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