-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K6S1uZqHiG4DuY/bpPkkl+3rKRfAnYNCLtsBTLyuUIxBj5NXS/mIz++y8CYJm//x H39CfvVE7p3MyRpnttFTsg== 0000950117-05-002195.txt : 20050611 0000950117-05-002195.hdr.sgml : 20050611 20050527135717 ACCESSION NUMBER: 0000950117-05-002195 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050331 FILED AS OF DATE: 20050527 DATE AS OF CHANGE: 20050527 EFFECTIVENESS DATE: 20050527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COHEN & STEERS SELECT UTILITY FUND INC CENTRAL INDEX KEY: 0001275617 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-21485 FILM NUMBER: 05863064 BUSINESS ADDRESS: STREET 1: 757 HIRD AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2128323232 N-Q 1 a39880.txt COHEN & STEERS SELECT UTILITY FUND, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT COMPANY Investment Company Act file number: 811-21485 Exact Name of Registrant (as specified in charter): Cohen & Steers Select Utility Fund, Inc. Address of Principal Executive Office: 757 Third Avenue New York, NY 10017 Name and address of agent for service: John E. McLean 757 Third Avenue New York, NY 10017 Registrant telephone number, including area code: (212) 832-3232 Date of fiscal year end: December 31 Date of reporting period: March 31, 2005 Item 1. Schedule of Investments - -------------------------------------------------------------------------------- COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND OF SHARES VALUE YIELD(a) ---------- -------------- ------------ COMMON STOCK 120.44%(b) UTILITIES 118.24% ELECTRIC -- INTEGRATED 92.88% Ameren Corp.......................... 1,247,400 $ 61,135,074 5.18% American Electric Power Co........... 409,000 13,930,540 4.11 CINergy Corp......................... 1,239,300 50,216,436 4.74 Cleco Corp........................... 246,700 5,254,710 4.23 DTE Energy Co........................ 1,154,600 52,511,208 4.53 Dominion Resources................... 414,600 30,858,678 3.60 Duke Energy Corp..................... 2,479,100 69,439,591 3.93 E.ON AG (ADR)(c)..................... 744,000 21,390,000 3.27 Edison International................. 1,100,000 38,192,000 2.88 Enel S.P.A., (ADR)c.................. 151,100 7,254,311 4.50 Entergy Corp......................... 696,350 49,204,091 3.06 Exelon Corp.......................... 1,435,464 65,873,443 3.49 FirstEnergy Corp..................... 478,100 20,056,295 3.93 FPL Group............................ 1,167,000 46,855,050 3.54 Hawaiian Electric Industries......... 890,700 22,730,664 4.86 NiSource............................. 339,000 7,725,810 4.04 PG&E Corp............................ 1,454,000 49,581,400 3.52 PPL Corp............................. 387,000 20,894,130 3.41 Pacific Gas & Electric Co............ 25,600 670,720 4.16 Pinnacle West Capital Corp........... 1,044,600 44,405,946 4.47 Progress Energy...................... 423,750 17,776,313 5.63 Public Service Enterprise Group...... 811,400 44,132,046 4.12 Puget Energy......................... 226,000 4,981,040 4.54 SCANA Corp........................... 111,700 4,269,174 4.08 Scottish Power plc (ADR)(c).......... 342,000 10,670,400 4.10 Southern Co.......................... 1,952,500 62,148,075 4.49 TXU Corp............................. 495,000 39,416,850 2.83 Xcel Energy.......................... 2,230,000 38,311,400 4.83 -------------- 899,885,395 --------------
- ------------------- (a) Dividend yield is computed by dividing the security's current annual dividend rate by the last sale price on the principal exchange, or market, on which such security trades. (b) Percentages indicated are based on the net assets applicable to common shares of the fund. (c) (ADR) American Depositary Receipt. - -------------------------------------------------------------------------------- 2 - -------------------------------------------------------------------------------- COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS -- (CONTINUED) MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND OF SHARES VALUE YIELD ---------- -------------- ------------ ELECTRIC -- DISTRIBUTION 12.39% Consolidated Edison.................. 949,200 $ 40,037,256 5.41% Energy East Corp..................... 224,700 5,891,634 4.20 National Grid Transco plc (ADR)(c)... 701,300 32,785,775 4.56 NSTAR................................ 197,000 10,697,100 4.27 Pepco Holdings....................... 1,459,200 30,628,608 4.76 -------------- 120,040,373 -------------- GAS -- DISTRIBUTION 4.69% AGL Resources........................ 261,000 9,116,730 3.55 Atmos Energy Corp.................... 460,500 12,433,500 4.59 Sempra Energy........................ 213,000 8,485,920 2.91 Vectren Corp......................... 579,867 15,447,657 4.43 -------------- 45,483,807 -------------- GAS -- INTEGRATED 8.28% Equitable Resources.................. 777,300 44,648,112 2.65 KeySpan Corp......................... 912,400 35,556,228 4.67 -------------- 80,204,340 -------------- TOTAL UTILITIES...................... 1,145,613,915 -------------- UTILITY -- FOREIGN 1.00% ELECTRIC -- INTEGRATED RWE AG............................... 100,000 6,047,242 3.19 Scottish and Southern Energy......... 217,900 3,629,807 4.50 -------------- 9,677,049 -------------- TELECOMMUNICATION SERVICES 1.20% FairPoint Communications............. 780,000 11,676,600 10.02 -------------- TOTAL COMMON STOCK (Identified cost -- $1,026,299,154)....... 1,166,967,564 -------------- PREFERRED SECURITIES -- $25 PAR VALUE 19.22% BANK 0.56% Chevy Chase Bank, 8.00%, Series C.... 87,100 2,421,380 7.19 First Republic Bank, 6.70%, Series A.......................... 118,700 3,003,110 6.65 -------------- 5,424,490 -------------- BANK -- FOREIGN 0.12% Northern Rock, 8.00% Series.......... 45,000 1,128,884 7.97 --------------
- -------------------------------------------------------------------------------- 3 - -------------------------------------------------------------------------------- COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS -- (CONTINUED) MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND OF SHARES VALUE YIELD ---------- -------------- ------------ INSURANCE 0.11% RenaissanceRE Holdings Ltd., 6.08%, Series C.......................... 46,100 $ 1,087,960 6.41% -------------- MEDIA 0.37% Liberty Media Corp., 8.75% (CBTCS)(b)........................ 22,100 562,445 8.60 Liberty Media Corp., 8.75% (PPLUS)(c)........................ 20,700 530,541 8.53 Shaw Communications, 8.50%, Series B (COPrS)(a)........................ 99,600 2,502,948 8.46 -------------- 3,595,934 -------------- REAL ESTATE 16.09% DIVERSIFIED 2.44% Bedford Property Investors, 7.625%, Series B.......................... 205,350 5,113,215 7.66 Digital Realty Trust, 8.50%, Series A.......................... 56,000 1,456,000 8.17 Forest City Enterprises, 7.375%, Class A........................... 80,800 2,036,160 7.32 iStar Financial, 7.875%, Series E.... 270,700 6,881,194 7.74 iStar Financial, 7.80%, Series F..... 132,000 3,412,200 7.54 iStar Financial, 7.50%, Series I..... 113,940 2,831,409 7.55 Lexington Corporate Properties Trust, 8.05%, Series B................... 75,000 1,963,500 7.69 -------------- 23,693,678 -------------- HEALTH CARE 2.21% Health Care REIT, 7.875%, Series D... 72,550 1,817,377 7.86 Health Care REIT, 7.625%, Series F... 218,800 5,470,000 7.62 LTC Properties, 8.00%, Series F...... 547,713 14,092,655 7.77 -------------- 21,380,032 -------------- HOTEL 1.40% Ashford Hospitality Trust, 8.55%, Series A.......................... 156,500 4,144,120 8.07 Equity Inns, 8.75%, Series B......... 75,900 1,952,907 8.52 Host Marriott Corp., 8.875%, Series E.......................... 100,000 2,695,000 8.23 Innkeepers USA, 8.00%, Series C...... 189,400 4,753,940 7.97 -------------- 13,545,967 --------------
- ------------------- (a) (COPrS) Canadian Origin Preferred Securities (b) (CBTCS) Corporate Backed Trust Certificates (c) (PPLUS) Preferred Plus Trust - -------------------------------------------------------------------------------- 4 - -------------------------------------------------------------------------------- COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS -- (CONTINUED) MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND OF SHARES VALUE YIELD ---------- -------------- ------------ OFFICE 4.75% Alexandria Real Estate Equities, 8.375%, Series C.................. 514,000 $ 13,489,930 8.05% Brandywine Realty Trust, 7.50%, Series C.......................... 75,819 1,880,311 7.56 Corporate Office Properties Trust, 8.00%, Series G................... 38,486 965,999 7.97 CRT Properties, 8.50%, Series A...... 35,335 918,710 8.17 Highwoods Properties, 8.00%, Series B.......................... 26,435 661,404 7.99 Highwoods Properties, 8.00%, Series D.......................... 33,058 826,450 8.00 Maguire Properties, 7.625%, Series A.......................... 495,626 12,316,306 7.67 SL Green Realty Corp., 7.625%, Series C.......................... 247,000 6,261,450 7.55 SL Green Realty Corp., 7.875%, Series D.......................... 347,333 8,742,372 7.82 -------------- 46,062,932 -------------- OFFICE/INDUSTRIAL 1.01% PS Business Parks, 7.00%, Series H... 75,700 1,837,996 7.20 PS Business Parks, 6.875%, Series I.......................... 54,950 1,272,642 7.42 PS Business Parks, 7.95%, Series K... 252,000 6,640,200 7.54 -------------- 9,750,838 -------------- RESIDENTIAL -- APARTMENT 0.54% Apartment Investment & Management Co., 7.75%, Series U.............. 30,000 735,600 7.90 Apartment Investment & Management Co., 8.00%, Series V.............. 87,000 2,170,650 8.02 Apartment Investment & Management Co., 7.875%, Series Y............. 93,000 2,301,750 7.95 -------------- 5,208,000 -------------- SHOPPING CENTER 2.53% COMMUNITY CENTER 1.90% Cedar Shopping Centers, 8.875%, Series A.......................... 300,000 7,875,000 8.45 Developers Diversified Realty Corp., 7.375%, Series H.................. 25,000 629,250 7.33 Developers Diversified Realty Corp., 7.50%, Series I................... 302,000 7,613,420 7.44 Kramont Realty Trust, 8.25%, Series E.......................... 22,300 565,528 8.13 Saul Centers, 8.00%, Series A........ 67,500 1,711,800 7.89 -------------- 18,394,998 --------------
- -------------------------------------------------------------------------------- 5 - -------------------------------------------------------------------------------- COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS -- (CONTINUED) MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND OF SHARES VALUE YIELD ---------- -------------- ------------ REGIONAL MALL 0.63% CBL & Associates Properties, 7.75%, Series C................... 126,931 $ 3,236,740 7.60% Mills Corp., 9.00%, Series C......... 43,300 1,132,728 8.60 Mills Corp., 8.75%, Series E......... 40,700 1,063,084 8.37 Taubman Centers, 8.00%, Series G..... 25,000 647,500 7.72 -------------- 6,080,052 -------------- TOTAL SHOPPING CENTER................ 24,475,050 -------------- SPECIALTY 1.21% Capital Automotive REIT, 6.75%....... 125,000 3,113,750 6.77 Capital Automotive REIT, 7.50%, Series A.......................... 95,102 2,353,774 7.58 Capital Automotive REIT, 8.00%, Series B.......................... 240,400 6,274,440 7.66 -------------- 11,741,964 -------------- TOTAL REAL ESTATE.................... 155,858,461 -------------- UTILITIES 1.97% ELECTRIC -- INTEGRATED 1.36% Pacific Gas and Electric Co., 6.57%, Series..................... 240,833 6,141,241 6.49 Southern California Edison Co., 7.23%, Series A................... 70,000 7,064,750 7.16 -------------- 13,205,991 -------------- GAS -- DISTRIBUTION 0.61% Southern Union Co., 7.55%, Series C.......................... 222,500 5,942,975 7.07 -------------- TOTAL UTILITIES...................... 19,148,966 -------------- TOTAL PREFERRED SECURITIES -- $25 PAR VALUE (Identified cost -- $180,733,902)......... 186,244,695 -------------- PREFERRED SECURITIES -- CAPITAL TRUST 5.36% DIVERSIFIED FINANCIAL SERVICES 1.59% Old Mutual Capital Funding, 8.00%, due 5/29/49 (Eurobond)..... 14,850,000 15,344,253 7.74 -------------- ELECTRIC -- INTEGRATED 1.45% DPL Capital Trust II, 8.125%, due 9/1/31........................ 3,000,000 3,472,260 7.02 Duquesne Light Co., 6.50%, Series H.......................... 194,900 10,576,248 6.03 -------------- 14,048,508 --------------
- -------------------------------------------------------------------------------- 6 - -------------------------------------------------------------------------------- COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS -- (CONTINUED) MARCH 31, 2005 (UNAUDITED)
NUMBER DIVIDEND OF SHARES VALUE YIELD ---------- -------------- ------------ FOOD 1.03% Dairy Farmers of America, 7.875%, 144A(a)........................... 70,000 $ 7,107,940 7.76% Gruma S.A., 7.75%, due 12/29/49, 144A(a)........................... 3,000,000 2,871,807 8.10 -------------- 9,979,747 -------------- INSURANCE -- MULTI-LINE 0.88% AFC Capital Trust I, 8.207%, due 2/3/27, Series B.................. 8,000,000 8,537,968 7.69 -------------- OIL -- EXPLORATION AND PRODUCTION 0.41% Pemex Project Funding Master Trust, 7.75%, due 9/29/49................ 4,000,000 3,975,356 7.80 -------------- TOTAL PREFERRED SECURITIES -- CAPITAL TRUST (Identified cost -- $50,621,266) 51,885,832 --------------
PRINCIPAL AMOUNT ----------- CORPORATE BOND 4.81% AUTOMOTIVE 0.20% General Motors Corp., 9.40%, due 7/15/21....................... $ 2,000,000 1,884,908 -------------- MEDIA 1.45% Cablevision Systems New York Group, 8.00%, due 4/15/12, 144A.......... 4,500,000 4,646,250 CSC Holdings, 7.875%, due 2/15/18.... 2,500,000 2,662,500 Liberty Media Corp., 8.25%, due 2/1/30........................ 1,500,000 1,525,082 Rogers Cable, 8.75%, due 5/01/32..... 4,500,000 5,242,500 -------------- 13,000,000 14,076,332 -------------- CELLULAR TELECOMMUNICATIONS 0.15% Rogers Wireless Communications, 7.50%, due 3/15/15, 144A.......... 1,400,000 1,452,500 -------------- INSURANCE 0.77% Liberty Mutual Insurance, 7.697%, due 10/15/97.............. 7,000,000 7,487,438 --------------
- ------------------- (a) The fund prices this security at fair value using procedures approved by the fund's board of directors. - -------------------------------------------------------------------------------- 7 - -------------------------------------------------------------------------------- COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS -- (CONTINUED) MARCH 31, 2005 (UNAUDITED)
PRINCIPAL AMOUNT VALUE ----------- -------------- MEDICAL -- HOSPITALS 1.12% Columbia/HCA, 8.36%, due 4/15/24..... $ 3,000,000 $ 3,301,218 Columbia/HCA, 7.75%, due 7/15/36..... 1,000,000 1,032,860 Columbia/HCA, 7.50%, due 11/15/95.... 6,800,000 6,558,491 -------------- 10,892,569 -------------- SPECIAL PURPOSE ENTITY 0.18% Valor Telecom Enterprise, 7.75%, due 02/15/15(a)................... 1,750,000 1,697,500 -------------- TELEPHONE -- INTEGRATED 0.94% Citizens Communications Co., 9.00%, due 8/15/31................ 8,700,000 9,091,500 -------------- TOTAL CORPORATE BOND (Identified cost -- $46,585,076).................. 46,582,747 COMMERCIAL PAPER 0.34% Prudential FDG Corp., 2.12%, due 04/01/05 (Identified cost -- $3,314,000)....................... 3,314,000 3,314,000 -------------- TOTAL INVESTMENTS (Identified cost -- $1,307,553,398)............ 150.17% 1,454,994,838(b) OTHER ASSETS IN EXCESS OF LIABILITIES........................ 0.61% 5,906,000 LIQUIDATION VALUE OF AUCTION MARKET PREFERRED SHARES: SERIES M7, SERIES T7, SERIES W7, SERIES TH28, SERIES F7 (Equivalent to $25,000 per share based on 3,400 shares outstanding per class) AND SERIES T28 (Equivalent to $25,000 per share based on 2,680 shares outstanding)....................... (50.78)% (492,000,000) ------ -------------- NET ASSETS APPLICABLE TO COMMON SHARES (Equivalent to $22.37 per share based on 43,320,750 shares of capital stock outstanding)......... 100.00% $ 968,900,838 ====== ==============
- ------------------- (a) The fund prices this security at fair value using procedures approved by the fund's board of directors. (b) At March 31, 2005, net unrealized appreciation was $147,441,440 based on cost for federal income tax purposes of $1,307,553,398. This consisted of aggregate gross unrealized appreciation on investments of $154,067,638 and aggregate gross unrealized depreciation on investments of $6,626,198. - -------------------------------------------------------------------------------- 8 - -------------------------------------------------------------------------------- COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS -- (CONTINUED) MARCH 31, 2005 (UNAUDITED) NOTE 1. INVESTMENTS IN INTEREST RATE SWAPS The fund has entered into interest rate swap agreements with Merrill Lynch Derivative Products AG, UBS AG, and Royal Bank of Canada. Under the agreements the fund receives a floating rate and pays a respective fixed rate. Details of the swaps at March 31, 2005 are as follows:
NOTIONAL FIXED FLOATING RATE(a) UNREALIZED COUNTERPARTY AMOUNT RATE (RESET MONTHLY) TERMINATION DATE APPRECIATION - --------------------------- ------ ---- ---------------- ---------------- ------------ Merrill Lynch Derivative Products AG.............. $40,000,000 3.822% 2.69% June 1, 2008 $ 559,963 Merrill Lynch Derivative Products AG.............. $40,000,000 3.995% 2.745% July 7, 2009 681,944 Merrill Lynch Derivative Products AG.............. $35,000,000 4.085% 2.85% May 27, 2009 470,621 Royal Bank of Canada....... $35,000,000 3.890% 2.85% May 19, 2008 423,030 Royal Bank of Canada....... $30,000,000 4.077% 2.69% June 1, 2009 373,917 UBS AG..................... $32,500,000 3.977% 2.83% June 17, 2008 318,069 ---------- $2,827,543 ---------- ----------
- ------------------- (a) Based on LIBOR (London Interbank Offered Rate). Represents rates in effect at March 31, 2005. - -------------------------------------------------------------------------------- 9 Item 2. Controls and Procedures (a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act as of a date within 90 days of the filing of this report. (b) During the last fiscal quarter, there were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3. Exhibits. (a) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. 10 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. COHEN & STEERS SELECT UTILITY FUND, INC. By: /s/ Robert H. Steers -------------------------------- Name: Robert H. Steers Title: Chairman Date: May 27, 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. By: /s/ Robert H. Steers By: /s/ Martin Cohen -------------------------------- --------------------------------------- Name: Robert H. Steers Name: Martin Cohen Title: Chairman, Secretary Title: President, Treasurer and principal executive officer and principal financial officer Date: May 27, 2005
11 EX-99.CERT 2 ex3a.txt EXHIBIT 3(A) EXHIBIT 3(a) RULE 30a-2(a) CERTIFICATIONS I, Robert H. Steers, certify that: 1. I have reviewed this report on Form N-Q of Cohen & Steers Select Utility Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30-a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 27, 2005 /s/ Robert H. Steers -------------------- Robert H. Steers Chairman, Secretary and principal executive officer EXHIBIT 3(a) RULE 30a-2(a) CERTIFICATIONS I, Martin Cohen, certify that: 1. I have reviewed this report on Form N-Q of Cohen & Steers Select Utility Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30-a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 27, 2005 /s/ Martin Cohen ---------------- Martin Cohen President, Treasurer and principal financial officer -----END PRIVACY-ENHANCED MESSAGE-----