<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File No. 811-08921
-----------------------------------------------------
CREDIT SUISSE SELECT EQUITY FUND, INC.
-----------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
-----------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Hal Liebes, Esq.
Credit Suisse Select Equity Fund, Inc.
466 Lexington Avenue
New York, New York 10017-3140
Registrant's telephone number, including area code:(212) 875-3500
Date of fiscal year end: August 31, 2004
Date of reporting period: September 1, 2003 to February 29, 2004
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
SEMIANNUAL REPORT
FEBRUARY 29, 2004
(UNAUDITED)
- - CREDIT SUISSE
SELECT EQUITY FUND
THE FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES (WHICH SHOULD BE
CONSIDERED CAREFULLY BEFORE INVESTING), AND MORE COMPLETE INFORMATION ABOUT THE
FUND, ARE PROVIDED IN THE PROSPECTUS, WHICH SHOULD BE READ CAREFULLY BEFORE
INVESTING. YOU MAY OBTAIN ADDITIONAL COPIES BY CALLING 800-927-2874 OR BY
WRITING TO CREDIT SUISSE FUNDS, P.O. BOX 55030, BOSTON, MA 02205-5030.
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR, IS LOCATED AT 466
LEXINGTON AVE., NEW YORK, NY 10017-3140. CREDIT SUISSE FUNDS ARE ADVISED BY
CREDIT SUISSE ASSET MANAGEMENT, LLC.
<Page>
THE FUND'S INVESTMENT ADVISER AND CO-ADMINISTRATORS MAY WAIVE SOME FEES AND/OR
REIMBURSE SOME EXPENSES, WITHOUT WHICH PERFORMANCE WOULD BE LOWER. WAIVERS
AND/OR REIMBURSEMENTS ARE SUBJECT TO CHANGE.
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 FUND 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. PERFORMANCE
INFORMATION CURRENT TO THE MOST RECENT MONTH-END IS AVAILABLE AT www.csam.com.
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 FEBRUARY 29, 2004; THESE VIEWS AND
FUND HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS
DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
FUND SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT TO INVESTMENT
RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE SELECT EQUITY FUND
SEMIANNUAL INVESTMENT ADVISER'S REPORT
February 29, 2004 (unaudited)
March 16, 2004
Dear Shareholder:
For the six months ended February 29, 2004, the Common Class Shares of
Credit Suisse Select Equity Fund(1) (the "Fund") had a gain of 9.11%, versus
an increase of 14.60% for the S&P 500 Index.(2) The Fund's Class A, Class B
and Class C Shares(3) (without the maximum sales charge of 5.75%, 4.00% and
1.00%, respectively) had gains of 9.18%, 8.78% and 8.81%, respectively, for
the period.
The period was a positive one for stocks, which extended a rally begun in
March 2003. This reflected continued optimism that a reviving U.S. economy would
lead to better corporate earnings results in due course. In broad terms,
more-speculative type stocks outperformed those of higher quality companies,
based on measures such as profitability of earnings stability (this trend
moderated in the period's final month, which may or may not signal a longer-term
development).
The Fund participated in the market's rally, but it underperformed its
benchmark, which we attribute in large part to our focus on companies with
favorable economic profit characteristics -- i.e., those that earn a
return-on-invested-capital that exceed their cost of capital or have improving
profitability trends. This aside, we remain confident in our economic profit
discipline and believe it will provide competitive results over time.
From a sector attribution viewpoint, stocks that hindered the Fund's relative
return included its technology, industrial and energy holdings. Stocks that
aided the Fund's performance included its consumer-staples holdings.
We ended the period with overweightings in the industrials, basic materials,
health-care, financial-services and consumer-discretionary sectors (the Fund's
sector allocations, it should be stressed, are byproducts of our bottom-up,
fundamental stock research). We held underweightings in the consumer-staples,
telecommunications, utilities and energy sectors.
Finally, while we remain underweighted in technology, we continue to like
specific companies in the sector. Our holdings include stocks that fell behind
as the market favored higher-beta alternatives, yet which represent some of the
sector's most attractive stocks in our view. We base this on our take on
compelling economic profit characteristics, dominant market share, industry
leading products and growth potential that should drive continued positive
return-on-invested-capital trends.
1
<Page>
D. Susan Everly Sheryl M. Hempel
Co-Portfolio Manager Co-Portfolio Manager
Margaret D. Miller Sarah J. Dyer
Co-Portfolio Manager Co-Portfolio Manager
Credit Suisse Asset Management, LLC
THE FUND IS PERMITTED TO INVEST A GREATER PROPORTION OF ITS ASSETS IN THE
SECURITIES OF A SMALLER NUMBER OF ISSUERS. AS A RESULT, THE FUND MAY BE SUBJECT
TO GREATER VOLATILITY.
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 INVESTMENTS. 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
<Page>
AVERAGE ANNUAL RETURNS AS OF FEBRUARY 29, 2004(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS INCEPTION DATE
------- ------- --------- ---------
Common Class 26.75% 1.38% 3.22% 10/30/98
Class A Without Sales Charge 26.80% -- (4.71)% 7/31/01
Class A With Maximum Sales Charge 19.52% -- (6.88)% 7/31/01
Class B Without CDSC 25.87% -- (5.45)% 7/31/01
Class B With CDSC 21.87% -- (6.19)% 7/31/01
Class C Without CDSC 25.82% -- (5.54)% 7/31/01
Class C With CDSC 24.82% -- (5.54)% 7/31/01
</Table>
AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2004(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS INCEPTION DATE
------- ------- --------- ---------
Common Class 23.19% 0.04% 2.87% 10/30/98
Class A Without Sales Charge 23.24% -- (5.11)% 7/31/01
Class A With Maximum Sales Charge 16.14% -- (7.20)% 7/31/01
Class B Without CDSC 22.19% -- (5.87)% 7/31/01
Class B With CDSC 18.19% -- (6.57)% 7/31/01
Class C Without CDSC 22.26% -- (5.95)% 7/31/01
Class C With CDSC 21.26% -- (5.95)% 7/31/01
</Table>
Past performance is not predictive of future performance. Investment return and
principal value of an investment will fluctuate so that an investor's shares
upon redemption may be worth more or less than their 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.
- ----------
(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) The Standard & Poor's 500 Index is an unmanaged index (with no defined
investment objective) of common stocks. It includes reinvestment of
dividends, and is a registered trademark of McGraw-Hill Co., Inc. Investors
cannot invest directly in an index.
(3) Total return for Class A shares for the reporting period, based on offering
price (with maximum sales charge of 5.75%) was 2.88%. Total return for
Class B shares for the reporting period, based on redemption value
(including contingent deferred sales charge of 4.00%), was 4.78%. Total
return for Class C shares for the reporting period, based on redemption
value (including contingent deferred sales charge of 1.00%), was 7.81%.
3
<Page>
CREDIT SUISSE SELECT EQUITY FUND
SCHEDULE OF INVESTMENTS
February 29, 2004 (unaudited)
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -----------
COMMON STOCKS (98.5%)
AEROSPACE & DEFENSE (3.9%)
Lockheed Martin Corp. 51,400 $ 2,378,792
United Technologies Corp. 15,000 1,381,650
------------
3,760,442
------------
BANKS (9.6%)
Bank of America Corp. 29,100 2,383,872
Bank of New York Company, Inc. 89,600 2,956,800
Northern Trust Corp. 19,900 988,035
Wachovia Corp. 59,200 2,839,824
------------
9,168,531
------------
BUILDING PRODUCTS (1.7%)
American Standard Companies, Inc.* 14,900 1,623,504
------------
CHEMICALS (6.3%)
Du Pont (E. I.) de Nemours & Co. 71,300 3,214,917
PPG Industries, Inc. 48,400 2,840,596
------------
6,055,513
------------
COMMERCIAL SERVICES & SUPPLIES (5.6%)
Cendant Corp. 140,700 3,193,890
Cintas Corp. 21,900 935,349
Monster Worldwide, Inc.* 53,200 1,170,400
------------
5,299,639
------------
COMPUTERS & PERIPHERALS (1.0%)
Seagate Technology 55,700 963,610
------------
DIVERSIFIED FINANCIALS (5.6%)
Citigroup, Inc. 49,571 2,491,439
State Street Corp. 53,800 2,890,674
------------
5,382,113
------------
ELECTRICAL EQUIPMENT (0.9%)
Emerson Electric Co. 14,532 907,959
------------
FOOD & DRUG RETAILING (3.4%)
CVS Corp. 86,600 3,247,500
------------
HEALTHCARE EQUIPMENT & SUPPLIES (4.3%)
Biomet, Inc. 23,800 927,724
Medtronic, Inc. 68,000 3,189,200
------------
4,116,924
------------
HEALTHCARE PROVIDERS & SERVICES (2.1%)
UnitedHealth Group, Inc. 31,600 1,959,200
------------
HOTELS, RESTAURANTS & LEISURE (1.6%)
McDonald's Corp. 54,100 1,531,030
------------
</Table>
See Accompanying Notes to Financial Statements.
4
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -----------
COMMON STOCKS
HOUSEHOLD DURABLES (3.6%)
Black & Decker Corp. 18,300 $ 943,182
Newell Rubbermaid, Inc. 98,600 2,523,174
------------
3,466,356
------------
HOUSEHOLD PRODUCTS (2.0%)
Clorox Co. 38,500 1,888,810
------------
INDUSTRIAL CONGLOMERATES (3.1%)
Honeywell International, Inc. 27,400 960,370
Tyco International, Ltd. 68,600 1,959,902
------------
2,920,272
------------
INSURANCE (8.1%)
Chubb Corp. 33,100 2,349,438
Hartford Financial Services Group, Inc. 49,000 3,209,500
Prudential Financial, Inc. 46,800 2,171,052
------------
7,729,990
------------
MACHINERY (1.5%)
Illinois Tool Works, Inc. 17,500 1,391,600
------------
MEDIA (8.4%)
Gannett Company, Inc. 26,400 2,277,528
Hughes Electronics Corp. * 109,864 1,905,042
Tribune Co. 58,000 2,896,520
Viacom, Inc. Class B 24,500 942,270
------------
8,021,360
------------
MULTILINE RETAIL (3.0%)
Federated Department Stores, Inc. 28,700 1,503,019
Nordstrom, Inc. 35,000 1,369,900
------------
2,872,919
------------
OIL & GAS (3.3%)
Exxon Mobil Corp. 75,200 3,171,184
------------
PAPER & FOREST PRODUCTS (2.1%)
International Paper Co. 22,500 995,850
MeadWestvaco Corp. 33,300 975,690
------------
1,971,540
------------
PERSONAL PRODUCTS (2.1%)
Avon Products, Inc. 14,300 1,009,580
Estee Lauder Companies, Inc. Class A 22,900 975,540
------------
1,985,120
------------
PHARMACEUTICALS (6.8%)
Abbott Laboratories 76,100 3,257,080
Eli Lilly & Co. 18,600 1,375,284
Pfizer, Inc. 51,100 1,872,815
------------
6,505,179
------------
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
---------- -----------
COMMON STOCKS
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.4%)
Intel Corp. 46,000 $ 1,344,580
------------
SOFTWARE (7.1%)
Adobe Systems, Inc. 44,200 1,646,008
BEA Systems, Inc.* 77,100 1,063,980
Microsoft Corp. 123,500 3,272,750
VERITAS Software Corp.* 25,000 760,500
------------
6,743,238
------------
TOTAL COMMON STOCKS (Cost $84,238,206) 94,028,113
------------
<Caption>
PAR
(000)
----------
SHORT-TERM INVESTMENT (2.0%)
State Street Bank and Trust Co. Euro Time Deposit, 0.750%, 3/01/04
(Cost $1,906,000) $ 1,906 1,906,000
------------
TOTAL INVESTMENTS AT VALUE (100.5%) (Cost $86,144,206) 95,934,113
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.5%) (503,816)
------------
NET ASSETS (100.0%) $ 95,430,297
============
</Table>
- ----------
* Non-income producing security.
See Accompanying Notes to Financial Statements.
6
<Page>
CREDIT SUISSE SELECT EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
February 29, 2004 (unaudited)
<Table>
ASSETS
Investments at value (Cost $86,144,206) (Note 1) $ 95,934,113
Cash 552
Receivable for investments sold 3,225,123
Dividend and interest receivable 194,328
Receivable for fund shares sold 2,800
Prepaid expenses 37,906
------------
Total Assets 99,394,822
------------
LIABILITIES
Advisory fee payable (Note 2) 49,849
Administrative services fee payable (Note 2) 11,479
Distribution fee payable (Note 2) 32,895
Payable for investments purchased 3,748,799
Payable for fund shares redeemed 4,343
Other accrued expenses payable 117,160
------------
Total Liabilities 3,964,525
------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 7,682
Paid-in capital (Note 5) 81,021,883
Undistributed net investment income 73,370
Accumulated net realized gain on investments 4,537,455
Net unrealized appreciation from investments 9,789,907
------------
Net Assets $ 95,430,297
============
COMMON SHARES
Net assets $ 5,351,943
Shares outstanding 429,872
------------
Net asset value, offering price, and redemption price per share $ 12.45
============
A SHARES
Net assets $ 67,004,696
Shares outstanding 5,368,920
------------
Net asset value and redemption price per share $ 12.48
============
Maximum offering price per share (net asset value/(1-5.75%)) $ 13.24
============
B SHARES
Net assets $ 19,484,760
Shares outstanding 1,589,651
------------
Net asset value and offering price per share $ 12.26
============
C SHARES
Net assets $ 3,588,898
Shares outstanding 293,531
------------
Net asset value and offering price per share $ 12.23
============
</Table>
See Accompanying Notes to Financial Statements.
7
<Page>
CREDIT SUISSE SELECT EQUITY FUND
STATEMENT OF OPERATIONS
For the Six Months Ended February 29, 2004 (unaudited)
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 313,945
Interest 2,280
------------
Total investment income 316,225
------------
EXPENSES
Investment advisory fees (Note 2) 122,280
Administrative services fees (Note 2) 18,770
Distribution fees (Note 2)
Common Class 6,930
Class A 24,457
Class B 30,602
Class C 6,892
Registration fees 28,111
Legal fees 24,240
Printing fees (Note 2) 24,239
Transfer agent fees (Note 2) 21,988
Custodian fees 13,932
Directors' fees 9,671
Audit fees 8,528
Insurance expense 4,933
Miscellaneous expense 4,271
------------
Total expenses 349,844
Less: fees waived (Note 2) (109,773)
------------
Net expenses 240,071
Net investment income 76,154
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain from investments 13,999,508
Net change in unrealized appreciation (depreciation) from investments (13,079,637)
------------
Net realized and unrealized gain from investments919,871
Net increase in net assets resulting from operations $ 996,025
============
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
CREDIT SUISSE SELECT EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED FOR THE YEAR
FEBRUARY 29, 2004 ENDED
(UNAUDITED) AUGUST 31, 2003
------------------ ---------------
FROM OPERATIONS
Net investment income $ 76,154 $ 3,330
Net realized gain (loss) from investments 13,999,508 (1,593,661)
Net change in unrealized appreciation (depreciation) from investments (13,079,637) 1,995,917
------------------ ---------------
Net increase in net assets resulting from operations 996,025 405,586
------------------ ---------------
FROM DIVIDENDS
Dividends from net investment income
Common Class shares (4,483) (7,948)
Class A shares (1,625) (478)
------------------ ---------------
Net decrease in net assets resulting from dividends (6,108) (8,426)
------------------ ---------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 922,632 7,762,808
Exchange value of shares due to merger 88,620,976 --
Reinvestment of dividends 5,774 7,117
Net asset value of shares redeemed (4,089,626) (11,153,194)
------------------ ---------------
Net increase (decrease) in net assets resulting from capital
share transactions 85,459,756 (3,383,269)
------------------ ---------------
Net increase (decrease) in net assets 86,449,673 (2,986,109)
NET ASSETS
Beginning of period 8,980,624 11,966,733
------------------ ---------------
End of period $ 95,430,297 $ 8,980,624
================== ===============
Undistributed Net Investment Income $ 73,370 $ 3,324
================== ===============
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
CREDIT SUISSE SELECT EQUITY FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED FOR THE YEAR ENDED AUGUST 31,
FEBRUARY 29, 2004 -------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999(1)
------------------ ------- ------- ------- ------- -------
PER SHARE DATA
Net asset value, beginning of period $ 11.42 $ 10.66 $ 13.39 $ 19.13 $ 20.11 $ 15.95
------------------ ------- ------- ------- ------- -------
INVESTMENT OPERATIONS
Net investment income 0.02(2) 0.01 0.01(2) 0.02 0.03(2) 0.02
Net gain (loss) on investments
(both realized and unrealized) 1.02 0.76 (2.71) (4.48) 4.76 4.16
------------------ ------- ------- ------- ------- -------
Total from investment operations 1.04 0.77 (2.70) (4.46) 4.79 4.18
------------------ ------- ------- ------- ------- -------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.01) (0.01) (0.01) (0.03) (0.07) (0.02)
Distributions from net realized gains -- -- (0.02) (1.25) (5.70) --
------------------ ------- ------- ------- ------- -------
Total dividends and distributions (0.01) (0.01) (0.03) (1.28) (5.77) (0.02)
------------------ ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 12.45 $ 11.42 $ 10.66 $ 13.39 $ 19.13 $ 20.11
================== ======= ======= ======= ======= =======
Total return(3) 9.11% 7.26% (20.21)% (24.68)% 33.42% 26.19%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 5,352 $ 5,653 $ 4,545 $ 7,696 $ 2,758 $ 95
Ratio of expenses to average net assets(4) 1.30%(5) 1.25% 1.19% 1.22% 1.29% 1.29%(5)
Ratio of net investment income to average
net assets 0.27%(5) 0.17% 0.12% 0.09% 0.18% 0.17%(5)
Decrease reflected in above operating
expense ratios due to
waivers/reimbursements 0.67%(5) 2.87% 2.24% 1.98% 1.83% 0.45%(5)
Portfolio turnover rate 212% 155% 122% 141% 235% 209%
</Table>
- ----------
(1) For the period October 30, 1998 (inception date) through August 31, 1999.
(2) Per share information is calculated using the average shares outstanding
method.
(3) 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.
(4) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. For the six months ended February 29, 2004, and
the years ended August 31, 2003, 2002, 2001, 2000 and the period ended
August 31, 1999, there was no effect on the net operating expense ratio
because of transfer agent credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
10
<Page>
CREDIT SUISSE SELECT EQUITY FUND
FINANCIAL HIGHLIGHTS
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED FOR THE YEAR ENDED AUGUST 31,
FEBRUARY 29, 2004 -------------------------------
(UNAUDITED) 2003 2002 2001(1)
------------------ ------- ------- -------
PER SHARE DATA
Net asset value, beginning of period $ 11.44 $ 10.67 $ 13.39 $ 14.19
------------------ ------- ------- -------
INVESTMENT OPERATIONS
Net investment income 0.05(2) 0.01 0.01(2) 0.01
Net gain (loss) on investments (both realized and unrealized) 1.00 0.77 (2.70) (0.81)
------------------ ------- ------- -------
Total from investment operations 1.05 0.78 (2.69) (0.80)
------------------ ------- ------- -------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.01) (0.01) (0.01) --
Distributions from net realized gains -- -- (0.02) --
------------------ ------- ------- -------
Total dividends and distributions (0.01) (0.01) (0.03) --
------------------ ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 12.48 $ 11.44 $ 10.67 $ 13.39
================== ======= ======= =======
Total return(3) 9.18% 7.28% (20.13)% (5.64)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 67,005 $ 1,778 $ 566 $ 64
Ratio of expenses to average net assets(4) 1.30%(5) 1.25% 1.19% 1.19%(5)
Ratio of net investment income to average net assets 0.73%(5) 0.22% 0.09% 0.77%(5)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.67%(5) 2.90% 2.30% 6.44%(5)
Portfolio turnover rate 212% 155% 122% 141%
</Table>
- ----------
(1) For the period July 31, 2001 (inception date) through August 31, 2001.
(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 February 29, 2004, and
the years ended August 31, 2003, 2002, and the period ended August 31,
2001, there was no effect on the net operating expense ratio because of
transfer agent credits.
(5) Annualized.
See Accompanying Notes to Financial Statements.
11
<Page>
(For a Class B Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED FOR THE YEAR ENDED AUGUST 31,
FEBRUARY 29, 2004 -------------------------------
(UNAUDITED) 2003 2002 2001(1)
------------------ ------- ------- -------
PER SHARE DATA
Net asset value, beginning of period $ 11.27 $ 10.59 $ 13.38 $ 14.19
------------------ ------- ------- -------
INVESTMENT OPERATIONS
Net investment loss 0.00(2)(3) (0.06)(2) (0.06)(2) 0.00(3)
Net gain (loss) on investments (both realized and unrealized) 0.99 0.74 (2.71) (0.81)
------------------ ------- ------- -------
Total from investment operations 0.99 0.68 (2.77) (0.81)
------------------ ------- ------- -------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- (0.02) --
------------------ ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 12.26 $ 11.27 $ 10.59 $ 13.38
================== ======= ======= =======
Total return(4) 8.78% 6.42% (20.75)% (5.71)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 19,485 $ 1,109 $ 518 $ 1
Ratio of expenses to average net assets(5) 2.05%(6) 2.00% 1.94% 1.94%(6)
Ratio of net investment loss to average net assets (0.06)%(6) (0.55)% (0.67)% (0.31)%(6)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.67%(6) 2.90% 2.25% 6.47%(6)
Portfolio turnover rate 212% 155% 122% 141%
</Table>
- ----------
(1) For the period July 31, 2001 (inception date) through August 31, 2001.
(2) Per share information is calculated using the average shares outstanding
method.
(3) This amount represents less than $0.01 per share.
(4) 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.
(5) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. For the six months ended February 29, 2004, and
the years ended August 31, 2003, 2002, and the period ended August 31,
2001, there was no effect on the net operating expense ratio because of
transfer agent credits.
(6) Annualized.
See Accompanying Notes to Financial Statements.
12
<Page>
(For a Class C Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED FOR THE YEAR ENDED AUGUST 31,
FEBRUARY 29, 2004 -------------------------------
(UNAUDITED) 2003 2002 2001(1)
------------------ ------- ------- -------
PER SHARE DATA
Net asset value, beginning of period $ 11.24 $ 10.56 $ 13.39 $ 14.19
------------------ ------- ------- -------
INVESTMENT OPERATIONS
Net investment loss (0.01)(2) (0.06)(2) (0.06)(2) 0.00(3)
Net gain (loss) on investments (both realized and unrealized) 1.00 0.74 (2.75) (0.80)
------------------ ------- ------- -------
Total from investment operations 0.99 0.68 (2.81) (0.80)
------------------ ------- ------- -------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- (0.02) --
------------------ ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 12.23 $ 11.24 $ 10.56 $ 13.39
================== ======= ======= =======
Total return(4) 8.81% 6.44% (21.03)% (5.64)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 3,589 $ 441 $ 271 $ 102
Ratio of expenses to average net assets(5) 2.05%(6) 2.00% 1.94% 1.94%(6)
Ratio of net investment loss to average net assets (0.17)%(6) (0.55)% (0.65)% (0.25)%(6)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.67%(6) 2.90% 2.25% 6.43%(6)
Portfolio turnover rate 212% 155% 122% 141%
</Table>
- ----------
(1) For the period July 31, 2001 (inception date) through August 31, 2001.
(2) Per share information is calculated using the average shares outstanding
method.
(3) This amount represents less than $0.01 per share.
(4) 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.
(5) Interest earned on uninvested cash balances is used to offset portions of
the transfer agent expense. For the six months ended February 29, 2004, and
the years ended August 31, 2003, 2002, and the period ended August 31,
2001, there were no effect on the net operating expense ratio because of
transfer agent credits.
(6) Annualized.
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE SELECT EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
February 29, 2004 (unaudited)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Credit Suisse Select Equity Fund, Inc. (the "Fund") is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified,
open-end management investment company. The Fund's investment objective is
long-term capital appreciation. The Fund was incorporated under the laws of the
State of Maryland on July 31, 1998.
The Fund is authorized to offer six classes of shares: Common Class, Advisor
Class, Institutional Class, Class A shares, Class B shares and Class C shares.
The Fund currently offers Common Class, Class A shares, Class B shares and Class
C shares. Each class of shares represents an equal pro rata interest in the
Fund, except that they bear different expenses which reflect the differences in
the range of services provided to them. Effective December 12, 2001, the Fund
closed the Common Class shares to new investors. Effective October 24, 2002,
Institutional Class shares ceased operations. Class A shares are sold subject to
a front-end sales charge of up to 5.75%. Class B shares are sold subject to a
contingent deferred sales charge which declines from 4.00% to zero depending on
the period of time the shares are held. Class C shares are sold subject to a
contingent deferred sales charge of 1.00% if redeemed within the first year of
purchase.
Effective as of the close of business on January 9, 2004, the Fund acquired
all of the net assets of the Credit Suisse Tax Efficient Fund ("Tax Efficient")
in a tax-free exchange of shares. The Fund was also the accounting survivor in
the tax-free exchange. The shares exchanged were 58,722 Class A shares (valued
at $731,097) of the Fund for 47,899 Common Class shares of Tax Efficient,
5,280,784 Class A shares (valued at $65,745,895) of the Fund for 4,294,302 Class
A shares of Tax Efficient, 1,563,233 Class B shares (valued at $19,133,980) of
the Fund for 1,320,686 Class B shares of Tax Efficient, and 246,518 Class C
shares (valued at $3,010,004) of the Fund for 207,812 Class C shares of Tax
Efficient. Tax Efficient's net assets of $88,620,976 at that date, which
included $21,904,658 of unrealized appreciation, were combined with those of the
Fund. The aggregate net assets of Tax Efficient and the Fund immediately before
the acquisition were $88,620,976 and $9,412,634, respectively, and the combined
net assets of the Fund after the acquisition were $98,033,610.
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. 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
14
<Page>
"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. 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. 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 the Board of
Directors under procedures established by the Board of Directors.
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 and 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.
15
<Page>
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 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 February 29, 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. Securities lending income is accrued as earned. The Fund earned no income
from securities lending for the six months ended February 29, 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 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.
16
<Page>
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
0.75% of the Fund's average daily net assets. For the six months ended February
29, 2004, investment advisory fees earned and voluntarily waived were $122,280
and $109,773, 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 0.05% of the Fund's average daily net assets.
For the six months ended February 29, 2004, co-administrative services fees
earned by CSAMSI were $8,152.
For its co-administrative services, SSB receives a fee, exclusive of
out-of-pocket expenses, based upon the following fee schedule calculated in
total for all the Credit Suisse funds/portfolios co-administered by SSB and
allocated based upon relative average net assets of each fund/portfolio subject
to an annual minimum fee.
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
------------------------ -----------
First $5 billion 0.050% of average daily net assets
Next $5 billion 0.035% of average daily net assets
Over $10 billion 0.020% of average daily net assets
</Table>
For the six months ended February 29, 2004, co-administrative services fees
earned by SSB (including out-of-pocket expenses) were $10,618.
In addition to serving as the Fund's co-administrator, CSAMSI currently
serves as distributor of the Fund's shares. Pursuant to distribution plans
adopted by the Fund pursuant to Rule 12b-1 under the 1940 Act, CSAMSI receives
fees for its distribution services. For the Common Class and Class A shares of
the Fund, the fee is calculated at an annual rate of 0.25% of the average daily
net assets. For Class B and Class C shares of the Fund, the fee is calculated at
an annual rate of 1.00% of average daily net assets.
Certain brokers, dealers and financial representatives provide transfer agent
related services to the Fund, and receive compensation from CSAM. CSAM is then
reimbursed by the Fund. For the six months ended February 29, 2004, the Fund
reimbursed CSAM $7,460, which is included in the Fund's transfer agent expense.
For the six months ended February 29, 2004, CSAMSI and its affiliates advised
the Fund that they retained $2,867 from commissions earned on the sale of the
Fund's Class A shares.
17
<Page>
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 February 29, 2004, Merrill was paid $7,337 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 $100 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 February 29, 2004, and
during the six months ended February 29, 2004, the Fund had no borrowings under
the Credit Facility.
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the six months ended February 29, 2004, purchases and sales of investment
securities (excluding short-term investments) were $70,296,130 and $73,981,935,
respectively.
At February 29, 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 $86,144,206, $10,592,076,
($802,169) and $9,789,907, respectively.
18
<Page>
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Fund is authorized to issue six billion full and fractional shares of
capital stock, $.001 par value per share. Transactions in capital shares for
each class were as follows:
<Table>
<Caption>
COMMON CLASS
----------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
FEBRUARY 29, 2004 (UNAUDITED) AUGUST 31, 2003
----------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 23,046 $ 269,107 534,199 $ 5,477,164
Shares issued in reinvestment
of dividends 358 4,437 625 6,672
Shares redeemed (88,714) (1,057,853) (466,046) (4,865,972)
------------- ------------- ------------- -------------
Net increase (decrease) (65,310) $ (784,309) 68,778 $ 617,864
============= ============= ============= =============
</Table>
<Table>
<Caption>
INSTITUTIONAL CLASS
------------------------------
FOR THE YEAR ENDED
AUGUST 31, 2003(1)
------------------------------
SHARES VALUE
------------- -------------
Shares redeemed (563,589) $ (5,729,876)
------------- -------------
Net decrease (563,589) $ (5,729,876)
============= =============
</Table>
<Table>
<Caption>
CLASS A
----------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
FEBRUARY 29, 2004 (UNAUDITED) AUGUST 31, 2003
----------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 33,436 $ 398,733 125,379 $ 1,315,660
Shares exchanged due to merger 5,339,506 66,476,992 -- --
Shares issued in reinvestment
of dividends 108 1,337 42 445
Shares redeemed (159,569) (1,982,362) (22,988) (249,452)
------------- ------------- ------------- -------------
Net increase 5,213,481 $ 64,894,700 102,433 $ 1,066,653
============= ============= ============= =============
</Table>
<Table>
<Caption>
CLASS B
----------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
FEBRUARY 29, 2004 (UNAUDITED) AUGUST 31, 2003
----------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 8,105 $ 96,828 59,253 $ 615,956
Shares exchanged due to merger 1,563,233 19,133,980 -- --
Shares redeemed (80,045) (975,575) (9,793) (99,045)
------------- ------------- ------------- -------------
Net increase 1,491,293 $ 18,255,233 49,460 $ 516,911
============= ============= ============= =============
</Table>
19
<Page>
<Table>
<Caption>
CLASS C
----------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
FEBRUARY 29, 2004 (UNAUDITED) AUGUST 31, 2003
----------------------------------------------------------------
SHARES VALUE SHARES VALUE
------------- ------------- ------------- -------------
Shares sold 13,765 $ 157,964 33,087 $ 354,028
Shares exchanged due to merger 246,518 3,010,004 -- --
Shares redeemed (6,014) (73,836) (19,507) (208,849)
------------- ------------- ------------- -------------
Net increase 254,269 $ 3,094,132 13,580 $ 145,179
============= ============= ============= =============
</Table>
- ----------
(1) Effective October 24, 2002, the Institutional Class shares ceased
operations.
On February 29, 2004, the number of shareholders that held 5% or more of the
outstanding shares of each class of the Fund were as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
SHAREHOLDERS OF OUTSTANDING SHARES
------------ ----------------------
Common Class 1 39%
Class C 3 26%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
individual shareholders.
NOTE 6. CONTINGENCIES
In the normal course of business, the Fund may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Fund's maximum exposure under these arrangements is dependent on future claims
that may be made against the Fund and, therefore, cannot be estimated; however,
based on experience, the risk of loss from such claims is considered remote.
20
<Page>
CREDIT SUISSE SELECT EQUITY 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 FEBRUARY 11, 2004.
21
<Page>
CREDIT SUISSE SELECT EQUITY 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
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
22
<Page>
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<Page>
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<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030
800-927-2874 - www.csam.com
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. WPSEQ-3-0204
<Page>
ITEM 2. CODE OF ETHICS.
Item 2 is inapplicable to a semi-annual report on Form N-CSR.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Item 3 is inapplicable to a semi-annual report on Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Item 4 is inapplicable to a semi-annual report on Form N-CSR.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Item 5 of Form N-CSR is inapplicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
Item 6 of Form N-CSR is not yet applicable to the registrant.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Form 7 of Form N-CSR is inapplicable to the registrant.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Item 8 of Form N-CSR is inapplicable 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
<Page>
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 SELECT EQUITY FUND, INC.
/s/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: April 29, 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: April 29, 2004
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: April 29, 2004