YORK MUNICIPAL FUND STATEMENT OF ASSETS AND LIABILITIES October 31, 2005 -------------------------------------------------------------------------------- ASSETS Investments at value (Cost $33,336,328) (Note 2) $33,760,764 Interest receivable 461,867 Receivable for fund shares sold 3,279 Prepaid expenses 23,040 ----------- Total Assets 34,248,950 ----------- LIABILITIES Advisory fee payable (Note 3) 2,227 Administrative services fee payable (Note 3) 5,357 Distribution fee payable (Note 3) 553 Payable for fund shares redeemed 211,798 Dividend payable 8,514 Trustees' fee payable 5,498 Other accrued expenses payable 24,870 ----------- Total Liabilities 258,817 ----------- NET ASSETS Capital stock, $0.001 par value (Note 6) 3,395 Paid-in capital (Note 6) 32,979,675 Undistributed net investment income 5 Accumulated net realized gain on investments 582,622 Net unrealized appreciation from investments 424,436 ----------- Net Assets $33,990,133 =========== COMMON SHARES Net assets $31,569,050 Shares outstanding 3,152,396 ----------- Net asset value, offering price, and redemption price per share $10.01 ====== A SHARES Net assets $ 2,421,083 Shares outstanding 241,587 ----------- Net asset value and redemption price per share $10.02 ====== Maximum offering price per share (net asset value/(1-3.00%)) $10.33 ====== See Accompanying Notes to Financial Statements. 11 CREDIT SUISSE NEW YORK MUNICIPAL FUND STATEMENT OF OPERATIONS For the Year Ended October 31, 2005 -------------------------------------------------------------------------------- INTEREST INCOME (Note 2) $ 1,754,482 ----------- EXPENSES Investment advisory fees (Note 3) 170,211 Administrative services fees (Note 3) 86,607 Distribution fees (Note 3) Class A 5,824 Registration fees 37,525 Printing fees (Note 3) 22,753 Audit fees 22,080 Legal fees 19,061 Transfer agent fees (Note 3) 18,491 Trustees' fees 17,758 Custodian fees 6,318 Insurance expense 4,502 Commitment fees (Note 4) 972 Miscellaneous expense 8,467 ----------- Total expenses 420,569 Less: fees waived (Note 3) (159,777) ----------- Net expenses 260,792 ----------- Net investment income 1,493,690 ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain from investments 582,663 Net change in unrealized appreciation (depreciation) from investments (2,095,390) ----------- Net realized and unrealized loss from investments (1,512,727) ----------- Net decrease in net assets resulting from operations $ (19,037) =========== See Accompanying Notes to Financial Statements. 12 CREDIT SUISSE NEW YORK MUNICIPAL FUND STATEMENTS OF CHANGES IN NET ASSETS --------------------------------------------------------------------------------
FOR THE YEAR FOR THE YEAR ENDED ENDED OCTOBER 31, 2005 OCTOBER 31, 2004 ---------------- ---------------- FROM OPERATIONS Net investment income $1,493,690 $2,073,573 Net realized gain from investments 582,663 521,441 Net change in unrealized appreciation (depreciation) from investments (2,095,390) (1,261,144) ----------- ----------- Net increase (decrease) in net assets resulting from operations (19,037) 1,333,870 ----------- ----------- FROM DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income Common Class shares (1,417,385) (2,021,349) Class A shares (76,292) (52,232) Distributions from net realized gains Common Class shares (502,732) (460,484) Class A shares (18,690) (11,457) ----------- ----------- Net decrease in net assets resulting from dividends and distributions (2,015,099) (2,545,522) ----------- ----------- FROM CAPITAL SHARE TRANSACTIONS (Note 6) Proceeds from sale of shares 3,942,618 7,297,824 Reinvestment of dividends and distributions 1,876,477 2,355,158 Net asset value of shares redeemed (22,709,755) (20,485,093) ----------- ----------- Net decrease in net assets from capital share transactions (16,890,660) (10,832,111) ----------- ----------- Net decrease in net assets (18,924,796) (12,043,763) NET ASSETS Beginning of year 52,914,929 64,958,692 ----------- ----------- End of year $33,990,133 $52,914,929 =========== =========== Undistributed net investment income (loss) $ 5 $ (8) =========== ===========
See Accompanying Notes to Financial Statements. 13 CREDIT SUISSE NEW YORK MUNICIPAL FUND FINANCIAL HIGHLIGHTS (For a Common Class Share of the Fund Outstanding Throughout Each Year) --------------------------------------------------------------------------------
FOR THE YEAR ENDED OCTOBER 31, ----------------------------------------------------- 2005 2004 2003 2002 2001 ------- ------- ------- ------- -------- PER SHARE DATA Net asset value, beginning of year $ 10.49 $ 10.68 $ 10.81 $ 10.74 $ 10.24 ------- ------- ------- ------- -------- INVESTMENT OPERATIONS Net investment income 0.36 0.37 0.38 0.381 0.43 Net gain (loss) on investments (both realized and unrealized) (0.37) (0.11) 0.05 0.13 0.50 ------- ------- ------- ------- -------- Total from investment operations (0.01) 0.26 0.43 0.51 0.93 ------- ------- ------- ------- -------- LESS DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income (0.36) (0.37) (0.38) (0.38) (0.43) Distributions from net realized gains (0.11) (0.08) (0.18) (0.06) -- ------- ------- ------- ------- -------- Total dividends and distributions (0.47) (0.45) (0.56) (0.44) (0.43) ------- ------- ------- ------- -------- NET ASSET VALUE, END OF YEAR $ 10.01 $ 10.49 $ 10.68 $ 10.81 $ 10.74 ======= ======= ======= ======= ======== Total return2 (0.14)% 2.50% 4.05% 4.91% 9.20% RATIOS AND SUPPLEMENTAL DATA Net assets, end of year (000s omitted) $31,569 $51,055 $63,423 $83,434 $113,371 Ratio of expenses to average net assets 0.60% 0.60% 0.60% 0.60% 0.60% Ratio of net investment income to average net assets 3.52% 3.53% 3.51% 3.58% 4.03% Decrease reflected in above operating expense ratios due to waivers/reimbursements 0.38% 0.36% 0.26% 0.25% 0.16% Portfolio turnover rate 38% 27% 6% 34% 51%
-------------------------------------------------------------------------------- 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 years shown, total returns would have been lower. See Accompanying Notes to Financial Statements. 14 CREDIT SUISSE NEW YORK MUNICIPAL FUND FINANCIAL HIGHLIGHTS (For a Class A Share of the Fund Outstanding Throughout Each Period) --------------------------------------------------------------------------------
FOR THE PERIOD FOR THE YEAR ENDED OCTOBER 31, ENDED ------------------------------ OCTOBER 31, 2005 2004 2003 20021 ------- ------- ------- ------- PER SHARE DATA Net asset value, beginning of period $ 10.50 $ 10.70 $ 10.81 $ 10.61 ------- ------- ------- ------- INVESTMENT OPERATIONS Net investment income 0.33 0.34 0.35 0.312 Net gain (loss) on investments (both realized and unrealized) (0.37) (0.12) 0.07 0.26 ------- ------- ------- ------- Total from investment operations (0.04) 0.22 0.42 0.57 ------- ------- ------- ------- LESS DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income (0.33) (0.34) (0.35) (0.31) Distributions from net realized gains (0.11) (0.08) (0.18) (0.06) ------- ------- ------- ------- Total dividends and distributions (0.44) (0.42) (0.53) (0.37) ------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD $ 10.02 $ 10.50 $ 10.70 $ 10.81 ======= ======= ======= ======= Total return3 (0.39)% 2.13% 3.97% 5.46% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 2,421 $ 1,860 $ 1,535 $ 140 Ratio of expenses to average net assets 0.85% 0.85% 0.85% 0.85%4 Ratio of net investment income to average net assets 3.27% 3.28% 3.29% 3.21%4 Decrease reflected in above operating expense ratios due to waivers/reimbursements 0.38% 0.36% 0.26% 0.36%4 Portfolio turnover rate 38% 27% 6% 34%
-------------------------------------------------------------------------------- 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 Annualized. See Accompanying Notes to Financial Statements. 15 CREDIT SUISSE NEW YORK MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS October 31, 2005 -------------------------------------------------------------------------------- NOTE 1. ORGANIZATION 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. The Fund's Common Class shares are closed to new investors, other than (1) investors in employee retirement, stock, bonus, pension or profit-sharing plans, (2) investment advisory clients of Credit Suisse Asset Management, LLC ("CSAM"), (3) certain registered investment advisers ("RIAs"), (4) certain broker-dealers and RIAs with clients participating in comprehensive fee programs and (5) employees of CSAM or its affiliates and current and former Directors or Trustees of funds advised by CSAM or its affiliates. Any Common Class shareholder as of the close of business on December 12, 2001 can continue to buy Common Class shares of the Fund and open new accounts under the same Social Security number. Class A shares are sold subject to a front-end sales charge of up to 3.00%. NOTE 2. SIGNIFICANT ACCOUNTING POLICIES 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 using 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 16 CREDIT SUISSE NEW YORK MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS (CONTINUED) October 31, 2005 -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES 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. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation. 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 securities. When fair-value pricing is employed, the price of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are accounted for on a trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Certain expenses are class-specific expenses and vary by class. Income, 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 to make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes. 17 CREDIT SUISSE NEW YORK MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS (CONTINUED) October 31, 2005 -------------------------------------------------------------------------------- NOTE 2. SIGNIFICANT ACCOUNTING POLICIES 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 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) 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 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES CSAM serves as investment adviser for the Fund. For its investment advisory services, CSAM is entitled to receive a fee from the Fund at an annual rate of 0.40% of the Fund's average daily net assets. For the year ended October 31, 2005, investment advisory fees earned and voluntarily waived for the Fund were $170,211 and $159,777, respectively. CSAM will not recapture from the Fund any fees it waived during the fiscal year ended October 31, 2005. Fee waivers and reimbursements are voluntary and may be discontinued by CSAM at any time. Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of CSAM, and SSB serve as co-administrators to the Fund. For its co-administrative services, CSAMSI currently receives a fee calculated at an annual rate of 0.10% of the Fund's average daily net assets. For the year ended October 31, 2005, co-administrative services fees earned by CSAMSI were $42,553. For its co-administrative services, SSB receives a fee, exclusive of out-of-pocket expenses calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon relative average net assets of 18 CREDIT SUISSE NEW YORK MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS (CONTINUED) October 31, 2005 -------------------------------------------------------------------------------- NOTE 3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES each fund/portfolio subject to an annual minimum fee. For the year ended October 31, 2005, co-administrative services fees earned by SSB (including out-of-pocket expenses) were $44,054. 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 fees for its distribution services. This 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 year ended October 31, 2005, the Fund reimbursed CSAM $16,316, which is included in the Fund's transfer agent expense. For the year ended October 31, 2005, CSAMSI and its affiliates advised the Fund that they retained $321 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 year ended October 31, 2005, Merrill was paid $5,658 for its services to the Fund. NOTE 4. 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 emergency purposes with Deutsche Bank, A.G. as administrative agent and syndication agent and SSB as operations agent. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At October 31, 2005 and during the year ended October 31, 2005, the Fund had no borrowings under the Credit Facility. 19 CREDIT SUISSE NEW YORK MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS (CONTINUED) October 31, 2005 -------------------------------------------------------------------------------- NOTE 5. PURCHASES AND SALES OF SECURITIES For the year ended October 31, 2005, purchases and sales of investment securities (excluding short-term investments) were $16,254,913 and $32,910,942, respectively. NOTE 6. 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:
COMMON CLASS ------------------------------------------------------- FOR THE YEAR ENDED FOR THE YEAR ENDED OCTOBER 31, 2005 OCTOBER 31, 2004 ------------------------------------------------------- SHARES VALUE SHARES VALUE ----------- ------------ ----------- ------------ Shares sold 222,854 $ 2,286,620 606,506 $ 6,419,036 Shares issued in reinvestment of dividends and distributions 175,161 1,794,066 218,633 2,303,050 Shares redeemed (2,111,589) (21,635,635) (1,896,327) (19,906,602) ----------- ------------ ----------- ------------ Net decrease (1,713,574) $(17,554,949) (1,071,188) $(11,184,516) =========== ============ =========== ============ CLASS A ------------------------------------------------------- FOR THE YEAR ENDED FOR THE YEAR ENDED OCTOBER 31, 2005 OCTOBER 31, 2004 ------------------------------------------------------- SHARES VALUE SHARES VALUE ----------- ------------ ----------- ------------ Shares sold 161,914 $ 1,655,998 84,081 $ 878,788 Shares issued in reinvestment of dividends and distributions 8,063 82,411 4,944 52,108 Shares redeemed (105,563) (1,074,120) (55,339) (578,491) ----------- ------------ ----------- ------------ Net increase 64,414 $ 664,289 33,686 $ 352,405 =========== ============ =========== ============
On October 31, 2005, the number of shareholders that held 5% or more of the outstanding shares of each class of the Fund was as follows: NUMBER OF APPROXIMATE PERCENTAGE SHAREHOLDERS OF OUTSTANDING SHARES ------------ ---------------------- Common Class 2 59% Class A 1 67% Some of the shareholders are omnibus accounts, which hold shares on behalf of individual shareholders. 20 CREDIT SUISSE NEW YORK MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS (CONTINUED) October 31, 2005 -------------------------------------------------------------------------------- NOTE 7. FEDERAL INCOME TAXES Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. The tax characteristics of dividends and distributions paid during the years ended October 31, 2005 and 2004 for the Fund were as follows: ORDINARY INCOME LONG-TERM CAPITAL GAIN TAX EXEMPT --------------------- ---------------------- ---------------------- 2005 2004 2005 2004 2005 2004 -------- -------- -------- -------- ---------- ---------- $-- $-- $521,422 $471,941 $1,493,677 $2,073,581 At October 31, 2005, the components of distributable earnings on a tax basis for the Fund were as follows: Undistributed net investment income $ 5 Accumulated net realized gain 582,622 Unrealized appreciation 424,436 ----------- $ 1,007,063 =========== At October 31, 2005, 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 $33,326,328, $627,526, $(203,090) and $424,436, respectively. NOTE 8. 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. 21 CREDIT SUISSE NEW YORK MUNICIPAL FUND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM -------------------------------------------------------------------------------- To the Board of Trustees and Shareholders of Credit Suisse New York Municipal Fund: In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Credit Suisse New York Municipal Fund (the "Fund") at October 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the years (or periods) presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with 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 October 31, 2005 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP Baltimore, Maryland December 19, 2005 22 CREDIT SUISSE NEW YORK MUNICIPAL FUND INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED) --------------------------------------------------------------------------------
TERM NUMBER OF OF OFFICE1 PORTFOLIOS IN AND FUND POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS DATE OF BIRTH FUND SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE ----------------- ------------ --------- -------------------- ------------- --------------- INDEPENDENT TRUSTEES Enrique Arzac Trustee, Since Professor of Finance 47 Director of The c/o Credit Suisse Asset Nominating 2005 and Economics, Adams Express Management, LLC Committee Graduate School of Company Attn: General Counsel Member Business, Columbia (a closed-end 466 Lexington Avenue and Audit University since 1971. investment company); New York, New York Committee Director of Petroleum 10017-3140 Chairman and Resources Corporation (a closed- Date of Birth: 02/10/41 end investment company) Richard H. Francis Trustee, Since Currently retired 41 None c/o Credit Suisse Asset Nominating 1999 Management, LLC and Audit Attn: General Counsel Committee 466 Lexington Avenue Member New York, New York 10017-3140 Date of Birth: 04/23/32 Jeffrey E. Garten Trustee, Since The Juan Trippe 40 Director of Box 208200 Nominating Fund Professor in the Practice Aetna, Inc. New Haven, Connecticut and Audit Inception of International Trade, (insurance company); 06520-8200 Committee Finance and Business from Director of Member July 2005 to present; Partner CarMax Group Date of Birth: 10/29/46 and Chairman of Garten (used car Rothkopf (consulting firm) dealers) from October 2005 to present; Dean of Yale School of Management from November 1995 to June 2005. Peter F. Krogh Trustee, Since Dean Emeritus and 40 Director 301 ICC Nominating 2001 Distinguished Professor of Carlisle Georgetown University and Audit of International Affairs Companies Washington, DC 20057 Committee at the Edmund A. Incorporated Member Walsh School of (diversified Date of Birth: 02/11/37 Foreign Service, manufacturing Georgetown University company) from June 1995 to present. ---------------- 1 Each Trustee and Officer serves until his or her respective successor has been duly elected and qualified. 23 CREDIT SUISSE NEW YORK MUNICIPAL FUND INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED) (CONTINUED) -------------------------------------------------------------------------------- TERM NUMBER OF OF OFFICE1 PORTFOLIOS IN AND FUND POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS DATE OF BIRTH FUND SERVED PAST FIVE YEARS TRUSTEE HELD BY TRUSTEE ----------------- ------------ --------- -------------------- ------------- --------------- INDEPENDENT TRUSTEES James S. Pasman, Jr. Trustee, Since Currently retired 42 Director of c/o Credit Suisse Asset Nominating 1999 Education Management, LLC and Audit Management Attn: General Counsel Committee Corp. 466 Lexington Avenue Member New York, New York 10017-3140 Date of Birth: 12/20/30 Steven N. Rappaport Chairman of Trustee Partner of Lehigh 46 Director of Lehigh Court, LLC the Board of since Court, LLC and RZ Presstek, Inc. 40 East 52nd Street Trustees, 1999 Capital (private (digital imaging New York, New York Nominating and investment firms) technologies 10022 Committee Chairman from July 2002 to company); Director Chairman since present; Transition of Wood Resources, Date of Birth: 07/10/48 and Audit 2005 Adviser to SunGard LLC. (plywood Committee Securities Finance, manufacturing Member Inc. from February company) 2002 to July 2002; President of SunGard Securities Finance, Inc. from 2001 to February 2002; President of Loanet, Inc. (on-line accounting service) from 1997 to 2001. INTERESTED TRUSTEE Michael E. Kenneally 2,3 Trustee Since Chairman and Global 40 None c/o Credit Suisse Asset 2004 Chief Executive Officer Management, LLC of CSAM from 2003 to Attn: General Counsel July 2005; Chairman 466 Lexington Avenue and Chief Investment New York, New York Officer of Banc of 10017-3140 America Capital Management from 1998 Date of Birth: 03/30/54 to March 2003.
---------------- 2 Mr. Kenneally is a Trustee who is an "interested person" of the Fund as defined in the 1940 Act, because he was an officer of CSAM within the last two fiscal years. 3 Effective July 31, 2005, Steven B. Plump was appointed as Chief Executive Officer and President of the Fund. Mr. Kenneally, who previously held these positions, resigned effective July 31, 2005. 24 CREDIT SUISSE NEW YORK MUNICIPAL FUND INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED) (CONTINUED) --------------------------------------------------------------------------------
TERM OF OFFICE1 AND POSITION(S) LENGTH NAME, ADDRESS AND HELD WITH OF TIME DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS ----------------- ----------- -------- ---------------------------------------------- OFFICERS Steven B. Plump3 Chief Since Managing Director; Associated with CSAM or its Credit Suisse Asset Executive 2005 predecessor since 1995; Officer of other Credit Management, LLC Officer and Suisse Funds 466 Lexington Avenue President New York, New York 10017-3140 Date of Birth: 02/08/59 Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM; Credit Suisse Asset Financial 1999 Associated with CSAM or its predecessor since 1984; Management, LLC Officer and Officer of other Credit 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 Legal Since Director and General Counsel (Americas) of CSAM since Credit Suisse Asset Officer 2004 September 2004; Senior Associate of Shearman & Sterling Management, LLC LLP from September 2000 to September 2004; Senior 466 Lexington Avenue Counsel of the SEC Division of Investment Management New York, New York from June 1997 to September 2000; Officer of other 10017-3140 Credit Suisse Funds Date of Birth: 08/14/70 J. Kevin Gao Vice President Since Vice President and Associate General Counsel of CSAM; Credit Suisse Asset and Secretary 2004 Associated with CSAM since July 2003; Associated with the Management, LLC law firm of Willkie Farr & Gallagher LLP from 1998 to 2003; 466 Lexington Avenue Officer of other Credit Suisse Funds New York, New York 10017-3140 Date of Birth: 10/13/67
---------------- 3 Effective July 31, 2005, Steven B. Plump was appointed as Chief Executive Officer and President of the Fund. Mr. Kenneally, who previously held these positions, resigned effective July 31, 2005. 25 CREDIT SUISSE NEW YORK MUNICIPAL FUND INFORMATION CONCERNING TRUSTEES AND OFFICERS (UNAUDITED) (CONTINUED) --------------------------------------------------------------------------------
TERM OF OFFICE1 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 Rizza Assistant Since Assistant Vice President of CSAM; Associated with CSAM Credit Suisse Asset Treasurer 2002 since 1998; Officer of other Credit Suisse Funds Management, LLC 466 Lexington Avenue New York, New York 10017-3140 Date of Birth: 12/09/65
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 800-927-2874. 26 CREDIT SUISSE NEW YORK MUNICIPAL FUND TAX INFORMATION LETTER October 31, 2005 (unaudited) -------------------------------------------------------------------------------- IMPORTANT TAX INFORMATION FOR SHAREHOLDERS During the year ended October 31, 2005, the Fund declared dividends of $521,422 that were designated as long-term capital gains dividends. In the twelve months ended October 31, 2005, (the end of the fiscal year), 100% of the dividends paid by the Fund were exempt-interest dividends for the purpose of federal income taxes and free from such taxes. In January 2006, you will be furnished with a schedule of the yearly percentage breakdown by state or U.S. possession of the source of interest earned by the Fund in 2005. It is suggested that you consult your tax advisor concerning the applicability of State and local taxes to dividends paid by the Fund during the year. 27 CREDIT SUISSE NEW YORK MUNICIPAL FUND PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION -------------------------------------------------------------------------------- Information regarding how each Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 of each year, as well as the policies and procedures that each Fund uses to determine how to vote proxies relating to its portfolio securities are available: o By calling 1-800-927-2874 o On the Fund's website, www.csam.com/us o 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. 28 P.O. BOX 55030, BOSTON, MA 02205-5030 CREDIT | ASSET 800-927-2874 o WWW.CSAM.COM/US SUISSE | MANAGEMENT CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. NYM-AR-1005 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 October 31, 2005. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended October 31, 2005. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The registrant's governing board has determined that it has four audit committee financial experts serving on its audit committee: Enrique R. Arzac, 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 October 31, 2004 and October 31, 2005.
---------------------------------------- -------------------------------------- -------------------------------------- 2004 2005 ---------------------------------------- -------------------------------------- -------------------------------------- Audit Fees $16,315 $13,471 ---------------------------------------- -------------------------------------- -------------------------------------- Audit-Related Fees1 $4,500 $3,150 ---------------------------------------- -------------------------------------- -------------------------------------- Tax Fees2 $2,323 $2,439 ---------------------------------------- -------------------------------------- -------------------------------------- All Other Fees -- -- ---------------------------------------- -------------------------------------- -------------------------------------- Total $23,138 $19,060 ---------------------------------------- -------------------------------------- --------------------------------------
1 Services include agreed-upon procedures in connection with the registrant's semi-annual financial statements ($3,000 for 2004 and $3,150 for 2005), the registrant's third quarter 2004 Form N-Q filing ($1,500) in 2004. 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 October 31, 2004 and October 31, 2005.
---------------------------------------- -------------------------------------- -------------------------------------- 2004 2005 ---------------------------------------- -------------------------------------- -------------------------------------- 2 ---------------------------------------- -------------------------------------- -------------------------------------- Audit-Related Fees N/A N/A ---------------------------------------- -------------------------------------- -------------------------------------- Tax Fees N/A N/A ---------------------------------------- -------------------------------------- -------------------------------------- All Other Fees N/A $394,000 ---------------------------------------- -------------------------------------- -------------------------------------- Total N/A $394,000 ---------------------------------------- -------------------------------------- --------------------------------------
(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:
---------------------------------------- -------------------------------------- -------------------------------------- 2004 2005 ---------------------------------------- -------------------------------------- -------------------------------------- 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 ---------------------------------------- -------------------------------------- --------------------------------------
3 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 October 31, 2004 and October 31, 2005:
---------------------------------------- -------------------------------------- -------------------------------------- 2004 2005 ---------------------------------------- -------------------------------------- -------------------------------------- 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 ---------------------------------------- -------------------------------------- --------------------------------------
(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 October 31, 2004 and October 31, 2005 were $6,823 and $5,589, 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. 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. 4 Form N-CSR disclosure requirement is not applicable to the registrant. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Form N-CSR disclosure requirement is not applicable to the registrant. 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. None. 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 5 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. (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. 6 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/ Steven B. Plump ------------------- Name: Steven B. Plump Title: Chief Executive Officer Date: January 9, 2006 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/ Steven B. Plump ------------------- Name: Steven B. Plump Title: Chief Executive Officer Date: January 9, 2006 /s/ Michael A. Pignataro ------------------------ Name: Michael A. Pignataro Title: Chief Financial Officer Date: January 9, 2006 7