-----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, WBYix0QPe4oRgG6u7rY3qUD33Q62ZSUjam3IC+ldM+tHxxzXvkhtp677860qv1oV xDZ2RvVg0J7QiFh4PbHhTg== 0000950117-05-004386.txt : 20051117 0000950117-05-004386.hdr.sgml : 20051117 20051117113959 ACCESSION NUMBER: 0000950117-05-004386 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 FILED AS OF DATE: 20051117 DATE AS OF CHANGE: 20051117 EFFECTIVENESS DATE: 20051117 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: 051211738 BUSINESS ADDRESS: STREET 1: 280 PARK AVENUE STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2128323232 MAIL ADDRESS: STREET 1: 280 PARK AVENUE STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 N-Q 1 a40804.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: September 30, 2005 Item 1. Schedule of Investments COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS September 30, 2005 (Unaudited)
Number of Shares Value ---------- ----------- COMMON STOCK 117.6% TELECOMMUNICATION SERVICES 1.5% Fairpoint Communications 1,105,000 $16,166,150 ----------- TELEPHONE - INTEGRATED 2.5% Citizens Communications Co. 2,030,000 27,506,500 ----------- TRANSPORT - MARINE 0.1% Teekay LNG Partners LP 35,400 1,115,100 ----------- UTILITIES 112.6% ELECTRIC - DISTRIBUTION 9.4% Consolidated Edison 1,209,200 58,706,660 Energy East Corp. 149,700 3,770,943 National Grid Transco PLC (ADR) 2 94 NSTAR 346,339 10,016,124 Pepco Holdings 1,409,200 32,792,084 ----------- 105,285,905 -----------
1 COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS--(Continued) September 30, 2005 (Unaudited)
Number of Shares Value ---------- ----------- ELECTRIC - INTEGRATED 90.4% Ameren Corp. 1,457,400 $ 77,956,326 American Electric Power Co. 143,600 5,700,920 CINergy Corp. 1,176,300 52,239,483 Cleco Corp. 246,700 5,817,186 Dominion Resources 414,600 35,713,644 DPL 209,700 5,829,660 DTE Energy Co. 963,500 44,186,110 Duke Energy Corp. 2,539,100 74,065,547 E.ON AG (ADR) 480,800 14,784,600 Edison International 1,353,000 63,969,840 Entergy Corp. 696,350 51,752,732 Exelon Corp. 1,435,464 76,711,196 FirstEnergy Corp. 515,800 26,883,496 FPL Group 1,167,000 55,549,200 Hawaiian Electric Industries 466,700 13,011,596 NiSource 489,000 11,858,250 PG&E Corp. 1,519,000 59,620,750 Pinnacle West Capital Corp. 792,600 34,937,808 PPL Corp. 994,000 32,136,020 Progress Energy 605,750 27,107,313 Public Service Enterprise Group 811,400 52,221,704 SCANA Corp. 108,500 4,583,040 Scottish Power PLC (ADR) 278,300 11,198,792 Southern Co.(a) 1,952,500 69,821,400 TXU Corp. 495,000 55,875,600 Xcel Energy 2,402,500 47,113,025 ---------- -------------- 1,010,645,238 -------------- ELECTRIC - TRANSMISSION 0.9% ITC Holdings Corp. 334,900 9,705,402 --------------
2 COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS--(Continued) September 30, 2005 (Unaudited)
Number of Shares Value ---------- ----------- GAS - DISTRIBUTION 3.4% AGL Resources 311,000 $11,541,210 Atmos Energy Corp. 210,500 5,946,625 Sempra Energy 200,000 9,412,000 Vectren Corp. 413,867 11,733,129 ------------- 38,632,964 ------------- GAS - INTEGRATED 8.2% Equitable Resources 1,554,600 60,722,676 KeySpan Corp. 836,300 30,759,114 ------------- 91,481,790 ------------- PIPELINES 0.3% Williams Partners LP 92,500 3,007,175 ------------- TOTAL UTILITIES 1,258,758,474 ------------- UTILITY - FOREIGN 0.9% ELECTRIC - INTEGRATED RWE AG 100,000 6,616,181 Scottish & Southern Energy PLC 217,900 3,954,774 ------------- TOTAL UTILITY - FOREIGN 10,570,955 ------------- TOTAL COMMON STOCK (Identified cost-$1,028,471,858) 1,314,117,179 ------------- PREFERRED SECURITIES - CAPITAL TRUST 6.3% DIVERSIFIED FINANCIAL SERVICES 1.4% Old Mutual Capital Funding, 8.00%, due 5/29/49 (Eurobond) 14,850,000 15,549,331 ------------- ELECTRIC - INTEGRATED 1.2% DPL Capital Trust II, 8.125%, due 9/01/31 3,000,000 3,645,000 Duquesne Light Co., 6.50%, Series H 194,900 10,086,075 ------------- 13,731,075 -------------
3 COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS--(Continued) September 30, 2005 (Unaudited)
Number of Shares Value ---------- ----------- FOOD 1.0% Dairy Farmers of America, 7.875%, 144A(b),(c) 70,000 $ 6,849,416 Gruma S.A., 7.75%, due 12/29/49, 144A(c) 4,000,000 4,095,000 ------------ 10,944,416 ------------ INSURANCE - MULTI-LINE 1.4% AFC Capital Trust I, 8.207%, due 2/03/27, Series B(b) 8,000,000 8,447,408 Liberty Mutual Insurance, 7.697%, due 10/15/97, 144A(c) 7,000,000 7,140,602 ------------ 15,588,010 ------------ MEDICAL - HOSPITALS 0.6% Columbia/HCA, 7.50%, due 11/15/95 7,545,000 6,964,299 ------------ OIL - EXPLORATION AND PRODUCTION 0.4% Pemex Project Funding Master Trust, 7.75%, due 9/29/49 4,000,000 4,169,000 ------------ RETAIL 0.3% JC Penney Co., 7.625%, due 3/01/97 3,000,000 3,090,000 ------------ TOTAL PREFERRED SECURITIES - CAPITAL TRUST (Identified cost-$69,094,180) 70,036,131 ------------ PREFERRED SECURITIES - $25 PAR VALUE 15.9% BANK 0.5% Chevy Chase Bank, 8.00%, Series C 87,100 2,480,172 First Republic Bank, 6.70%, Series A 118,700 3,004,297 ------------ 5,484,469 ------------ BANK - FOREIGN 0.1% Northern Rock PLC, 8.00%, Series 45,000 1,133,100 ------------
4 COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS--(Continued) September 30, 2005 (Unaudited)
Number of Shares Value ---------- ----------- MEDIA 0.3% Liberty Media Corp., 8.75%, (CBTCS) 22,100 $ 560,898 Liberty Media Corp., 8.75%, (PPLUS) 20,700 522,675 Shaw Communications, 8.50%, Series B (COPrS) 99,600 2,531,832 ------------- 3,615,405 ------------- REAL ESTATE 14.1% DIVERSIFIED 2.3% Bedford Property Investors, 7.625%, Series B 205,350 5,137,857 Colonial Properties Trust, 7.62%, Series E 49,500 1,234,530 Digital Realty Trust, 8.50%, Series A 56,000 1,475,600 Forest City Enterprises, 7.375%, Class A 80,800 2,040,200 iStar Financial, 7.875%, Series E 270,700 7,078,805 iStar Financial, 7.80%, Series F 132,000 3,499,320 iStar Financial, 7.50%, Series I 113,940 2,884,961 Lexington Corporate Properties Trust, 8.05%, Series B 75,000 1,968,750 ------------- 25,320,023 ------------- HEALTH CARE 1.9% Health Care REIT, 7.875%, Series D 72,550 1,878,682 Health Care REIT, 7.625%, Series F 218,800 5,535,640 LTC Properties, 8.00%, Series F 547,713 14,048,839 ------------- 21,463,161 ------------- HOTEL 1.2% Ashford Hospitality Trust, 8.55%, Series A 156,500 4,070,565 Equity Inns, 8.75%, Series B 75,900 1,993,513 Host Marriott Corp., 8.875%, Series E 100,000 2,730,000 Innkeepers USA Trust, 8.00%, Series C 189,500 4,955,425 ------------- 13,749,503 -------------
5 COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS--(Continued) September 30, 2005 (Unaudited)
Number of Shares Value ---------- ----------- OFFICE 4.1% Alexandria Real Estate Equities, 8.375%, Series C 514,000 $13,528,480 Brandywine Realty Trust, 7.50%, Series C 75,819 1,922,012 Corporate Office Properties Trust, 8.00%, Series G 38,486 1,000,636 CRT Properties, 8.50%, Series A 20,335 506,341 Highwoods Properties, 8.00%, Series B 21,838 551,628 Maguire Properties, 7.625%, Series A 495,626 12,564,119 SL Green Realty Corp., 7.625%, Series C 247,000 6,271,330 SL Green Realty Corp., 7.875%, Series D 347,333 8,940,351 ----------- 45,284,897 ----------- OFFICE/INDUSTRIAL 0.9% PS Business Parks, 7.00%, Series H 75,700 1,881,145 PS Business Parks, 6.875%, Series I 54,950 1,340,780 PS Business Parks, 7.95%, Series K 252,000 6,602,400 ----------- 9,824,325 ----------- RESIDENTIAL - APARTMENT 0.6% Apartment Investment & Management Co., 7.75%, Series U 30,000 750,900 Apartment Investment & Management Co., 8.00%, Series V 87,000 2,209,800 Apartment Investment & Management Co., 7.875%, Series Y 93,000 2,334,300 Hovnanian Enterprises, 7.625%, Series A 80,000 1,931,920 ----------- 7,226,920 -----------
6 COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS--(Continued) September 30, 2005 (Unaudited)
Number of Shares Value ---------- ----------- SHOPPING CENTER 2.1% COMMUNITY CENTER 1.6% Cedar Shopping Centers, 8.875%, Series A 300,000 $ 7,800,000 Developers Diversified Realty Corp., 7.375%, Series H 25,000 635,000 Developers Diversified Realty Corp., 7.50%, Series I 302,000 7,682,880 Saul Centers, 8.00%, Series A 67,500 1,765,125 ----------- 17,883,005 ----------- REGIONAL MALL 0.5% CBL & Associates Properties, 7.75%, Series C 126,931 3,271,012 Mills Corp., 9.00%, Series C 43,300 1,130,563 Mills Corp., 8.75%, Series E 40,700 1,078,550 Taubman Centers, 8.00%, Series G 25,000 650,000 ----------- 6,130,125 ----------- TOTAL SHOPPING CENTER 24,013,130 ----------- SPECIALTY 1.0% Capital Automotive REIT, 6.75% 123,000 3,018,420 Capital Automotive REIT, 7.50%, Series A 95,102 2,120,775 Capital Automotive REIT, 8.00%, Series B 240,400 5,661,420 ----------- 10,800,615 ----------- TOTAL REAL ESTATE 157,682,574 ----------- UTILITIES 0.9% ELECTRIC - INTEGRATED 0.4% Sierra Pacific Power Co., 7.80%, Series 1 169,038 4,259,758 ----------- GAS - DISTRIBUTION 0.5% Southern Union Co., 7.55%, Series C 222,500 5,922,950 ----------- TOTAL UTILITIES 10,182,708 ----------- TOTAL PREFERRED SECURITIES - $25 PAR VALUE (Identified cost-$172,176,951) 178,098,256 -----------
7 COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS--(Continued) September 30, 2005 (Unaudited)
Principal Amount Value ---------- ----------- CORPORATE BONDS 3.0% CELLULAR TELECOMMUNICATIONS 0.1% Rogers Wireless Communications, 7.50%, due 3/15/15, 144A(c) $ 1,400,000 $ 1,515,500 ----------- MEDIA 1.5% Cablevision Systems Corp., 8.00%, due 4/15/12 4,500,000 4,387,500 CSC Holdings, 7.875%, due 2/15/18 500,000 480,000 Liberty Media Corp., 8.25%, due 2/1/30 4,000,000 3,850,408 Rogers Cable, 8.75%, due 5/01/32 7,000,000 8,032,500 ----------- 16,750,408 ----------- MEDICAL - HOSPITALS 0.4% Columbia/HCA, 7.75%, due 7/15/36 1,000,000 996,825 Columbia/HCA, 8.36%, due 4/15/24 3,000,000 3,233,640 ----------- 4,230,465 ----------- SPECIAL PURPOSE ENTITY 0.2% Valor Telecom Enterprise, 7.75%, due 2/15/15 2,750,000 2,681,250 ----------- TELEPHONE - INTEGRATED 0.8% Citizens Communications Co., 9.00%, due 8/15/31 8,700,000 8,863,125 ----------- TOTAL CORPORATE BONDS (Identified cost-$34,854,511) 34,040,748 ----------- COMMERCIAL PAPER 0.5% San Paolo U.S. Finance Co., 2.75%, due 10/03/05 (Identified cost-$5,308,189) 5,309,000 5,308,189 -----------
8 COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS--(Continued) September 30, 2005 (Unaudited)
Value --------------- TOTAL INVESTMENTS (Identified cost-$1,309,905,689) 143.3% 1,601,600,503 OTHER ASSETS IN EXCESS OF LIABILITIES 0.7% 8,145,324 LIQUIDATION VALUE OF PREFERRED SHARES (44.0)% (492,000,000) --------- --------------- NET ASSETS APPLICABLE TO COMMON SHARES (Equivalent to $25.80 per share based on 43,320,750 shares of common stock outstanding) 100.0% $1,117,745,827 ========= ===============
Note: Percentages indicated are based on the net assets applicable to common shares of the fund. (a) 120,000 shares segregated as collateral for interest rate swap transactions. (b) Fair valued security. Aggregate holdings equal 1.4% of net assets applicable to common shares. (c) Resale is restricted to qualified institutional investors. Aggregate holdings equal 1.8% of net assets applicable to common shares. Glossary of Portfolio Abbreviations ADR American Depositary Receipt CBTCS Corporate Backed Trust Certificates COPrS Canadian Origin Preferred Securities PPLUS Preferred Plus Trust REIT Real Estate Investment Trust 9 COHEN & STEERS SELECT UTILITY FUND, INC. SCHEDULE OF INVESTMENTS--(Continued) September 30, 2005 (Unaudited) Interest Rate Swaps:
Unrealized Notional Fixed Floating Rate(a) Appreciation/ Counterparty Amount Rate (reset monthly) Termination Date (Depreciation) - ------------------------- ----------- ------- -------------- ---------------- ------------- Merrill Lynch Derivative Products AG $40,000,000 3.8225% 3.693% June 1, 2008 $ 677,820 Merrill Lynch Derivative Products AG $35,000,000 4.085% 3.830% May 27, 2009 511,196 Merrill Lynch Derivative Products AG $40,000,000 3.995% 3.689% July 7, 2009 723,408 Royal Bank of Canada $35,000,000 3.8900% 3.789% May 19, 2008 520,132 Royal Bank of Canada $30,000,000 4.0775% 3.693% June 1, 2009 433,482 UBS AG $32,500,000 3.9775% 3.789% June 17, 2008 424,665 UBS AG $25,000,000 4.550% 3.680% April 4, 2010 (34,535) UBS AG $32,000,000 4.153% 3.830% May 26, 2010 517,096 ---------- $3,773,264 ==========
- ---------------- (a) Based on LIBOR (London Interbank Offered Rate). Represents rates in effect at September 30, 2005. 10 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. 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/ Adam M. Derechin -------------------------------- Name: Adam M. Derechin Title: President Date: November 17, 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/ Adam M. Derechin By: /s/ Jay J. Chen -------------------------------- ----------------------------------- Name: Adam M. Derechin Name: Jay J. Chen Title: President and principal Title: Treasurer and principal executive officer financial officer Date: November 17, 2005 EX-99.CERT 2 ex3a.txt EXHIBIT 3(A) EXHIBIT 3(a) RULE 30a-2(a) CERTIFICATIONS I, Adam M. Derechin, 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: November 17, 2005 /s/ Adam M. Derechin -------------------- Adam M. Derechin President and principal executive officer EXHIBIT 3(a) RULE 30a-2(a) CERTIFICATIONS I, Jay J. Chen, 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: November 17, 2005 /s/ Jay J. Chen --------------- Jay J. Chen Treasurer and principal financial officer -----END PRIVACY-ENHANCED MESSAGE-----