<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. 811-8921
------------------------------------------------
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, 2003
Date of reporting period: September 1, 2002 to August 31, 2003
ITEM 1. REPORTS TO STOCKHOLDERS.
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[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
AUGUST 31, 2003
- - CREDIT SUISSE
SELECT EQUITY FUND
MORE COMPLETE INFORMATION ABOUT THE FUND, INCLUDING CHARGES AND EXPENSES, IS
PROVIDED IN THE PROSPECTUS, WHICH MUST PRECEDE OR ACCOMPANY THIS DOCUMENT AND
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 INCLUDE CHANGE IN SHARE PRICE AND REINVESTMENT OF DIVIDENDS AND CAPITAL
GAINS. PAST PERFORMANCE CANNOT GUARANTEE FUTURE RESULTS. RETURNS AND SHARE PRICE
WILL FLUCTUATE, AND REDEMPTION VALUE MAY BE MORE OR LESS THAN ORIGINAL COST.
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 AUGUST 31, 2003; 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.
<Page>
CREDIT SUISSE SELECT EQUITY FUND
ANNUAL INVESTMENT ADVISER'S REPORT
August 31, 2003
September 19, 2003
Dear Shareholder:
For the 12 months ended August 31, 2003, the Common Class Shares of Credit
Suisse Select Equity Fund(1) (the "Fund") had a gain of 7.26%, versus an
increase of 12.07% 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 7.28%, 6.42% and 6.44%, respectively for the period.
The period was ultimately a positive one for the U.S. stock market, though
equities struggled early on. The market reached its low point for the period in
early October 2002, hurt by a great deal of uncertainty regarding a possible
conflict with Iraq and a related decline in consumer sentiment. Stocks began to
recover, however, rallying over the second half of the period. When the war came
to a swift and seemingly successful end in April 2003, a major cloud of
uncertainty lifted and investors embraced risk. Optimism over a potential
recovery in the U.S. economy -- and by extension, the global economy -- also
supported equities. Grounds for this optimism included historically low interest
rates, a significant tax-reduction package, and an upturn in leading economic
indicators.
Against this backdrop, the Fund had a gain but lagged its benchmark. This
underperformance was largely attributable to the March-through-June span -- the
Fund was roughly even with its benchmark at the period's midway point -- when
the rally was dominated by lower-quality companies (e.g., companies with
debt-heavy balance sheets and/or limited near-term earnings prospects),
especially in the technology and telecom sectors. Investors scooped up these
long-struggling companies, as risk concerns quickly dissipated, on hopes for
turnarounds should the economy improve. However, we avoided these types of
companies based on our ongoing focus on current profitability and the financial
ability for a company to invest for future growth.
As of the end of the period, our noteworthy sector allocations (which stem
from our bottom-up, fundamental stock research) included overweightings in the
industrials, basic materials and healthcare areas. We were underweighted in the
financial-services, technology, consumer discretionary, telecommunications and
utilities sectors. We were roughly neutrally weighted in consumer staples and
energy.
Moving ahead, we will remain focused on companies that appear to be
generating positive and/or improving economic profit. In the current
environment, we believe that companies with clear, stable profits and
1
<Page>
improving revenue growth could outperform. Finally, we believe that stock
selection, as opposed to sector allocation, will be the main driver of relative
investment results over the next year.
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 WITH RESPECT TO ITS PORTFOLIO SECURITIES THAN A FUND THAT
IS DIVERSIFIED.
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>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE SELECT EQUITY FUND(1) COMMON CLASS SHARES AND THE
S&P 500 INDEX(2) FROM INCEPTION (10/30/98). (UNAUDITED)
<Table>
<Caption>
CREDIT SUISSE SELECT EQUITY FUND(1) - COMMON CLASS S&P 500 INDEX(2)
10/30/1998 $ 10,000 $ 10,000
10/31/1998 $ 10,000 $ 10,000
11/30/1998 $ 10,765 $ 10,606
12/31/1998 $ 11,220 $ 11,223
1/31/1999 $ 11,289 $ 11,685
2/28/1999 $ 11,056 $ 11,322
3/31/1999 $ 11,634 $ 11,777
4/30/1999 $ 12,437 $ 12,226
5/31/1999 $ 11,960 $ 11,943
6/30/1999 $ 12,744 $ 12,596
7/31/1999 $ 12,155 $ 12,212
8/31/1999 $ 12,619 $ 12,155
9/30/1999 $ 12,286 $ 11,819
10/31/1999 $ 12,929 $ 12,570
11/30/1999 $ 13,844 $ 12,827
12/31/1999 $ 14,292 $ 13,581
1/31/2000 $ 13,782 $ 12,899
2/29/2000 $ 14,310 $ 12,655
3/31/2000 $ 15,568 $ 13,893
4/30/2000 $ 15,780 $ 13,475
5/31/2000 $ 15,780 $ 13,199
6/30/2000 $ 16,105 $ 13,524
7/31/2000 $ 16,000 $ 13,312
8/31/2000 $ 16,836 $ 14,139
9/30/2000 $ 16,642 $ 13,393
10/31/2000 $ 16,809 $ 13,336
11/30/2000 $ 15,260 $ 12,285
12/31/2000 $ 15,076 $ 12,345
1/31/2001 $ 15,720 $ 12,783
2/28/2001 $ 14,148 $ 11,617
3/31/2001 $ 12,841 $ 10,881
4/30/2001 $ 13,817 $ 11,727
5/31/2001 $ 14,148 $ 11,805
6/30/2001 $ 13,893 $ 11,518
7/31/2001 $ 13,438 $ 11,405
8/31/2001 $ 12,680 $ 10,691
9/30/2001 $ 11,506 $ 9,827
10/31/2001 $ 11,696 $ 10,015
11/30/2001 $ 12,832 $ 10,783
12/31/2001 $ 12,766 $ 10,878
1/31/2002 $ 12,529 $ 10,719
2/28/2002 $ 12,140 $ 10,512
3/31/2002 $ 12,539 $ 10,908
4/30/2002 $ 11,855 $ 10,246
5/31/2002 $ 12,017 $ 10,171
6/30/2002 $ 11,067 $ 9,446
7/31/2002 $ 10,128 $ 8,710
8/31/2002 $ 10,118 $ 8,767
9/30/2002 $ 9,008 $ 7,814
10/31/2002 $ 9,757 $ 8,502
11/30/2002 $ 10,374 $ 9,002
12/31/2002 $ 9,721 $ 8,474
1/31/2003 $ 9,436 $ 8,252
2/28/2003 $ 9,341 $ 8,128
3/31/2003 $ 9,465 $ 8,207
4/30/2003 $ 10,007 $ 8,883
5/31/2003 $ 10,396 $ 9,351
6/30/2003 $ 10,501 $ 9,471
7/31/2003 $ 10,757 $ 9,637
8/31/2003 $ 10,852 $ 9,825
</Table>
[CHART]
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE
CREDIT SUISSE SELECT EQUITY FUND(1) CLASS A SHARES(3), CLASS B SHARES(3),
CLASS C SHARES(3) AND THE S&P 500 INDEX(2) FROM INCEPTION (07/31/01).
(UNAUDITED)
<Table>
<Caption>
CREDIT SUISSE SELECT EQUITY CREDIT SUISSE SELECT EQUITY CREDIT SUISSE SELECT EQUITY S&P 500 INDEX(2)
FUND(1) - CLASS A(3) FUND(1) - CLASS B(3) FUND(1) - CLASS C(3)
7/31/2001 $ 10,000 $ 10,000 $ 10,000 $ 10,000
8/31/2001 $ 8,891 $ 9,429 $ 9,436 $ 9,374
9/30/2001 $ 8,068 $ 8,555 $ 8,548 $ 8,617
10/31/2001 $ 8,207 $ 8,696 $ 8,682 $ 8,781
11/30/2001 $ 9,011 $ 9,535 $ 9,521 $ 9,455
12/31/2001 $ 8,958 $ 9,477 $ 9,463 $ 9,538
1/31/2002 $ 8,792 $ 9,293 $ 9,279 $ 9,399
2/28/2002 $ 8,519 $ 8,997 $ 8,990 $ 9,217
3/31/2002 $ 8,798 $ 9,293 $ 9,279 $ 9,564
4/30/2002 $ 8,319 $ 8,778 $ 8,764 $ 8,984
5/31/2002 $ 8,432 $ 8,884 $ 8,877 $ 8,918
6/30/2002 $ 7,767 $ 8,178 $ 8,178 $ 8,283
7/31/2002 $ 7,108 $ 7,480 $ 7,473 $ 7,637
8/31/2002 $ 7,101 $ 7,473 $ 7,452 $ 7,687
9/30/2002 $ 6,323 $ 6,647 $ 6,626 $ 6,852
10/31/2002 $ 6,855 $ 7,205 $ 7,183 $ 7,455
11/30/2002 $ 7,288 $ 7,649 $ 7,628 $ 7,894
12/31/2002 $ 6,826 $ 7,162 $ 7,141 $ 7,430
1/31/2003 $ 6,626 $ 6,951 $ 6,929 $ 7,235
2/28/2003 $ 6,559 $ 6,873 $ 6,859 $ 7,127
3/31/2003 $ 6,646 $ 6,965 $ 6,943 $ 7,196
4/30/2003 $ 7,026 $ 7,353 $ 7,339 $ 7,789
5/31/2003 $ 7,305 $ 7,642 $ 7,621 $ 8,199
6/30/2003 $ 7,372 $ 7,713 $ 7,684 $ 8,304
7/31/2003 $ 7,552 $ 7,889 $ 7,868 $ 8,450
8/31/2003 $ 7,618 $ 7,794 $ 7,931 $ 8,615
</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.
3
<Page>
AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2003(1)
<Table>
<Caption>
SINCE
1 YEAR 3 YEAR INCEPTION
------ ------ ---------
Common Class 7.26% (13.62%) 1.70%
Class A Without Sales Charge 7.28% -- (9.68%)
Class A With Maximum Sales Charge 1.12% -- (12.22%)
Class B Without CDSC 6.42% -- (10.39%)
Class B With CDSC 2.42% -- (11.25%)
Class C Without CDSC 6.44% -- (10.51%)
Class C With CDSC 5.44% -- (10.51%)
</Table>
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2003(1)
<Table>
<Caption>
SINCE
1 YEAR 3 YEAR INCEPTION
------ ------ ---------
Common Class 17.74% (13.95%) 1.20%
Class A Without Sales Charge 17.86% -- (10.25%)
Class A With Maximum Sales Charge 11.08% -- (12.68%)
Class B Without CDSC 16.99% -- (10.95%)
Class B With CDSC 12.99% -- (11.77%)
Class C Without CDSC 17.04% -- (11.06%)
Class C With CDSC 16.04% -- (11.06%)
</Table>
- ----------
(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 1.12%. Total return for
Class B shares for the reporting period, based on redemption value
(including contingent deferred sales charge of 4%), was 2.42%. Total return
for Class C shares for the reporting period, based on redemption value
(including contingent deferred sales charge of 1%), was 5.44%.
4
<Page>
SCHEDULE OF INVESTMENTS
August 31, 2003
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------ ------------
COMMON STOCKS (94.7%)
AEROSPACE & DEFENSE (4.6%)
Lockheed Martin Corp. 5,400 $ 276,642
United Technologies Corp. 1,700 136,425
------------
413,067
------------
BANKS (6.7%)
Bank of America Corp. 3,300 261,525
Wachovia Corp. 6,000 252,900
Wells Fargo & Co. 1,773 88,898
------------
603,323
------------
BEVERAGES (3.0%)
Anheuser-Busch Companies, Inc. 3,300 170,082
Coca-Cola Co. 2,348 102,185
------------
272,267
------------
BIOTECHNOLOGY (2.6%)
Amgen, Inc.* 3,500 230,650
------------
CHEMICALS (3.8%)
E. I. du Pont de Nemours & Co. 5,400 241,596
PPG Industries, Inc. 1,800 98,838
------------
340,434
------------
COMMERCIAL SERVICES & SUPPLIES (5.0%)
Cendant Corp.* 13,600 244,528
Cintas Corp. 2,200 87,846
Monster Worldwide, Inc. 4,100 112,012
------------
444,386
------------
COMMUNICATIONS EQUIPMENT (0.8%)
Cisco Systems, Inc.* 3,800 72,770
------------
COMPUTERS & PERIPHERALS (2.6%)
Hewlett-Packard Co. 5,200 103,584
Seagate Technology 5,700 131,157
------------
234,741
------------
DIVERSIFIED FINANCIALS (6.0%)
Citigroup, Inc. 5,071 219,828
SPDR Trust Series 1 1,400 142,016
State Street Corp. 4,000 175,800
------------
537,644
------------
ELECTRICAL EQUIPMENT (0.9%)
Emerson Electric Co. 1,432 79,848
------------
ENERGY EQUIPMENT & SERVICES (1.6%)
Transocean, Inc.* 7,000 147,840
------------
FOOD & DRUG RETAILING (0.9%)
Safeway, Inc.* 3,400 82,994
------------
</Table>
See Accompanying Notes to Financial Statements.
5
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------ ------------
COMMON STOCKS (CONTINUED)
HEALTHCARE EQUIPMENT & SUPPLIES (6.4%)
Biomet, Inc. 7,900 $ 234,867
Medtronic, Inc. 6,900 342,102
------------
576,969
------------
HEALTHCARE PROVIDERS & SERVICES (1.9%)
UnitedHealth Group, Inc. 3,400 168,062
------------
HOUSEHOLD DURABLES (1.7%)
Newell Rubbermaid, Inc. 6,300 149,625
------------
HOUSEHOLD PRODUCTS (1.9%)
Clorox Co. 4,000 171,400
------------
INSURANCE (6.1%)
Chubb Corp. 2,800 190,232
Hartford Financial Services Group, Inc. 3,400 180,948
Prudential Financial, Inc. 4,800 174,768
------------
545,948
------------
MACHINERY (3.1%)
Illinois Tool Works, Inc. 3,900 281,931
------------
MEDIA (8.1%)
Clear Channel Communications, Inc. 5,400 243,648
General Motors Corp. Class H* 20,300 303,282
Viacom, Inc. Class B 4,000 180,000
------------
726,930
------------
MULTILINE RETAIL (2.1%)
Wal-Mart Stores, Inc. 3,141 185,853
------------
OIL & GAS (4.2%)
Devon Energy Corp. 3,900 201,825
Exxon Mobil Corp. 4,700 177,190
------------
379,015
------------
PAPER & FOREST PRODUCTS (1.3%)
International Paper Co. 2,900 117,595
------------
PERSONAL PRODUCTS (1.3%)
Estee Lauder Companies, Inc. Class A 3,500 120,715
------------
PHARMACEUTICALS (7.1%)
Abbott Laboratories 6,700 270,010
Eli Lilly & Co. 2,500 166,325
Pfizer, Inc. 6,600 197,472
------------
633,807
------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (3.3%)
Intel Corp. 7,800 223,236
Texas Instruments, Inc. 3,200 76,320
------------
299,556
------------
</Table>
See Accompanying Notes to Financial Statements.
6
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
------------ ------------
COMMON STOCKS (CONTINUED)
SOFTWARE (6.8%)
Adobe Systems, Inc. 1,600 $ 62,128
Microsoft Corp. 16,000 424,320
VERITAS Software Corp.* 3,500 120,680
------------
607,128
------------
TOBACCO (0.9%)
Altria Group, Inc. 2,000 82,440
------------
TOTAL COMMON STOCKS (Cost $7,542,052) 8,506,938
------------
<Caption>
PAR
(000)
-----
SHORT-TERM INVESTMENT (2.5%)
State Street Bank and Trust Co. Euro Time Deposit, 0.750%, 9/02/03
(Cost $225,000) $ 225 225,000
------------
TOTAL INVESTMENTS AT VALUE (97.2%) (Cost $7,767,052) 8,731,938
OTHER ASSETS IN EXCESS OF LIABILITIES (2.8%) 248,686
------------
NET ASSETS (100.0%) $ 8,980,624
============
</Table>
- ----------
* Non-income producing security.
See Accompanying Notes to Financial Statements.
7
<Page>
STATEMENT OF ASSETS AND LIABILITIES
August 31, 2003
<Table>
ASSETS
Investments at value (Cost $7,767,052) (Note 1) $ 8,731,938
Cash 758
Receivable for fund shares sold 123,539
Receivable for investments sold 105,819
Dividend and interest receivable 20,020
Receivable from investment adviser (Note 2) 4,213
Prepaid expenses 39,789
------------
Total Assets 9,026,076
------------
LIABILITIES
Administrative services fee payable (Note 2) 1,583
Distribution fee payable (Note 2) 2,869
Other accrued expenses payable 41,000
------------
Total Liabilities 45,452
------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 788
Paid-in capital (Note 5) 17,473,679
Undistributed net investment income 3,324
Accumulated net realized loss on investments (9,462,053)
Net unrealized appreciation from investments 964,886
------------
Net Assets $ 8,980,624
============
COMMON SHARES
Net assets $ 5,652,691
Shares outstanding 495,182
------------
Net asset value, offering price, and redemption price per share $ 11.42
============
A SHARES
Net assets $ 1,778,032
Shares outstanding 155,439
------------
Net asset value and redemption price per share $ 11.44
============
Maximum offering price per share (net asset value/(1-5.75%)) $ 12.14
============
B SHARES
Net assets $ 1,108,567
Shares outstanding 98,358
------------
Net asset value and offering price per share $ 11.27
============
C SHARES
Net assets $ 441,334
Shares outstanding 39,262
------------
Net asset value and offering price per share $ 11.24
============
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
STATEMENT OF OPERATIONS
For the Year Ended August 31, 2003
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 117,016
Interest 3,935
------------
Total investment income 120,951
------------
EXPENSES
Investment advisory fees (Note 2) 66,733
Administrative services fees (Note 2) 13,088
Distribution fees (Note 2) 29,181
Registration fees 61,490
Legal fees 49,972
Transfer agent fees (Note 2) 43,688
Printing fees (Note 2) 34,952
Custodian fees 29,901
Audit fees 17,751
Directors' fees 11,511
Insurance expense 7,422
Interest expense 1,405
Miscellaneous expense 6,527
------------
Total expenses 373,621
Less: fees waived and expenses reimbursed (Note 2) (256,000)
------------
Net expenses 117,621
------------
Net investment income 3,330
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized loss from investments (1,593,661)
Net change in unrealized appreciation (depreciation) from investments 1,995,917
------------
Net realized and unrealized gain from investments 402,256
------------
Net increase in net assets resulting from operations $ 405,586
============
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
CREDIT SUISSE SELECT EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
AUGUST 31, 2003 AUGUST 31, 2002
--------------- ---------------
FROM OPERATIONS
Net investment income $ 3,330 $ 31,327
Net realized loss from investments (1,593,661) (3,325,266)
Net change in unrealized appreciation (depreciation) from investments 1,995,917 (44,108)
------------ ------------
Net increase (decrease) in net assets resulting from operations 405,586 (3,338,047)
------------ ------------
FROM DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income
Common Class Shares (7,948) (7,183)
Institutional Class Shares -- (15,296)
Class A Shares (478) (428)
Distributions from net realized gains
Common Class Shares -- (9,471)
Institutional Class Shares -- (11,113)
Class A Shares -- (564)
Class B Shares -- (222)
Class C Shares -- (225)
------------ ------------
Net decrease in net assets resulting from dividends and distributions (8,426) (44,502)
------------ ------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 7,762,808 8,147,181
Reinvestment of dividends and distributions 7,117 43,919
Net asset value of shares redeemed (11,153,194) (8,617,828)
------------ ------------
Net decrease in net assets resulting from capital share transactions (3,383,269) (426,728)
------------ ------------
Net decrease in net assets (2,986,109) (3,809,277)
NET ASSETS
Beginning of year 11,966,733 15,776,010
------------ ------------
End of year $ 8,980,624 $ 11,966,733
============ ============
Undistributed Net Investment Income $ 3,324 $ 8,420
============ ============
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED AUGUST 31,
--------------------------------------------------------------------------
2003 2002 2001 2000 1999(1)
---------- ---------- ---------- ---------- ----------
PER SHARE DATA
Net asset value, beginning of period $ 10.66 $ 13.39 $ 19.13 $ 20.11 $ 15.95
---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS
Net investment income 0.01 0.01(2) 0.02 0.03(2) 0.02
Net gain (loss) on investments
(both realized and unrealized) 0.76 (2.71) (4.48) 4.76 4.16
---------- ---------- ---------- ---------- ----------
Total from investment operations 0.77 (2.70) (4.46) 4.79 4.18
---------- ---------- ---------- ---------- ----------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (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) (0.03) (1.28) (5.77) (0.02)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 11.42 $ 10.66 $ 13.39 $ 19.13 $ 20.11
========== ========== ========== ========== ==========
Total return(3) 7.26% (20.21)% (24.68)% 33.42% 26.19%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 5,653 $ 4,545 $ 7,696 $ 2,758 $ 95
Ratio of expenses to average net assets(4) 1.25% 1.19% 1.22% 1.29% 1.29%(5)
Ratio of net investment income to average
net assets 0.17% 0.12% 0.09% 0.18% 0.17%(5)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 2.87% 2.24% 1.98% 1.83% 0.45%(5)
Portfolio turnover rate 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 share 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 period 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. These arrangements had no effect on the fund's
Common Class expense ratio.
(5) Annualized.
See Accompanying Notes to Financial Statements.
11
<Page>
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED AUGUST 31,
---------------------------------------
2003 2002 2001(1)
--------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 10.67 $ 13.39 $ 14.19
--------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.01 0.01(2) 0.01
Net gain (loss) on investments (both realized
and unrealized) 0.77 (2.70) (0.81)
--------- --------- ---------
Total from investment operations 0.78 (2.69) (0.80)
--------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.01) (0.01) --
Distributions from net realized gains -- (0.02) --
--------- --------- ---------
Total dividends and distributions (0.01) (0.03) --
--------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 11.44 $ 10.67 $ 13.39
========= ========= =========
Total return(3) 7.28% (20.13)% (5.64)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 1,778 $ 566 $ 64
Ratio of expenses to average net assets(4) 1.25% 1.19% 1.19%(5)
Ratio of net investment income to average
net assets 0.22% 0.09% 0.77%(5)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 2.90% 2.30% 6.44%(5)
Portfolio turnover rate 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 share 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 period 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. These arrangements had no effect on the fund's
Class A expense ratio.
(5) Annualized.
See Accompanying Notes to Financial Statements.
12
<Page>
(For a Class B Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED AUGUST 31,
---------------------------------------
2003 2002 2001(1)
--------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 10.59 $ 13.38 $ 14.19
--------- --------- ---------
INVESTMENT OPERATIONS
Net investment loss (0.06)(2) (0.06)(2) 0.00(3)
Net gain (loss) on investments (both realized
and unrealized) 0.74 (2.71) (0.81)
--------- --------- ---------
Total from investment operations 0.68 (2.77) (0.81)
--------- --------- ---------
LESS DISTRIBUTIONS
Distributions from net realized gains -- (0.02) --
--------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 11.27 $ 10.59 $ 13.38
========= ========= =========
Total return(4) 6.42% (20.75)% (5.71)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 1,109 $ 518 $ 1
Ratio of expenses to average net assets(5) 2.00% 1.94% 1.94%(6)
Ratio of net investment loss to average
net assets (0.55)% (0.67)% (0.31)%(6)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 2.90% 2.25% 6.47%(6)
Portfolio turnover rate 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 share 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 period 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. These arrangements had no effect on the fund's
Class B expense ratio.
(6) Annualized.
See Accompanying Notes to Financial Statements.
13
<Page>
(For a Class C Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED AUGUST 31,
---------------------------------------
2003 2002 2001(1)
--------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 10.56 $ 13.39 $ 14.19
--------- --------- ---------
INVESTMENT OPERATIONS
Net investment loss (0.06)(2) (0.06)(2) 0.00(3)
Net gain (loss) on investments (both realized
and unrealized) 0.74 (2.75) (0.80)
--------- --------- ---------
Total from investment operations 0.68 (2.81) (0.80)
--------- --------- ---------
LESS DISTRIBUTIONS
Distributions from net realized gains -- (0.02) --
--------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 11.24 $ 10.56 $ 13.39
========= ========= =========
Total return(4) 6.44% (21.03)% (5.64)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 441 $ 271 $ 102
Ratio of expenses to average net assets(5) 2.00% 1.94% 1.94%(6)
Ratio of net investment loss to average
net assets (0.55)% (0.65)% (0.25)%(6)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 2.90% 2.25% 6.43%(6)
Portfolio turnover rate 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 share 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 period 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. These arrangements had no effect on the fund's
Class C expense ratio.
(6) Annualized.
See Accompanying Notes to Financial Statements.
14
<Page>
NOTES TO FINANCIAL STATEMENTS
August 31, 2003
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
non-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. Effective December 12, 2001, the Fund closed the Common Class shares
to new investors. Effective October 24, 2002, Institutional Class shares ceased
operations. 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. Common Class shares of the Fund bear
expenses paid pursuant to a distribution plan at an annual rate of 0.25% of the
average daily net assets of the Fund's Common Class shares. Class A shares are
sold with a front-end sales charge of up to 5.75% and bear expenses paid
pursuant to a distribution plan at an annual rate of 0.25% of the average daily
net assets of the Fund's Class A shares. 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 and bear expenses paid pursuant to a
distribution plan at an annual rate of 1.00% of the average daily net assets of
the Fund's Class B shares. Class C shares are sold subject to a contingent
deferred sales charge of 1.00% if redeemed within the first year of purchase and
bear expenses paid pursuant to a distribution plan at an annual rate of 1.00% of
the average daily net assets of the Fund's Class C shares. In addition, the
Common Class, Class A shares, Class B shares and Class C shares bear
co-administration fees.
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 "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
15
<Page>
other objective method that takes into consideration market indices, yield
curves and other specific adjustments. Securities and other assets for which
market quotations are not readily available are valued at fair value as
determined in good faith by the Board of Directors under procedures established
by the Board of Directors in the absence of readily ascertainable market values.
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.
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.
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.
16
<Page>
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 invested in a variety of investments, including certain CSAM-advised
funds or the AIM Institutional Funds -- Liquid Asset Portfolio. 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 at August 31, 2003.
Credit Suisse First Boston ("CSFB"), an affiliate of CSAM, has been engaged
by the Fund to act as the Fund's securities lending agent. Prior to April 1,
2003, CSFB had agreed to charge the Fund fees for its securities lending
activities equal to its costs in providing services as securities lending agent
and had voluntarily waived such fees through March 31, 2003. Effective April 1,
2003, the Fund and CSFB entered into an arrangement to share the income earned
from securities lending activities, whereby, generally, the Fund will receive
75% and CSFB will receive 25% of the income, in accordance with the provisions
of the securities lending agency agreement. If CSFB should enter into a
securities lending agency agreement with another comparable investment company
client under which it will receive a smaller proportion of the fees, its fee
agreement with the Fund shall be reduced to such lower fee amount. There was no
income for the year ended August 31, 2003.
17
<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 year ended August 31,
2003, investment advisory fees earned and voluntarily waived and expenses
reimbursed were as follows:
<Table>
<Caption>
GROSS NET EXPENSE
ADVISORY FEE WAIVER ADVISORY FEE REIMBURSEMENTS
------------ ---------- ------------ --------------
$ 66,733 $ (66,733) -- $ (189,267)
</Table>
During the period covered by this report, CSAM determined that the Fund's
advisory contract had lapsed due to an administrative error. CSAM has taken all
necessary steps to remedy this error, including obtaining Board of Directors and
shareholder approval of retention or payment of fees paid or payable to CSAM
during the period the contract had lapsed and approval of a new contract on the
same terms as in the lapsed contract.
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.
Prior to May 20, 2003, CSAMSI received a fee for Common Class shares calculated
at an annual rate of 0.05% of the first $125 million in average daily net assets
and 0.10% of the average daily net assets over $125 million, and with respect to
Class A shares, Class B shares and Class C shares, received a fee calculated at
an annual rate of 0.10% of the average daily net assets of such class. For the
year ended August 31, 2003, co-administrative services fees earned by CSAMSI
were as follows:
<Table>
<Caption>
CLASS CO-ADMINISTRATIVE SERVICES FEE
----- ------------------------------
Common Class $ 2,909
Class A 905
Class B 681
Class C 290
-------
$ 4,785
=======
</Table>
18
<Page>
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 year ended August 31, 2003, co-administrative service fees earned by
SSB (including out-of-pocket expenses) were $8,303.
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. This fee is calculated at an annual rate of
0.25% of the average daily net assets of the Common Class and Class A shares.
For Class B shares and Class C shares of the Fund, the fee is calculated at an
annual rate of 1.00% of average daily net assets of the Class B shares and Class
C shares of the Fund. For the year ended August 31, 2003, distribution fees
earned by CSAMSI were as follows:
<Table>
<Caption>
CLASS DISTRIBUTION FEE
----- ----------------
Common Class $ 14,546
Class A 2,826
Class B 8,302
Class C 3,507
--------
$ 29,181
========
</Table>
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 year ended August 31, 2003, the Fund reimbursed
CSAM $13,436, which is included in the Fund's transfer agent expense.
For the year ended August 31, 2003, CSAMSI and its affiliates advised the
Fund that they retained $42,333 from commissions earned on the sale of the
Fund's Class A shares.
Merrill Corporation ("Merrill"), an affiliate of CSAM, has been engaged by
the Fund to provide certain financial printing and fulfillment services. For the
year ended August 31, 2003, Merrill was paid $23,528 for its services to the
Fund.
19
<Page>
NOTE 3. LINE OF CREDIT
The Fund, together with other funds/portfolios advised by CSAM (collectively,
the "Participating Funds"), participate 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 August 31, 2003, the Fund
had no loans outstanding under the Credit Facility. During the year ended August
31, 2003, the Fund had borrowings under the Credit Facility as follows:
<Table>
<Caption>
AVERAGE DAILY WEIGHTED AVERAGE MAXIMUM DAILY
LOAN BALANCE INTEREST RATE % LOAN OUTSTANDING
------------- ---------------- ----------------
$ 1,124,267 2.148% $ 2,678,000
</Table>
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended August 31, 2003, purchases and sales of investment
securities (excluding short-term investments) were $13,345,764 and $16,971,938,
respectively.
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 YEAR ENDED
------------------------------------------------------------
AUGUST 31, 2003 AUGUST 31, 2002
---------------------------- ----------------------------
SHARES VALUE SHARES VALUE
------------ ------------ ------------ ------------
Shares sold 534,199 $ 5,477,164 85,746 $ 1,082,329
Shares issued in reinvestment
of dividends and distributions 625 6,672 1,174 16,076
Shares redeemed (466,046) (4,865,972) (235,386) (2,999,800)
------------ ------------ ------------ ------------
Net increase (decrease) 68,778 $ 617,864 (148,466) $ (1,901,395)
============ ============ ============ ============
</Table>
20
<Page>
<Table>
<Caption>
INSTITUTIONAL CLASS(1)
------------------------------------------------------------
FOR THE YEAR ENDED
------------------------------------------------------------
AUGUST 31, 2003 AUGUST 31, 2002
---------------------------- ----------------------------
SHARES VALUE SHARES VALUE
------------ ------------ ------------ ------------
Shares sold -- $ -- 375,867 $ 5,037,733
Shares issued in reinvestment
of dividends and distributions -- -- 1,914 26,409
Shares redeemed (563,589) (5,729,876) (400,481) (5,137,634)
------------ ------------ ------------ ------------
Net decrease (563,589) $ (5,729,876) (22,700) $ (73,492)
============ ============ ============ ============
</Table>
<Table>
<Caption>
CLASS A
------------------------------------------------------------
FOR THE YEAR ENDED
------------------------------------------------------------
AUGUST 31, 2003 AUGUST 31, 2002
---------------------------- ----------------------------
SHARES VALUE SHARES VALUE
------------ ------------ ------------ ------------
Shares sold 125,379 $ 1,315,660 59,162 $ 743,751
Shares issued in reinvestment
of dividends and distributions 42 445 72 989
Shares redeemed (22,988) (249,452) (11,041) (124,324)
------------ ------------ ------------ ------------
Net increase 102,433 $ 1,066,653 48,193 $ 620,416
============ ============ ============ ============
</Table>
<Table>
<Caption>
CLASS B
------------------------------------------------------------
FOR THE YEAR ENDED
------------------------------------------------------------
AUGUST 31, 2003 AUGUST 31, 2002
---------------------------- ----------------------------
SHARES VALUE SHARES VALUE
------------ ------------ ------------ ------------
Shares sold 59,253 $ 615,956 64,478 $ 841,625
Shares issued in reinvestment
of distributions -- -- 16 221
Shares redeemed (9,793) (99,045) (15,677) (165,046)
------------ ------------ ------------ ------------
Net increase 49,460 $ 516,911 48,817 $ 676,800
============ ============ ============ ============
</Table>
<Table>
<Caption>
CLASS C
------------------------------------------------------------
FOR THE YEAR ENDED
------------------------------------------------------------
AUGUST 31, 2003 AUGUST 31, 2002
---------------------------- ----------------------------
SHARES VALUE SHARES VALUE
------------ ------------ ------------ ------------
Shares sold 33,087 $ 354,028 33,878 $ 441,743
Shares issued in reinvestment
of distributions -- -- 16 224
Shares redeemed (19,507) (208,849) (15,825) (191,024)
------------ ------------ ------------ ------------
Net increase 13,580 $ 145,179 18,069 $ 250,943
============ ============ ============ ============
</Table>
- ----------
(1) Effective October 24, 2002, the Institutional Class shares ceased
operations.
21
<Page>
On August 31, 2003, the number of shareholders that held 5% or more of the
outstanding shares of each class of the Fund was as follows:
<Table>
<Caption>
NUMBER OF APPROXIMATE PERCENTAGE
CLASS SHAREHOLDERS OF OUTSTANDING SHARES
----- ------------ ----------------------
Common Class 1 41%
Class A 5 52%
Class B 4 48%
Class C 1 64%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
several individual shareholders.
NOTE 6. FEDERAL INCOME TAXES
Income and capital gain distributions are determined in accordance with
federal income tax regulations, which may differ from GAAP. These differences
are primarily due to differing treatments of losses deferred due to wash sales
and Post-October losses.
The tax characteristics of dividends and distributions paid during the year
ended August 31, 2003 and 2002 for the Fund were as follows:
<Table>
<Caption>
ORDINARY INCOME LONG-TERM CAPITAL GAIN
----------------------- -----------------------
2003 2002 2003 2002
---------- ---------- ---------- ----------
$ 8,426 $ 22,907 $ -- $ 21,595
</Table>
At August 31, 2003, the components of distributable earnings on a tax basis
for the Fund were as follows:
<Table>
Undistributed ordinary income $ 3,324
Accumulated net realized loss (8,020,017)
Unrealized appreciation 474,557
Undistributed Capital--Other (951,707)
------------
$ (8,493,843)
============
</Table>
At August 31, 2003, the Fund had capital loss carryforwards available to
offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES AUGUST 31,
----------------------------------------------------
2007 2010 2011
------------ -------------- --------------
$ (438,300) $ (4,447,649) $ (3,134,068)
</Table>
22
<Page>
Under current tax law, certain capital losses realized after October 31
within a taxable year may be deferred and treated as occurring on the first day
of the following tax year. The Fund will be unable to realize the benefit from
these losses if it cannot realize gains on investments prior to the expiration
of the loss carryforwards. For the tax year ended August 31, 2003, the Fund
elected to defer net losses arising between November 1, 2002 and August 31, 2003
of $951,707.
At August 31, 2003, 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 (depreciation) from investments were $8,257,381,
$548,241, $(73,684) and $474,557, respectively.
23
<Page>
REPORT OF INDEPENDENT AUDITORS
To the Board of Directors and Shareholders of
Credit Suisse Select Equity Fund, Inc.:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Credit Suisse Select Equity Fund,
Inc. (the "Fund") at August 31, 2003, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the years (or
periods) presented, in conformity with accounting principles generally accepted
in the United States of America. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States of America, which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at August
31, 2003 by correspondence with the custodian, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 29, 2003
24
<Page>
SHAREHOLDER MEETING RESULTS (UNAUDITED)
A special meeting of shareholders of the Credit Suisse Select Equity Fund
(the "Fund") was held at 466 Lexington Avenue, 16th Floor, New York, NY 10017 on
April 11, 2003. The following matters were voted upon by the shareholders of the
Fund and the results are presented below. Shares delivered not voted are
included on the total for the proposals. All proposals were approved.
1. To Elect the Following Nominees as Directors:
<Table>
<Caption>
FOR WITHHELD
----------- ------------
Richard H. Francis 664,993 6,042
Jack W. Fritz 664,993 6,042
Joseph D. Gallagher 664,883 6,152
Jeffrey E. Garten 664,883 6,152
Peter F. Krogh 664,883 6,152
James S. Pasman, Jr. 664,883 6,152
Steven N. Rappaport 664,993 6,042
William W. Priest 664,993 6,042
Total Eligible Shares 804,858
Total Shares Voted 671,035
% of Shares Voted 83.37%
</Table>
2-A. To Approve a New Investment Advisory Agreement:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 662,738 82.34% 98.76%
Against 4,217 0.52% 0.63%
Abstain 4,080 0.51% 0.61%
</Table>
2-B. To Approve the Retention or Payment of Fees Paid or Payable to CSAM:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 657,607 81.71% 98.00%
Against 8,598 1.07% 1.28%
Abstain 4,830 0.60% 0.72%
</Table>
3-A. To Modify the Fundamental Investment Restriction on Borrowing Money:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 447,768 55.63% 66.73%
Against 5,179 0.64% 0.77%
Abstain 4,315 0.54% 0.64%
Broker Non-Votes 213,773 26.56% 31.86%
</Table>
25
<Page>
3-B. To Modify the Fundamental Investment Restriction on Lending:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 446,062 55.42% 66.47%
Against 8,161 1.01% 1.22%
Abstain 3,039 0.38% 0.45%
Broker Non-Votes 213,773 26.56% 31.86%
</Table>
3-C. To Modify the Fundamental Investment Restriction on Real Estate
Investments:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 449,412 55.84% 66.97%
Against 4,038 0.50% 0.60%
Abstain 3,812 0.47% 0.57%
Broker Non-Votes 213,773 26.56% 31.86%
</Table>
3-D. To Remove the Fundamental Investment Restriction on Pledging Assets:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 430,073 53.44% 64.09%
Against 22,783 2.83% 3.39%
Abstain 4,406 0.55% 0.66%
Broker Non-Votes 213,773 26.56% 31.86%
</Table>
4. To Change the Fund's Investment Objective from Fundamental to
Non-Fundamental:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 446,442 55.47% 66.53%
Against 6,485 0.81% 0.97%
Abstain 4,335 0.54% 0.64%
Broker Non-Votes 213,773 26.56% 31.86%
</Table>
5-A. To Amend the Organizational Documents to Allow Involuntary Redemptions:
<Table>
<Caption>
% OF TOTAL SHARES % OF TOTAL
SHARES OUTSTANDING SHARES VOTED
---------- ----------------- ------------
For 445,299 55.33% 66.36%
Against 8,123 1.01% 1.21%
Abstain 3,841 0.48% 0.57%
Broker Non-Votes 213,773 26.56% 31.86%
</Table>
26
<Page>
CREDIT SUISSE SELECT EQUITY FUND
INFORMATION CONCERNING DIRECTORS AND OFFICERS (UNAUDITED)
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------- ----------- ------------ -------------------- ------------- ----------------
INDEPENDENT DIRECTORS
Richard H. Francis Director, Since 1999 Currently retired 44 None
c/o Credit Suisse Asset Nominating
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 04/23/32
Jack W. Fritz Director, Since Fund Private investor; 43 Director of Advo, Inc.
2425 North Fish Creek Road Nominating Inception Consultant and (direct mail
P.O. Box 1287 and Audit Director of Fritz advertising)
Wilson, Wyoming 83014 Committee Broadcasting, Inc.
Member and Fritz
Date of Birth: 04/22/27 Communications
(developers and
operators of radio
stations) (1987 -
present)
Jeffrey E. Garten Director, Since Fund Dean of Yale School 43 Director of Aetna,
Box 208200 Nominating Inception of Management and Inc.; Director of
New Haven, Connecticut and Audit William S. Beinecke Calpine Corporation;
06520-8200 Committee Professor in the Director of CarMax
Member Practice of Group (used car
Date of Birth: 10/29/46 International Trade dealers)
and Finance
(11/95 - present)
</Table>
- ----------
(1) Each Director and Officer serves until his or her respective successor has
been duly elected and qualified.
27
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------- ----------- ------------ -------------------- ------------- ----------------
INDEPENDENT DIRECTORS--(CONTINUED)
Peter F. Krogh Director, Since 2001 Dean Emeritus and 43 Director of The
301 ICC Nominating Distinguished Carlisle Companies Inc.
Georgetown University and Audit Professor of (diversified
Washington, DC 20057 Committee International manufacturing company);
Member Affairs at the Member of Selection
Date of Birth: 02/11/37 Edmund A. Walsh Committee for Truman
School of Foreign Scholars and Henry Luce
Service, Georgetown Scholars; Senior
University (6/95 - Associate of Center for
present); Moderator Strategic and
of PBS foreign International Studies;
affairs television Director of numerous
series (1988 - 2000) world affairs
organizations
James S. Pasman, Jr. Director, Since 1999 Currently retired 45 Director of Education
c/o Credit Suisse Asset Nominating Management Corp.
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Director, Since 1999 Partner of Leigh 45 None
Lehigh Court, LLC Nominating Court, LLC and RZ
40 East 52nd Street Committee Capital (private
New York, New York Member and investment firms)
10022 Audit (7/02 - present);
Committee Consultant to
Date of Birth: 07/10/48 Chairman SunGard Securities
Finance, Inc. from
February 2002 to
July 2002; President
of SunGard
Securities Finance,
Inc. from 2001 to
February 2002;
President of Loanet,
Inc. (on-line
accounting service)
from 1997 to 2001
</Table>
28
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ----------------- ----------- ------------ -------------------- ------------- ----------------
INTERESTED DIRECTORS
Joseph D. Gallagher(2) Director, Since 2003 Managing Director 46 None
Credit Suisse Asset Chairman of and Chief Executive
Management, LLC the Board Officer of CSAM
466 Lexington Avenue and Chief since 2003; Chief
New York, New York Executive Executive Officer
10017-3140 Officer and Director of
Credit Suisse Asset
Date of Birth: 12/14/62 Management Limited,
London, England,
from June 2000 to
2003; Director of
Credit Suisse Asset
Management Funds
(UK) Limited,
London, England,
from June 2000 to
2003; Managing
Director, Head --
Asian Corporate
Finance and M&A's,
Credit Suisse First
Boston, Hong Kong,
China, from
January 1998 to May
1999
William W. Priest(3) Director Since 1999 Co-Managing Partner, 50 None
Steinberg Priest & Sloane Steinberg Priest &
Capital Management Sloane Capital
12 East 49th Street Management since
12th Floor March 2001; Chairman
New York, New York and Managing
10017 Director of CSAM
from 2000 to
Date of Birth: 09/24/41 February 2001, Chief
Executive Officer
and Managing
Director of CSAM
from 1990 to 2000
</Table>
- ----------
(2) Mr. Gallagher is a Director who is an "interested person" of the Fund as
defined in the 1940 Act, because he is an officer of CSAM.
(3) Mr. Priest is a Director who is an "interested person" of the Fund as
defined in the 1940 Act, because he provided consulting services to CSAM
within the last two years (ending 12/31/02).
29
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------- ----------- ------------ ----------------------------------------------
OFFICERS
Hal Liebes Vice President Since 1999 Managing Director and Global General Counsel of
Credit Suisse Asset and Secretary CSAM; Associated with CSAM since 1997; Officer
Management, LLC of other Credit Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 07/06/64
Michael A. Pignataro Chief Since 1999 Director and Director of Fund Administration of
Credit Suisse Asset Financial CSAM; Associated with CSAM since 1984; Officer
Management, LLC Officer and of other Credit Suisse Funds
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Gregory N. Bressler Assistant Since 2000 Director and Deputy General Counsel of CSAM;
Credit Suisse Asset Secretary Associated with CSAM since January 2000;
Management, LLC Associated with the law firm of Swidler Berlin
466 Lexington Avenue Shereff Friedman LLP from 1996 to 2000; Officer
New York, New York of other Credit Suisse Funds
10017-3140
Date of Birth: 11/17/66
Rocco A. Del Guercio Assistant Since 1999 Vice President and Administrative Officer of
Credit Suisse Asset Treasurer CSAM; Associated with CSAM since June 1996;
Management, LLC Officer of other Credit Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 04/28/63
Joseph Parascondola Assistant Since 2000 Assistant Vice President of CSAM; Associated
Credit Suisse Asset Treasurer with CSAM since April 2000; Assistant Vice
Management, LLC President, Deutsche Asset Management from
466 Lexington Avenue January 1999 to April 2000; Assistant Vice
New York, New York President, Weiss, Peck & Greer LLC from
10017-3140 November 1995 to December 1998; Officer of
other Credit Suisse Funds
Date of Birth: 06/05/63
</Table>
30
<Page>
<Table>
<Caption>
TERM
OF OFFICE(1)
AND
POSITION(S) LENGTH
NAME, ADDRESS AND HELD WITH OF TIME
DATE OF BIRTH FUND SERVED PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
- ----------------- ----------- ------------ ----------------------------------------------
OFFICERS--(CONTINUED)
Robert M. Rizza Assistant Since Assistant Vice President of CSAM, since January
Credit Suisse Asset Treasurer 2002 2001; Associated with CSAM since 1998; Officer
Management, LLC of other Credit Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</Table>
The Statement of Additional Information includes additional information about
the Directors and is available, without charge, upon request, by calling
800-927-2874.
31
<Page>
TAX INFORMATION LETTER
August 31, 2003
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS (UNAUDITED)
Corporate shareholders should note for the year ended August 31, 2003, the
percentage of the Fund's investment income (i.e., net investment income plus
short-term capital gains) that qualified for the intercorporate dividends
received deduction is 100.00%.
For the fiscal year ended August 31, 2003 certain dividends paid by Select
Equity Fund may be subject to a maximum tax rate of 15%, as provided for by the
Jobs and Growth Tax Relief Reconciliation Act of 2003. Complete information will
be reported in conjunction with your 2003 Form 1099-DIV.
32
<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030 [CREDIT SUISSE ASSET MANAGEMENT LOGO]
800-927-2874 - www.csam-americas.com
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. WPSEQ-2-0803
<Page>
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics applicable to its Chief Executive
Officer, President, Chief Financial Officer and Chief Accounting Officer, or
persons performing similar functions. A copy of the code is filed as Exhibit
10(a)(1) to this Form. There were no amendments to the code during the fiscal
year ended August 31, 2003. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended August 31, 2003.
<Page>
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's governing board has determined that it has three audit
committee financial experts serving on its audit committee: Richard H. Francis,
James S. Pasman, Jr., and Steven N. Rappaport. Each audit committee financial
expert is "independent" for purposes of this item.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Form N-CSR disclosure requirement is not yet effective with respect to the
Registrant.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the Registrant.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. [RESERVED]
ITEM 9. 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 second fiscal half-year that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 10. EXHIBITS.
(a)(1) The registrant's code of ethics is an exhibit to this report.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under
the Act are exhibits to this report.
(b) The certifications of the registrant as required by Rule 30a-2(b) under
the Act are an exhibit to this report.
<Page>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
CREDIT SUISSE SELECT EQUITY FUND, INC.
/s/ Joseph D. Gallagher
-----------------------
Name: Joseph D. Gallagher
Title: Chief Executive Officer
Date: November 10, 2003
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: November 10, 2003
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: November 10, 2003