<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File No. 811-08921
----------------------------------------------------
CREDIT SUISSE SELECT EQUITY FUND, INC.
------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
466 Lexington Avenue, New York, New York 10017-3140
---------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
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: December 31
Date of reporting period: September 1, 2004 to December 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
[CREDIT SUISSE ASSET MANAGEMENT LOGO]
CREDIT SUISSE FUNDS
ANNUAL REPORT
DECEMBER 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 800-927-8274 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 DECEMBER 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 CSAMOR 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
December 31, 2004 (unaudited)
February 2, 2005
Dear Shareholder:
PERFORMANCE SUMMARY
9/01/04 - 12/31/04*
<Table>
<Caption>
SHARE CLASS/BENCHMARK PERFORMANCE
Common(1) 10.70%
Class A(1) 10.67%
Class B(1) 10.44%
Class C(1) 10.47%
S&P 500 Index(2) 10.41%
</Table>
* As a result of a recent change, the Fund's fiscal year now ends on
December 31. The Fund's previous fiscal year end-date was August 31.
Performance for the Fund's Class A Shares, Class B Shares and Class C Shares
is without the maximum sales charge of 5.75%, 4.00% and 1.00%, respectively.(3)
THE MARKET: LATE PERIOD RALLY FUELED BY OPTIMISM
The final four months of 2004 was a positive period for the US stock market,
which benefited from an end to escalating oil prices and mostly favorable
employment news. In a related development, and part of a seemingly virtuous
circle, a strong upturn in consumer confidence also supported the market. On the
earnings front, while momentum has generally slowed, third quarter results were
supportive, and the profit outlook for 2005 remained healthy in our view.
STRATEGIC REVIEW: FOCUS ON COMPANY FUNDAMENTALS
In this environment, the Fund modestly outperformed its benchmark. Stocks
that aided its performance included its financial services, health care and
industrial holdings. The Fund was also helped by stock selection in the
technology sector, an area where we strengthened our research bench earlier in
2004. On the negative side in terms of relative return, we underperformed in the
consumer discretionary sector, in large part due to not owning strong performers
we viewed as less compelling from an economic profit perspective.
Our ongoing search for companies with good or improving economic profit --
defined as return on invested capital minus the cost of that capital -- resulted
in several noteworthy stock purchases in the period. We
1
<Page>
added Pioneer Natural Resources (1.9% of the Fund's portfolio as of December 31,
2004). We think that healthy cash flows could sustain the company's share
buyback activity. In the financial area we initiated a position in North Fork
Bancorp (1.9% of the Fund's portfolio as of December 31, 2004), where we think a
recent merger could lead to improved return on invested capital. Another new
holding was Johnson & Johnson (1.7% of the Fund's portfolio as of December 31,
2004), whose economic profile we feel could be further improved due to a recent
strategic acquisition.
Our sales included Lockheed Martin, based on the threat posed by defense
budget cuts to large scale programs such as its F-22 aircraft. Another
noteworthy elimination was Medtronic, on our concerns over its efforts to
compete in areas such as the market for drug-coated stents. We sold JC Penney on
our analysis of management transition risk, following a period of improved
operations.
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 should deliver outperformance over time.
The Credit Suisse Large Cap Core Team
Hugh M. Neuburger
Margaret D. Miller
Sarah J. Dyer
William D. Butler
THE FUND IS PERMITTED TO INVEST A GREATER PROPORTION OF ITS ASSETS IN THE
SECURITIES OF A SMALLER NUMBER OF ISSUERS. AS A RESULT, THE FUND MAY BE SUBJECT
TO GREATER VOLATILITY.
IN ADDITION TO HISTORICAL INFORMATION, THIS REPORT CONTAINS FORWARD-LOOKING
STATEMENTS, WHICH MAY CONCERN, AMONG OTHER THINGS, DOMESTIC AND FOREIGN MARKET,
INDUSTRY AND ECONOMIC TRENDS AND DEVELOPMENTS AND GOVERNMENT REGULATION AND
THEIR POTENTIAL IMPACT ON THE FUND'S INVESTMENTS. THESE STATEMENTS ARE SUBJECT
TO RISKS AND UNCERTAINTIES AND ACTUAL TRENDS, DEVELOPMENTS AND REGULATIONS IN
THE FUTURE AND THEIR IMPACT ON THE FUND COULD BE MATERIALLY DIFFERENT FROM THOSE
PROJECTED, ANTICIPATED OR IMPLIED. THE FUND HAS NO OBLIGATION TO UPDATE OR
REVISE FORWARD-LOOKING STATEMENTS.
2
<Page>
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).
[CHART]
<Table>
<Caption>
CREDIT SUISSE SELECT
EQUITY FUND(1) -- COMMON S&P 500
CLASS -- $12,644 INDEX(2) -- $12,233
10/30/98 $ 10,000 $ 10,000
10/31/98 $ 10,000 $ 10,117
11/30/98 $ 10,765 $ 10,731
12/31/98 $ 11,220 $ 11,355
1/31/99 $ 11,289 $ 11,823
2/28/99 $ 11,056 $ 11,455
3/31/99 $ 11,634 $ 11,916
4/30/99 $ 12,437 $ 12,369
5/31/99 $ 11,960 $ 12,083
6/30/99 $ 12,744 $ 12,744
7/31/99 $ 12,155 $ 12,356
8/31/99 $ 12,619 $ 12,298
9/30/99 $ 12,286 $ 11,958
10/31/99 $ 12,929 $ 12,718
11/30/99 $ 13,844 $ 12,978
12/31/99 $ 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 $ 11,413
7/31/2004 $ 11,479 $ 11,035
8/31/2004 $ 11,422 $ 11,080
9/30/2004 $ 11,565 $ 11,200
10/31/2004 $ 11,745 $ 11,371
11/30/2004 $ 12,268 $ 11,831
12/31/2004 $ 12,644 $ 12,233
</Table>
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).
[CHART]
<Table>
<Caption>
CREDIT SUISSE SELECT CREDIT SUISSE SELECT CREDIT SUISSE SELECT
EQUITY FUND(1) -- EQUITY FUND(1) -- EQUITY FUND(1) --
CLASS A(3) -- $8,880 CLASS B(3) -- $9,095 CLASS C(3) -- $9,159
(WITH MAXIMUM (WITH MAXIMUM CONTINGENT (WITH MAXIMUM CONTINGENT S&P 500
SALES CHARGE) DEFERRED SALES CHARGE) DEFERRED SALES CHARGE) Index(2) -- $10,602
- --------------------------------------------------------------------------------------------------------------------------
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 $ 6,560 $ 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 $ 7,953 $ 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 $ 8,257 $ 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 $ 9,891
7/31/2004 $ 8,064 $ 8,355 $ 8,341 $ 9,564
8/31/2004 $ 8,024 $ 8,312 $ 8,291 $ 9,602
9/30/2004 $ 8,118 $ 8,404 $ 8,390 $ 9,706
10/31/2004 $ 8,251 $ 8,538 $ 8,517 $ 9,855
11/30/2004 $ 8,617 $ 8,905 $ 8,884 $ 10,253
12/31/2004 $ 8,880 $ 9,095 $ 9,159 $ 10,602
</Table>
3
<Page>
AVERAGE ANNUAL RETURNS AS OF DECEMBER 31, 2004(1)
<Table>
<Caption>
1 YEAR 5 YEAR SINCE INCEPTION
-------- -------- ---------------
Common Class 7.13% (2.42)% 3.87%
Class A Without Sales
Charge 7.11% -- (1.72)%
Class A With Maximum
Sales Charge 0.94% -- (3.41)%
Class B Without CDSC 6.38% -- (2.47)%
Class B With CDSC 2.39% -- (2.74)%
Class C Without CDSC 6.39% -- (2.53)%
Class C With CDSC 5.40% -- (2.53)%
</Table>
RETURNS REPRESENT PAST PERFORMANCE AND INCLUDE CHANGES IN SHARE PRICE AND
REINVESTMENTS 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 4.34%. Total return for
Class B shares for the reporting period, based on redemption value
(including contingent deferred sales charge of 4.00%), was 6.44%. Total
return for Class C shares for the reporting period, based on redemption
value (including contingent deferred sales charge of 1.00%), was 9.47%.
4
<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 six-month period ended
December 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 expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs, such as
sales charges (loads) or redemption fees. If these transaction costs had been
included, your costs would have been higher. The "Expenses Paid per $1,000" line
of the tables is useful in comparing ongoing expenses only and will not help you
determine the relative total expenses of owning different funds.
5
<Page>
EXPENSES AND VALUE OF A $1,000 INVESTMENT
FOR THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2004
<Table>
<Caption>
COMMON
CLASS CLASS A CLASS B CLASS C
---------- ---------- ---------- ----------
ACTUAL FUND RETURN
Beginning Account Value 7/1/04 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Ending Account Value 12/31/04 $ 1,063.60 $ 1,063.40 $ 1,060.30 $ 1,060.50
Expenses Paid per $1,000* $ 6.74 $ 6.74 $ 10.62 $ 10.62
HYPOTHETICAL 5% FUND RETURN
Beginning Account Value 7/1/04 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Ending Account Value 12/31/04 $ 1,018.60 $ 1,018.60 $ 1,014.83 $ 1,014.83
Expenses Paid per $1,000* $ 6.60 $ 6.60 $ 10.38 $ 10.38
<Caption>
COMMON
CLASS CLASS A CLASS B CLASS C
---------- ---------- ---------- ----------
ANNUALIZED EXPENSE RATIOS* 1.30% 1.30% 2.05% 2.05%
</Table>
- ----------
* EXPENSES ARE EQUAL TO THE FUND'S ANNUALIZED EXPENSE RATIO FOR EACH SHARE
CLASS, MULTIPLIED BY THE AVERAGE ACCOUNT VALUE OVER THE PERIOD, MULTIPLIED BY
THE NUMBER OF DAYS IN THE MOST RECENT FISCAL HALF YEAR PERIOD, THEN DIVIDED
BY 366.
THE "EXPENSE PAID PER $1,000" AND THE "ANNUALIZED EXPENSE RATIOS" IN THE
TABLES ARE BASED ON ACTUAL EXPENSES PAID BY THE FUND DURING THE PERIOD, NET
OF FEE WAIVERS AND/OR EXPENSE REIMBURSEMENTS. IF THOSE FEE WAIVERS AND/OR
EXPENSE REIMBURSEMENTS HAD NOT BEEN IN EFFECT, THE FUND'S ACTUAL EXPENSES
WOULD HAVE BEEN HIGHER.
For more information, please refer to the Fund's prospectus.
6
<Page>
[CHART]
SECTOR BREAKDOWN*
<Table>
Financials 20.40%
Industrials 20.30%
Information Technology 13.50%
Consumer Discretionary 13.10%
Health Care 9.40%
Materials 8.40%
Consumer Staples 7.20%
Energy 7.00%
Short-Term Investments 0.70%
</Table>
- ----------
* The Fund's sector breakdown is expressed as a percentage of total investments
(excluding security lending collateral) and may vary over time.
7
<Page>
CREDIT SUISSE SELECT EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2004
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS (99.6%)
AEROSPACE & DEFENSE (3.5%)
L-3 Communications Holdings, Inc. 18,200 $ 1,332,968
United Technologies Corp. 14,800 1,529,580
---------------
2,862,548
---------------
BANKS (7.5%)
Bank of New York Company, Inc. 47,100 1,574,082
North Fork Bancorporation, Inc. 54,350 1,567,998
U.S. Bancorp 40,900 1,280,988
Wachovia Corp. 33,400 1,756,840
---------------
6,179,908
---------------
BEVERAGES (1.4%)
Anheuser-Busch Companies, Inc. 22,800 1,156,644
---------------
BIOTECHNOLOGY (3.1%)
Biogen Idec, Inc.* 13,400 892,574
Charles River Laboratories International, Inc.^ 16,900 777,569
Gilead Sciences, Inc.* 24,100 843,259
---------------
2,513,402
---------------
BUILDING PRODUCTS (2.1%)
American Standard Companies, Inc.* 41,200 1,702,384
---------------
CHEMICALS (5.1%)
Du Pont (E. I.) de Nemours & Co. 39,700 1,947,285
PPG Industries, Inc. 32,900 2,242,464
---------------
4,189,749
---------------
COMMERCIAL SERVICES & SUPPLIES (5.4%)
Avery Dennison Corp. 12,200 731,634
Cendant Corp. 71,200 1,664,656
Cintas Corp. 17,500 767,550
Monster Worldwide, Inc.*^ 37,300 1,254,772
---------------
4,418,612
---------------
COMMUNICATIONS EQUIPMENT (2.5%)
Cisco Systems, Inc.* 63,800 1,231,340
Qualcomm, Inc. 18,600 788,640
---------------
2,019,980
---------------
COMPUTERS & PERIPHERALS (3.6%)
Dell, Inc.* 24,800 1,045,072
EMC Corp.* 72,700 1,081,049
Network Appliance, Inc.* 25,800 857,076
---------------
2,983,197
---------------
DIVERSIFIED FINANCIALS (8.2%)
Capital One Financial Corp. 15,200 1,279,992
Citigroup, Inc. 53,071 2,556,961
Goldman Sachs Group, Inc. 11,800 1,227,672
Morgan Stanley 30,600 1,698,912
---------------
6,763,537
---------------
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
ELECTRONIC EQUIPMENT & INSTRUMENTS (1.0%)
Broadcom Corp. Class A* 26,300 $ 848,964
---------------
FOOD & DRUG RETAILING (3.5%)
Albertson's, Inc.^ 30,500 728,340
CVS Corp. 47,300 2,131,811
---------------
2,860,151
---------------
FOOD PRODUCTS (1.1%)
Kellogg Co. 20,000 893,200
---------------
HEALTHCARE EQUIPMENT & SUPPLIES (1.6%)
Beckman Coulter, Inc. 19,800 1,326,402
---------------
HEALTHCARE PROVIDERS & SERVICES (2.1%)
UnitedHealth Group, Inc. 19,200 1,690,176
---------------
HOTELS, RESTAURANTS & LEISURE (1.2%)
McDonald's Corp. 29,600 948,976
---------------
HOUSEHOLD PRODUCTS (1.2%)
Kimberly-Clark Corp. 15,100 993,731
---------------
INDUSTRIAL CONGLOMERATES (7.4%)
General Electric Co. 72,100 2,631,650
Honeywell International, Inc. 42,600 1,508,466
Tyco International, Ltd. 54,600 1,951,404
---------------
6,091,520
---------------
INSURANCE (4.7%)
Allstate Corp. 33,600 1,737,792
Prudential Financial, Inc. 39,000 2,143,440
---------------
3,881,232
---------------
MACHINERY (2.0%)
Caterpillar, Inc. 17,100 1,667,421
---------------
MEDIA (6.2%)
Gannett Company, Inc. 21,300 1,740,210
Tribune Co. 46,700 1,967,938
Viacom, Inc. Class B 38,600 1,404,654
---------------
5,112,802
---------------
METALS & MINING (1.2%)
Alcoa, Inc. 32,200 1,011,724
---------------
MULTILINE RETAIL (1.1%)
May Department Stores Co. 31,400 923,160
---------------
OIL & GAS (7.1%)
Burlington Resources, Inc. 25,800 1,122,300
Exxon Mobil Corp. 59,900 3,070,474
Pioneer Natural Resources Co. 45,700 1,604,070
---------------
5,796,844
---------------
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
<Table>
<Caption>
NUMBER OF
SHARES VALUE
--------------- ---------------
COMMON STOCKS
PAPER & FOREST PRODUCTS (2.1%)
MeadWestvaco Corp. 51,600 $ 1,748,724
Neenah Paper, Inc.*^ 469 15,289
---------------
1,764,013
---------------
PHARMACEUTICALS (2.7%)
Eli Lilly & Co. 14,900 845,575
Johnson & Johnson 22,000 1,395,240
---------------
2,240,815
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS (1.1%)
Intel Corp. 37,100 867,769
---------------
SOFTWARE (5.3%)
Adobe Systems, Inc. 13,200 828,168
Electronic Arts, Inc.* 14,900 919,032
Microsoft Corp. 98,500 2,630,935
---------------
4,378,135
---------------
SPECIALTY RETAIL (4.6%)
Best Buy Company, Inc. 21,800 1,295,356
Ross Stores, Inc.^ 45,400 1,310,698
TJX Companies, Inc. 46,500 1,168,545
---------------
3,774,599
---------------
TOTAL COMMON STOCKS (Cost $69,288,748) 81,861,595
---------------
SHORT-TERM INVESTMENTS (2.7%)
State Street Navigator Prime Fund^^ 1,673,277 1,673,277
<Caption>
PAR
(000)
------
State Street Bank and Trust Co. Euro Time
Deposit, 1.400%, 1/03/05 $ 563 563,000
---------------
TOTAL SHORT-TERM INVESTMENTS (Cost $2,236,277) 2,236,277
TOTAL INVESTMENTS AT VALUE (102.3%) (Cost $71,525,025) 84,097,872
LIABILITIES IN EXCESS OF OTHER ASSETS (-2.3%) (1,888,541)
---------------
NET ASSETS (100.0%) $ 82,209,331
===============
</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.
10
<Page>
CREDIT SUISSE SELECT EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2004
<Table>
ASSETS
Investments at value, including collateral for securities on loan of
$1,673,277 (Cost $71,525,025) (Note 1) $ 84,097,872(1)
Cash 104,864
Dividend and interest receivable 66,370
Receivable for fund shares sold 229
Prepaid expenses and other assets 20,095
---------------
Total Assets 84,289,430
---------------
LIABILITIES
Advisory fee payable (Note 2) 34,258
Administrative services fee payable (Note 2) 12,231
Distribution fee payable (Note 2) 27,606
Payable upon return of securities loaned (Note 1) 1,673,277
Payable for fund shares redeemed 132,759
Dividend payable 11,381
Payable for investments purchased 104,245
Other accrued expenses payable 84,342
---------------
Total Liabilities 2,080,099
---------------
NET ASSETS
Capital stock, $0.001 par value (Note 5) 6,617
Paid-in capital (Note 5) 75,619,316
Undistributed net investment income 332,017
Accumulated net realized loss on investments (6,321,466)
Net unrealized appreciation from investments 12,572,847
---------------
Net Assets $ 82,209,331
===============
COMMON SHARES
Net assets $ 3,471,425
Shares outstanding 278,761
---------------
Net asset value, offering price, and redemption price per share $ 12.45
===============
A SHARES
Net assets $ 63,159,754
Shares outstanding 5,058,939
---------------
Net asset value and redemption price per share $ 12.48
===============
Maximum offering price per share (net asset value/(1-5.75%)) $ 13.24
===============
B SHARES
Net assets $ 13,713,935
Shares outstanding 1,125,924
---------------
Net asset value and offering price per share $ 12.18
===============
C SHARES
Net assets $ 1,864,217
Shares outstanding 153,453
---------------
Net asset value and offering price per share $ 12.15
===============
</Table>
- ----------
(1) Including $1,632,621 of securities on loan.
See Accompanying Notes to Financial Statements.
11
<Page>
CREDIT SUISSE SELECT EQUITY FUND
STATEMENTS OF OPERATIONS
For the Period Ended December 31, 2004(1)
<Table>
<Caption>
FOR THE PERIOD
SEPTEMBER 1, 2004 FOR THE
TO YEAR ENDED
DECEMBER 31, 2004 AUGUST 31,2004
-------------------- --------------------
INVESTMENT INCOME (Note 1)
Dividends $ 725,366 $ 964,265
Interest 3,983 8,288
Securities lending 206 1,468
-------------------- --------------------
Total investment income 729,555 974,021
-------------------- --------------------
EXPENSES
Investment advisory fees (Note 2) 205,974 455,402
Administrative services fees (Note 2) 32,123 68,119
Distribution fees (Note 2)
Common Class 3,072 13,010
Class A 52,007 104,120
Class B 47,397 116,649
Class C 6,916 22,035
Transfer agent fees (Note 2) 47,297 140,931
Registration fees 28,943 61,750
Printing fees (Note 2) 16,859 17,871
Audit fees 13,207 15,583
Legal fees 13,109 48,475
Custodian fees 7,114 23,245
Directors' fees 6,364 18,815
Insurance expense 2,654 13,902
Commitment fees (Note 3) 444 1,914
Miscellaneous expense 2,413 6,693
-------------------- --------------------
Total expenses 485,893 1,128,514
Less: fees waived (Note 2) (88,441) (235,139)
-------------------- --------------------
Net expenses 397,452 893,375
-------------------- --------------------
Net investment income 332,103 80,646
-------------------- --------------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments 1,756,240 14,143,446
Net change in unrealized appreciation
(depreciation) from investments 6,219,001 (16,515,698)
-------------------- --------------------
Net realized and unrealized gain
(loss) from investments 7,975,241 (2,372,252)
-------------------- --------------------
Net increase (decrease) in net assets
resulting from operations $ 8,307,344 $ (2,291,606)
==================== ====================
</Table>
- ----------
(1) The Fund changed its fiscal year end from August 31 to December 31.
See Accompanying Notes to Financial Statements.
12
<Page>
CREDIT SUISSE SELECT EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE PERIOD
SEPTEMBER 1, 2004 FOR THE FOR THE
TO YEAR ENDED YEAR ENDED
DECEMBER 31, 2004(1) AUGUST 31, 2004 AUGUST 31, 2003
-------------------- -------------------- --------------------
FROM OPERATIONS
Net investment income $ 332,103 $ 80,646 $ 3,330
Net realized gain (loss) from investments 1,756,240 14,143,446 (1,593,661)
Net change in unrealized appreciation
(depreciation) from investments 6,219,001 (16,515,698) 1,995,917
-------------------- -------------------- --------------------
Net increase (decrease) in net assets
resulting from operations 8,307,344 (2,291,606) 405,586
-------------------- -------------------- --------------------
FROM DIVIDENDS
Dividends from net investment income
Common Class shares (4,071) (4,482) (7,948)
Class A shares (73,821) (1,625) (478)
Distributions from net realized gains
Common Class shares (214,769) -- --
Class A shares (3,950,170) -- --
Class B shares (885,822) -- --
Class C shares (120,536) -- --
-------------------- -------------------- --------------------
Net decrease in net assets resulting
from dividends and distributions (5,249,189) (6,107) (8,426)
-------------------- -------------------- --------------------
FROM CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sale of shares 1,038,674 3,060,914 7,762,808
Exchange value of shares due to merger -- 88,620,976 --
Reinvestment of dividends and distributions 4,593,125 5,774 7,117
Net asset value of shares redeemed (8,854,717) (15,996,481) (11,153,194)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets
from capital share transactions (3,222,918) 75,691,183 (3,383,269)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets (164,763) 73,393,470 (2,986,109)
NET ASSETS
Beginning of period 82,374,094 8,980,624 11,966,733
-------------------- -------------------- --------------------
End of period $ 82,209,331 $ 82,374,094 $ 8,980,624
==================== ==================== ====================
Undistributed net investment income $ 332,017 $ 77,863 $ 3,324
==================== ==================== ====================
</Table>
- ----------
(1) The Fund changed its fiscal year end from August 31 to December 31.
See Accompanying Notes to Financial Statements.
13
<Page>
CREDIT SUISSE SELECT EQUITY FUND
FINANCIAL HIGHLIGHTS
(For a Common Class Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE PERIOD
SEPTEMBER 1, 2004 FOR THE YEAR ENDED AUGUST 31,
TO ------------------------------------------------------------
DECEMBER 31, 2004(1) 2004 2003 2002 2001 2000
-------------------- -------- -------- -------- -------- --------
PER SHARE DATA
Net asset value, beginning of period $ 12.01 $ 11.42 $ 10.66 $ 13.39 $ 19.13 $ 20.11
-------------------- -------- -------- -------- -------- --------
INVESTMENT OPERATIONS
Net investment income 0.05(2) 0.03(2) 0.01 0.01(2) 0.02 0.03(2)
Net gain (loss) on investments
(both realized and unrealized) 1.21 0.57 0.76 (2.71) (4.48) 4.76
-------------------- -------- -------- -------- -------- --------
Total from investment operations 1.26 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) (0.01) (0.03) (0.07)
Distributions from net realized gains (0.81) -- -- (0.02) (1.25) (5.70)
-------------------- -------- -------- -------- -------- --------
Total dividends and distributions (0.82) (0.01) (0.01) (0.03) (1.28) (5.77)
-------------------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 12.45 $ 12.01 $ 11.42 $ 10.66 $ 13.39 $ 19.13
==================== ======== ======== ======== ======== ========
Total return(3) 10.70% 5.25% 7.26% (20.21)% (24.68)% 33.42%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s
omitted) $ 3,471 $ 4,383 $ 5,653 $ 4,545 $ 7,696 $ 2,758
Ratio of expenses to average net
assets(4) 1.305% 1.30% 1.25% 1.19% 1.22% 1.29%
Ratio of net investment income to
average net assets 1.375% 0.23% 0.17% 0.12% 0.09% 0.18%
Decrease reflected in above
operating expense ratios due
to waivers/reimbursements 0.325% 0.40% 2.87% 2.24% 1.98% 1.83%
Portfolio turnover rate 34% 168% 155% 122% 141% 235%
</Table>
- ----------
(1) The Fund changed its fiscal year end from August 31 to December 31.
(2) Per share information is calculated using the average shares outstanding
method.
(3) Total returns are historical and assume changes in share price and
reinvestment of all dividends and distributions. Had certain expenses not
been reduced during the periods shown, total returns would have been lower.
Total returns for periods less than one year are not annualized.
(4) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the period ended December 31, 2004 and
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.
(5) Annualized.
See Accompanying Notes to Financial Statements.
14
<Page>
CREDIT SUISSE SELECT EQUITY FUND
FINANCIAL HIGHLIGHTS
(For a Class A Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE PERIOD
SEPTEMBER 1, 2004 FOR THE YEAR ENDED AUGUST 31
TO ------------------------------------------------------
DECEMBER 31,2004(1) 2004 2003 2002 2001(2)
------------------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 12.04 $ 11.44 $ 10.67 $ 13.39 $ 14.19
------------------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income 0.06(3) 0.04(3) 0.01 0.01(3) 0.01
Net gain (loss) on investments
(both realized and unrealized) 1.20 0.57 0.77 (2.70) (0.81)
------------------- --------- --------- --------- ---------
Total from investment operations 1.26 0.61 0.78 (2.69) (0.80)
------------------- --------- --------- --------- ---------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (0.01) (0.01) (0.01) (0.01) --
Distributions from net realized gains (0.81) -- -- (0.02) --
------------------- --------- --------- --------- ---------
Total dividends and distributions (0.82) (0.01) (0.01) (0.03) --
------------------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.48 $ 12.04 $ 11.44 $ 10.67 $ 13.39
=================== ========= ======== ======== ========
Total return(4) 10.67% 5.33% 7.28% (20.13)% (5.64)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s omitted) $ 63,160 $ 61,089 $ 1,778 $ 566 $ 64
Ratio of expenses to average net
assets(5) 1.30%(6) 1.30% 1.25% 1.19% 1.19%(6)
Ratio of net investment income to
average net assets 1.37%(6) 0.32% 0.22% 0.09% 0.77%(6)
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements 0.32%(6) 0.39% 2.90% 2.30% 6.44%(6)
Portfolio turnover rate 34% 168% 155% 122% 141%
</Table>
- ----------
(1) The Fund changed its fiscal year end from August 31 to December 31.
(2) For the period July 31, 2001 (inception date) through August 31, 2001.
(3) Per share information is calculated using the average shares outstanding
method.
(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 period ended December 31, 2004 and
the years ended August 31, 2004, 2003, 2002 and 2001, there was no effect
on the net operating expense ratio because of transfer agent credits.
(6) Annualized
See Accompanying Notes to Financial Statements.
15
<Page>
(For a Class B Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE PERIOD
SEPTEMBER 1, 2004 FOR THE YEAR ENDED AUGUST 31,
TO ------------------------------------------------------
DECEMBER 31, 2004(1) 2004 2003 2002 2001(2)
-------------------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 11.78 $ 11.27 $ 10.59 $ 13.38 $ 14.19
-------------------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income (loss) 0.02(3) (0.05)(3) (0.06)(3) (0.06)(3) 0.00(4)
Net gain (loss) on investments
(both realized and unrealized) 1.19 0.56 0.74 (2.71) (0.81)
-------------------- --------- --------- --------- ---------
Total from investment operations 1.21 0.51 0.68 (2.77) (0.81)
-------------------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Distributions from net realized gains (0.81) -- -- (0.02) --
-------------------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.18 $ 11.78 $ 11.27 $ 10.59 $ 13.38
==================== ========= ========= ========= =========
Total return(5) 10.44% 4.53% 6.42% (20.75)% (5.71)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s
omitted) $ 13,714 $ 14,745 $ 1,109 $ 518 $ 1
Ratio of expenses to average net
assets(6) 2.05%(7) 2.05% 2.00% 1.94% 1.94%(7)
Ratio of net investment income (loss)
to average net assets 0.62%(7) (0.45)% (0.55)% (0.67)% (0.31)%(7)
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements 0.32%(7) 0.39% 2.90% 2.25% 6.47%(7)
Portfolio turnover rate 34% 168% 155% 122% 141%
</Table>
- ----------
(1) The Fund changed its fiscal year end from August 31 to December 31.
(2) For the period July 31, 2001 (inception date) through August 31, 2001.
(3) Per share information is calculated using the average shares outstanding
method.
(4) This amount represents less than $0.01 per share.
(5) 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.
(6) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the period ended December 31, 2004 and
the years ended August 31, 2004, 2003, 2002 and 2001, there was no effect
on the net operating expense ratio because of transfer agent credits.
(7) Annualized.
See Accompanying Notes to Financial Statements.
16
<Page>
(For a Class C Share of the Fund Outstanding Throughout Each Period)
<Table>
<Caption>
FOR THE PERIOD
SEPTEMBER 1, 2004 FOR THE YEAR ENDED AUGUST 31,
TO ------------------------------------------------------
DECEMBER 31, 2004(1) 2004 2003 2002 2001(2)
-------------------- --------- --------- --------- ---------
PER SHARE DATA
Net asset value, beginning of period $ 11.75 $ 11.24 $ 10.56 $ 13.39 $ 14.19
-------------------- --------- --------- --------- ---------
INVESTMENT OPERATIONS
Net investment income (loss) 0.03(3) (0.06)(3) (0.06)(3) (0.06)(3) 0.00(4)
Net gain (loss) on investments
(both realized and unrealized) 1.18 0.57 0.74 (2.75) (0.80)
-------------------- --------- --------- --------- ---------
Total from investment operations 1.21 0.51 0.68 (2.81) (0.80)
-------------------- --------- --------- --------- ---------
LESS DISTRIBUTIONS
Distributions from net realized gains (0.81) -- -- (0.02) --
-------------------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.15 $ 11.75 $ 11.24 $ 10.56 $ 13.39
==================== ========= ========= ========= =========
Total return(5) 10.47% 4.54% 6.44% (21.03)% (5.64)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000s
omitted) $ 1,864 $ 2,156 $ 441 $ 271 $ 102
Ratio of expenses to average net
assets(6) 2.05%(7) 2.05% 2.00% 1.94% 1.94%(7)
Ratio of net investment income
(loss) to average net assets 0.62%(7) (0.47)% (0.55)% (0.65)% (0.25)%(7)
Decrease reflected in above operating
expense ratios due to waivers/
reimbursements 0.32%(7) 0.39% 2.90% 2.25% 6.43%(7)
Portfolio turnover rate 34% 168% 155% 122% 141%
</Table>
- ----------
(1) The Fund changed its fiscal year end from August 31 to December 31.
(2) For the period July 31, 2001 (inception date) through August 31, 2001.
(3) Per share information is calculated using the average shares outstanding
method.
(4) This amount represents less than $0.01 per share.
(5) 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.
(6) Interest earned on uninvested cash balances may be used to offset portions
of the transfer agent expense. For the period ended December 31, 2004 and
the years ended August 31, 2004, 2003, 2002 and 2001, there was no effect
on the net operating expense ratio because of transfer agent credits.
(7) Annualized.
See Accompanying Notes to Financial Statements.
17
<Page>
CREDIT SUISSE SELECT EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
December 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. The Fund's Common Class shares are
closed to new investors, other than (1) investors in employee retirement, stock,
bonus, pension or profit-sharing plans, (2) investment advisory clients of
Credit Suisse Asset Management, LLC ("CSAM"), (3) certain registered investment
advisers ("RIA"), (4) certain broker-dealers and RIAs with clients participating
in comprehensive fee programs and (5) employees of CSAM or its affiliates and
current and former Directors or Trustees of funds advised by CSAM or its
affiliates. Any Common Class shareholder as of the close of business on December
12, 2001 can continue to buy Common Class shares of the Fund and open new
accounts under the same social security number. Effective October 24, 2002,
Institutional Class shares ceased operations. Class A shares are sold subject to
a front-end sales charge of up to 5.75%. Class B shares are sold subject to a
contingent deferred sales charge which declines from 4.00% to zero depending on
the period of time the shares are held. Class C shares are sold subject to a
contingent deferred sales charge of 1.00% if redeemed within the first year of
purchase.
Effective as of the close of business on January 9, 2004, the Fund acquired
all of the net assets of the Credit Suisse Tax Efficient Fund ("Tax Efficient")
in a tax-free exchange of shares. The Fund was also the accounting survivor in
the tax-free exchange. The shares exchanged were 58,722 Class A shares (valued
at $731,097) of the Fund for 47,899 Common Class shares of Tax Efficient,
5,280,784 Class A shares (valued at $65,745,895) of the Fund for 4,294,302 Class
A shares of Tax Efficient, 1,563,233 Class B shares (valued at $19,133,980) of
the Fund for 1,320,686 Class B shares of Tax Efficient, and 246,518 Class C
shares (valued at $3,010,004) of the Fund for 207,812 Class C shares of Tax
Efficient. Tax Efficient's net assets of $88,620,976 at that date,
18
<Page>
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 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
using 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.
19
<Page>
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 to make the requisite distributions to its shareholders,
which will be sufficient to relieve it from federal income and excise taxes.
E) USE OF ESTIMATES -- The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from these estimates.
F) SHORT-TERM INVESTMENTS -- The Fund, together with other funds/portfolios
advised by Credit Suisse Asset Management, LLC ("CSAM"), an indirect,
wholly-owned subsidiary of Credit Suisse Group, pools available cash into either
a short-term variable rate time deposit issued by State Street Bank and Trust
Company ("SSB"), the Fund's custodian, or a money market fund advised by CSAM.
The short-term time deposit issued by SSB is a variable rate account classified
as a short-term investment.
G) SECURITIES LENDING -- Loans of securities are required at all times to be
secured by collateral at least equal to 102% of the market value of domestic
securities on loan (including any accrued interest thereon) and 105% of the
market value of foreign securities on loan (including any accrued 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
20
<Page>
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 December 31, 2004 is as follows:
<Table>
<Caption>
MARKET VALUE OF VALUE OF
SECURITIES LOANED COLLATERAL RECEIVED
----------------- -------------------
$ 1,632,621 $ 1,673,277
</Table>
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.
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 period ended December 31,
2004, investment advisory fees earned and voluntarily waived were $205,974 and
$88,441, respectively. CSAM will not recapture from the Fund any fees it waived
during the period ended December 31, 2004.
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 period ended December 31, 2004, co-administrative services fees earned
by CSAMSI were $13,729.
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
21
<Page>
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 period ended December 31, 2004, co-administrative services fees
earned by SSB (including out-of-pocket expenses) were $18,394.
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 period ended December 31, 2004, the Fund
reimbursed CSAM $919, which is included in the Fund's transfer agent expense.
For the period ended December 31, 2004, CSAMSI and its affiliates advised the
Fund that they retained $455 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
period ended December 31, 2004, Merrill was paid $194 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
22
<Page>
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
December 31, 2004, and during the period ended December 31, 2004, the Fund had
no borrowings under the Credit Facility.
NOTE 4. PURCHASES AND SALES OF SECURITIES
For the period ended December 31, 2004, purchases and sales of investment
securities (excluding short-term investments) were $27,446,725 and $34,641,906,
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 PERIOD ENDED FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004(1) AUGUST 31, 2004 AUGUST 31, 2003
---------------------------------------------------------------------------------------------
SHARES VALUE SHARES VALUE SHARES VALUE
------------- ------------- ------------- ------------- ------------- -------------
Shares sold 1,230 $ 15,506 28,860 $ 339,653 534,199 $ 5,477,164
Shares issued in
reinvestment of
dividends
and distributions 17,807 217,154 358 4,437 625 6,672
Shares redeemed (105,147) (1,287,413) (159,529) (1,923,821) (466,046) (4,865,972)
------------- ------------- ------------- ------------- ------------- -------------
Net increase
(decrease) (86,110) $ (1,054,753) (130,311) $ (1,579,731) 68,778 $ 617,864
============= ============= ============= ============= ============= =============
</Table>
<Table>
<Caption>
INSTITUTIONAL CLASS
-------------------------------
FOR THE YEAR ENDED
AUGUST 31, 2003(2)
-------------------------------
SHARES VALUE
-------------- --------------
Shares redeemed (563,589) $ (5,729,876)
-------------- --------------
Net decrease (563,589) $ (5,729,876)
-------------- --------------
</Table>
23
<Page>
NOTE 5. CAPITAL SHARE TRANSACTIONS
<Table>
<Caption>
CLASS A
---------------------------------------------------------------------------------------------
FOR THE PERIOD ENDED FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004(1) AUGUST 31, 2004 AUGUST 31, 2003
---------------------------------------------------------------------------------------------
SHARES VALUE SHARES VALUE SHARES VALUE
------------- ------------- ------------- ------------- ------------- -------------
Shares sold 75,840 $ 966,295 155,404 $ 1,901,131 125,379 $ 1,315,660
Shares exchanges
due to merger -- -- 5,339,506 66,476,992 -- --
Shares issued in
reinvestment of
dividends and
distributions 286,271 3,499,528 108 1,337 42 445
Shares redeemed (375,995) (4,701,043) (577,634) (7,092,219) (22,988) (249,452)
------------- ------------- ------------- ------------- ------------- -------------
Net increase
(decrease) (13,884) $ (235,220) 4,917,384 $ 61,287,241 102,433 $ 1,066,653
============= ============= ============= ============= ============= =============
<Caption>
CLASS B
---------------------------------------------------------------------------------------------
FOR THE PERIOD ENDED FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004(1) AUGUST 31, 2004 AUGUST 31, 2003
---------------------------------------------------------------------------------------------
SHARES VALUE SHARES VALUE SHARES VALUE
------------- ------------- ------------- ------------- ------------- -------------
Shares sold 2,407 $ 28,945 20,107 $ 240,576 59,253 $ 615,956
Shares exchanges
due to merger -- -- 1,563,233 19,133,980 -- --
Shares issued in
reinvestment of
dividends and
distributions 66,383 790,622 -- -- -- --
Shares redeemed (194,227) (2,373,273) (430,337) (5,170,229) (9,793) (99,045)
------------- ------------- ------------- ------------- ------------- -------------
Net increase
(decrease) (125,437) $ (1,553,706) 1,153,003 $ 14,204,327 49,460 $ 516,911
============= ============= ============= ============= ============= =============
<Caption>
CLASS C
---------------------------------------------------------------------------------------------
FOR THE PERIOD ENDED FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2004(1) AUGUST 31, 2004 AUGUST 31, 2003
---------------------------------------------------------------------------------------------
SHARES VALUE SHARES VALUE SHARES VALUE
------------- ------------- ------------- ------------- ------------- -------------
Shares sold 2,351 $ 27,928 48,452 $ 579,554 33,087 $ 354,028
Shares exchanges
due to merger -- -- 246,518 3,010,004 -- --
Shares issued in
reinvestment of
dividends and
distributions 7,224 85,821 -- -- -- --
Shares redeemed (39,558) (492,988) (150,796) (1,810,212) (19,507) (208,849)
------------- ------------- ------------- ------------- ------------- -------------
Net increase
(decrease) (29,983) $ (379,239) 144,174 $ 1,779,346 13,580 $ 145,179
============= ============= ============= ============= ============= =============
</Table>
- ----------
(1) The Fund changed its fiscal year end date from August 31 to December 31.
(2) Effective October 24, 2002, the Institutional Class shares ceased
operations.
24
<Page>
On December 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 36%
Class C 3 38%
</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 period
ended December 31, 2004 and the years ended August 31, 2004, for the Fund were
as follows:
<Table>
<Caption>
ORDINARY INCOME LONG-TERM CAPITAL GAIN
- ----------------------------------- -----------------------------------
DECEMBER 31, 2004 AUGUST 31, 2004 DECEMBER 31, 2004 AUGUST 31, 2004
- ----------------- --------------- ----------------- ---------------
$ 77,949 $ 6,107 $ 5,171,240 $ --
</Table>
At December 31, 2004, the components of distributable earnings on a tax basis
for the Fund were as follows:
<Table>
Undistributed net investment income $ 332,017
Accumulated net realized loss (6,138,087)
Unrealized appreciation 12,389,468
--------------
$ 6,583,398
==============
</Table>
At December 31, 2004, the Fund had capital loss carryforwards available to
offset possible future capital gains as follows:
<Table>
<Caption>
EXPIRES DECEMBER 31,
----------------------------------------------------
2008 2009 2010
----------- ------------ ----------
$ 1,609,466 $ 3,723,123 $ 805,498
</Table>
Included in the Fund's capital loss carryforwards which expire in 2008 is
$1,609,466 and in 2009 is $1,942,030 acquired in the Credit Suisse Tax Efficient
Fund merger which is subject to IRS limitations.
25
<Page>
During the tax year ended December 31, 2004, the Fund utilized $1,670,268 of
the capital loss carryforward. It is uncertain whether the Fund will be able to
realize the benefits before they expire.
At December 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 $71,708,404, $13,619,155,
($1,229,687) and $12,389,468, respectively.
At December 31, 2004, the Fund reclassified $57 from undistributed net
investment income and $175,543 from accumulated net realized loss from
investments to paid in capital, to adjust for current year permanent book/tax
differences which arose principally from differing book/tax treatments of
dividend designations, and capital loss carryforward acquired from the merger
with Credit Suisse Tax Efficient Fund. Net assets were not affected by these
reclassifications.
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 Fund changed its fiscal year end from August 31, to December 31.
Accordingly, the statement of operations, the statement of changes in net assets
and financial highlights reflect 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 December 31, 2004, the results of its operations, the
changes in its net assets and the financial highlights for each of the 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
December 31, 2004 by correspondence with the custodian and brokers, provide a
reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 7, 2005
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 41 None
c/o Credit Suisse Asset Nominating 1999
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 04/23/32
Jeffrey E. Garten(2) Director, Since Dean of Yale School of 40 Director of Aetna, Inc.
Box 208200 Nominating Fund Management and William (insurance company);
New Haven, Connecticut and Audit Inception S. Beinecke Professor in the Director of Calpine
06520-8200 Committee Practice of International Corporation (energy
Member Trade and Finance from provider); Director of
Date of Birth: 10/29/46 November 1995 to present. CarMax Group (used car
dealers).
Peter F. Krogh Director, Since Dean Emeritus and 40 Director of Carlisle
301 ICC Nominating 2001 Distinguished Professor Companies Incorporated
Georgetown University Committee of International Affairs (diversified manufacturing
Washington, DC 20057 Chairman and at the Edmund A. Walsh company).
Audit School of Foreign Service,
Date of Birth: 02/11/37 Committee Georgetown University
Member from June 1995 to present.
James S. Pasman, Jr. Director, Since Currently retired 42 Director of Education
c/o Credit Suisse Asset Nominating 1999 Management Corp.
Management, LLC and Audit
466 Lexington Avenue Committee
New York, New York Member
10017-3140
Date of Birth: 12/20/30
</Table>
- ----------
(1) Each Director and Officer serves until his or her respective successor has
been duly elected and qualified.
(2) Mr. Garten was initially appointed as a Director of the Fund on February 6,
1998. He resigned as Director on February 3, 2000, and was subsequently
re-appointed on December 21, 2000.
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
Steven N. Rappaport Lead Director, Since Partner of Lehigh Court, 42 Director of Presstek,
Lehigh Court, LLC Nominating 1999 LLC and RZ Capital Inc. (digital imaging
40 East 52nd Street Committee (private investment technologies company);
New York, New York Member and firms) from July 2002 to Director of Wood
10022 Audit present; Transition Resources, LLC. (plywood
Committee Adviser to SunGard manufacturing company).
Date of Birth: 07/10/48 Chairman 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.
INTERESTED DIRECTORS
Michael E. Kenneally(3) Chairman Since Chairman and Global Chief 44 None
Credit Suisse Asset and Chief 2004 Executive Officer of CSAM
Management, LLC Executive since 2003; Chairman and
466 Lexington Avenue Officer Chief Investment Officer
New York, New York of Banc of America
10017-3140 Capital Management from
1998 to March 2003.
Date of Birth: 03/30/54
William W. Priest(4) Director Since Chief Executive Officer 47 Director of Globe
Epoch Investment Partners 1999 of J Net Enterprises, Wireless, LLC (maritime
667 Madison Avenue Inc. (technology holdings communication-company);
New York, NY 10021 company) since June 2004; Director of InfraRed X
Chief Executive Officer (medical device company);
Date of Birth: 09/24/41 of Epoch Investment Director of J Net
Partners, Inc. since Enterprises, Inc.
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>
- ----------
(3) Mr. Kenneally is a Director who is an "interested person" of the Fund as
defined in the 1940 Act because he is an officer of CSAM.
(4) 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).
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
Michael A. Pignataro Chief Since Director and Director of Fund Administration of CSAM;
Credit Suisse Asset Financial 1999 Associated with CSAM since 1984; Officer of other Credit
Management, LLC Officer and Suisse Funds.
466 Lexington Avenue Treasurer
New York, New York
10017-3140
Date of Birth: 11/15/59
Emidio Morizio Chief Since Director and Global Head of Compliance of CSAM;
Credit Suisse Asset Compliance 2004 Associated with CSAM since July 2000; Vice President and
Management, LLC Officer Director of Compliance of Forstmann-Leff Associates from
466 Lexington Avenue 1998 to June 2000; Officer of other Credit Suisse Funds.
New York, New York
10017-3140
Date of Birth: 09/21/66
Ajay Mehra Chief Legal Since Director and Deputy General Counsel of CSAM since
Credit Suisse Asset Officer 2004 September 2004; Senior Associate of Shearman & Sterling
Management, LLC LLP from September 2000 to September 2004; Senior
466 Lexington Avenue Counsel of the SEC Division of Investment Management
New York, New York from June 1997 to September 2000; Officer of other Credit
10017-3140 Suisse Funds.
Date of Birth: 08/14/70
J. Kevin Gao Vice Since Vice President and legal counsel of CSAM; Associated with
Credit Suisse Asset President and 2004 CSAM since July 2003; Associated with the law firm of
Management, LLC Secretary Willkie Farr & Gallagher LLP from 1998 to 2003; Officer of
466 Lexington Avenue other Credit Suisse Funds.
New York, New York
10017-3140
Date of Birth: 10/13/67
Robert M. Rizza Assistant Since Assistant Vice President of CSAM since January 2001;
Credit Suisse Asset Treasurer 2002 Associated with CSAM since 1998; Officer of other Credit
Management, LLC 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.
30
<Page>
CREDIT SUISSE SELECT EQUITY FUND
TAX INFORMATION LETTER (UNAUDITED)
December 31, 2004
IMPORTANT TAX INFORMATION FOR CORPORATE SHAREHOLDERS
Corporate Shareholders should note for the year ended December 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 December 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.
For the fiscal year ended December 31, 2004, the Fund designates
approximately $77,892, or up to the maximum amount of such dividends allowable
pursuant to the Internal Revenue Code, as qualified dividend income eligible for
reduced tax rates. These lower rates range from 5% to 15% depending on an
individual's tax bracket. If the Fund pays a distribution during the calendar
year 2004, complete information will be reported in conjunction with Form
1099-Div.
IMPORTANT TAX INFORMATION FOR SHAREHOLDERS
During the year ended December 31, 2004, the Fund declared $5,171,240 in
dividends that were designated as 20% long-term capital gains dividends.
31
<Page>
CREDIT SUISSE SELECT EQUITY FUND
PROXY POLICY AND PORTFOLIO HOLDINGS INFORMATION
Information regarding how the Fund voted proxies related to its fund
securities during the 12-month period ended June 30, 2004 as well as the
policies and procedures that the Fund uses to determine how to vote proxies
relating to its portfolio securities are available:
- By calling 1-800-927-2874
- On the Fund's website, www.csam.com/us
- On the website of the Securities and Exchange Commission,
http://www.sec.gov.
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.
32
<Page>
P.O. BOX 55030, BOSTON, MA 02205-5030 [CREDIT SUISSE ASSET MANAGEMENT LOGO]
800-927-2874 - www.csam.com/us
CREDIT SUISSE ASSET MANAGEMENT SECURITIES, INC., DISTRIBUTOR. WPSEQ-2-1204
<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
12(a)(1) to this Form. There were no amendments to the code during the fiscal
year ended December 31, 2004. There were no waivers or implicit waivers from the
code granted by the registrant during the fiscal year ended December 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, 2004
and December 31, 2004.
<Table>
<Caption>
AUGUST 31, 2004 DECEMBER 31, 2004
- -------------------------------------------------------------------
Audit Fees $ 10,966 $ 6,580
Audit-Related Fees(1) $ 3,000 $ 1,500
Tax Fees(2) $ 2,327 $ 1,327
All Other Fees -- --
- -------------------------------------------------------------------
Total $ 16,293 $ 9,407
- -------------------------------------------------------------------
</Table>
(1) Services for August 31, 2004 include agreed-upon procedures in connection
with the registrant's semi-annual financial statements ($3,000), and for
December 31, 2004 include agreed upon procedures for the registrant's
third quarter 2004 Form N-Q filing ($1,500).
(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, 2004 and December 31, 2004.
<Table>
<Caption>
AUGUST 31, 2004 DECEMBER 31, 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>
AUGUST 31, 2004 DECEMBER 31, 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, 2004 and December 31, 2004:
<Table>
<Caption>
AUGUST 31, 2004 DECEMBER 31, 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, 2004 and December 31, 2004 were $5,327 and $2,827, 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.
Schedule of investments is included as part of the report to shareholders filed
under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 8. PORTFOLIO MANGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Form N-CSR disclosure requirement is not applicable to the registrant.
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ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Form N-CSR disclosure requirement is not applicable to the registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Registrant has a Nominating Committee (the "Committee"), which is
responsible for selecting and nominating persons for election or appointment by
the Registrant's Board as Board members. The Committee has adopted a Nominating
Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will
consider recommendations for nominees from shareholders submitted to the
Secretary of the Registrant, c/o Credit Suisse Asset Management, LLC, 466
Lexington Avenue, New York, New York 10017. A nomination submission must include
information regarding the recommended nominee as specified in the Charter. This
information includes all information relating to a recommended nominee that is
required to be disclosed in solicitations or proxy statements for the election
of Board members, as well as information sufficient to evaluate the factors to
be considered by the Committee, including character and integrity, business and
professional experience, and whether the person has the ability to apply sound
and independent business judgment and would act in the interests of the
Registrant and its shareholders.
Nomination submissions are required to be accompanied by a written consent of
the individual to stand for election if nominated by the Board and to serve if
elected by the shareholders, and such additional information must be provided
regarding the recommended nominee as reasonably requested by the Committee.
ITEM 11. CONTROLS AND PROCEDURES.
(a) As of a date within 90 days from the filing date of this report, the
principal executive officer and principal financial officer concluded that the
registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the "Act")) were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934.
(b) There were no changes in registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the
second fiscal quarter of the period covered by this report that have materially
affected, or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Registrant's Code of Ethics is an exhibit to this report.
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(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.
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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: March 8, 2005
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: March 8, 2005
/s/ Michael A. Pignataro
------------------------
Name: Michael A. Pignataro
Title: Chief Financial Officer
Date: March 8, 2005
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