-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E94GT6r1G1I03IDorzBGJZHMQSyxYiY17SD9qaFlvWG5z0LDTfKMIHddbbIP+hUt xeZYoRwcBUWOQDXX2Bh3Uw== 0001047469-04-022592.txt : 20040706 0001047469-04-022592.hdr.sgml : 20040705 20040706171249 ACCESSION NUMBER: 0001047469-04-022592 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040430 FILED AS OF DATE: 20040706 EFFECTIVENESS DATE: 20040706 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CREDIT SUISSE NEW YORK MUNICIPAL FUND CENTRAL INDEX KEY: 0000808433 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04964 FILM NUMBER: 04902929 BUSINESS ADDRESS: STREET 1: 400 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 3027912919 MAIL ADDRESS: STREET 1: BROAD & CHESTNUT STS STREET 2: 466 LEXINGTON AVE CITY: NEW YORK STATE: NY ZIP: 10017-3147 FORMER COMPANY: FORMER CONFORMED NAME: CREDIT SUISSE NEW YORK INTERMEDIATE MUNICIPAL FUND DATE OF NAME CHANGE: 20011213 FORMER COMPANY: FORMER CONFORMED NAME: WARBURG PINCUS NEW YORK INTERMEDIATE MUNICIPAL FUND DATE OF NAME CHANGE: 19950419 FORMER COMPANY: FORMER CONFORMED NAME: COUNSELLORS NEW YORK MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19920703 N-CSRS 1 a2139641zn-csrs.txt N-CSRS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act File No. 811-04964 --------------------------------------------- CREDIT SUISSE NEW YORK MUNICIPAL FUND ----------------------------------------- (Exact Name of Registrant as Specified in Charter) 466 Lexington Avenue, New York, New York 10017-3140 ----------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Hal Liebes, Esq. Credit Suisse New York Municipal Fund 466 Lexington Avenue New York, New York 10017-3140 Registrant's telephone number, including area code: (212) 875-3500 Date of fiscal year end: October 31, 2004 Date of reporting period: November 1, 2003 to April 30, 2004 ITEM 1. REPORTS TO STOCKHOLDERS. [CREDIT SUISSE ASSET MANAGEMENT LOGO] CREDIT SUISSE FUNDS SEMIANNUAL REPORT APRIL 30, 2004 (UNAUDITED) - - CREDIT SUISSE NEW YORK MUNICIPAL FUND THE FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD BE CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT THE FUND, ARE PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-927-2874 OR BY WRITING TO CREDIT SUISSE FUNDS, P.O. BOX 55030, BOSTON, MA 02205-5030. CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466 LEXINGTON AVE., NEW YORK, NY 10017-3140. CREDIT SUISSE FUNDS ARE ADVISED BY CREDIT SUISSE ASSET MANAGEMENT, LLC. INVESTORS IN THE CREDIT SUISSE FUNDS SHOULD BE AWARE THAT THEY MAY BE ELIGIBLE TO PURCHASE COMMON CLASS AND/OR ADVISOR CLASS SHARES (WHERE OFFERED) DIRECTLY OR THROUGH CERTAIN INTERMEDIARIES. SUCH SHARES ARE NOT SUBJECT TO A SALES CHARGE BUT MAY BE SUBJECT TO AN ONGOING SERVICE AND DISTRIBUTION FEE OF UP TO 0.50% OF AVERAGE DAILY NET ASSETS. INVESTORS IN THE CREDIT SUISSE FUNDS SHOULD ALSO BE AWARE THAT THEY MAY BE ELIGIBLE FOR A REDUCTION OR WAIVER OF THE SALES CHARGE WITH RESPECT TO CLASS A, B OR C SHARES. FOR MORE INFORMATION, PLEASE REVIEW THE RELEVANT PROSPECTUSES OR CONSULT YOUR FINANCIAL REPRESENTATIVE. THE VIEWS OF THE FUND'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE FUND HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF APRIL 30, 2004; THESE VIEWS AND FUND HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES. FUND SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT GUARANTEED BY CSAM OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT TO INVESTMENT RISKS, INCLUDING LOSS OF YOUR INVESTMENT. CREDIT SUISSE NEW YORK MUNICIPAL FUND SEMIANNUAL INVESTMENT ADVISER'S REPORT April 30, 2004 (unaudited) May 18, 2004 Dear Shareholder: For the six months ended April 30, 2004, the Common Class and Class A shares (without sales charge) of Credit Suisse New York Municipal Fund(1) (the "Fund") returned -0.05% and -0.27%(2), respectively, versus a gain of 0.04% for the Lehman Brothers 5 Year Municipal Bond Index(3). The primary drivers of activity in New York municipal securities during the Fund's fiscal half-year, in our view, were the same as those that most influenced fixed income markets more broadly. These were the historically low level of nominal interest rates, and shifting perceptions about if and when the Federal Reserve (the "Fed") might choose to change its monetary policy to one of tightening from one of accommodation. The nominal fed funds rate remained at its multi-decade low of 1.00%, which compelled many investors to seek out higher yields within the fixed income universe (E.G., in high yield and investment-grade corporate debt), as well as riskier financial assets that offered the potential for higher returns. This affected the municipal market negatively in two ways. First, it appeared to dissuade municipal buyers from being in the market until yields rose. Second, it drew money away from municipals and into higher-risk assets such as stocks. As for monetary policy, the Fed publicly declared its intention to remain accommodative on numerous occasions. The Fed's official statement issued at its monetary policy meeting on March 16, though, was widely interpreted as a signal that the Fed was more inclined to alter its approach sooner than previously believed. After staying fairly solid for several months, bond prices fell sharply in April, when a number of economic indicators left a growing impression that the economy was strengthening to the point at which the Fed would have to step in and raise rates. An auspicious development within the municipal market itself was that the economy's rebound helped to boost tax revenues for numerous municipalities and, in turn, boded well for their underlying creditworthiness. This was true of New York State and New York City, whose respective ratings outlooks improved accordingly. The Fund underperformed its Lehman Brothers 5 Year Municipal Bond Index benchmark in the fiscal half-year principally because we maintained a duration approach that was consistent with our expectation that interest rates were most likely to rise. We thus kept the portfolio's overall duration (I.E., a measure of sensitivity to interest rates) lower than that of the benchmark. This proved unfavorable for most of the period while bond yields generally fell, but helped 1 considerably in April while yields rose. We are hopeful that our duration stance will continue to benefit the Fund versus the benchmark going forward. Several aspects of our strategy contributed especially positively to half-year performance: - We sold some lower-rated issues whose prices had appreciated nicely, and used the proceeds to purchase higher-quality, more-liquid issues that subsequently appreciated. - We continued to own premium-structured callable issues, which tended to hold their value comparatively well amid bouts of market volatility. - We maintained a significantly below-benchmark allocation to bonds issued by Puerto Rico [note: Puerto Rico municipal debt is exempt from federal, state and local taxes in all states], which underperformed not only New York paper, but also the municipal market as a whole. Lori A. Cohane, Frank J. Biondo, Co-Portfolio Manager Co-Portfolio Manager THE FUND'S DIVIDENDS ARE DERIVED FROM INTEREST ON NEW YORK MUNICIPAL OBLIGATIONS THAT ARE EXEMPT FROM REGULAR FEDERAL INCOME TAXES AND FROM NEW YORK STATE AND NEW YORK CITY PERSONAL INCOME TAXES. SOME INCOME FROM THE FUND THAT IS EXEMPT FROM REGULAR FEDERAL TAXES MAY BE SUBJECT TO STATE AND CITY TAXES, AND SOME INCOME MAY BE SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX. THIS FUND MAY BE MORE VOLATILE THAN A MORE GEOGRAPHICALLY DIVERSE MUNICIPAL FUND. IN THE AFTERMATH OF THE TERRORIST ATTACK ON SEPTEMBER 11, 2001, ISSUERS OF MUNICIPAL SECURITIES IN NEW YORK STATE AND NEW YORK CITY HAVE SUFFERED FINANCIAL DIFFICULTIES, WHICH COULD ADVERSELY AFFECT THE ABILITY OF THOSE ISSUERS TO MAKE PROMPT PAYMENTS OF PRINCIPAL AND INTEREST ON THEIR SECURITIES, AS WELL AS THE CREDIT RATING, MARKET VALUE AND YIELD OF SUCH SECURITIES. THE DEFAULT OR CREDIT-RATING DOWNGRADE OF ONE OF THESE ISSUERS COULD AFFECT THE MARKET VALUES AND MARKETABILITY OF ALL MUNICIPAL SECURITIES, THEREBY HURTING THE FUND'S PERFORMANCE. FURTHERMORE, IF THE FUND HAS DIFFICULTY FINDING ATTRACTIVE NEW YORK MUNICIPAL SECURITIES TO PURCHASE, THE FUND MAY PURCHASE SECURITIES THAT PAY INTEREST NOT EXEMPT FROM NEW YORK TAXES. IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET, INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS. 2 AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
SINCE INCEPTION 1 YEAR 5 YEARS 10 YEARS INCEPTION DATE ------- ------- -------- --------- ---------- Common Class 3.28% 4.92% 5.29% 5.61% 4/1/87 Class A Without Sales Charge 2.99% -- -- 4.67% 11/30/01 Class A With Maximum Sales Charge (0.08)% -- -- 3.30% 11/30/01
AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2004(1)
SINCE INCEPTION 1 YEAR 5 YEARS 10 YEARS INCEPTION DATE ------- ------- -------- --------- ---------- Common Class 1.15% 4.54% 5.03% 5.48% 4/1/87 Class A Without Sales Charge 0.79% -- -- 3.77% 11/30/01 Class A With Maximum Sales Charge (2.21)% -- -- 2.46% 11/30/01
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE FUTURE RESULTS. DUE TO MARKET VOLATILITY, THE PERFORMANCE OF THE FUNDS MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT www.csam.com/us. - ---------- (1) Fee waivers and/or expense reimbursements reduced expenses for the Fund, without which performance would be lower. Waivers and/or reimbursements may be discontinued at any time. (2) Total return for Class A shares for the reporting period based on offering price (with maximum sales charge of 3.00%) was -3.25%. (3) The Lehman Brothers 5 Year Municipal Bond Index is an unmanaged index (with no defined investment objective) of municipal bonds with maturities of between four and six years, and is calculated by Lehman Brothers, Inc. Investors cannot invest directly in an index. 3 CREDIT SUISSE NEW YORK MUNICIPAL FUND SCHEDULE OF INVESTMENTS April 30, 2004 (unaudited)
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ---------- ------------- -------- ------------ -------------- MUNICIPAL BONDS (98.8%) NEW YORK (95.5%) $ 1,255 Brookhaven NY General Obligation Unlimited (MBIA Insured) (Non-Callable) (AAA , Aaa) 08/15/14 5.000 $ 1,353,907 695 Metropolitan Transportation Authority New York Transport Facilities Revenue Bonds, Prerefunded Series C (FSA Insured) (Callable 07/01/12 @ $100.00) (AAA , Aaa) 07/01/14 5.125 763,214 1,315 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series A (Non-Callable) (AAA , Baa1) 07/01/05 5.000 1,370,085 2,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series A (Non-Callable) (AAA , Baa1) 07/01/07 5.250 2,182,820 200 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series C-1 (FGIC Insured) (Callable 07/01/07 @ $101.00) (AAA , Aaa) 07/01/22 5.500 223,206 1,500 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series C-1 (Non-Callable) (AAA , Aaa) 07/01/05 6.000 1,579,815 1,750 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series D (MBIA Insured) (Non-Callable) (AAA , Aaa) 07/01/05 6.000 1,843,118 200 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series E (AMBAC Insured) (Callable 07/01/07 @ $101.00) (AAA , Aaa) 07/01/11 5.000 216,320 1,500 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series R (Non-Callable) (AAA , A3) 07/01/07 5.500 1,647,555 600 Metropolitan Transportation Authority, NY, Dedicated Tax Fund, Series A (FGIC Insured) (AAA , Aaa) 04/01/13 5.600 676,560 1,000 Metropolitan Transportation Authority, NY, Dedicated Tax Fund, Series A (Non-Callable) (AAA , Aaa) 04/01/15 5.500 1,125,490 1,000 Municipal Assistance Corp., New York City, Revenue Bonds, Series H (AA+ , Aa1) 07/01/07 6.250 1,118,900 500 Municipal Assistance Corp., New York City, Revenue Bonds, Series L (AA+ , Aa1) 07/01/04 6.000 504,075 1,000 Municipal Assistance Corp., New York City, Revenue Bonds, Series M (AA+ , Aa1) 07/01/08 5.500 1,111,970 600 Municipal Assistance Corp., New York City, Revenue Bonds, Series O (AA+ , Aa1) 07/01/06 5.250 642,972 1,500 Municipal Assistance Corp., New York City, Revenue Bonds, Series P (AA+ , Aa1) 07/01/08 5.000 1,639,155 1,000 Nassau County New York Interim Finance, Revenue Bonds, Series A (AAA , Aaa) 11/15/09 5.000 1,092,850
See Accompanying Notes to Financial Statements. 4
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ---------- ------------- -------- ------------ -------------- MUNICIPAL BONDS NEW YORK $ 500 New York City General Obligation Unlimited, Prerefunded Series H, Subseries 1-h (Callable 08/01/04 @ 101.50) (A , A2) 08/01/08 6.000 $ 513,550 3,000 New York City General Obligation Unlimited, Series A (A , A2) 08/01/06 7.000 3,310,830 1,050 New York City General Obligation Unlimited, Series D (A , A2) 08/01/07 5.750 1,147,324 1,980 New York City General Obligation Unlimited, Series E (A , A2) 08/01/08 5.250 2,145,508 1,000 New York City General Obligation Unlimited, Series F (A , A2) 08/01/09 5.000 1,075,580 1,000 New York City General Obligation Unlimited, Series H (Callable 03/15/11 @ $101.00) (A , A2) 03/15/13 5.750 1,091,490 1,000 New York City General Obligation Unlimited, Series J (Callable 08/01/07 @ $101.00) (A , A2) 08/01/11 6.125 1,102,660 105 New York City General Obligation Unlimited, Unrefunded Series H, Subseries h1 (Callable 08/01/04 @ $101.50) (A , A2) 08/01/08 6.000 107,601 1,000 New York City Industrial Development Agency, YMCA Greater NY Project (BBB+ , Baa1) 08/01/06 6.000 1,077,870 1,000 New York City Municipal Water Finance Authority, Revenue Bonds, Series B (Non-Callable) (AAA , Aaa) 06/15/14 5.000 1,074,350 1,000 New York City Municipal Water Finance Authority, Revenue Bonds, Series D (AA , Aa2) 06/15/15 5.250 1,071,240 465 New York City Transitional Finance Authority, PreRefunded Future Tax, Series B (AA+ , Aa2) 02/01/08 5.500 513,039 205 New York City Transitional Finance Authority, PreRefunded Future Tax, Series C (AA+ , Aa2) 02/01/08 5.500 226,179 1,000 New York City Transitional Finance Authority, Unrefunded Future Tax Secured, Series B# (AA+ , Aa2) 02/01/29 5.250 1,081,440 760 New York City Transitional Finance Authority, Unrefunded Future Tax, Series B (AA+ , Aa2) 02/01/08 5.500 834,229 300 New York City Transitional Finance Authority Revenue Bonds, Series B (AA+ , Aa2) 05/01/07 4.750 320,172 895 New York City Transitional Finance Authority Revenue Bonds, Unrefunded Future Tax, Series B (AA+ , Aa2) 02/01/08 5.500 982,415 1,020 New York State Dormitory Authority, Consolidated City University Systems, Revenue Bonds, Series A (AA- , A3) 07/01/05 5.700 1,068,950 1,000 New York State Dormitory Authority, Lenox Hill Hospital Obligation Group, Revenue Bonds (A- , A3) 07/01/09 5.250 1,095,170 1,265 New York State Dormitory Authority, Mental Health Services Facilities Revenue Bonds, Series G (AAA , Aaa) 02/15/09 5.250 1,385,479
See Accompanying Notes to Financial Statements. 5
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ---------- ------------- -------- ------------ -------------- MUNICIPAL BONDS NEW YORK $ 1,745 New York State Dormitory Authority, State University Dormitory Facilities Revenue Bonds, Series A (AMBAC Insured) (AAA , Aaa) 07/01/06 5.750 $ 1,885,717 1,000 New York State Dormitory Authority, State University Educational Facilities, Revenue Bonds, Series B (Callable 05/15/08 @ $101.00) (AA- , A3) 05/15/09 5.250 1,087,310 350 New York State Dormitory Authority, Unrefunded Balance Revenue Bonds, Series B (Non-Callable) (AA- , A3) 02/15/07 6.000 382,175 520 New York State Environmental Facilities Corp., Clean Water & Drinking, Revenue Bonds Revolving Funds, Series A (Non-Callable) (AAA , Aaa) 04/15/10 4.250 547,810 1,125 New York State Local Government Assistance Corp., Revenue Bonds, Series A (AAA , Aaa) 04/01/06 6.000 1,211,186 1,000 New York State Local Government Assistance Corp., Revenue Bonds, Series A (Non-Callable) (AA , A1) 04/01/07 6.000 1,101,040 100 New York State Power Authority, General Purpose Revenue Bonds (AAA , Aaa) 01/01/18 7.000 119,640 800 New York State Urban Development Corp., Correctional & Youth Facilities Revenue Bonds, Series A (AA- , A3) 01/01/17 5.000 856,536 1,000 New York State Urban Development Corp., Correctional Facilities Service Contract Revenue Bonds, Series C (Callable 01/01/09 @ $101.00) (AAA , Aaa) 01/01/13 6.000 1,142,460 1,000 New York State Urban Development Corp., State Facilities Revenue Bonds (AA- , A3) 04/01/11 5.750 1,123,780 1,000 Rockland County New York General Obligation Bonds, (Callable 10/15/09 @ $101.00) (AA- , A1) 10/15/14 5.500 1,104,000 1,000 Triborough Bridge & Tunnel Authority, Revenue Bonds, Series A (AAA , Aa3) 01/01/07 5.500 1,085,720 1,420 Triborough Bridge & Tunnel Authority, Revenue Bonds, Series A (Callable 01/01/09 @ $101.00) (AAA , Aa3) 01/01/18 5.125 1,577,790 600 Triborough Bridge & Tunnel Authority, Revenue Bonds, Series B (AA- , Aa3) 11/15/16 5.250 643,704 1,000 Triborough Bridge & Tunnel Authority, Revenue Bonds, Series B (AAA , Aa3) 01/01/09 5.500 1,113,350 1,000 Triborough Bridge & Tunnel Authority, Revenue Bonds, Series Y (AAA , Aa3) 01/01/06 5.800 1,065,780 330 White Plains NY, General Obligation Unlimited, Public Improvement Project (MBIA Insured) (Non-Callable) (AAA , Aaa) 04/01/09 4.000 344,906 -------------- TOTAL NEW YORK (Cost $54,350,862) 56,709,992 --------------
See Accompanying Notes to Financial Statements. 6
PAR RATINGS+ (000) (S&P/MOODY'S) MATURITY RATE% VALUE ---------- ------------- -------- ------------ -------------- MUNICIPAL BONDS PUERTO RICO (3.3%) $ 1,000 Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds (MBIA Insured) (AAA , Aaa) 07/01/07 6.000 $ 1,113,580 785 Puerto Rico Public Buildings Authority, Government Facilities Revenue Bonds, Series C (A- , Baa1) 07/01/05 5.000 813,762 -------------- TOTAL PUERTO RICO (Cost $1,833,944) 1,927,342 -------------- TOTAL MUNICIPAL BONDS (Cost $56,184,806) 58,637,334 -------------- NUMBER OF SHARES ---------- SHORT-TERM INVESTMENT (0.3%) 181,290 Blackrock Provident New York Money Fund (Cost $181,290) 181,290 -------------- TOTAL INVESTMENTS AT VALUE (99.1%) (Cost $56,366,096) 58,818,624 OTHER ASSETS IN EXCESS OF LIABILITIES (0.9%) 553,094 -------------- NET ASSETS (100.0%) $ 59,371,718 ==============
INVESTMENT ABBREVIATIONS AMBAC = American Municipal Bond Assurance Corporation FGIC = Financial Guaranty Insurance Company FSA = Financial Security Assurance, Inc. MBIA = MBIA Insurance Corporation + Credit ratings given by the Standard & Poor's Division of The McGraw-Hill Companies, Inc. ("S&P") and Moody's Investors Service, Inc. ("Moody's") are unaudited. # Variable rate obligations -- The interest rate shown is the rate as of April 30, 2004. See Accompanying Notes to Financial Statements. 7 CREDIT SUISSE NEW YORK MUNICIPAL FUND STATEMENT OF ASSETS AND LIABILITIES April 30, 2004 (unaudited) ASSETS Investments at value (Cost $56,366,096) (Note 1) $ 58,818,624 Interest receivable 797,467 Receivable for fund shares sold 11,516 Receivable from investment adviser (Note 2) 8,910 Prepaid expenses 30,476 --------------- Total Assets 59,666,993 --------------- LIABILITIES Administrative services fee payable (Note 2) 11,581 Distribution fee payable (Note 2) 315 Payable for fund shares redeemed 214,390 Dividend payable 15,201 Other accrued expenses payable 53,788 --------------- Total Liabilities 295,275 --------------- NET ASSETS Capital stock, $0.001 par value (Note 5) 5,706 Paid-in capital (Note 5) 56,726,040 Accumulated net investment loss (5) Accumulated net realized gain on investments 187,449 Net unrealized appreciation from investments 2,452,528 --------------- Net Assets $ 59,371,718 =============== COMMON SHARES Net assets $ 57,862,704 Shares outstanding 5,560,736 --------------- Net asset value, offering price, and redemption price per share $ 10.41 =============== A SHARES Net assets $ 1,509,014 Shares outstanding 144,784 --------------- Net asset value and redemption price per share $ 10.42 =============== Maximum offering price per share (net asset value/(1-3.00%)) $ 10.74 ===============
See Accompanying Notes to Financial Statements. 8 STATEMENT OF OPERATIONS For the Six Months Ended April 30, 2004 (unaudited) INTEREST INCOME (Note 1) $ 1,303,096 --------------- EXPENSES Investment advisory fees (Note 2) 125,911 Administrative services fees (Note 2) 53,862 Distribution fees (Note 2) Class A 1,920 Transfer agent fees (Note 2) 32,267 Legal fees 26,162 Printing fees (Note 2) 14,535 Registration fees 10,681 Audit fees 9,588 Trustees' fees 8,659 Insurance expense 7,363 Custodian fees 3,822 Commitment fees (Note 3) 1,150 Miscellaneous expense 7,210 --------------- Total expenses 303,130 Less: fees waived (Note 2) (112,851) --------------- Net expenses 190,279 --------------- Net investment income 1,112,817 --------------- NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain from investments 187,510 Net change in unrealized appreciation (depreciation) from investments (1,328,442) --------------- Net realized and unrealized loss from investments (1,140,932) --------------- Net decrease in net assets resulting from operations $ (28,115) ===============
See Accompanying Notes to Financial Statements. 9 STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED FOR THE YEAR APRIL 30, 2004 ENDED (UNAUDITED) OCTOBER 31, 2003 ------------------ ------------------ FROM OPERATIONS Net investment income $ 1,112,817 $ 2,600,666 Net realized gain from investments 187,510 471,936 Net change in unrealized appreciation (depreciation) from investments (1,328,442) 69,237 ------------------ ------------------ Net increase (decrease) in net assets resulting from operations (28,115) 3,141,839 ------------------ ------------------ FROM DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income Common Class shares (1,087,545) (2,571,775) Class A shares (25,277) (28,891) Distributions from net realized gains Common Class shares (460,485) (1,379,597) Class A shares (11,457) (19,072) ------------------ ------------------ Net decrease in net assets resulting from dividends and distributions (1,584,764) (3,999,335) ------------------ ------------------ FROM CAPITAL SHARE TRANSACTIONS (Note 5) Proceeds from sale of shares 4,770,074 37,966,195 Reinvestment of dividends and distributions 1,467,254 3,665,536 Net asset value of shares redeemed (10,211,423) (59,390,146) ------------------ ------------------ Net decrease in net assets from capital share transactions (3,974,095) (17,758,415) ------------------ ------------------ Net decrease in net assets (5,586,974) (18,615,911) NET ASSETS Beginning of period 64,958,692 83,574,603 ------------------ ------------------ End of period $ 59,371,718 $ 64,958,692 ================== ================== Accumulated Net Investment Loss $ (5) $ -- ================== ==================
See Accompanying Notes to Financial Statements. 10 CREDIT SUISSE NEW YORK MUNICIPAL FUND FINANCIAL HIGHLIGHTS (For a Common Class Share of the Fund Outstanding Throughout Each Period)
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED OCTOBER 31, APRIL 30, 2004 ---------------------------------------------------- (UNAUDITED) 2003 2002 2001 -------------- -------------- -------------- -------------- PER SHARE DATA Net asset value, beginning of period $ 10.68 $ 10.81 $ 10.74 $ 10.24 -------------- -------------- -------------- -------------- INVESTMENT OPERATIONS Net investment income 0.19 0.38 0.38(1) 0.43 Net gain (loss) on investments (both realized and unrealized) (0.19) 0.05 0.13 0.50 -------------- -------------- -------------- -------------- Total from investment operations 0.00 0.43 0.51 0.93 -------------- -------------- -------------- -------------- LESS DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income (0.19) (0.38) (0.38) (0.43) Distributions from net realized gains (0.08) (0.18) (0.06) -- -------------- -------------- -------------- -------------- Total dividends and distributions (0.27) (0.56) (0.44) (0.43) -------------- -------------- -------------- -------------- NET ASSET VALUE, END OF PERIOD $ 10.41 $ 10.68 $ 10.81 $ 10.74 ============== ============== ============== ============== Total return(2) (0.05)% 4.05% 4.91% 9.20% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 57,863 $ 63,423 $ 83,434 $ 113,371 Ratio of expenses to average net assets(3) 0.60%(4) 0.60% 0.60% 0.60% Ratio of net investment income to average net assets 3.54%(4) 3.51% 3.58% 4.03% Decrease reflected in above operating expense ratios due to waivers 0.36%(4) 0.26% 0.25% 0.16% Portfolio turnover rate 14% 6% 34% 51% FOR THE YEAR ENDED OCTOBER 31, ----------------------------------- 2000 1999 -------------- -------------- PER SHARE DATA Net asset value, beginning of period $ 10.04 $ 10.54 -------------- -------------- INVESTMENT OPERATIONS Net investment income 0.44 0.42 Net gain (loss) on investments (both realized and unrealized) 0.20 (0.44) -------------- -------------- Total from investment operations 0.64 (0.02) -------------- -------------- LESS DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income (0.44) (0.42) Distributions from net realized gains -- (0.06) -------------- -------------- Total dividends and distributions (0.44) (0.48) -------------- -------------- NET ASSET VALUE, END OF PERIOD $ 10.24 $ 10.04 ============== ============== Total return(2) 6.54% (0.26)% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 74,948 $ 83,934 Ratio of expenses to average net assets(3) 0.62% 0.61% Ratio of net investment income to average net assets 4.37% 4.03% Decrease reflected in above operating expense ratios due to waivers 0.11% 0.10% Portfolio turnover rate 29% 55%
(1) Per share information is calculated using the average shares outstanding method. (2) Total returns are historical and assume changes in share price and reinvestment of all dividends and distributions. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized. (3) Interest earned on uninvested cash balances may be used to offset portions of the transfer agent expense. These arrangements resulted in a reduction to the net expense ratio by .02% and .01% for the years ended October 31, 2000 and 1999, respectively. The Common Class shares' net operating expense ratio after reflecting these arrangements was .60% for the years ended October 31, 2000 and 1999, respectively. For the six months ended April 30, 2004, and the years ended October 31, 2003, 2002 and 2001, there was no effect on the net operating expense ratio because of transfer agent credits. (4) Annualized. See Accompanying Notes to Financial Statements. 11 (For a Class A Share of the Fund Outstanding Throughout Each Period)
FOR THE SIX MONTHS ENDED FOR THE YEAR FOR THE PERIOD APRIL 30, 2004 ENDED ENDED (UNAUDITED) OCTOBER 31, 2003 OCTOBER 31, 2002(1) ------------------ ------------------ ------------------- PER SHARE DATA Net asset value, beginning of period $ 10.70 $ 10.81 $ 10.61 ------------------ ------------------ ------------------ INVESTMENT OPERATIONS Net investment income 0.17 0.35 0.31(2) Net gain (loss) on investments (both realized and unrealized) (0.20) 0.07 0.26 ------------------ ------------------ ------------------ Total from investment operations (0.03) 0.42 0.57 ------------------ ------------------ ------------------ LESS DIVIDENDS AND DISTRIBUTIONS Dividends from net investment income (0.17) (0.35) (0.31) Distributions from net realized gains (0.08) (0.18) (0.06) ------------------ ------------------ ------------------ Total dividends and distributions (0.25) (0.53) (0.37) ------------------ ------------------ ------------------ NET ASSET VALUE, END OF PERIOD $ 10.42 $ 10.70 $ 10.81 ================== ================== ================== Total return(3) (0.27)% 3.97% 5.46% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000s omitted) $ 1,509 $ 1,535 $ 140 Ratio of expenses to average net assets(4) 0.85%(5) 0.85% 0.85%(5) Ratio of net investment income to average net assets 3.29%(5) 3.29% 3.21%(5) Decrease reflected in above operating expense ratios due to waivers 0.36%(5) 0.26% 0.36%(5) Portfolio turnover rate 14% 6% 34%
(1) For the period November 30, 2001 (inception date) through October 31, 2002. (2) Per share information is calculated using the average shares outstanding method. (3) Total returns are historical and assume changes in share price, reinvestment of all dividends and distributions, and no sales charge. Had certain expenses not been reduced during the periods shown, total returns would have been lower. Total returns for periods less than one year are not annualized. (4) Interest earned on uninvested cash balances is used to offset portions of the transfer agent expense. For the six months ended April 30, 2004, the year ended October 31, 2003 and the period ended October 31, 2002, there was no effect on the net operating expense ratio because of transfer agent credits. (5) Annualized. See Accompanying Notes to Financial Statements. 12 CREDIT SUISSE NEW YORK MUNICIPAL FUND NOTES TO FINANCIAL STATEMENTS April 30, 2004 (unaudited) NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Credit Suisse New York Municipal Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified open-end management investment company that seeks to maximize current interest income exempt from regular federal income taxes, New York State and New York City personal income taxes, to the extent consistent with prudent investment management and the preservation of capital. The Fund was organized under the laws of the Commonwealth of Massachusetts as a business trust on December 23, 1986. The Fund is authorized to offer two classes of shares: Common Class and Class A shares. Each class of shares represents an equal pro rata interest in the Fund, except that they bear different expenses which reflect the difference in the range of services provided to them. Effective December 12, 2001, the Common Class closed to new investors. Class A shares are sold subject to a front-end sales charge of up to 3.00%. A) SECURITY VALUATION -- The net asset value of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange, Inc. (the "Exchange") on each day the Exchange is open for business. Debt securities with a remaining maturity greater than 60 days are valued in accordance with the price supplied by a pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Debt obligations that will mature in 60 days or less are valued on the basis of amortized cost, which approximates market value, unless it is determined that this method would not represent fair value. The Fund's equity investments are valued at market value, which is generally determined using the closing price on the exchange or market on which the security is primarily traded at the time of valuation (the "Valuation Time"). If no sales are reported, equity investments are generally valued at the most recent bid quotation as of the Valuation Time or at the lowest asked quotation in the case of a short sale of securities. Securities and other assets for which market quotations are not readily available, or whose values have been materially affected by events occurring before the Fund's Valuation Time but after the close of the securities' primary markets, are valued at fair value as determined in good faith by, or under the direction of, the Board of Trustees under procedures established by the Board of Trustees. The Fund may utilize a service provided by an independent third party which has been approved by the Board of Trustees to fair value certain Fund portfolio securities. B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are accounted for on a trade date basis. Interest income 13 is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Certain expenses are class-specific expenses and vary by class. Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of the outstanding shares of that class. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net investment income are declared daily and paid monthly. Distributions of net realized capital gains, if any, are declared and paid at least annually. However, to the extent that a net realized capital gain can be reduced by a capital loss carryforward, such gain will not be distributed. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). D) FEDERAL INCOME TAXES -- No provision is made for federal taxes as it is the Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders, which will be sufficient to relieve it from federal income and excise taxes. E) USE OF ESTIMATES -- The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. F) SHORT-TERM INVESTMENTS -- The Fund, together with other funds/portfolios advised by Credit Suisse Asset Management, LLC ("CSAM"), an indirect, wholly-owned subsidiary of Credit Suisse Group, pools available cash into either a short-term variable rate time deposit issued by State Street Bank and Trust Company ("SSB"), the Fund's custodian, or a money market fund advised by CSAM. The short-term time deposit issued by SSB is a variable rate account classified as a short-term investment. G) SECURITIES LENDING -- Loans of securities are required at all times to be secured by collateral at least equal to 102% of the market value of domestic securities on loan (including any accrued interest thereon) and 105% of the market value of foreign securities on loan (including any accrued 14 interest thereon). Cash collateral received by the Fund in connection with securities lending activity may be pooled together with cash collateral for other funds/portfolios advised by CSAM and may be invested in a variety of investments, including certain CSAM-advised funds, funds advised by SSB, the Fund's securities lending agent or money market instruments. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The Fund had no securities out on loan during the six months ended April 30, 2004. Prior to March 17, 2004, Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, had been engaged by the Fund to act as the Fund's securities lending agent. The Fund earned no income from securities lending for the six months ended April 30, 2004. Effective March 17, 2004, SSB has been engaged by the Fund to act as the Fund's securities lending agent. The Fund's securities lending arrangement provides that the Fund and SSB will share the net income earned from the securities lending activities, with the Fund receiving 70% and SSB receiving 30% of the earnings from the investment of cash collateral or any other securities lending income in accordance with the provisions of the securities lending agency agreement. Securities lending income is accrued as earned. H) OTHER -- The interest on New York municipal obligations is excluded from gross income for federal income tax purposes and exempt from New York State and New York City personal income taxes. A portion of income may be subject to state and City taxes or the federal alternative minimum tax. This Fund may be riskier than a more geographically diverse municipal fund. NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES CSAM serves as investment adviser for the Fund. For its investment advisory services, CSAM is entitled to receive a fee from the Fund at an annual rate of 0.40% of the Fund's average daily net assets. For the six months ended April 30, 2004, investment advisory fees earned and voluntarily waived for the Fund were $125,911 and $112,851, respectively. Credit Suisse Asset Management Securities, Inc. ("CSAMSI"), an affiliate of CSAM, and SSB serve as co-administrators to the Fund. For its co-administrative services, CSAMSI currently receives a fee calculated at an annual rate of 0.10% of the Fund's average daily net assets. 15 For the six months ended April 30, 2004, co-administrative services fees earned by CSAMSI were $31,478. For its co-administrative services, SSB receives a fee, exclusive of out-of-pocket expenses, based upon the following fee schedule calculated in total for all the Credit Suisse funds/portfolios co-administered by SSB and allocated based upon relative average net assets of each fund/portfolio subject to an annual minimum fee.
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
For the six months ended April 30, 2004, co-administrative service fees earned by SSB (including out-of-pocket expenses) were $22,384. In addition to serving as the Fund's co-administrator, CSAMSI currently serves as distributor to the Fund's shares. Pursuant to a distribution plan adopted by the Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives a fee for its distribution services. This fee is calculated at an annual rate of 0.25% of the average daily net assets of the Class A shares. Common Class shares are not subject to distribution fees. Certain brokers, dealers and financial representatives provide transfer agent related services to the Fund, and receive compensation for these services from CSAM. CSAM is then reimbursed by the Fund. For the six months ended April 30, 2004, the Fund reimbursed CSAM $27,338, which is included in the Fund's transfer agent expense. For the six months ended April 30, 2004, CSAMSI and its affiliates advised the Fund that they retained $95 from commissions earned on the sale of the Fund's Class A shares. Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by the Fund to provide certain financial printing and fulfillment services. For the six months ended April 30, 2004, Merrill was paid $6,348 for its services to the Fund. NOTE 3. LINE OF CREDIT The Fund, together with other funds/portfolios advised by CSAM (collectively, the "Participating Funds"), participates in a $75 million committed, unsecured line of credit facility ("Credit Facility") for temporary or 16 emergency purposes with Deutsche Bank, A.G. as administrative agent and syndication agent and SSB as operations agent. Under the terms of the Credit Facility, the Participating Funds pay an aggregate commitment fee at a rate of 0.10% per annum on the average unused amount of the Credit Facility, which is allocated among the Participating Funds in such manner as is determined by the governing Boards of the Participating Funds. In addition, the Participating Funds pay interest on borrowings at the Federal Funds rate plus 0.50%. At April 30, 2004 and during the six months ended April 30, 2004, the Fund had no borrowings under the Credit Facility. NOTE 4. PURCHASES AND SALES OF SECURITIES For the six months ended April 30, 2004, purchases and sales of investment securities (excluding short-term investments) were $8,419,980 and $12,432,143, respectively. At April 30, 2004, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $56,366,096, $2,670,526, $(217,998) and $2,452,528, respectively. NOTE 5. CAPITAL SHARE TRANSACTIONS The Fund is authorized to issue an unlimited number of full and fractional shares of beneficial interest, $.001 par value per share, of which an unlimited number of shares are classified as Common Class shares and an unlimited number of shares are classified as Class A shares. Transactions in capital shares for each class were as follows:
COMMON CLASS ------------------------------------------------------------- FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003 ------------------------------------------------------------- SHARES VALUE SHARES VALUE --------- --------------- ----------- --------------- Shares sold 430,791 $ 4,590,224 3,303,255 $ 35,488,737 Shares issued in reinvestment of dividends and distributions 135,571 1,437,637 339,279 3,622,524 Shares redeemed (942,784) (10,016,780) (5,426,136) (58,276,481) -------- --------------- ---------- --------------- Net decrease (376,422) $ (3,988,919) (1,783,602) $ (19,165,220) ======== =============== ========== ===============
17
CLASS A ------------------------------------------------------------- FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED APRIL 30, 2004 (UNAUDITED) OCTOBER 31, 2003 ------------------------------------------------------------- SHARES VALUE SHARES VALUE --------- --------------- ----------- --------------- Shares sold 16,818 $ 179,850 230,225 $ 2,477,458 Shares issued in reinvestment of dividends and distributions 2,789 29,617 4,031 43,012 Shares redeemed (18,310) (194,643) (103,752) (1,113,665) -------- --------------- ---------- --------------- Net increase 1,297 $ 14,824 130,504 $ 1,406,805 ======== =============== ========== ===============
On April 30, 2004, the number of shareholders that held 5% or more of the outstanding shares of each class of the Fund were as follows:
NUMBER OF APPROXIMATE PERCENTAGE SHAREHOLDERS OF OUTSTANDING SHARES ------------ ---------------------- Common Class 2 48% Class A 4 75%
Some of the shareholders are omnibus accounts, which hold shares on behalf of individual shareholders. NOTE 6. CONTINGENCIES In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote. 18 CREDIT SUISSE NEW YORK MUNICIPAL FUND PRIVACY POLICY NOTICE (unaudited) IMPORTANT PRIVACY CHOICES FOR CONSUMERS We are committed to maintaining the privacy of every current and prospective customer. We recognize that you entrust important personal information to us, and we wish to assure you that we take seriously our responsibilities in protecting and safeguarding this information. In connection with making available investment products and services to current and potential customers, we may obtain nonpublic personal information about you. This information may include your name, address, e-mail address, social security number, account number, assets, income, financial situation, transaction history and other personal information. We may collect nonpublic information about you from the following sources: - Information we receive on applications, forms, questionnaires, web sites, agreements or in the course of establishing or maintaining a customer relationship; and - Information about your transactions with us, our affiliates, or others. We do not disclose any nonpublic personal information about our customers or former customers to anyone, except with your consent or as otherwise permitted by law. RESTRICT INFORMATION SHARING WITH AFFILIATES: In cases where we believe that additional products and services may be of interest to you, we may share the information described above with our affiliates unless you say "No." / / No, please do not share personal and financial information with your affiliated companies. [If you check this box, you must send this notice back to us with your name, address and account number to Credit Suisse Funds, 466 Lexington Avenue, New York, New York 10017.] We may also disclose this information to firms that perform services on our behalf. These agents and service providers are required to treat the information confidentially and use it only for the purpose for which it is provided. We restrict access to nonpublic personal information about you to those employees, agents or other parties who need to know that information to provide products or services to you or in connection with your investments with or through us. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information. NOTE: THIS NOTICE IS PROVIDED TO CLIENTS AND PROSPECTIVE CLIENTS OF CREDIT SUISSE ASSET MANAGEMENT, LLC ("CSAM"), CSAM CAPITAL INC., AND CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., AND SHAREHOLDERS AND PROSPECTIVE SHAREHOLDERS IN CSAM-SPONSORED AND -ADVISED INVESTMENT COMPANIES, INCLUDING CREDIT SUISSE FUNDS, AND OTHER CONSUMERS AND CUSTOMERS, AS APPLICABLE. THIS NOTICE IS NOT INTENDED TO BE INCORPORATED IN ANY OFFERING MATERIALS BUT IS MERELY A STATEMENT OF OUR CURRENT PRIVACY POLICY, AND MAY BE AMENDED FROM TIME TO TIME UPON NOTICE TO YOU. THIS NOTICE IS DATED AS OF MAY 19, 2004. 19 CREDIT SUISSE NEW YORK MUNICIPAL FUND PROXY VOTING (unaudited) The policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available: - By calling 1-800-927-2874 - On the Fund's website, www.csam.com/us - On the website of the Securities and Exchange Commission, http://www.sec.gov. 20 P.O. BOX 55030, BOSTON, MA 02205-5030 [CREDIT SUISSE ASSET MANAGEMENT LOGO] 800-927-2874 - www.csam.com/us CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. CSNYM-3-0404 ITEM 2. CODE OF ETHICS. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. This item is inapplicable to a semi-annual report on Form N-CSR. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to the registrant. ITEM 6. SCHEDULE OF INVESTMENTS Form N-CSR disclosure requirement not yet effective with respect to the registrant. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to the registrant. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable to the registrant. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The Nominating Committee recommends Board member candidates. Shareholders of the registrant may also submit nominees that will be considered by the Committee. Recommendations should be mailed to the registrant's Secretary, c/o Credit Suisse Asset Management, LLC, 466 Lexington Avenue, New York, NY 10017. Any submission should include at a minimum the following information: the name, age, business address, residence address and principal occupation or employment of such individual; the class, series and number of shares of the registrant that are beneficially owned by such individual; the date such shares were acquired and the investment intent of such acquisition; whether such shareholder believes such individual is, or is not, an "interested person" of the registrant (as defined in the Investment Company Act of 1940) and information regarding such individual that is sufficient, in the Committee's discretion, to make such determination; and all other information relating to such individual that is required to be disclosed in solicitation of proxies for election of directors in an election contest (even if an election contest is not involved) or is otherwise required pursuant to the rules for proxy materials under the Securities Exchange Act of 1934. ITEM 10. CONTROLS AND PROCEDURES. (a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. (b) There were no changes in registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. EXHIBITS. (a)(1) Not applicable. (a)(2) The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report. (a)(3) Not applicable. (b) The certifications of the registrant as required by Rule 30a-2(b) under the Act are an exhibit to this report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CREDIT SUISSE NEW YORK MUNICIPAL FUND /s/ Joseph D. Gallagher ----------------------- Name: Joseph D. Gallagher Title: Chief Executive Officer Date: July 6, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. /s/ Joseph D. Gallagher ----------------------- Name: Joseph D. Gallagher Title: Chief Executive Officer Date: July 6, 2004 /s/ Michael A. Pignataro ------------------------ Name: Michael A. Pignataro Title: Chief Financial Officer Date: July 6, 2004 EX-99.CERT 2 a2139641zex-99_cert.txt EX 99.CERT EXHIBIT 99.CERT EXHIBIT 11(a)(2) CERTIFICATIONS I, Michael A. Pignataro, certify that: 1. I have reviewed this report on Form N-CSR of Credit Suisse New York Municipal Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 6, 2004 /s/ Michael A. Pignataro - ------------------------ Michael A. Pignataro Chief Financial Officer I, Joseph D. Gallagher, certify that: 1. I have reviewed this report on Form N-CSR of Credit Suisse New York Municipal Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial data information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 6, 2004 /s/ Joseph D. Gallagher - ----------------------- Joseph D. Gallagher Chief Executive Officer EX-99.906CERT 3 a2139641zex-99_906cert.txt EX 99.906CERT EXHIBIT 99.906CERT EXHIBIT 11(b) SECTION 906 CERTIFICATIONS SECTION 906 CERTIFICATION Joseph D. Gallagher, Chief Executive Officer, and Michael A. Pignataro, Chief Financial Officer, of Credit Suisse New York Municipal Fund (the "Fund"), each certify to his knowledge that: (1) The Fund's periodic report on Form N-CSR for the period ended April 30, 2004 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. /s/ Joseph D. Gallagher /s/ Michael A. Pignataro ----------------------- ------------------------ Joseph D. Gallagher Michael A. Pignataro Chief Executive Officer Chief Financial Officer July 6, 2004 July 6, 2004 A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----