UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-21485 |
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Cohen & Steers Select Utility Fund, Inc. |
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(Exact name of registrant as specified in charter) |
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280 Park Avenue |
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10017 |
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(Address of principal executive offices) |
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(Zip code) |
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Francis C. Poli |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
(212) 832-3232 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
March 31, 2008 |
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Item 1. Schedule of Investments
COHEN & STEERS SELECT UTILITY FUND, INC.
SCHEDULE OF INVESTMENTS
March 31, 2008 (Unaudited)
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|
|
Number |
|
|
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|
|
|
|
of Shares |
|
Value |
|
|
|
COMMON STOCK 122.7% |
|
|
|
|
|
|
|
ENERGY 10.1% |
|
|
|
|
|
|
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INTEGRATED OIL & GAS 0.6% |
|
|
|
|
|
|
|
Duncan Energy Partners LP |
|
66,900 |
|
$ |
1,236,312 |
|
|
Targa Resources Partners LP |
|
240,000 |
|
5,580,000 |
|
|
|
|
|
|
|
6,816,312 |
|
|
|
OIL & GAS EQUIPMENT & SERVICES 0.3% |
|
|
|
|
|
|
|
Exterran Partners LP |
|
105,000 |
|
3,045,000 |
|
|
|
|
|
|
|
|
|
|
|
OIL & GAS REFINING & MARKETING 0.5% |
|
|
|
|
|
|
|
Spectra Energy Income Fund (Canada) |
|
283,850 |
|
3,111,026 |
|
|
|
Spectra Energy Income Fund, 144A (Canada)(a) |
|
272,000 |
|
2,981,148 |
|
|
|
|
|
|
|
6,092,174 |
|
|
|
OIL & GAS STORAGE & TRANSPORATION 8.7% |
|
|
|
|
|
|
|
DCP Midstream Partners LP |
|
272,000 |
|
7,888,000 |
|
|
|
Enbridge Energy Partners LP |
|
5,600 |
|
266,280 |
|
|
|
Energy Transfer Partners LP |
|
169,400 |
|
7,736,498 |
|
|
|
Enterprise Products Partners LP |
|
322,500 |
|
9,578,250 |
|
|
|
Kinder Morgan Energy Partners LP |
|
155,400 |
|
8,498,826 |
|
|
|
Magellan Midstream Partners LP |
|
94,000 |
|
3,807,000 |
|
|
|
SemGroup Energy Partners LP |
|
107,800 |
|
2,721,950 |
|
|
|
Spectra Energy Corp. |
|
1,374,664 |
|
31,273,606 |
|
|
|
Teekay LNG Partners LP |
|
110,400 |
|
3,170,688 |
|
|
|
Teekay Offshore Partners LP |
|
129,000 |
|
2,986,350 |
|
|
|
Williams Partners LP |
|
501,500 |
|
15,797,250 |
|
|
|
|
|
|
|
93,724,698 |
|
|
|
TOTAL ENERGY |
|
|
|
109,678,184 |
|
|
|
|
|
|
|
|
|
|
|
INTEGRATED TELECOMMUNICATIONS SERVICES 1.4% |
|
|
|
|
|
|
|
Citizens Communications Co. |
|
908,000 |
|
9,524,920 |
|
|
|
Fairpoint Communications |
|
594,376 |
|
5,361,272 |
|
|
|
|
|
|
|
14,886,192 |
|
|
1
|
|
|
Number |
|
|
|
|
|
|
|
of Shares |
|
Value |
|
|
|
UTILITIES 111.2% |
|
|
|
|
|
|
|
ELECTRIC UTILITIES 73.1% |
|
|
|
|
|
|
|
American Electric Power Co. |
|
387,200 |
|
$ |
16,119,136 |
|
|
Cleco Corp. |
|
271,400 |
|
6,019,652 |
|
|
|
DPL |
|
252,200 |
|
6,466,408 |
|
|
|
Duke Energy Corp.(b) |
|
4,374,128 |
|
78,078,185 |
|
|
|
E.ON AG (ADR) (Germany) |
|
838,916 |
|
52,033,765 |
|
|
|
Electricite de France (France) |
|
313,700 |
|
27,293,420 |
|
|
|
Entergy Corp. |
|
849,150 |
|
92,625,282 |
|
|
|
Exelon Corp. |
|
1,547,164 |
|
125,738,018 |
|
|
|
FirstEnergy Corp. |
|
902,000 |
|
61,895,240 |
|
|
|
Fortum Oyj (Finland) |
|
308,000 |
|
12,550,232 |
|
|
|
FPL Group |
|
1,169,000 |
|
73,343,060 |
|
|
|
Great Plains Energy |
|
172,200 |
|
4,244,730 |
|
|
|
ITC Holdings Corp. |
|
177,600 |
|
9,245,856 |
|
|
|
Northeast Utilities |
|
408,500 |
|
10,024,590 |
|
|
|
Pepco Holdings |
|
1,366,200 |
|
33,772,464 |
|
|
|
Pinnacle West Capital Corp. |
|
622,600 |
|
21,840,808 |
|
|
|
PPL Corp. |
|
808,300 |
|
37,117,136 |
|
|
|
Progress Energy |
|
580,750 |
|
24,217,275 |
|
|
|
Scottish and Southern Energy PLC (United Kingdom) |
|
937,930 |
|
26,134,946 |
|
|
|
Southern Co. |
|
1,952,500 |
|
69,528,525 |
|
|
|
|
|
|
|
788,288,728 |
|
|
|
GAS UTILITIES 6.7% |
|
|
|
|
|
|
|
AGL Resources |
|
162,100 |
|
5,563,272 |
|
|
|
Atmos Energy Corp. |
|
210,500 |
|
5,367,750 |
|
|
|
Equitable Resources |
|
1,046,302 |
|
61,627,188 |
|
|
|
|
|
|
|
72,558,210 |
|
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 1.1% |
|
|
|
|
|
|
|
Constellation Energy Group |
|
134,000 |
|
11,828,180 |
|
|
2
|
|
|
Number |
|
|
|
|
|
|
|
of Shares |
|
Value |
|
|
|
MULTI UTILITIES 30.3% |
|
|
|
|
|
|
|
Ameren Corp.(c) |
|
599,400 |
|
$ |
26,397,576 |
|
|
Consolidated Edison |
|
721,200 |
|
28,631,640 |
|
|
|
Dominion Resources |
|
755,200 |
|
30,842,368 |
|
|
|
DTE Energy Co. |
|
168,500 |
|
6,552,965 |
|
|
|
NSTAR |
|
346,339 |
|
10,539,096 |
|
|
|
OGE Energy Corp. |
|
451,000 |
|
14,057,670 |
|
|
|
PG&E Corp. |
|
1,156,000 |
|
42,563,920 |
|
|
|
Public Service Enterprise Group |
|
1,302,800 |
|
52,359,532 |
|
|
|
Puget Energy |
|
68,900 |
|
1,782,443 |
|
|
|
RWE AG (Germany) |
|
81,479 |
|
10,015,511 |
|
|
|
Sempra Energy |
|
621,504 |
|
33,113,733 |
|
|
|
TECO Energy |
|
317,900 |
|
5,070,505 |
|
|
|
United Utilities PLC (United Kingdom) |
|
840,651 |
|
11,520,292 |
|
|
|
Vectren Corp. |
|
431,067 |
|
11,565,528 |
|
|
|
Xcel Energy |
|
2,062,500 |
|
41,146,875 |
|
|
|
|
|
|
|
326,159,654 |
|
|
|
TOTAL UTILITIES |
|
|
|
1,198,834,772 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK |
|
|
|
1,323,399,148 |
|
|
|
|
|
|
|
|
|
|
|
PREFERRED SECURITIES—$25 PAR VALUE 20.1% |
|
|
|
|
|
|
|
BANK 2.5% |
|
|
|
|
|
|
|
Chevy Chase Bank, 8.00%, Series C |
|
145,500 |
|
3,084,600 |
|
|
|
Deutsche Bank Contingent Capital Trust III, 7.60% |
|
201,000 |
|
4,974,750 |
|
|
|
HSBC USA, 6.50%, Series H |
|
83,375 |
|
1,875,938 |
|
|
|
Sovereign Bancorp, 7.30%, Series C |
|
200,000 |
|
4,200,000 |
|
|
|
Sovereign Capital Trust V, 7.75%, due 5/22/36 |
|
132,000 |
|
2,481,600 |
|
|
|
SunTrust Capital IX, 7.875% |
|
31,900 |
|
781,550 |
|
|
|
Wachovia Capital Trust X, 7.85%, due 12/1/67 |
|
99,300 |
|
2,482,500 |
|
|
|
Wachovia Corp., 7.25%, Series A |
|
90,000 |
|
2,131,200 |
|
|
|
Wells Fargo Capital XII, 7.875% |
|
141,100 |
|
3,569,830 |
|
|
|
Zions Bancorporation, 4.00%, Series A (FRN) |
|
80,000 |
|
1,358,000 |
|
|
|
|
|
|
|
26,939,968 |
|
|
3
|
|
|
Number |
|
|
|
|
|
|
|
of Shares |
|
Value |
|
|
|
BANK—FOREIGN 1.0% |
|
|
|
|
|
|
|
Royal Bank of Scotland Group PLC, 6.35%, Series N |
|
130,700 |
|
$ |
2,885,856 |
|
|
Royal Bank of Scotland Group PLC, 6.60%, Series S |
|
28,278 |
|
630,599 |
|
|
|
Royal Bank of Scotland Group PLC, 7.25%, Series T |
|
116,948 |
|
2,861,718 |
|
|
|
Santander Finance Preferred, 6.50% |
|
80,000 |
|
1,700,000 |
|
|
|
Santander Finance Preferred, 4.00%, Series 6 (FRN) |
|
200,000 |
|
3,460,000 |
|
|
|
|
|
|
|
11,538,173 |
|
|
|
ELECTRIC—INTEGRATED 0.7% |
|
|
|
|
|
|
|
Entergy Louisiana LLC, 7.60%, due 4/1/32 |
|
172,063 |
|
4,339,429 |
|
|
|
FPL Group Capital, 7.45%, due 9/1/67, Series E |
|
120,000 |
|
3,103,200 |
|
|
|
|
|
|
|
7,442,629 |
|
|
|
FINANCE 1.8% |
|
|
|
|
|
|
|
DIVERSIFIED FINANCIAL SERVICES 0.3% |
|
|
|
|
|
|
|
Federal National Mortgage Association, 8.25% |
|
66,900 |
|
1,608,945 |
|
|
|
Freddie Mac, 8.375%, Series Z |
|
42,500 |
|
1,037,000 |
|
|
|
|
|
|
|
2,645,945 |
|
|
|
INVESTMENT BANKER/BROKER 1.2% |
|
|
|
|
|
|
|
Citigroup, 8.125%, Series AA |
|
155,000 |
|
3,726,200 |
|
|
|
JP Morgan Chase Capital X, 7.00%, due 2/15/32 |
|
30,394 |
|
750,732 |
|
|
|
Lehman Brothers Holdings, 7.95%, Series J |
|
343,575 |
|
7,070,774 |
|
|
|
Merrill Lynch & Co., 4.00%, Series 5 (FRN) |
|
12,180 |
|
171,981 |
|
|
|
Morgan Stanley Capital Trust III, 6.25% |
|
84,000 |
|
1,702,680 |
|
|
|
|
|
|
|
13,422,367 |
|
|
|
INVESTMENT BANKER/BROKER—FOREIGN 0.2% |
|
|
|
|
|
|
|
Credit Suisse Guernsey, 7.90% (Switzerland) |
|
80,000 |
|
1,996,000 |
|
|
|
|
|
|
|
|
|
|
|
MORTGAGE LOAN/BROKER 0.1% |
|
|
|
|
|
|
|
Countrywide Capital V, 7.00% |
|
59,026 |
|
985,734 |
|
|
|
TOTAL FINANCE |
|
|
|
19,050,046 |
|
|
|
|
|
|
|
|
|
|
|
GAS—DISTRIBUTION 0.2% |
|
|
|
|
|
|
|
Southern Union Co., 7.55%, Series A |
|
100,000 |
|
2,477,000 |
|
|
4
|
|
|
Number |
|
|
|
|
|
|
|
of Shares |
|
Value |
|
|
|
INSURANCE 2.2% |
|
|
|
|
|
|
|
MULTI-LINE—FOREIGN 0.9% |
|
|
|
|
|
|
|
ING Groep N.V., 7.375% |
|
400,000 |
|
$ |
9,824,000 |
|
|
PROPERTY CASUALTY—FOREIGN 0.6% |
|
|
|
|
|
|
|
ACE Ltd., 7.80%, Series C |
|
170,000 |
|
4,205,800 |
|
|
|
Arch Capital Group Ltd., 8.00% |
|
60,000 |
|
1,531,200 |
|
|
|
|
|
|
|
5,737,000 |
|
|
|
REINSURANCE—FOREIGN 0.7% |
|
|
|
|
|
|
|
Aspen Insurance Holdings Ltd., 7.401%, Series A |
|
100,000 |
|
2,155,000 |
|
|
|
Axis Capital Holdings Ltd., 7.25%, Series A |
|
64,200 |
|
1,498,428 |
|
|
|
Axis Capital Holdings Ltd., 7.50%, Series B ($100 par value) |
|
40,000 |
|
3,925,000 |
|
|
|
|
|
|
|
7,578,428 |
|
|
|
TOTAL INSURANCE |
|
|
|
23,139,428 |
|
|
|
INTEGRATED TELECOMMUNICATIONS SERVICES 0.4% |
|
|
|
|
|
|
|
Telephone & Data Systems, 7.60%, due 12/1/41, Series A |
|
131,694 |
|
2,747,137 |
|
|
|
United States Cellular Corp., 7.50%, due 6/15/34 |
|
91,177 |
|
1,975,805 |
|
|
|
|
|
|
|
4,722,942 |
|
|
|
MEDIA—DIVERSIFIED SERVICES 0.7% |
|
|
|
|
|
|
|
Comcast Corp., 7.00%, due 9/15/55, Series B |
|
305,856 |
|
7,202,909 |
|
|
|
REAL ESTATE 9.4% |
|
|
|
|
|
|
|
DIVERSIFIED 1.4% |
|
|
|
|
|
|
|
Duke Realty Corp., 8.375%, Series O |
|
77,300 |
|
1,901,580 |
|
|
|
Forest City Enterprises, 7.375%, Class A |
|
80,800 |
|
1,809,112 |
|
|
|
iStar Financial, 7.875%, Series E |
|
300,700 |
|
4,645,815 |
|
|
|
iStar Financial, 7.80%, Series F |
|
120,000 |
|
1,668,000 |
|
|
|
iStar Financial, 7.65%, Series G |
|
125,000 |
|
1,695,000 |
|
|
|
iStar Financial, 7.50%, Series I |
|
113,940 |
|
1,526,796 |
|
|
|
Lexington Corporate Properties Trust, 8.05%, Series B |
|
75,000 |
|
1,593,750 |
|
|
|
|
|
|
|
14,840,053 |
|
|
|
HEALTH CARE 1.5% |
|
|
|
|
|
|
|
Health Care REIT, 7.875%, Series D |
|
72,550 |
|
1,773,848 |
|
|
|
Health Care REIT, 7.625%, Series F(d) |
|
218,800 |
|
5,249,012 |
|
|
5
|
|
|
Number |
|
|
|
|
|
|
|
of Shares |
|
Value |
|
|
|
LTC Properties, 8.00%, Series F |
|
398,074 |
|
$ |
9,625,429 |
|
|
|
|
|
|
16,648,289 |
|
|
|
HOTEL 0.5% |
|
|
|
|
|
|
|
Ashford Hospitality Trust, 8.55%, Series A |
|
156,500 |
|
2,895,250 |
|
|
|
Host Hotels & Resorts, 8.875%, Series E |
|
100,000 |
|
2,515,000 |
|
|
|
W2007 Grace Acquisition I, 8.75%, Series B(e) |
|
44,300 |
|
443,000 |
|
|
|
|
|
|
|
5,853,250 |
|
|
|
MORTGAGE 0.1% |
|
|
|
|
|
|
|
Newcastle Investment Corp., 8.05%, Series C |
|
80,000 |
|
945,600 |
|
|
|
|
|
|
|
|
|
|
|
OFFICE 2.7% |
|
|
|
|
|
|
|
Alexandria Real Estate Equities, 8.375%, Series C |
|
508,300 |
|
12,951,484 |
|
|
|
Brandywine Realty Trust, 7.50%, Series C |
|
75,819 |
|
1,561,113 |
|
|
|
Digital Realty Trust, 8.50%, Series A |
|
56,000 |
|
1,287,440 |
|
|
|
Maguire Properties, 7.625%, Series A |
|
36,714 |
|
433,225 |
|
|
|
SL Green Realty Corp., 7.625%, Series C |
|
247,000 |
|
5,599,490 |
|
|
|
SL Green Realty Corp., 7.875%, Series D |
|
347,333 |
|
7,964,346 |
|
|
|
|
|
|
|
29,797,098 |
|
|
|
OFFICE/INDUSTRIAL 0.8% |
|
|
|
|
|
|
|
PS Business Parks, 7.00%, Series H |
|
75,700 |
|
1,653,288 |
|
|
|
PS Business Parks, 6.875%, Series I |
|
54,950 |
|
1,156,697 |
|
|
|
PS Business Parks, 7.95%, Series K |
|
230,000 |
|
5,485,500 |
|
|
|
|
|
|
|
8,295,485 |
|
|
|
RESIDENTIAL—APARTMENT 0.4% |
|
|
|
|
|
|
|
Apartment Investment & Management Co., 8.00%, Series V |
|
87,000 |
|
1,953,150 |
|
|
|
Apartment Investment & Management Co., 7.875%, Series Y |
|
93,000 |
|
2,063,670 |
|
|
|
|
|
|
|
4,016,820 |
|
|
|
SELF STORAGE 0.3% |
|
|
|
|
|
|
|
Public Storage, 6.45%, Series X |
|
150,000 |
|
3,082,500 |
|
|
|
|
|
|
|
|
|
|
|
SHOPPING CENTER 1.7% |
|
|
|
|
|
|
|
COMMUNITY CENTER 1.4% |
|
|
|
|
|
|
|
Cedar Shopping Centers, 8.875%, Series A |
|
128,104 |
|
2,961,764 |
|
|
|
Developers Diversified Realty Corp., 7.50%, Series I |
|
302,000 |
|
6,795,000 |
|
|
|
Kimco Realty Corp., 7.75%, Series G |
|
160,000 |
|
3,824,000 |
|
|
6
|
|
|
Number |
|
|
|
|
|
|
|
of Shares |
|
Value |
|
|
|
Saul Centers, 8.00%, Series A |
|
67,500 |
|
$ |
1,653,750 |
|
|
|
|
|
|
15,234,514 |
|
|
|
REGIONAL MALL 0.3% |
|
|
|
|
|
|
|
CBL & Associates Properties, 7.75%, Series C |
|
126,931 |
|
2,614,779 |
|
|
|
TOTAL SHOPPING CENTER |
|
|
|
17,849,293 |
|
|
|
TOTAL REAL ESTATE |
|
|
|
101,328,388 |
|
|
|
|
|
|
|
|
|
|
|
UTILITIES—ELECTRIC UTILITIES 1.2% |
|
|
|
|
|
|
|
American Electric Power Co., 8.75% |
|
83,816 |
|
2,124,736 |
|
|
|
Entergy Arkansas, 6.45% |
|
79,000 |
|
2,004,625 |
|
|
|
Entergy Corp., 7.625% ($50 par value) |
|
40,200 |
|
2,623,452 |
|
|
|
PPL Electric Utilities Corp., 6.25% |
|
100,000 |
|
2,437,500 |
|
|
|
Xcel Energy, 7.60% |
|
160,000 |
|
3,968,000 |
|
|
|
|
|
|
|
13,158,313 |
|
|
|
TOTAL PREFERRED SECURITIES—$25 PAR VALUE |
|
|
|
216,999,796 |
|
|
|
|
|
|
|
|
|
|
|
PREFERRED SECURITIES—CAPITAL SECURITIES 7.3% |
|
|
|
|
|
|
|
AUTO—FOREIGN 0.4% |
|
|
|
|
|
|
|
Porsche International Finance PLC, 7.20%, due 2/28/49 |
|
4,000,000 |
|
3,969,000 |
|
|
|
|
|
|
|
|
|
|
|
BANK—FOREIGN 0.4% |
|
|
|
|
|
|
|
Barclays Bank PLC, 7.434%, due 9/29/49, 144A(a) |
|
2,000,000 |
|
1,811,170 |
|
|
|
Royal Bank of Scotland Group PLC, 7.64%, due 3/31/49 |
|
3,250,000 |
|
2,803,320 |
|
|
|
|
|
|
|
4,614,490 |
|
|
|
ELECTRIC 1.0% |
|
|
|
|
|
|
|
MULTI UTILITIES 0.7% |
|
|
|
|
|
|
|
Dominion Resources, 7.50%, due 6/30/66, Series A |
|
6,000,000 |
|
5,546,658 |
|
|
|
Dominion Resources Capital Trust I, 7.83%, due 12/1/27 |
|
2,000,000 |
|
2,092,732 |
|
|
|
|
|
|
|
7,639,390 |
|
|
|
UTILITIES 0.3% |
|
|
|
|
|
|
|
DPL Capital Trust II, 8.125%, due 9/1/31 |
|
3,000,000 |
|
3,523,110 |
|
|
|
TOTAL ELECTRIC |
|
|
|
11,162,500 |
|
|
|
|
|
|
|
|
|
|
|
FINANCE 0.6% |
|
|
|
|
|
|
|
CREDIT CARD 0.2% |
|
|
|
|
|
|
|
Capital One Capital III, 7.686%, due 8/15/36 |
|
3,500,000 |
|
2,724,866 |
|
|
7
|
|
|
Number |
|
|
|
|
|
|
|
of Shares |
|
Value |
|
|
|
DIVERSIFIED FINANCIAL SERVICES 0.2% |
|
|
|
|
|
|
|
Webster Capital Trust IV, 7.65%, due 6/15/37 |
|
2,500,000 |
|
$ |
1,706,057 |
|
|
INVESTMENT BANKER/BROKER 0.2% |
|
|
|
|
|
|
|
JP Morgan Chase Capital XVIII, 6.95%, due 8/17/36, Series R |
|
2,000,000 |
|
1,847,572 |
|
|
|
TOTAL FINANCE |
|
|
|
6,278,495 |
|
|
|
|
|
|
|
|
|
|
|
FOOD 0.4% |
|
|
|
|
|
|
|
Dairy Farmers of America, 7.875%, 144A(a),(e),(f) |
|
52,500 |
|
4,363,637 |
|
|
|
|
|
|
|
|
|
|
|
GAS UTILITIES 0.7% |
|
|
|
|
|
|
|
Southern Union Co., 7.20%, due 11/1/66 |
|
8,600,000 |
|
7,267,000 |
|
|
|
|
|
|
|
|
|
|
|
INSURANCE 2.5% |
|
|
|
|
|
|
|
LIFE/HEALTH INSURANCE 0.9% |
|
|
|
|
|
|
|
Liberty Mutual Group, 7.80%, due 3/15/37, 144A(a) |
|
5,000,000 |
|
4,226,080 |
|
|
|
Liberty Mutual Insurance, 7.697%, due 10/15/97, 144A(a) |
|
6,000,000 |
|
5,649,156 |
|
|
|
|
|
|
|
9,875,236 |
|
|
|
MULTI-LINE 1.6% |
|
|
|
|
|
|
|
AFC Capital Trust I, 8.207%, due 2/3/27, Series B(e) |
|
7,000,000 |
|
5,500,215 |
|
|
|
Catlin Insurance Co., 7.249%, due 12/1/49, 144A(a) |
|
4,000,000 |
|
3,343,800 |
|
|
|
Old Mutual Capital Funding, 8.00%, due 5/29/49, (Eurobond) |
|
9,350,000 |
|
8,835,750 |
|
|
|
|
|
|
|
17,679,765 |
|
|
|
TOTAL INSURANCE |
|
|
|
27,555,001 |
|
|
|
OIL & GAS STORAGE & TRANSPORTATION 0.8% |
|
|
|
|
|
|
|
Enterprise Products Operating LP, 8.375%, due 8/1/66 |
|
5,580,000 |
|
5,439,328 |
|
|
|
PPL Capital Funding, 6.70%, due 3/30/67, Series A |
|
4,000,000 |
|
3,406,924 |
|
|
|
|
|
|
|
8,846,252 |
|
|
|
OIL—EXPLORATION AND PRODUCTION 0.5% |
|
|
|
|
|
|
|
Pemex Project Funding Master Trust, 7.75%, due 9/28/49 |
|
5,000,000 |
|
5,081,250 |
|
|
|
TOTAL PREFERRED SECURITIES—CAPITAL
SECURITIES |
|
|
|
79,137,625 |
|
|
8
|
|
|
Principal |
|
|
|
||
|
|
|
Amount |
|
Value |
|
||
|
CORPORATE BONDS 4.9% |
|
|
|
|
|
||
|
BANK 1.5% |
|
|
|
|
|
||
|
Bank of America Corp., 8.00%, due 12/29/49 |
|
$ |
6,000,000 |
|
$ |
6,017,340 |
|
|
PNC Preferred Funding Trust I, 8.70%, due 2/28/49, 144A(a) |
|
6,000,000 |
|
5,775,000 |
|
||
|
State Street Capital Trust III, 8.25%, due 12/29/49 |
|
3,000,000 |
|
3,016,290 |
|
||
|
Wachovia Corp., 7.98%, due 2/28/49 |
|
1,500,000 |
|
1,478,300 |
|
||
|
|
|
|
|
16,286,930 |
|
||
|
INDEPENDENT POWER PRODUCER 0.3% |
|
|
|
|
|
||
|
NRG Energy, 7.375%, due 1/15/17 |
|
3,000,000 |
|
2,925,000 |
|
||
|
|
|
|
|
|
|
||
|
INTEGRATED TELECOMMUNICATIONS SERVICES 1.3% |
|
|
|
|
|
||
|
Citizens Communications Co., 7.125%, due 3/15/19 |
|
3,000,000 |
|
2,640,000 |
|
||
|
Citizens Communications Co., 9.00%, due 8/15/31 |
|
7,550,000 |
|
6,644,000 |
|
||
|
Embarq Corp., 7.995%, due 6/1/36 |
|
5,000,000 |
|
4,578,280 |
|
||
|
|
|
|
|
13,862,280 |
|
||
|
MEDIA 1.0% |
|
|
|
|
|
||
|
Cablevision Systems Corp., 8.00%, due 4/15/12 |
|
2,600,000 |
|
2,541,500 |
|
||
|
Rogers Cable, 8.75%, due 5/1/32 |
|
7,000,000 |
|
7,775,817 |
|
||
|
|
|
|
|
10,317,317 |
|
||
|
OIL & GAS REFINING & MARKETING 0.2% |
|
|
|
|
|
||
|
Williams Partners LP, 7.25%, due 2/1/17 |
|
2,500,000 |
|
2,525,000 |
|
||
|
|
|
|
|
|
|
||
|
OIL & GAS STORAGE & TRANSPORTATION 0.6% |
|
|
|
|
|
||
|
Enbridge Energy Partners LP, 8.05%, due 10/1/37 |
|
3,000,000 |
|
2,765,967 |
|
||
|
Williams Cos. (The), 7.75%, due 6/15/31 |
|
3,000,000 |
|
3,202,500 |
|
||
|
|
|
|
|
5,968,467 |
|
||
|
TOTAL CORPORATE BONDS |
|
|
|
51,884,994 |
|
||
|
|
|
|
|
|
|
||
|
COMMERCIAL PAPER 5.9% |
|
|
|
|
|
||
|
San Paolo US Financial, 1.30%, due 4/1/08 |
|
64,100,000 |
|
64,100,000 |
|
||
9
|
TOTAL INVESTMENTS (Identified cost—$1,426,537,373) |
|
160.9 |
% |
|
|
$ |
1,735,521,563 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS |
|
(0.5 |
)% |
|
|
(5,209,521 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
LIQUIDATION VALUE OF PREFERRED SHARES |
|
(60.4 |
)% |
|
|
(652,000,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS APPLICABLE TO COMMON SHARES |
|
100.0 |
% |
|
|
$ |
1,078,312,042 |
|
Glossary of Portfolio Abbreviations
|
|
ADR |
American Depositary Receipt |
|
|
FRN |
Floating Rate Note |
|
|
REIT |
Real Estate Investment Trust |
Note: Percentages indicated are based on the net assets applicable to common shares of the fund.
(a) Resale is restricted to qualified institutional investors. Aggregate holdings equal 2.6% of net assets applicable to common shares.
(b) 300,000 shares segregated as collateral for interest rate swap transactions.
(c) 310,000 shares segregated as collateral for interest rate swap transactions.
(d) 40,000 shares segregated as collateral for interest rate swap transactions.
(e) Illiquid security. Aggregate holdings equal 1.0% of net assets applicable to common shares.
(f) Fair valued security. Aggregate holdings equal 0.4% of net assets applicable to common shares.
10
Interest rate swaps outstanding at March 31, 2008 are as follows:
|
|
|
|
|
Fixed |
|
Floating Rate(a) |
|
|
|
Unrealized |
|
||
|
|
|
Notional |
|
Rate |
|
(reset monthly) |
|
Termination |
|
Appreciation/ |
|
||
|
Counterparty |
|
Amount |
|
Payable |
|
Receivable |
|
Date |
|
(Depreciation) |
|
||
|
Merrill Lynch Derivative |
|
|
|
|
|
|
|
|
|
|
|
||
|
Products AG |
|
$ |
40,000,000 |
|
3.823 |
% |
3.119 |
% |
June 1, 2008 |
|
$ |
(98,780 |
) |
|
Merrill Lynch Derivative |
|
|
|
|
|
|
|
|
|
|
|
||
|
Products AG |
|
$ |
35,000,000 |
|
4.085 |
% |
2.654 |
% |
May 27, 2009 |
|
(723,620 |
) |
|
|
Merrill Lynch Derivative |
|
|
|
|
|
|
|
|
|
|
|
||
|
Products AG |
|
$ |
40,000,000 |
|
3.995 |
% |
3.075 |
% |
July 7, 2009 |
|
(868,576 |
) |
|
|
Merrill Lynch Derivative |
|
|
|
|
|
|
|
|
|
|
|
||
|
Products AG |
|
$ |
35,000,000 |
|
3.510 |
% |
2.599 |
% |
December 22, 2012 |
|
(525,193 |
) |
|
|
Royal Bank of Canada |
|
$ |
35,000,000 |
|
3.890 |
% |
2.559 |
% |
May 19, 2008 |
|
(75,686 |
) |
|
|
Royal Bank of Canada |
|
$ |
30,000,000 |
|
4.077 |
% |
3.119 |
% |
June 1, 2009 |
|
(639,650 |
) |
|
|
Royal Bank of Canada |
|
$ |
35,000,000 |
|
3.525 |
% |
2.818 |
% |
October 17, 2012 |
|
(593,044 |
) |
|
|
Royal Bank of Canada |
|
$ |
72,000,000 |
|
3.615 |
% |
2.704 |
% |
March 29, 2014 |
|
(697,629 |
) |
|
|
UBS AG |
|
$ |
32,500,000 |
|
3.977 |
% |
2.818 |
% |
June 17, 2008 |
|
(104,639 |
) |
|
|
UBS AG |
|
$ |
20,000,000 |
|
5.224 |
% |
2.536 |
% |
February 20, 2010 |
|
(1,092,265 |
) |
|
|
UBS AG |
|
$ |
25,000,000 |
|
4.550 |
% |
3.111 |
% |
April 4, 2010 |
|
(1,107,495 |
) |
|
|
UBS AG |
|
$ |
32,000,000 |
|
4.153 |
% |
2.606 |
% |
May 26, 2010 |
|
(1,172,643 |
) |
|
|
UBS AG |
|
$ |
35,000,000 |
|
2.905 |
% |
2.599 |
% |
May 25, 2012 |
|
176,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(7,523,092 |
) |
|
(a) Based on LIBOR (London Interbank Offered Rate). Represents rates in effect at March 31, 2008.
11
Note 1. Portfolio Valuation: Investments in securities that are listed on the New York Stock Exchange are valued, except as indicated below, at the last sale price reflected at the close of the New York Stock Exchange on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices for the day or, if no asked price is available, at the bid price.
Securities not listed on the New York Stock Exchange but listed on other domestic or foreign securities exchanges or admitted to trading on the National Association of Securities Dealers Automated Quotations, Inc. (Nasdaq) national market system are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities.
Readily marketable securities traded in the over-the-counter market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the advisor) to be over-the-counter, but excluding securities admitted to trading on the Nasdaq National List, are valued at the official closing prices as reported by Nasdaq, the National Quotation Bureau, or such other comparable sources as the Board of Directors deem appropriate to reflect their fair market value. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices for the day, or if no asked price is available, at the bid price. Where securities are traded on more than one exchange and also over-the-counter, the securities will generally be valued using the quotations the Board of Directors believes most closely reflect the value of such securities.
Securities for which market prices are unavailable, or securities for which the advisor determines that bid and/or asked price does not reflect market value, will be valued at fair value pursuant to procedures approved by the fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include recent transactions in comparable securities, information relating to the specific security and developments in the markets.
The fund’s use of fair value pricing may cause the net asset value of fund shares to differ from the net asset value that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Short-term debt securities, which have a maturity date of 60 days or less, are valued at amortized cost, which approximates value.
The Fund adopted 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 the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with
12
an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. FAS 157 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund’s investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below.
|
· |
|
Level 1 – quoted prices in active markets for identical investments |
|
· |
|
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
|
· |
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:
|
|
|
|
|
Fair Value Measurements at March 31, 2008 Using |
|
||||||||
|
|
|
|
|
Quoted Prices In |
|
Significant |
|
Significant |
|
||||
|
|
|
|
|
Active Market for |
|
Other Observable |
|
Unobservable |
|
||||
|
|
|
|
|
Identical Assets |
|
Inputs |
|
Inputs |
|
||||
|
|
|
Total |
|
(Level 1) |
|
(Level 2) |
|
(Level 3) |
|
||||
|
Investments in Securities |
|
$ |
1,735,521,563 |
|
$ |
1,529,592,819 |
|
$ |
193,794,107 |
|
$ |
12,134,637 |
|
|
Other Financial Instruments* |
|
(7,523,092 |
) |
— |
|
(7,523,092 |
) |
— |
|
||||
|
Total |
|
$ |
1,727,998,471 |
|
$ |
1,529,592,819 |
|
$ |
186,271,015 |
|
$ |
12,134,637 |
|
* Other financial instruments include interest rate swap contracts.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
Investments in |
|
|
|
Balance as of December 31, 2007 |
|
$ |
9,716,400 |
|
|
Accrued premiums/discounts |
|
(2 |
) |
|
|
Realized gain (loss) |
|
(2,319,768 |
) |
|
|
Change in unrealized appreciation (depreciation) |
|
1,839,644 |
|
|
|
Net purchases (sales) |
|
4,902,988 |
|
|
|
Transfers in and/or out of Level 3 |
|
(2,004,625 |
) |
|
|
Balance as of March 31, 2008 |
|
$ |
12,134,637 |
|
13
Note 2. Income Tax Information
As of March 31, 2008, the federal tax cost and net unrealized appreciation were as follows:
|
Gross unrealized appreciation |
|
$ |
360,845,403 |
|
|
Gross unrealized depreciation |
|
(51,861,213 |
) |
|
|
Net unrealized appreciation |
|
$ |
308,984,190 |
|
|
|
|
|
|
|
|
Cost for federal income tax purposes |
|
$ |
1,426,537,373 |
|
14
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: May 30, 2008 |
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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.
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/s/ Adam M. Derechin |
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By: |
/s/ James Giallanza |
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Name: Adam M. Derechin |
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Name: James Giallanza |
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Title: President and principal |
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Title: Treasurer and principal |
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executive officer |
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financial officer |
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Date: May 30, 2008 |
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