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

811-21485

 

 

Cohen & Steers Select Utility Fund, Inc.

(Exact name of registrant as specified in charter)

 

280 Park Avenue
New York, NY

 

10017

(Address of principal executive offices)

 

(Zip code)

 

John E. McLean
280 Park Avenue
New York, NY 10017

(Name and address of agent for service)

 

Registrant's telephone number, including area code:

(212) 832-3232

 

 

Date of fiscal year end:

December 31

 

 

 

 

Date of reporting period:

September 30, 2006

 

 



Item 1. Schedule of Investments



COHEN & STEERS SELECT UTILITY FUND, INC.

SCHEDULE OF INVESTMENTS
September 30, 2006 (Unaudited)

 

 

Number
of Shares

 

Value

 

COMMON STOCK 122.0%

 

 

 

 

 

ENERGY 2.7%

 

 

 

 

 

OIL & GAS REFINING & MARKETING 1.6%

 

 

 

 

 

Duke Energy Income Fund

 

783,850

 

$

8,478,414

 

Duke Energy Income Fund, 144A(b)

 

70,000

 

757,146

 

Duke Energy Income Fund, 144A(b)

 

202,000

 

2,184,907

 

Williams Partners LP

 

192,500

 

6,947,325

 

 

 

 

 

18,367,792

 

OIL & GAS STORAGE & TRANSPORATION 1.1%

 

 

 

 

 

DCP Midstream Partners LP

 

222,000

 

6,216,000

 

Magellan Midstream Holdings LP

 

126,300

 

2,841,750

 

Teekay LNG Partners LP

 

110,400

 

3,361,680

 

 

 

 

 

12,419,430

 

 

 

 

 

30,787,222

 

TELECOMMUNICATIONS SERVICES 3.8%

 

 

 

 

 

INTEGRATED TELECOMMUNICATIONS SERVICES

 

 

 

 

 

Citizens Communications Co.

 

2,030,000

 

28,501,200

 

Fairpoint Communications

 

855,000

 

14,877,000

 

 

 

 

 

43,378,200

 

 

1

 



 

 

 

Number
of Shares

 

Value

 

UTILITIES 115.5%

 

 

 

 

 

ELECTRIC UTILITIES 54.3%

 

 

 

 

 

Cleco Corp.

 

274,400

 

$

6,925,856

 

DPL

 

209,700

 

5,687,064

 

E.ON AG (ADR)

 

1,053,916

 

41,808,848

 

Edison International

 

1,173,000

 

48,843,720

 

Entergy Corp.

 

731,350

 

57,213,510

 

Exelon Corp.

 

1,685,464

 

102,037,991

 

FirstEnergy Corp.

 

919,800

 

51,380,028

 

FPL Group

 

1,167,000

 

52,515,000

 

Hawaiian Electric Industries

 

466,700

 

12,628,902

 

ITC Holdings Corp.

 

246,900

 

7,703,280

 

Northeast Utilities

 

377,500

 

8,784,425

 

Pepco Holdings

 

1,409,200

 

34,060,364

 

Pinnacle West Capital Corp.

 

792,600

 

35,706,630

 

PPL Corp.

 

882,000

 

29,017,800

 

Progress Energy

 

605,750

 

27,488,935

 

Scottish and Southern Energy PLC

 

396,930

 

9,795,272

 

Scottish Power PLC (ADR)

 

185,673

 

9,016,281

 

Southern Co.

 

2,052,500

 

70,729,150

 

TECO Energy

 

224,200

 

3,508,730

 

 

 

 

 

614,851,786

 

GAS UTILITIES 5.7%

 

 

 

 

 

AGL Resources

 

212,100

 

7,741,650

 

Atmos Energy Corp.

 

210,500

 

6,009,775

 

Equitable Resources

 

1,453,600

 

50,846,928

 

 

 

 

 

64,598,353

 

INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 18.2%

 

 

 

 

 

Duke Energy Corp.

 

4,374,128

 

132,098,666

 

TXU Corp.

 

1,169,400

 

73,110,888

 

 

 

 

 

205,209,554

 

 

2

 



 

 

 

Number
of Shares

 

Value

 

MULTI UTILITIES 37.3%

 

 

 

 

 

Ameren Corp.

 

1,557,400

 

$

82,215,146

 

Consolidated Edison

 

1,142,200

 

52,769,640

 

Dominion Resources

 

414,600

 

31,712,754

 

DTE Energy Co.

 

963,500

 

39,994,885

 

Energy East Corp.

 

149,700

 

3,550,884

 

NiSource

 

159,000

 

3,456,660

 

NSTAR

 

346,339

 

11,553,869

 

PG&E Corp.

 

1,552,000

 

64,640,800

 

Public Service Enterprise Group

 

651,400

 

39,859,166

 

RWE AG

 

81,479

 

7,516,494

 

SCANA Corp.

 

205,900

 

8,291,593

 

Sempra Energy

 

200,000

 

10,050,000

 

United Utilities PLC

 

840,651

 

11,104,523

 

Vectren Corp.

 

438,467

 

11,772,839

 

Xcel Energy

 

2,112,500

 

43,623,125

 

 

 

 

 

422,112,378

 

TOTAL UTILITIES

 

 

 

1,306,772,071

 

TOTAL COMMON STOCK
(Identified cost—$1,077,775,425)

 

 

 

1,380,937,493

 

PREFERRED SECURITIES—CAPITAL SECURITIES 6.2%

 

 

 

 

 

AUTO—FOREIGN 0.3%

 

 

 

 

 

Porsche International Finance PLC, 7.20%

 

4,000,000

 

3,925,000

 

BANK 0.5%

 

 

 

 

 

Washington Mutual Preferred Funding Cayman, 7.25%, Series A-1, 144A(a)

 

5,250,000

 

5,267,241

 

DIVERSIFIED FINANCIAL SERVICES 1.4%

 

 

 

 

 

Old Mutual Capital Funding, 8.00% (Eurobond)

 

14,850,000

 

15,506,711

 

ELECTRIC UTILITIES 0.6%

 

 

 

 

 

DPL Capital Trust II, 8.125%

 

3,000,000

 

3,210,000

 

Entergy Louisiana LLC, 6.95%, 144A(a)

 

30,000

 

3,097,500

 

 

 

 

 

6,307,500

 

 

3

 



 

 

 

Number
of Shares

 

Value

 

FINANCE 0.2%

 

 

 

 

 

Capital One Capital III, 7.686%

 

2,500,000

 

$

2,672,845

 

FOOD 1.0%

 

 

 

 

 

Dairy Farmers of America, 7.875%, 144A(a),(b)

 

60,000

 

5,870,928

 

Gruma S.A., 7.75%, 144A(a)

 

5,000,000

 

4,981,250

 

 

 

 

 

10,852,178

 

INSURANCE—MULTI-LINE 1.1%

 

 

 

 

 

AFC Capital Trust I, 8.207%, Series B

 

7,000,000

 

7,310,275

 

Liberty Mutual Insurance, 7.697%, 144A(a)

 

5,000,000

 

5,134,385

 

 

 

 

 

12,444,660

 

INTEGRATED TELECOMMUNICATIONS SERVICES 0.3%

 

 

 

 

 

Embarq Corp., 7.995%

 

3,000,000

 

3,186,042

 

INVESTMENT BANKER/BROKER 0.2%

 

 

 

 

 

JP Morgan Chase Capital XVIII, 6.95%, Series R

 

2,000,000

 

2,131,272

 

MEDICAL—HOSPITALS 0.1%

 

 

 

 

 

Columbia/HCA, 7.50%

 

1,635,000

 

1,174,362

 

OIL—EXPLORATION AND PRODUCTION 0.5%

 

 

 

 

 

Pemex Project Funding Master Trust, 7.75%

 

6,000,000

 

5,966,700

 

TOTAL PREFERRED SECURITIES—CAPITAL SECURITIES (Identified cost—$68,866,687)

 

 

 

69,434,511

 

PREFERRED SECURITIES—$25 PAR VALUE 16.6%

 

 

 

 

 

BANK 1.8%

 

 

 

 

 

Bank of America Corp, 6.204%, Series D

 

140,000

 

3,572,800

 

Chevy Chase Bank, 8.00%, Series C

 

92,500

 

2,479,000

 

First Republic Bank, 6.70%, Series A

 

118,700

 

2,969,874

 

HSBC USA, 6.50%, Series H

 

100,000

 

2,633,000

 

Sovereign Bancorp, 7.30%, Series C

 

200,000

 

5,360,000

 

Sovereign Capital Trust V, 7.75%

 

80,000

 

2,120,000

 

Washington Mutual, 6.09%, (FRN)

 

59,000

 

1,482,670

 

 

 

 

 

20,617,344

 

 

4

 



 

 

 

Number
of Shares

 

Value

 

BANK—FOREIGN 0.1%

 

 

 

 

 

Northern Rock PLC, 8.00%, Series A

 

45,000

 

$

1,129,680

 

FINANCE 0.2%

 

 

 

 

 

Goldman Sachs Group, 5.878%, Series D, (FRN)

 

80,000

 

2,075,200

 

Janus Capital Group, 7.875%, (PINES)

 

10,000

 

256,200

 

 

 

 

 

2,331,400

 

INSURANCE 0.3%

 

 

 

 

 

Arch Capital Group Ltd., 8.00%

 

60,000

 

1,596,000

 

EverestRe Capital Trust, 7.85%

 

65,000

 

1,673,100

 

 

 

 

 

3,269,100

 

MEDIA 0.1%

 

 

 

 

 

Liberty Media Corp., 8.75%, (CBTCS)

 

22,100

 

552,942

 

Liberty Media Corp., 8.75%, (PPLUS)

 

20,700

 

517,707

 

 

 

 

 

1,070,649

 

MEDIA—DIVERSIFIED SERVICES 0.4%

 

 

 

 

 

Comcast Corp., 7.00%

 

160,000

 

4,032,000

 

REAL ESTATE 12.3%

 

 

 

 

 

DIVERSIFIED 2.4%

 

 

 

 

 

Colonial Properties Trust, 7.62%, Series E

 

49,500

 

1,254,825

 

Digital Realty Trust, 8.50%, Series A

 

56,000

 

1,453,200

 

Forest City Enterprises, 7.375%, Class A

 

80,800

 

2,076,560

 

iStar Financial, 7.875%, Series E

 

320,700

 

8,195,489

 

iStar Financial, 7.80%, Series F

 

132,000

 

3,376,560

 

iStar Financial, 7.65%, Series G

 

125,000

 

3,159,375

 

iStar Financial, 7.50%, Series I

 

113,940

 

2,861,033

 

LBA Realty Fund LP, 7.625%, Series B

 

158,000

 

2,942,750

 

Lexington Corporate Properties Trust, 8.05%, Series B

 

75,000

 

1,917,750

 

 

 

 

 

27,237,542

 

HEALTH CARE 1.9%

 

 

 

 

 

Health Care REIT, 7.875%, Series D

 

72,550

 

1,868,162

 

Health Care REIT, 7.625%, Series F

 

218,800

 

5,625,348

 

LTC Properties, 8.00%, Series F

 

547,713

 

13,731,165

 

 

 

 

 

21,224,675

 

 

5

 



 

 

 

Number
of Shares

 

Value

 

HOTEL 1.1%

 

 

 

 

 

Ashford Hospitality Trust, 8.55%, Series A

 

156,500

 

$

4,029,875

 

Equity Inns, 8.75%, Series B

 

75,900

 

1,980,990

 

Host Hotels & Resorts, 8.875%, Series E

 

100,000

 

2,647,000

 

Innkeepers USA Trust, 8.00%, Series C

 

149,500

 

3,785,340

 

 

 

 

 

12,443,205

 

MORTGAGE 0.2%

 

 

 

 

 

Newcastle Investment Corp., 8.05%, Series C

 

80,000

 

2,012,000

 

OFFICE 3.4%

 

 

 

 

 

Alexandria Real Estate Equities, 8.375%, Series C

 

514,000

 

13,466,800

 

Brandywine Realty Trust, 7.50%, Series C

 

75,819

 

1,906,848

 

Corporate Office Properties Trust, 8.00%, Series G

 

38,486

 

989,860

 

Highwoods Properties, 8.00%, Series B

 

1

 

25

 

Maguire Properties, 7.625%, Series A

 

313,526

 

7,731,551

 

SL Green Realty Corp., 7.625%, Series C

 

247,000

 

6,251,570

 

SL Green Realty Corp., 7.875%, Series D

 

347,333

 

8,853,518

 

 

 

 

 

39,200,172

 

OFFICE/INDUSTRIAL 0.9%

 

 

 

 

 

PS Business Parks, 7.00%, Series H

 

75,700

 

1,892,500

 

PS Business Parks, 6.875%, Series I

 

54,950

 

1,339,132

 

PS Business Parks, 7.95%, Series K

 

252,000

 

6,602,400

 

 

 

 

 

9,834,032

 

RESIDENTIAL—APARTMENT 0.5%

 

 

 

 

 

Apartment Investment & Management Co., 7.75%, Series U

 

30,000

 

761,100

 

Apartment Investment & Management Co., 8.00%, Series V

 

87,000

 

2,216,760

 

Apartment Investment & Management Co., 7.875%, Series Y

 

93,000

 

2,352,900

 

 

 

 

 

5,330,760

 

SHOPPING CENTER 1.9%

 

 

 

 

 

COMMUNITY CENTER 1.4%

 

 

 

 

 

Cedar Shopping Centers, 8.875%, Series A

 

250,000

 

6,647,500

 

Developers Diversified Realty Corp., 7.50%, Series I

 

302,000

 

7,670,800

 

Saul Centers, 8.00%, Series A

 

67,500

 

1,729,012

 

 

 

 

 

16,047,312

 

 

6

 



 

 

 

Number
of Shares

 

Value

 

REGIONAL MALL 0.5%

 

 

 

 

 

CBL & Associates Properties, 7.75%, Series C

 

126,931

 

$

3,287,513

 

Mills Corp., 9.00%, Series C

 

43,300

 

913,630

 

Mills Corp., 8.75%, Series E

 

40,700

 

844,118

 

Taubman Centers, 8.00%, Series G

 

25,000

 

665,750

 

 

 

 

 

5,711,011

 

TOTAL SHOPPING CENTER

 

 

 

21,758,323

 

TOTAL REAL ESTATE

 

 

 

139,040,709

 

TELECOMMUNICATIONS SERVICES 0.3%

 

 

 

 

 

Telephone & Data Systems, 7.60%, Series A

 

53,800

 

1,345,538

 

United States Cellular Corp., 7.50%

 

70,000

 

1,805,300

 

 

 

 

 

3,150,838

 

UTILITIES 1.1%

 

 

 

 

 

ELECTRIC UTILITIES 0.9%

 

 

 

 

 

Entergy Corp., 7.625%

 

40,200

 

2,187,684

 

Entergy Arkansas, 6.45%

 

79,000

 

2,022,400

 

PPL Electric Utilities Corp., 6.25%

 

240,000

 

6,144,000

 

 

 

 

 

10,354,084

 

GAS UTILITIES 0.2%

 

 

 

 

 

Southern Union Co., 7.55%, Series A

 

100,000

 

2,578,000

 

TOTAL UTILITIES

 

 

 

12,932,084

 

TOTAL PREFERRED SECURITIES—$25 PAR VALUE
(Identified cost—$182,536,462)

 

 

 

187,573,804

 

 

7

 



 

 

 

Principal
Amount

 

Value

 

CORPORATE BONDS 3.4%

 

 

 

 

 

INTEGRATED TELECOMMUNICATIONS SERVICES 0.7%

 

 

 

 

 

Citizens Communications Co., 9.00%, due 8/15/31

 

$

7,550,000

 

$

8,135,125

 

MEDIA 1.6%

 

 

 

 

 

Cablevision Systems Corp., 8.00%, due 4/15/12

 

9,500,000

 

9,666,250

 

CSC Holdings, 7.875%, due 2/15/18

 

500,000

 

521,250

 

Rogers Cable, 8.75%, due 5/1/32

 

7,000,000

 

8,295,000

 

 

 

 

 

18,482,500

 

MULTI UTILITIES 0.7%

 

 

 

 

 

Dominion Resources, 7.50%, due 6/30/66

 

5,000,000

 

5,260,830

 

Dominion Resources Capital Trust I, 7.83%, due 12/1/27

 

2,000,000

 

2,082,850

 

 

 

 

 

7,343,680

 

SPECIAL PURPOSE ENTITY 0.3%

 

 

 

 

 

Valor Telecom Enterprise, 7.75%, due 2/15/15

 

2,750,000

 

2,942,500

 

WIRELESS TELECOMMUNICATIONS SERVICES 0.1%

 

 

 

 

 

Rogers Wireless Communications, 7.50%, due 3/15/15, 144A(a)

 

1,400,000

 

1,501,500

 

TOTAL CORPORATE BONDS (Identified cost—$36,602,359)

 

 

 

38,405,305

 

COMMERCIAL PAPER 1.0%

 

 

 

 

 

San Paolo U.S. Finance Co., 4.15%, due 10/2/06
(Identified cost—$11,685,653)

 

11,687,000

 

11,685,653

 

 

 

 

 

 

 

TOTAL INVESTMENTS (Identified cost—$1,377,466,586)

149.2

%

 

 

 

1,688,036,766

 

 

 

 

 

 

 

 

 

OTHER ASSETS IN EXCESS OF LIABILITIES

0.9

%

 

 

 

10,683,990

 

 

 

 

 

 

 

 

 

LIQUIDATION VALUE OF PREFERRED SHARES

(50.1

)%

 

 

 

(567,000,000

)

 

 

 

 

 

 

 

 

NET ASSETS APPLICABLE TO COMMON SHARES
(Equivalent to $26.12 per share based on 43,320,750 shares of capital stock outstanding)

100.0

%

 

 

 

$

1,131,720,756

 

 

8

 



Glossary of Portfolio Abbreviations

ADR

American Depositary Receipt

CBTCS

Corporate Backed Trust Certificates

FRN

Floating Rate Note

PINES

Public Income Notes

PPLUS

Preferred Plus Trust

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 2.5% of net assets applicable to common shares.

(b)            Fair valued security.  Aggregate holdings equal 0.5% of net assets applicable to common shares.

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.



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 20, 2006

 

 

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
executive officer

 

 Title:

Treasurer and principal
financial officer

 

 

 

 

 

 Date: November 20, 2006