N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-6027

KAVILCO INCORPORATED

(Exact name of registrant as specified in charter)

1000 Second Avenue, Suite 3320

Seattle, Washington

98104

(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: (206)624-6166

Date of reporting period: March 31, 2020

			Principal Amount or Shares	Fair Value
INVESTMENTS IN SECURITIES
U.S. Common Stock - 93.8%
American Depository Receipts - 2.5%
	Atlantic Power Corp.		2,700	5,778
	Eaton Corp, PLC		1,400	108,766
	Enbridge Inc.		11,193	325,604
	GW Pharmaceuticals PLC		300	26,271
	Invesco Ltd.		6,300	57,204
	Obsidian Energy Ltd.		485	81
	Royal Dutch Shell, PLC		4,300	140,438
	Schlumberger Ltd.		1,200	16,188
	Seadrill, Ltd.		4	2
	Wheaton Precious Metals Corp.		700	19,271
		Total American Depository Receipts		699,603
Consumer Staples - 1.6%
	Coca Cola Co.		3,500	154,875
	The Kraft Heinz Company		4,900	121,226
	Walgreens Boots Alliance Inc.		3,850	176,138
		Total Consumer Staples		452,239
Consumer Discretionary - 1.0%
	Amazon Com Inc.		25	48,743
	Genuine Parts Co.		3,400	228,922
	Ryman Hospitality Properties Inc.		600	21,510
		Total Consumer Discretionary		299,175
Energy - 2.7%
	Chevron Corp.		1,800	130,428
	Diamond Offshore Drilling, Inc.		1,515	2,772
	Exxon Mobil Corp.		5,000	189,850
	Kinder Morgan, Inc.		19,919	277,272
	Phillips 66		500	26,825
	Plains GP Holdings LP		1,400	7,854
	Valero Energy Corp.		1,170	53,071
	Williams Cos Inc.		6,784	95,994
		Total Energy		784,067
Financials - 24.6%
	AvalonBay Communities, Inc.		1,750	257,548
	Blackstone Group Inc., The		11,800	537,726
	Diversified Healthcare Trust		10,400	37,752
	EPR Properties		2,575	62,367
	Equity Residential PPTYS		3,000	185,130
	HCP, Inc.		7,000	151,520
	Healthcare Realty Trust, Inc.		5,425	183,645
	Highwoods Properties, Inc.		1,300	46,046
	Iron Mountain Inc.		8,100	192,780
	Kimco Realty Corp.		8,400	81,228
	Lamar Advertising Company		6,400	328,192
	LTC Properties, Inc.		10,330	319,197
	Macerich Co. Com.		1,500	8,445
	Mack Cali Rlty Corp.		5,600	85,288
	National Retail Properties, Inc.		1,470	47,319
	Omega Healthcare Investors, Inc.		5,831	154,755
	Prologis, Inc.		10,827	870,166
	Prudential Financial Inc.		1,260	65,696
	Public Storage Inc.		1,000	198,610
	Realty Income Corp.		12,255	611,034
	Redwood Trust, Inc.		2,600	13,156
	RMR Group, Inc., The		274	7,390
	Sabra Health Care REIT, Inc.		2,970	32,432
	Hospitality Properties Trust		13,400	72,360
	Simon Property Group, Inc.		1,240	68,026
	Spirit Realty Capital, Inc.		2,500	65,375
	Stag Industrial, Inc.		15,410	347,033
	T Rowe Price Group Inc.		5,300	517,545
	Tanger Factory Outlet Ctr.		10,800	54,000
	Truist Financial Corp.		1,480	45,643
	Ventas, Inc.		13,200	353,760
	Vornado Realty Trust		3,290	119,131
	Washington REIT		8,450	201,702
	Wells Fargo & Co.		9,540	273,798
	Welltower, Inc.		8,810	403,322
	Weyerhaeuser Co.		1,900	32,205
		Total Financials		7,031,322
Health Care - 4.1%
	Abbvie, Inc.		1,680	127,999
	Amgen, Inc.		2,380	482,497
	Five Star Senior Living, Inc.		6,900	384,606
	Bristol Myers Squibb		704	1,957
	Pfize,r Inc.		5,000	163,200
		Total Healthcare		1,160,260
Industrials - 2.1%
	General Electric Co.		24,550	194,927
	Pitney Bowes, Inc.		3,000	6,120
	United Parcel Service		3,670	342,851
	Wabtec Corp.		131	6,305
	Watsco, Inc.		300	47,409
		Total Industrials		597,612
Information Technology - 3.9%
	Apple, Inc.		170	43,229
	Cisco Systems, Inc.		4,300	169,033
	International Business Machines Corp.		2,370	262,904
	Paychex, Inc.		9,925	624,481
		Total Information Technology		1,099,647
Master Limited Partnerships - 3.1%
	Alliancebernstein Holding LP		1,700	31,603
	CVR Partners LP		4,760	4,903
	Energy Transfer Partners LP		15,960	73,416
	Enterprise Products Partners LP		20,400	291,720
	Magellan Midstream Partners LP		7,600	277,324
	MPLX LP		2,180	25,332
	Nustar Energy LP		4,100	35,219
	Plains All American Pipeline LP		3,914	20,666
	Suburban Propane Partners LP		3,200	45,248
	Targa Resources Corp.		1,160	8,016
	TC Pipelines LP		2,300	63,204
		Total Master Limited Partnerships		876,650
Materials - 0.2%
	International Paper Co		1,900	59,147
		Total Mutual Funds		59,147
Mutual Funds - 3.3%
	Blackrock Floating Rate Income Trust		3,179	31,186
	John Hancock Preferred Income Fund		3,284	52,774
	iShares Investment Grade Corp. Bonds		640	79,046
	iShares US Preferred ETF		2,516	80,109
	iShares 1-3 Year Treasury Bond		7,200	624,024
	SPDR Bloomberg Barclays High Yield Bond ETF		866	82,045
		Total Mutual Funds		949,185
Telecommunication Services - 8.0%
	AT & T, Inc.		29,570	861,966
	Centurylink, Inc.		6,900	65,274
	Consolidated Communications		9,600	43,680
	Verizon Communications		24,540	1,318,534
		Total Telecommunication Services		2,289,454
Utilities - 36.7%
	Alliant Energy Corp.		14,900	719,521
	American Electric Power, Inc.		8,240	659,035
	Centerpoint Energy, Inc.		19,800	305,910
	Consolidated Edison		8,100	631,800
	Dominion Energy, Inc.		10,900	786,871
	Duke Energy Corp.		9,095	735,604
	Entergy Corp.		4,170	391,855
	Eversource Energy		10,481	819,719
	Exelon Corp.		6,500	239,265
	Firstenergy Corp		7,605	304,732
	NextEra Energy, Inc.		3,170	762,765
	OGE Energy Corp. Co.		11,200	344,176
	Oneok Inc. Co.		1,600	34,896
	PPL Corporation		13,945	344,163
	Public Service Enterprise Group, Inc.		12,000	538,920
	Sempra Corp		1,740	196,603
	Southern Company		14,730	797,482
	UGI Corp. New Com.		4,611	122,975
	WEC Energy Group, Inc.		10,840	955,329
	Xcel Energy, Inc.		12,770	770,031
		Total Utilities		10,461,652
		Total U.S. Common Stock (Cost $31,861,715)		$        26,760,012
Cash Equivalents - 6.2%
		Total Cash Equivalents (Cost $1,776,938)		$          1,776,938
		TOTAL INVESTMENT IN SECURITIES (Cost $33,638,653)		$        28,536,950

 

FINANCIAL ACCOUNTING STANDARDS NO. 157

The Company adopted the provisions of the Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data from sources independent of the Company. Unobservable inputs reflect the Company’s own assumption about the assumptions that market participants would use in pricing the asset or liability developed on the best information available in the circumstance.

The fair value hierarchy is categorized into three levels based on the inputs as follows

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Company's own assumptions about the assumption a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following table presents information about the Company’s assets measured at fair market value as of March 31, 2017:

Investments in Securities	Level 1	Level 2	Level 3	Balance
US Corporate Bonds		0		0
US Common Stock	26,760,0212			26,760,012
Cash Equivalents	1,776,938			1,776,938
TOTALS				$28,536,950

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant’s President and Chief 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, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

The following exhibits are attached to this Form N-Q:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
3 (a) (1)	Certification of President
3 (a) (2)	Certification of Chief Financial Officer

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.

(Registrant): Kavilco Incorporated
By:	/s/ Louis L. Jones, Sr.
	Louis L. Jones, Sr.
	President

Date:April 22, 2020

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/ Scott Burns
	Scott Burns
	Chief Financial Officer
Date: April 22, 2020

EX-99.CERT

Exhibit 3 (a) (1)

CERTIFICATIONS

I, Louis L. Jones, Sr., certify that:

1. I have reviewed this report on Form N-Q of Kavilco Incorporated;

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 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 30a-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 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 and I have disclosed to the registrant’s auditors and the registrant's board of directors acting as the audit committee (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.

/s/ Louis L. Jones, Sr.

Louis L Jones, Sr.

President

Date: April 22, 2020

Exhibit 3 (a) (2)

CERTIFICATIONS

I, Scott Burns, certify that:

1. I have reviewed this report on Form N-Q of Kavilco Incorporated;

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 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 30a-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 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 and I have disclosed to the registrant’s auditors and the registrant's board of directors acting as the audit committee (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.

/s/ Scott Burns

Scott Burns

Chief Financial Officer

Date: April 22, 2020