<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
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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)
J. Kevin Gao, 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
Date of reporting period: September 1, 2003 to August 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
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[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
AUGUST 31, 2004
- - 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>
INVESTORS IN THE CREDIT SUISSE FUNDS SHOULD BE AWARE THAT THEY MAY BE ELIGIBLE
TO PURCHASE COMMON CLASS AND/OR ADVISOR CLASS SHARES (WHERE OFFERED) DIRECTLY OR
THROUGH CERTAIN INTERMEDIARIES. SUCH SHARES ARE NOT SUBJECT TO A SALES CHARGE
BUT MAY BE SUBJECT TO AN ONGOING SERVICE AND DISTRIBUTION FEE OF UP TO 0.50% OF
AVERAGE DAILY NET ASSETS. INVESTORS IN THE CREDIT SUISSE FUNDS SHOULD ALSO BE
AWARE THAT THEY MAY BE ELIGIBLE FOR A REDUCTION OR WAIVER OF THE SALES CHARGE
WITH RESPECT TO CLASS A, B OR C SHARES. FOR MORE INFORMATION, PLEASE REVIEW THE
RELEVANT PROSPECTUSES OR CONSULT YOUR FINANCIAL REPRESENTATIVE.
THE VIEWS OF THE FUND'S MANAGEMENT ARE AS OF THE DATE OF THE LETTER AND THE FUND
HOLDINGS DESCRIBED IN THIS DOCUMENT ARE AS OF AUGUST 31, 2004; THESE VIEWS AND
FUND HOLDINGS MAY HAVE CHANGED SUBSEQUENT TO THESE DATES. NOTHING IN THIS
DOCUMENT IS A RECOMMENDATION TO PURCHASE OR SELL SECURITIES.
FUND SHARES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF CREDIT SUISSE ASSET
MANAGEMENT, LLC ("CSAM") OR ANY AFFILIATE, ARE NOT FDIC-INSURED AND ARE NOT
GUARANTEED BY CSAM OR ANY AFFILIATE. FUND INVESTMENTS ARE SUBJECT TO INVESTMENT
RISKS, INCLUDING LOSS OF YOUR INVESTMENT.
<Page>
CREDIT SUISSE SELECT EQUITY FUND
ANNUAL INVESTMENT ADVISER'S REPORT
August 31, 2004 (unaudited)
October 4, 2004
Dear Shareholder:
PERFORMANCE SUMMARY
9/01/03 - 8/31/04
<Table>
<Caption>
SHARE CLASS/BENCHMARK PERFORMANCE
Common(1) 5.25%
Class A(1) 5.33%
Class B(1) 4.53%
Class C(1) 4.54%
S&P 500 Index(2) 11.45%
</Table>
Performance for the Fund's Class A, Class B and Class C Shares is without the
maximum sales charge of 5.75%, 4.00% and 1.00%, respectively.(3)
MARKET OVERVIEW: RALLY FADES, LOW-QUALITY STOCKS TAKE THE REAR
Equity investors were optimistic in the first half of the period, but
conditions deteriorated amid heightened geopolitical concerns, persistently high
oil prices and the perception that US interest rates would rise from historical
lows. These factors clouded the corporate earnings outlook, causing investors to
take profits later in the period after a strong equity rally in 2003.
Lower-quality stocks initially outperformed, as they did for 2003 as a whole.
Investors at the beginning of the period appeared to believe that low interest
rates and a reviving economy would especially benefit debt-heavy, unprofitable
companies. This put the Fund at a disadvantage, as we stayed true to our focus
on companies with favorable economic profit characteristics -- those that earn a
return-on-invested-capital that exceeds their cost of capital or have improving
profitability trends. The Fund significantly underperformed its benchmark in the
first half of the period as a result.
In early 2004, however, mounting uncertainty and the potential for rising
interest rates helped reverse the trend, and higher quality stocks returned to
favor. The Fund's relative return began to improve in this environment, as
evidenced by its outperforming the S&P 500 Index in 2004's second quarter. But
the Fund lagged in the final two months of the period, due primarily to weakness
in its technology holdings.
STRATEGIC REVIEW: TECHNOLOGY LOSSES SUBTRACT FROM CONSUMER GAINS
Stock selection in the technology area had the largest negative impact on the
Fund's return. Veritas Software (1.0% of the Fund's portfolio as of August 31,
2004) lost about 40% of its value, hurt by a revenue shortfall.
1
<Page>
Following the end of the reporting period, Veritas was eliminated from the Fund.
BEA Systems, also a software company, fell short of forecasts due to a sales
force reorganization that blunted the impact of a new product release. We
decided to exit the position based on the company's diminishing economic profit
prospects.
On the positive side, the Fund's consumer staples stocks had solid
performance in both absolute and relative terms. One standout was CVS (2.5% of
the Fund's portfolio as of August 31, 2004), buoyed by sales growth in both its
pharmaceutical and "front of the store" businesses. The Fund's healthcare
holdings were also positive contributors, paced by UnitedHealth (1.8% of the
Fund's portfolio as of August 31, 2004). The stock was supported in part by the
increasing popularity of its health savings account offerings.
GOING FORWARD: TACTICAL ADJUSTMENTS BASED ON ECONOMIC PROFIT POTENTIAL
Recent noteworthy additions to the Fund included Kellogg (1.1% of the Fund's
portfolio as of August 31, 2004), a company with an attractive record of
generating economic profit. We think its profitability should benefit from
restructuring efforts, an easing of the cost of ingredients for its cereals and
a recently announced price increase. We also purchased Network Appliance (1.1%
of the Fund's portfolio as of August 31, 2004), whose systems allow for data
storage in open network environments. The addition was based on our belief that
the company's return on invested capital could improve amid a rebound in storage
demand. Late in the period we eliminated our exposure to International Paper,
based on valuation, and added to our position in MeadWestvaco (2.1% of the
Fund's portfolio as of August 31, 2004), a manufacturer of a range of paper
products. In our view the company's economic profit profile is improving due to
stronger pricing.
Going forward, we remain committed to our stock selection disciplines,
emphasizing companies we think can methodically sustain and/or improve their
return on invested capital. We continue to believe that companies that deliver
superior economic profit will deliver superior long-run stock performance.
Hugh M. Neuburger
Margaret D. Miller
Sarah J. Dyer
William D. Butler
Credit Suisse Asset Management, LLC (CSAM)
2
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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 THAN A FUND THAT INVESTS IN A LARGER NUMBER OF ISSUERS.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENT PORTFOLIO. THESE STATEMENTS ARE
SUBJECT TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND
REGULATIONS IN THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY
DIFFERENT FROM THOSE PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO
OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS.
3
<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).
<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 $ 10,117
11/30/1998 $ 10,765 $ 10,731
12/31/1998 $ 11,220 $ 11,355
1/31/1999 $ 11,289 $ 11,823
2/28/1999 $ 11,056 $ 11,455
3/31/1999 $ 11,634 $ 11,916
4/30/1999 $ 12,437 $ 12,369
5/31/1999 $ 11,960 $ 12,083
6/30/1999 $ 12,744 $ 12,744
7/31/1999 $ 12,155 $ 12,356
8/31/1999 $ 12,619 $ 12,298
9/30/1999 $ 12,286 $ 11,958
10/31/1999 $ 12,929 $ 12,718
11/30/1999 $ 13,844 $ 12,978
12/31/1999 $ 14,292 $ 13,741
1/31/2000 $ 13,782 $ 13,050
2/29/2000 $ 14,310 $ 12,804
3/31/2000 $ 15,568 $ 14,056
4/30/2000 $ 15,780 $ 13,633
5/31/2000 $ 15,780 $ 13,353
6/30/2000 $ 16,105 $ 13,683
7/31/2000 $ 16,000 $ 13,469
8/31/2000 $ 16,836 $ 14,305
9/30/2000 $ 16,642 $ 13,550
10/31/2000 $ 16,809 $ 13,493
11/30/2000 $ 15,260 $ 12,429
12/31/2000 $ 15,076 $ 12,490
1/31/2001 $ 15,720 $ 12,933
2/28/2001 $ 14,148 $ 11,753
3/31/2001 $ 12,841 $ 11,009
4/30/2001 $ 13,817 $ 11,864
5/31/2001 $ 14,148 $ 11,944
6/30/2001 $ 13,893 $ 11,653
7/31/2001 $ 13,438 $ 11,539
8/31/2001 $ 12,680 $ 10,816
9/30/2001 $ 11,506 $ 9,943
10/31/2001 $ 11,696 $ 10,132
11/30/2001 $ 12,832 $ 10,910
12/31/2001 $ 12,766 $ 11,005
1/31/2002 $ 12,529 $ 10,845
2/28/2002 $ 12,140 $ 10,636
3/31/2002 $ 12,539 $ 11,036
4/30/2002 $ 11,855 $ 10,367
5/31/2002 $ 12,017 $ 10,290
6/30/2002 $ 11,067 $ 9,557
7/31/2002 $ 10,128 $ 8,812
8/31/2002 $ 10,118 $ 8,870
9/30/2002 $ 9,008 $ 7,906
10/31/2002 $ 9,757 $ 8,602
11/30/2002 $ 10,374 $ 9,108
12/31/2002 $ 9,721 $ 8,573
1/31/2003 $ 9,436 $ 8,348
2/28/2003 $ 9,341 $ 8,223
3/31/2003 $ 9,465 $ 8,303
4/30/2003 $ 10,007 $ 8,987
5/31/2003 $ 10,396 $ 9,461
6/30/2003 $ 10,501 $ 9,582
7/31/2003 $ 10,757 $ 9,751
8/31/2003 $ 10,852 $ 9,941
9/30/2003 $ 10,605 $ 9,835
10/31/2003 $ 11,175 $ 10,392
11/30/2003 $ 11,327 $ 10,483
12/31/2003 $ 11,802 $ 11,033
1/31/2004 $ 11,755 $ 11,235
2/29/2004 $ 11,840 $ 11,391
3/31/2004 $ 11,660 $ 11,220
4/30/2004 $ 11,527 $ 11,043
5/31/2004 $ 11,650 $ 11,195
6/30/2004 $ 11,888 $ 11,412
7/31/2004 $ 11,479 $ 11,034
8/31/2004 $ 11,422 $ 11,078
</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).
<Table>
<Caption>
CREDIT SUISSE SELECT CREDIT SUISSE SELECT CREDIT SUISSE SELECT
EQUITY FUND(1) -- CLASS A(3) EQUITY FUND(1) -- CLASS B(3) EQUITY FUND(1) -- CLASS C(3) S&P 500 INDEX(2)
7/31/2001 $ 9,425 $ 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
9/30/2003 $ 7,452 $ 7,776 $ 7,755 $ 8,524
10/31/2003 $ 7,851 $ 8,185 $ 8,164 $ 9,006
11/30/2003 $ 7,951 $ 8,284 $ 8,263 $ 9,086
12/31/2003 $ 8,291 $ 8,630 $ 8,609 $ 9,562
1/31/2004 $ 8,258 $ 8,595 $ 8,574 $ 9,737
2/29/2004 $ 8,317 $ 8,651 $ 8,630 $ 9,872
3/31/2004 $ 8,191 $ 8,510 $ 8,489 $ 9,724
4/30/2004 $ 8,098 $ 8,411 $ 8,390 $ 9,571
5/31/2004 $ 8,178 $ 8,489 $ 8,468 $ 9,702
6/30/2004 $ 8,351 $ 8,658 $ 8,637 $ 9,890
7/31/2004 $ 8,064 $ 8,355 $ 8,341 $ 9,563
8/31/2004 $ 8,024 $ 8,229 $ 8,291 $ 9,601
</Table>
4
<Page>
AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2004(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS INCEPTION DATE
---------- ---------- ---------- ----------
Common Class 5.25% (1.97)% 2.30% 10/30/98
Class A Without
Sales Charge 5.33% -- (5.07)% 7/31/01
Class A With Maximum
Sales Charge (0.75)% -- (6.88)% 7/31/01
Class B Without CDSC 4.53% -- (5.81)% 7/31/01
Class B With CDSC 0.53% -- (6.12)% 7/31/01
Class C Without CDSC 4.54% -- (5.89)% 7/31/01
Class C With CDSC 3.54% -- (5.89)% 7/31/01
</Table>
AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2004(1)
<Table>
<Caption>
SINCE INCEPTION
1 YEAR 5 YEARS INCEPTION DATE
---------- ---------- ---------- ----------
Common Class 9.05% (1.20)% 2.49% 10/30/98
Class A Without
Sales Charge 8.93% -- (4.59)% 7/31/01
Class A With Maximum
Sales Charge 2.69% -- (6.37)% 7/31/01
Class B Without CDSC 8.08% -- (5.34)% 7/31/01
Class B With CDSC 4.08% -- (5.64)% 7/31/01
Class C Without CDSC 8.19% -- (5.39)% 7/31/01
Class C With CDSC 7.19% -- (5.39)% 7/31/01
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGE IN SHARE PRICE AND
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. PAST PERFORMANCE CANNOT GUARANTEE
FUTURE RESULTS. THE CURRENT PERFORMANCE OF THE FUND MAY BE LOWER OR HIGHER THAN
THE FIGURES SHOWN. RETURNS AND SHARE PRICE WILL FLUCTUATE, AND REDEMPTION VALUE
MAY BE LESS THAN ORIGINAL COST. THE PERFORMANCE RESULTS DO NOT REFLECT THE
DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE
REDEMPTION OF FUND SHARES. PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT
MONTH-END IS AVAILABLE AT www.csam.com/us.
- ----------
(1) Fee waivers and/or expense reimbursements 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 down 0.75%. Total return for
Class B shares for the reporting period, based on redemption value
(including contingent deferred sales charge of 4.00%), was 0.53%. Total
return for Class C shares for the reporting period, based on redemption
value (including contingent deferred sales charge of 1.00%), was
3.54%.
5
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
As an investor of the Fund, you incur two types of costs: ongoing expenses and
transaction costs. Ongoing expenses include management fees, distribution and
service (12b-1) fees and other Fund expenses. Examples of transaction costs
include sales charges (loads), redemption fees and account maintenance fees,
which are not shown in this section and which would result in higher total
expenses. The following table is intended to help you understand your ongoing
expenses of investing in the Fund and to help you compare these expenses with
the ongoing expenses of investing in other mutual funds. The table is based on
an investment of $1,000 made at the beginning of the year ended August 31, 2004.
The table illustrates your Fund's expenses in two ways:
- ACTUAL FUND RETURN. This helps you estimate the actual dollar amount of
ongoing expenses paid on a $1,000 investment in the Fund using the
Fund's actual return during the period. To estimate the expenses you
paid over the period, simply divide your account value by $1,000 (for
example, an $8,600 account value divided by $1,000 = 8.6), then multiply
the result by the number in the "Expenses Paid per $1,000" line under
the share class you hold.
- HYPOTHETICAL 5% FUND RETURN. This helps you to compare your Fund's
ongoing expenses with those of other mutual funds using the Fund's
actual expense ratio and a hypothetical rate of return of 5% per year
before expenses. Examples using a 5% hypothetical fund return may be
found in the shareholder reports of other mutual funds. The hypothetical
account values and expenses may not be used to estimate the actual
ending account balance or expense you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your
ongoing expenses only and do not reflect any transaction costs, such as sales
charges (loads) or redemption fees. The "Expenses Paid per $1,000" line of the
tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds. If these
transaction costs had been included, your costs would have been higher.
6
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT FOR THE YEAR ENDED AUGUST 31, 2004
<Table>
<Caption>
COMMON
CLASS CLASS A CLASS B CLASS C
---------- ---------- ---------- ----------
ACTUAL FUND RETURN
Beginning Account Value 8/31/03 $ 1,000 $ 1,000 $ 1,000 $ 1,000
Ending Account Value 8/31/04 $ 1,053 $ 1,053 $ 1,045 $ 1,045
Expenses Paid per $1,000* $ 13.34 $ 13.35 $ 20.96 $ 20.97
HYPOTHETICAL 5% FUND RETURN
Beginning Account Value 8/31/03 $ 1,000 $ 1,000 $ 1,000 $ 1,000
Ending Account Value 8/31/04 $ 1,050 $ 1,050 $ 1,050 $ 1,050
Expenses Paid per $1,000* $ 13.33 $ 13.33 $ 21.01 $ 21.01
<Caption>
COMMON
CLASS CLASS A CLASS B CLASS C
---------- ---------- ---------- ----------
ANNUALIZED EXPENSE RATIOS*
1.30% 1.30% 2.05% 2.05%
</Table>
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* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO FOR EACH SHARE
CLASS, MULTIPLIED BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED
BY THE NUMBER OF DAYS IN THE MOST RECENT ONE YEAR PERIOD, THEN DIVIDED BY
366.
THE "EXPENSES PAID PER $1,000" AND THE "ANNUALIZED EXPENSE RATIOS" IN THE
TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE FUND DURING THE PERIOD, NET
OF FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS. IF THOSE FEE WAIVERS AND/OR
EXPENSE REIMBURSEMENTS HAD NOT BEEN IN EFFECT, THE FUND'S ACTUAL EXPENSES
WOULD HAVE BEEN HIGHER.
For more information, please refer to the Fund's prospectus.
7
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Industrials 20.1%
Financials 19.2%
Consumer Discretionary 17.4%
Information Technology 11.1%
Consumer Staples 9.9%
Health Care 8.9%
Materials 7.9%
Energy 4.0%
Other Assets 1.5%
</Table>
- ----------
* The Fund's sector breakdown is expressed as a percentage of total investments
(excluding security lending collateral) and may vary over time.
8
<Page>
CREDIT SUISSE SELECT EQUITY FUND
SCHEDULE OF INVESTMENTS
August 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS (98.4%)
AEROSPACE & DEFENSE (4.5%)
Lockheed Martin Corp. 46,100 $ 2,479,258
United Technologies Corp. 13,500 1,267,785
---------------
3,747,043
---------------
BANKS (8.5%)
Bank of America Corp. 31,200 1,403,376
Bank of New York Company, Inc. 79,900 2,381,020
Fifth Third Bancorp 14,900 742,169
Northern Trust Corp. 17,700 761,985
Wachovia Corp. 37,200 1,745,052
---------------
7,033,602
---------------
BEVERAGES (1.6%)
Anheuser-Busch Companies, Inc. 25,300 1,335,840
---------------
BIOTECHNOLOGY (1.1%)
Amgen, Inc.* 14,600 865,634
---------------
BUILDING PRODUCTS (1.5%)
American Standard Companies, Inc.* 33,900 1,274,979
---------------
CHEMICALS (5.8%)
Du Pont (E. I.) de Nemours & Co. 50,700 2,142,582
PPG Industries, Inc. 43,500 2,599,995
---------------
4,742,577
---------------
COMMERCIAL SERVICES & SUPPLIES (5.7%)
Avery Dennison Corp. 9,200 571,780
Cendant Corp. 114,800 2,483,124
Cintas Corp. 19,600 803,796
Monster Worldwide, Inc.*^ 41,900 847,637
---------------
4,706,337
---------------
COMMUNICATIONS EQUIPMENT (1.6%)
Cisco Systems, Inc.* 71,100 1,333,836
---------------
COMPUTERS & PERIPHERALS (1.1%)
Network Appliance, Inc.* 44,400 891,108
---------------
DIVERSIFIED FINANCIALS (5.1%)
Citigroup, Inc. 44,471 2,071,459
State Street Corp. 47,900 2,162,206
---------------
4,233,665
---------------
FOOD & DRUG RETAILING (3.6%)
Albertson's, Inc.^ 33,900 833,262
CVS Corp. 52,700 2,108,000
---------------
2,941,262
---------------
FOOD PRODUCTS (1.9%)
Dean Foods Co.* 17,200 637,604
Kellogg Co. 22,200 931,956
---------------
1,569,560
---------------
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
HEALTHCARE EQUIPMENT & SUPPLIES (2.6%)
Medtronic, Inc. 43,800 $ 2,179,050
---------------
HEALTHCARE PROVIDERS & SERVICES (2.3%)
Laboratory Corporation of America Holdings* 9,200 382,628
UnitedHealth Group, Inc. 22,600 1,494,538
---------------
1,877,166
---------------
HOTELS, RESTAURANTS & LEISURE (1.1%)
McDonald's Corp. 33,100 894,362
---------------
HOUSEHOLD DURABLES (3.6%)
Black & Decker Corp. 16,300 1,123,559
Newell Rubbermaid, Inc. 85,200 1,834,356
---------------
2,957,915
---------------
INDUSTRIAL CONGLOMERATES (6.6%)
General Electric Co. 80,300 2,633,037
Honeywell International, Inc. 24,500 881,510
Tyco International, Ltd. 61,000 1,910,520
---------------
5,425,067
---------------
INSURANCE (5.5%)
Allstate Corp. 37,400 1,765,654
Prudential Financial, Inc. 60,500 2,793,890
---------------
4,559,544
---------------
MACHINERY (1.7%)
Caterpillar, Inc. 19,200 1,395,840
---------------
MEDIA (7.6%)
DIRECTV Group, Inc.* 41,564 659,621
Gannett Company, Inc. 23,800 2,015,860
Tribune Co. 52,100 2,175,175
Viacom, Inc. Class B 43,100 1,435,661
---------------
6,286,317
---------------
MULTILINE RETAIL (5.2%)
J.C. Penney Company, Inc. 49,700 1,904,504
Nordstrom, Inc. 31,500 1,169,595
Wal-Mart Stores, Inc. 22,200 1,169,274
---------------
4,243,373
---------------
OIL & GAS (4.0%)
Burlington Resources, Inc. 6,900 249,987
Exxon Mobil Corp. 66,800 3,079,480
---------------
3,329,467
---------------
PAPER & FOREST PRODUCTS (2.1%)
MeadWestvaco Corp. 57,200 1,724,580
---------------
PERSONAL PRODUCTS (1.4%)
Avon Products, Inc. 25,500 1,126,590
---------------
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
PHARMACEUTICALS (2.9%)
Abbott Laboratories 31,600 $ 1,317,404
Eli Lilly & Co. 16,700 1,059,615
---------------
2,377,019
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.5%)
Applied Materials, Inc.* 22,000 349,580
Intel Corp. 41,200 877,148
---------------
1,226,728
---------------
SOFTWARE (6.9%)
Adobe Systems, Inc. 23,300 1,068,771
Electronic Arts, Inc.* 16,600 826,348
Microsoft Corp. 108,300 2,956,590
VERITAS Software Corp.* 49,100 820,952
---------------
5,672,661
---------------
SPECIALTY RETAIL (1.4%)
Best Buy Company, Inc. 24,300 1,130,436
---------------
TOTAL COMMON STOCKS (Cost $74,727,712) 81,081,558
---------------
SHORT-TERM INVESTMENTS (2.7%)
State Street Navigator Prime Fund^^ 858,050 858,050
<Caption>
PAR
(000)
---------------
State Street Bank and Trust Co. Euro Time Deposit, 0.750%, 9/01/04 $ 1,315 1,315,000
---------------
TOTAL SHORT-TERM INVESTMENTS (Cost $2,173,050) 2,173,050
---------------
TOTAL INVESTMENTS AT VALUE (101.1%) (Cost $76,900,762) 83,254,608
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.1%) (880,514)
---------------
NET ASSETS (100.0%) $ 82,374,094
===============
</Table>
* Non-income producing security.
^ Security or portion thereof is out on loan.
^^ Represents security purchased with cash collateral received for securities
on loan.
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE SELECT EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
August 31, 2004
<Table>
ASSETS
Investments at value, including collateral for securities
on loan of $858,050 (Cost $76,900,762) (Note 1) $ 83,254,608(1)
Cash 950
Receivable for investments sold 939,528
Dividend and interest receivable 195,047
Receivable for fund shares sold 279
Prepaid expenses and other assets 37,225
--------------
Total Assets 84,427,637
--------------
LIABILITIES
Advisory fee payable (Note 2) 34,849
Administrative services fee payable (Note 2) 16,667
Distribution fee payable (Note 2) 28,303
Payable for investments purchased 1,019,225
Payable upon return of securities loaned 858,050
Payable for fund shares redeemed 26,564
Directors' fee payable 1,097
Other accrued expenses payable 68,788
--------------
Total Liabilities 2,053,543
--------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 6,872
Paid-in capital (Note 5) 78,666,379
Undistributed net investment income 77,863
Accumulated net realized loss on investments (2,730,866)
Net unrealized appreciation from investments 6,353,846
--------------
Net Assets $ 82,374,094
==============
COMMON SHARES
Net assets $ 4,383,366
Shares outstanding 364,871
--------------
Net asset value, offering price, and redemption price per share $ 12.01
==============
A SHARES
Net assets $ 61,089,488
Shares outstanding 5,072,823
--------------
Net asset value and redemption price per share $ 12.04
==============
Maximum offering price per share (net asset value/(1-5.75%)) $ 12.77
==============
B SHARES
Net assets $ 14,745,102
Shares outstanding 1,251,361
--------------
Net asset value and offering price per share $ 11.78
==============
C SHARES
Net assets $ 2,156,138
Shares outstanding 183,436
--------------
Net asset value and offering price per share $ 11.75
==============
</Table>
(1) Including $835,285 of securities on loan.
See Accompanying Notes to Financial Statements.
12
<Page>
STATEMENT OF OPERATIONS
For the Year Ended August 31, 2004
<Table>
INVESTMENT INCOME (Note 1)
Dividends $ 964,265
Interest 8,288
Securities lending 1,468
--------------
Total investment income 974,021
--------------
EXPENSES
Investment advisory fees (Note 2) 455,402
Administrative services fees (Note 2) 68,119
Distribution fees (Note 2)
Common Class 13,010
Class A 104,120
Class B 116,649
Class C 22,035
Transfer agent fees (Note 2) 140,931
Registration fees 61,750
Legal fees 48,475
Custodian fees 23,245
Directors' fees 18,815
Printing fees (Note 2) 17,871
Audit fees 15,583
Insurance expense 13,902
Commitment fees (Note 3) 1,914
Miscellaneous expense 6,693
--------------
Total expenses 1,128,514
Less: fees waived (Note 2) (235,139)
--------------
Net expenses 893,375
--------------
Net investment income 80,646
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain from investments 14,143,446
Net change in unrealized appreciation (depreciation) from investments (16,515,698)
--------------
Net realized and unrealized loss from investments (2,372,252)
--------------
Net decrease in net assets resulting from operations $ (2,291,606)
==============
</Table>
See Accompanying Notes to Financial Statements.
13
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR FOR THE YEAR
ENDED ENDED
AUGUST 31, 2004 AUGUST 31, 2003
--------------- ---------------
FROM OPERATIONS
Net investment income $ 80,646 $ 3,330
Net realized gain (loss) from investments 14,143,446 (1,593,661)
Net change in unrealized appreciation (depreciation) from investments (16,515,698) 1,995,917
--------------- ---------------
Net increase (decrease) in net assets resulting from operations (2,291,606) 405,586
--------------- ---------------
FROM DIVIDENDS
Dividends from net investment income
Common Class shares (4,482) (7,948)
Class A shares (1,625) (478)
--------------- ---------------
Net decrease in net assets resulting from dividends (6,107) (8,426)
--------------- ---------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 3,060,914 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 (15,996,481) (11,153,194)
--------------- ---------------
Net increase (decrease) in net assets resulting from capital share transactions 75,691,183 (3,383,269)
--------------- ---------------
Net increase (decrease) in net assets 73,393,470 (2,986,109)
NET ASSETS
Beginning of year 8,980,624 11,966,733
--------------- ---------------
End of year $ 82,374,094 $ 8,980,624
=============== ===============
Undistributed Net Investment Income $ 77,863 $ 3,324
=============== ===============
</Table>
See Accompanying Notes to Financial Statements.
14
<Page>
CREDIT SUISSE SELECT EQUITY FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED AUGUST 31,
-----------------------------------------------------------------
2004 2003 2002 2001 2000
--------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of year $ 11.42 $ 10.66 $ 13.39 $ 19.13 $ 20.11
--------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.03(1) 0.01 0.01(1) 0.02 0.03(1)
Net gain (loss) on investments
(both realized and unrealized) 0.57 0.76 (2.71) (4.48) 4.76
--------- --------- --------- --------- ---------
Total from investment operations 0.60 0.77 (2.70) (4.46) 4.79
--------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.01) (0.01) (0.01) (0.03) (0.07)
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)
--------- --------- --------- --------- ---------
NET ASSET VALUE, END OF YEAR $ 12.01 $ 11.42 $ 10.66 $ 13.39 $ 19.13
========= ========= ========= ========= =========
Total return(2) 5.25% 7.26% (20.21)% (24.68)% 33.42%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (000s omitted) $ 4,383 $ 5,653 $ 4,545 $ 7,696 $ 2,758
Ratio of expenses to average net assets(3) 1.30% 1.25% 1.19% 1.22% 1.29%
Ratio of net investment income to average net assets 0.23% 0.17% 0.12% 0.09% 0.18%
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.40% 2.87% 2.24% 1.98% 1.83%
Portfolio turnover rate 168% 155% 122% 141% 235%
</Table>
(1) Per share information is calculated using the average share outstanding
method.
(2) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(3) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the years ended August 31, 2004, 2003,
2002, 2001 and 2000, there was no effect on the net operating expense ratio
because of transfer agent credits.
See Accompanying Notes to Financial Statements.
15
<Page>
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED AUGUST 31,
------------------------------------------------------------
2004 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 0.04(2) 0.01 0.01(2) 0.01
Net gain (loss) on investments
(both realized and unrealized) 0.57 0.77 (2.70) (0.81)
----------- ----------- ----------- -----------
Total from investment operations 0.61 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 $ 12.04 $ 11.44 $ 10.67 $ 13.39
=========== =========== =========== ===========
Total return(3) 5.33% 7.28% (20.13)% (5.64)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 61,089 $ 1,778 $ 566 $ 64
Ratio of expenses to average net assets(4) 1.30% 1.25% 1.19% 1.19%(5)
Ratio of net investment income to average net assets 0.32% 0.22% 0.09% 0.77%(5)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.39% 2.90% 2.30% 6.44%(5)
Portfolio turnover rate 168% 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 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 may be used to offset portions
of the transfer agent expense. For the years ended August 31, 2004, 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.
16
<Page>
(For a Class B Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE YEAR ENDED AUGUST 31,
------------------------------------------------------------
2004 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 income (loss) (0.05)(2) (0.06)(2) (0.06)(2) 0.00(3)
Net gain (loss) on investments
(both realized and unrealized) 0.56 0.74 (2.71) (0.81)
----------- ----------- ----------- -----------
Total from investment operations 0.51 0.68 (2.77) (0.81)
----------- ----------- ----------- -----------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- (0.02) --
----------- ----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 11.78 $ 11.27 $ 10.59 $ 13.38
=========== =========== =========== ===========
Total return(4) 4.53% 6.42% (20.75)% (5.71)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 14,745 $ 1,109 $ 518 $ 1
Ratio of expenses to average net assets(5) 2.05% 2.00% 1.94% 1.94%(6)
Ratio of net investment loss to average net assets (0.45)% (0.55)% (0.67)% (0.31)%(6)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.39% 2.90% 2.25% 6.47%(6)
Portfolio turnover rate 168% 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 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 may be used to offset portions
of the transfer agent expense. For the years ended August 31, 2004, 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.
17
<Page>
(For a Class C Share of the Fund Outstanding Throughout Each Year)
<Table>
<Caption>
FOR THE YEAR ENDED AUGUST 31,
-------------------------------------------------------------
2004 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 income (loss) (0.06)(2) (0.06)(2) (0.06)(2) 0.00(3)
Net gain (loss) on investments
(both realized and unrealized) 0.57 0.74 (2.75) (0.80)
----------- ----------- ----------- -----------
Total from investment operations 0.51 0.68 (2.81) (0.80)
----------- ----------- ----------- -----------
LESS DISTRIBUTIONS
Distributions from net realized gains -- -- (0.02) --
----------- ----------- ----------- -----------
NET ASSET VALUE, END OF PERIOD $ 11.75 $ 11.24 $ 10.56 $ 13.39
=========== =========== =========== ===========
Total return(4) 4.54% 6.44% (21.03)% (5.64)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 2,156 $ 441 $ 271 $ 102
Ratio of expenses to average net assets(5) 2.05% 2.00% 1.94% 1.94%(6)
Ratio of net investment loss to average net assets (0.47)% (0.55)% (0.65)% (0.25)%(6)
Decrease reflected in above operating expense
ratios due to waivers/reimbursements 0.39% 2.90% 2.25% 6.43%(6)
Portfolio turnover rate 168% 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 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 may be used to offset portions
of the transfer agent expense. For the years ended August 31, 2004, 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.
18
<Page>
CREDIT SUISSE SELECT EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
August 31, 2004
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 is 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 "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
19
<Page>
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, or under the
direction of, the Board of Directors under procedures established by the Board
of Directors. The Fund may utilize a service provided by an independent third
party which has been approved by the Board of Directors to fair value certain
securities.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are
accounted for on a trade date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date. Certain expenses are
class-specific expenses and vary by class. Income, expenses (excluding
class-specific expenses) and realized/unrealized gains/losses are allocated
proportionately to each class of shares based upon the relative net asset value
of the outstanding shares of that class. The cost of investments sold is
determined by use of the specific identification method for both financial
reporting and income tax purposes.
C) DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income 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 have the fund 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
20
<Page>
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 market value of securities on loan to brokers and the value of collateral
held by the Fund with respect to such loans at August 31, 2004 are as follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
SECURITIES LOANED COLLATERAL RECEIVED
----------------- -------------------
$ 835,285 $ 858,050
</Table>
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.
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. The Fund may also be entitled to certain minimum amounts of income
from its securities lending activities. Securities lending income is accrued as
earned.
21
<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,
2004, investment advisory fees earned and voluntarily waived were $455,402 and
$235,139, 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 year ended August 31, 2004, co-administrative services fees earned by
CSAMSI were $30,360.
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, 2004, co-administrative services fees earned by
SSB (including out-of-pocket expenses) were $37,759.
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 year ended August 31, 2004, the Fund reimbursed
CSAM $9,331, which is included in the Fund's transfer agent expense.
For the year ended August 31, 2004, CSAMSI and its affiliates advised the
Fund that they retained $3,605 from commissions earned on the sale of the Fund's
Class A shares.
22
<Page>
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, 2004, Merrill was paid $12,242 for its services to the
Fund.
NOTE 3. LINE OF CREDIT
The Fund, together with other funds/portfolios advised by CSAM (collectively,
the "Participating Funds"), participates in a $75 million committed, unsecured
line of credit facility ("Credit Facility") for temporary or 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, 2004, and during
the year ended August 31, 2004, the Fund had no borrowings under the Credit
Facility.
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the year ended August 31, 2004, purchases and sales of investment
securities (excluding short-term investments) were $96,690,187 and $110,040,335,
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 FOR THE YEAR ENDED
AUGUST 31, 2004 AUGUST 31, 2003
---------------------------------------------------------
SHARES VALUE SHARES VALUE
------------ ------------ ------------ ------------
Shares sold 28,860 $ 339,653 534,199 $ 5,477,164
Shares issued in
reinvestment of dividends 358 4,437 625 6,672
Shares redeemed (159,529) (1,923,821) (466,046) (4,865,972)
------------ ------------ ------------ ------------
Net increase (decrease) (130,311) $ (1,579,731) 68,778 $ 617,864
============ ============ ============ ============
</Table>
23
<Page>
<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)
============ ============
<Caption>
CLASS A
---------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
AUGUST 31, 2004 AUGUST 31, 2003
---------------------------------------------------------
SHARES VALUE SHARES VALUE
------------ ------------ ------------ ------------
Shares sold 155,404 $ 1,901,131 125,379 $ 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 (577,634) (7,092,219) (22,988) (249,452)
------------ ------------ ------------ ------------
Net increase 4,917,384 $ 61,287,241 102,433 $ 1,066,653
============ ============ ============ ============
<Caption>
CLASS B
---------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
AUGUST 31, 2004 AUGUST 31, 2003
---------------------------------------------------------
SHARES VALUE SHARES VALUE
------------ ------------ ------------ ------------
Shares sold 20,107 $ 240,576 59,253 $ 615,956
Shares exchanged due to merger 1,563,233 19,133,980 -- --
Shares redeemed (430,337) (5,170,229) (9,793) (99,045)
------------ ------------ ------------ ------------
Net increase 1,153,003 $ 14,204,327 49,460 $ 516,911
============ ============ ============ ============
<Caption>
CLASS C
---------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
AUGUST 31, 2004 AUGUST 31, 2003
---------------------------------------------------------
SHARES VALUE SHARES VALUE
------------ ------------ ------------ ------------
Shares sold 48,452 $ 579,554 33,087 $ 354,028
Shares exchanged due to merger 246,518 3,010,004 -- --
Shares redeemed (150,796) (1,810,212) (19,507) (208,849)
------------ ------------ ------------ ------------
Net increase 144,174 $ 1,779,346 13,580 $ 145,179
============ ============ ============ ============
</Table>
(1) Effective October 24, 2002, the Institutional Class shares ceased
operations.
24
<Page>
On August 31, 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 2 46%
Class C 3 39%
</Table>
Some of the shareholders are omnibus accounts, which hold shares on behalf of
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 additional capital loss carryforwards received from the Fund's merger with
Credit Suisse Tax Efficient Fund.
The tax characteristics of dividends and distributions paid during the year
ended August 31, 2004 and 2003 for the Fund were as follows:
<Table>
<Caption>
ORDINARY INCOME LONG-TERM CAPITAL GAIN
-------------------- ----------------------
2004 2003 2004 2003
-------- -------- -------- --------
$ 6,107 $ 8,426 $ -- $ --
</Table>
At August 31, 2004, the components of distributable earnings on a tax basis
for the Fund were as follows:
<Table>
Undistributed ordinary income $ 77,863
Accumulated net realized loss (7,632,754)
Distributable capital gain 5,171,240
Unrealized appreciation 6,084,495
------------
$ 3,700,844
============
</Table>
At August 31, 2004, the Fund had capital loss carryforwards available to
offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES AUGUST 31,
--------------------------------------------
2009 2010 2011
------------- ------------- -----------
$ (2,673,034) $ (4,154,222) $ (805,498)
</Table>
Included in the Fund's capital loss carryforwards which expire in 2009 is
$(2,673,034) and in 2010 is $(1,942,030) acquired in the Credit Suisse Tax
Efficient Fund merger which is subject to IRS limitations. The Fund acquired
($12,943,286) in capital loss carryforwards from its merger with Credit Suisse
25
<Page>
Tax Efficient Fund, of which $5,531,027 will never be utilized by Credit Suisse
Select Equity Fund as a result of the Internal Revenue Code limitations.
At August 31, 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 $77,170,113, $8,864,541,
($2,780,046) and $6,084,495, respectively.
At August 31, 2004, the Fund reclassified $7,412,259 from accumulated net
realized gain from investments to paid in capital, to adjust for capital loss
carryforwards acquired during the merger with Credit Suisse Tax Efficient Fund.
NOTE 7. CONTINGENCIES
In the normal course of business, the Fund may provide general
indemnifications pursuant to certain contracts and organizational documents. The
Fund's maximum exposure under these arrangements is dependent on future claims
that may be made against the Fund and, therefore, cannot be estimated; however,
based on experience, the risk of loss from such claims is considered remote.
NOTE 8. CHANGE IN FISCAL YEAR END
The Board of Directors adopted a change in the Fund's fiscal year end to
December 31. This change is effective beginning with the current fiscal period,
which will run for the period from September 1, 2004 to December 31, 2004.
26
<Page>
CREDIT SUISSE SELECT EQUITY FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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, 2004, the results of its operations for the year
then ended, the changes in its net assets for 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 the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at August
31, 2004 by correspondence with the custodian and brokers, provide a reasonable
basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
October 14, 2004
27
<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 Currently retired 42 None
c/o Credit Suisse Asset Nominating and 1999
Management, LLC Audit Committee
466 Lexington Avenue Member
New York, New York
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten Director, Since Fund Dean of Yale School of 41 Director of Aetna, Inc.
Box 208200 Nominating and Inception Management and William (insurance company);
New Haven, Connecticut Audit Committee S. Beinecke Professor Director of Calpine
06520-8200 Member in the Practice of Corporation (energy
International Trade provider); Director of
Date of Birth: 10/29/46 and Finance from CarMax Group (used car
November 1995 to dealers).
present
Peter F. Krogh Director, Since 2001 Dean Emeritus and 41 Director of Carlisle
301 ICC Nominating Distinguished Companies Incorporated
Georgetown University Commitee Professor of (diversified manufacturing
Washington, DC 20057 Chairman and International Affairs company).
Audit Committee at the Edmund A. Walsh
Date of Birth: 02/11/37 Member School of Foreign
Service, Georgetown
University from
June 1995 to present.
</Table>
- ----------
(1) Each Director and Officer serves until his or her respective successor has
been duly elected and qualified.
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
- ------------------------- ----------------- -------------- ----------------------- ---------------- ---------------------------
INDEPENDENT DIRECTORS
James S. Pasman, Jr. Director, Since 1999 Currently retired 43 Director of Education
c/o Credit Suisse Asset Nominating and Management Corp.
Management, LLC Audit Committee
466 Lexington Avenue Member
New York, New York
10017-3140
Date of Birth: 12/20/30
Steven N. Rappaport Director, Since 1999 Partner of Lehigh 43 Director of Presstek, Inc.
Lehigh Court, LLC Nominating Court, LLC and RZ (digital imaging
40 East 52nd Street Committee Member Capital (private technologies company);
New York, New York and Audit investment firms) from Director of Wood Resources,
10022 Committee July 2002 to present; LLC (plywood
Chairman Transition Adviser to manufacturing company).
Date of Birth: 07/10/48 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>
29
<Page>
<Table>
<Caption>
TERM NUMBER OF
OF OFFICE(1) PORTFOLIOS IN
AND FUND
POSITION(S) LENGTH PRINCIPAL COMPLEX OTHER
NAME, ADDRESS AND HELD WITH OF TIME OCCUPATION(S) DURING OVERSEEN BY DIRECTORSHIPS
DATE OF BIRTH FUND SERVED PAST FIVE YEARS DIRECTOR HELD BY DIRECTOR
- ------------------------- ----------------- -------------- ----------------------- ---------------- ---------------------------
INTERESTED DIRECTORS
Michael E. Kenneally(2) Chairman and Since 2004 Chairman and Global 49 None
Credit Suisse Asset Chief Executive Chief Executive
Management, LLC Officer Officer of CSAM since
466 Lexington Avenue 2003; Chairman and
New York, New York Chief Investment
10017-3140 Officer of Banc of
America Capital
Date of Birth: 03/30/54 Management from 1998 to
March 2003.
William W. Priest(3) Director Since 1999 Chief Executive 48 Director of Globe Wireless,
Epoch Investment Partners Officer of J Net LLC (maritime communication
667 Madison Avenue Enterprises, Inc. company); Director of
New York, NY 10021 (technology holding InfraRed X (medical device
company) since June company); Director of J Net
Date of Birth: 09/24/41 2004; Chief Executive Enterprises, Inc.
Officer of Epoch
Investment
Partners, Inc.
since April 2004;
Co-Managing
Partner, Steinberg
Priest & Sloane
Capital
Management, LLC
from 2001 to March
2004; Chairman and
Managing Director
of CSAM from 2000
to February 2001;
Chief Executive
Officer and
Managing Director
of CSAM from 1990
to 2000
</Table>
- ----------
(2) Mr. Kenneally is a Director who is an "interested person" of the Funds 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 (ended 12/31/02).
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
Michael A. Pignataro Chief Financial Since 1999 Director and Director of Fund Administration of CSAM; Associated with
Credit Suisse Asset Officer and CSAM since 1984; Officer of other Credit Suisse Funds
Management, LLC Treasurer
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 11/15/59
J. Kevin Gao Assistant Since 2004 Vice President and legal counsel of CSAM; Associated with CSAM since
Credit Suisse Asset Secretary July 2003; Associated with the law firm of Willkie, Farr & Gallagher
Management, LLC LLP from 1998 to 2003; Officer of other Credit Suisse Funds
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 10/13/67
Robert M. Rizza Assistant Since 2002 Assistant Vice President of CSAM since January 2001; Associated with
Credit Suisse Asset Treasurer CSAM since 1998; Officer of other Credit Suisse Funds
Management, LLC
466 Lexington Avenue
New York, New York
10017-3140
Date of Birth: 12/09/65
</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>
CREDIT SUISSE SELECT EQUITY FUND
TAX INFORMATION LETTER (UNAUDITED)
August 31, 2004
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
Corporate Shareholders should note for the year ended August 31, 2004, 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, 2004 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 2004 Form 1099-DIV.
32
<Page>
CREDIT SUISSE SELECT EQUITY FUND
PROXY VOTING AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how each Fund voted proxies related to its portfolio
securities during the 12-month period ended June 30, 2004, as well as the
policies and procedures that each Fund uses to determine how to vote proxies
relating to its portfolio securities are available:
- By calling 1-800-927-2874
- On the Fund's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
The Fund files a complete schedule of its portfolio holdings for the first
and third quarters of its fiscal year with the SEC on Form N-Q. The Fund's Forms
N-Q are available on the SEC's website at http://www.sec.gov and may be reviewed
and copied at the SEC's Public Reference Room in Washington, DC. Information on
the operation of the SEC's Public Reference Room may be obtained by calling
1-800-SEC-0330.
33
<Page>
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<Page>
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<Page>
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<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
P.O. BOX 55030, BOSTON, MA 02205-5030
800-927-2874 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. WPSEQ-2-0804
<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
11(a)(1) to this Form. There were no amendments to the code during the fiscal
year ended August 31, 2004. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended August 31, 2004.
<Page>
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's governing board has determined that it has three audit
committee financial experts serving on its audit committee: Richard H. Francis,
James S. Pasman, Jr., and Steven N. Rappaport. Each audit committee financial
expert is "independent" for purposes of this item.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) through (d). The information in the table below is provided for services
rendered to the registrant by its independent registered public accounting firm,
PricewaterhouseCoopers LLP ("PwC"), for its fiscal years ended August 31, 2003
and August 31, 2004.
<Table>
<Caption>
2003 2004
- --------------------------------------------------------------------------------
Audit Fees $ 10,900 $ 10,900
Audit-Related Fees(1) $ 3,000 $ 3,000
Tax Fees(2) $ 2,327 $ 2,327
All Other Fees -- --
Total $ 16,227 $ 16,227
</Table>
(1) Services include agreed-upon procedures in connection with the registrant's
semi-annual financial statements.
(2) Tax services in connection with the registrant's excise tax calculations
and review of the registrant's applicable tax returns.
The information in the table below is provided with respect to non-audit
services that directly relate to the registrant's operations and financial
reporting and that were rendered by PwC to the registrant's investment adviser,
Credit Suisse Asset Management, LLC ("CSAM"), and any service provider to the
registrant controlling, controlled by or under common control with CSAM that
provided ongoing services to the registrant ("Covered Services Provider"), for
the registrant's fiscal years ended August 31, 2003 and August 31, 2004.
<Table>
<Caption>
2003 2004
- --------------------------------------------------------------------------------
Audit-Related Fees N/A N/A
</Table>
2
<Page>
<Table>
Tax Fees N/A N/A
All Other Fees N/A N/A
Total N/A N/A
</Table>
(e)(1) Pre-Approval Policies and Procedures. The Audit Committee ("Committee")
of the registrant is responsible for pre-approving (i) all audit and permissible
non-audit services to be provided by the independent registered public
accounting firm to the registrant and (ii) all permissible non-audit services to
be provided by the independent registered public accounting firm to CSAM and any
Covered Services Provider if the engagement relates directly to the operations
and financial reporting of the registrant. The Committee may delegate its
responsibility to pre-approve any such audit and permissible non-audit services
to the Chairperson of the Committee, and the Chairperson shall report to the
Committee, at its next regularly scheduled meeting after the Chairperson's
pre-approval of such services, his or her decision(s). The Committee may also
establish detailed pre-approval policies and procedures for pre-approval of such
services in accordance with applicable laws, including the delegation of some or
all of the Committee's pre-approval responsibilities to other persons (other
than CSAM or the registrant's officers). Pre-approval by the Committee of any
permissible non-audit services shall not be required so long as: (i) the
aggregate amount of all such permissible non-audit services provided to the
registrant, CSAM and any Covered Services Provider constitutes not more than 5%
of the total amount of revenues paid by the registrant to its independent
registered public accounting firm during the fiscal year in which the
permissible non-audit services are provided; (ii) the permissible non-audit
services were not recognized by the registrant at the time of the engagement to
be non-audit services; and (iii) such services are promptly brought to the
attention of the Committee and approved by the Committee (or its delegate(s))
prior to the completion of the audit.
(e)(2) The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to the
registrant for which the pre-approval requirement was waived pursuant to Rule
2-01(c)(7)(i)(C) of Regulation S-X:
<Table>
<Caption>
2003 2004
- --------------------------------------------------------------------------------
Audit-Related Fees N/A N/A
Tax Fees N/A N/A
All Other Fees N/A N/A
Total N/A N/A
</Table>
3
<Page>
The information in the table below sets forth the percentages of fees for
services (other than audit, review or attest services) rendered by PwC to CSAM
and any Covered Services Provider required to be approved pursuant to Rule
2-01(c)(7)(ii)of Regulation S-X, for the registrant's fiscal years ended August
31, 2003 and August 31, 2004:
<Table>
<Caption>
2003 2004
- --------------------------------------------------------------------------------
Audit-Related Fees N/A N/A
Tax Fees N/A N/A
All Other Fees N/A N/A
Total N/A N/A
</Table>
(f) Not Applicable.
(g) The aggregate fees billed by PwC for non-audit services rendered to the
registrant, CSAM and Covered Service Providers for the fiscal years ended August
31, 2003 and August 31, 2004 were $5,327 and $5,327, respectively.
(h) Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS
Form N-CSR disclosure requirement not yet effective with respect to the
registrant.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Form N-CSR disclosure requirement is not applicable to the registrant.
4
<Page>
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not Applicable.
ITEM 10. CONTROLS AND PROCEDURES.
(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
registrant's last fiscal half-year that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(a)(1) Registrant's Code of Ethics is an exhibit to this report.
(a)(2) The certifications of the registrant as required by Rule 30a-2(a) under
the Act are exhibits to this report.
(a)(3) Not applicable.
(b) The certifications of the registrant as required by Rule 30a-2(b) under
the Act are an exhibit to this report.
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/ Michael E. Kenneally
------------------------
Name: Michael E. Kenneally
Title: Chief Executive Officer
Date: November 4, 2004
5
<Page>
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
/s/ Michael E. Kenneally
------------------------
Name: Michael E. Kenneally
Title: Chief Executive Officer
Date: November 4, 2004
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: November 4, 2004
6