<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number: 811-21485
Cohen & Steers Select Utility Fund, Inc.
(Exact name of registrant as specified in charter)
757 Third Avenue, New York, NY 10017
(Address of principal executive offices) (Zip code)
Adam M. Derechin
Cohen & Steers Capital Management, Inc.
757 Third Avenue
New York, New York 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: June 30, 2005
<Page>
Item 1. Reports to Stockholders.
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COHEN & STEERS SELECT UTILITY FUND, INC.
July 28, 2005
To Our Shareholders:
We are pleased to submit to you our report for Cohen & Steers Select Utility
Fund for the quarter and six months ended June 30, 2005. The net asset value at
that date was $24.66 per common share. The fund's common stock is traded on the
New York Stock Exchange and its share price can differ from its net asset value;
at quarter end, the fund's closing share price on the NYSE was $21.43 per share.
During the quarter, the fund delivered the following total returns (including
income) compared to its relevant benchmarks:
<Table>
<Caption>
TOTAL RETURN, PERIOD ENDED 6/30/05
-----------------------------------------
MARKET PRICE(a) NET ASSET VALUE(a)
------------------- -------------------
YEAR YEAR
QUARTER TO DATE QUARTER TO DATE
------- ------- ------- -------
Cohen & Steers Select Utility Fund....... 13.4% 11.1% 11.9% 13.3%
S&P 1500 Utilities Index(b).............. 9.4% 14.6% 9.4% 14.6%
Merrill Lynch Fixed Rate Preferred
Index(c)............................... 2.6% 0.1% 2.6% 0.1%
S&P 500 Index............................ 1.4% -0.8% 1.4% -0.8%
</Table>
The asset mix of the fund at quarter-end consisted of 81.4% utility common
stocks, 18.3% preferred stocks, and other fixed income investments (including
3.2% in fixed income securities issued by utility companies), and 0.3% cash. The
preferred allocation is designed to provide diversification benefits and help
increase the income potential of the fund.(d)
During the quarter, three monthly distributions of $0.10 per share were paid
to shareholders, representing an increase of $0.015 per share, or 17.6% over the
prior monthly rate. In addition, the fund's board of directors declared three
monthly distributions of $0.10 per share, payable in July, August, and
September. In connection with this increase, the board of directors announced
the adoption of a level rate distribution policy. The new distribution rate
reflects both the increased investment income that the fund's investment manager
believes the fund will earn and the decision of the board of directors to
augment investment income with the fund's capital, which has increased
significantly since the fund's initial public offering.(e)
- -------------------
(a) As a closed-end investment company, the price of the fund's New York Stock
Exchange-traded shares will be set by market forces and at times may deviate
from the net asset value per share of the fund.
(b) S&P 1500 Utilities Index is an unmanaged market capitalization weighted
index of 83 companies whose primary business involves the generation,
transmission and/or distribution of electricity and/or natural gas.
(c) The Merrill Lynch Fixed Rate Preferred Index is an unmanaged index of
preferred securities.
(d) Diversification does not assure a profit or ensure against a loss in a down
market.
(e) Please note that distributions paid by the fund to shareholders are subject
to recharacterization for tax purposes. The final tax treatment of these
distributions is reported to shareholders after the close of each fiscal
year on form 1099-DIV. To the extent the fund pays distributions in excess
of its net investment company taxable income, this excess would be a
tax-free return of capital distributed from the fund's assets. To the
extent this occurs, the fund's shareholders of record would be notified
of the approximate amount of capital returned for each such distribution.
Distributions of capital decrease the fund's total assets and, therefore,
could have the effect of increasing the fund's expense ratio. In addition,
in order to make these distributions, the fund may have to sell portfolio
securities at a less than opportune time.
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1
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COHEN & STEERS SELECT UTILITY FUND, INC.
INVESTMENT REVIEW
Utility shares performed well during the quarter, building on the sector's
strong returns in 2004. Improved fundamentals, a resurgence of merger and
acquisition activity, and a favorable regulatory and commodity price environment
contributed to overall performance, in our view. We believe that utilities also
continued to benefit from a strong position relative to the equity and fixed
income markets. Strong fundamentals in the utility sector have led to attractive
earnings and dividend growth over the past few years. Fearing slower profit
growth in many industries as a result of Federal Reserve tightening and a
potential economic slowdown, we believe investors continue to favor the higher
income potential of utilities relative to other sectors. Additionally, in our
view, the reduced taxation of qualified dividend income has attracted investors
to utility stocks.
Many utilities continued to raise dividends during the second quarter. In
the U.S., for example, Equitable Resources announced an 11% dividend increase.
European utilities RWE, National Grid Transco, E.ON and Scottish and Southern
also raised their dividends by 25%, 20%, 18% and 12%, respectively. For the
twelve months ended June 30, 2005, 51 domestic electric utilities increased
their dividends by an average of 15.3%. Thirty-one companies had no change in
their dividends and no companies reduced their dividends.
2005 has been marked by a surge in consolidation activity among utility
companies. Three utility mergers representing $50.8 billion in transaction value
have been announced over the past six months: Exelon's $26.9 billion purchase of
Public Service Enterprise Group at an attractive 15% premium, Duke Energy's
$14.5 billion acquisition of Cinergy at an attractive 13% premium, and Warren
Buffett's MidAmerican Energy's $9.4 billion bid for PacifiCorp, a subsidiary of
Scottish Power. Scottish Power's share price rose 6% on the day the acquisition
was announced and 10% from the day of the announcement to quarter-end. We are
pleased to report that the fund owned all of the takeover targets. The recent
merger announcements follow four years of minimal consolidation activity as
managements worked to rationalize unregulated businesses, strengthen balance
sheets, and focus on managing and bolstering core utility franchises.
A common theme in mergers and acquisitions has been for large,
well-capitalized and well-managed utilities to acquire companies facing major
operational, regulatory or financial challenges. We believe Exelon's superior
operating skills can improve PSEG's troubled nuclear plants; Duke Energy's
natural gas-fired power plants in the Midwest and strong balance sheet should
help support Cincinnati-based Cinergy's large environmental capital expenditure
program; MidAmerican and Berkshire Hathaway's superior balance sheet and cash
flow positions should enable significant infrastructure investments at
PacifiCorp.
During the quarter, the fund's best performing sector was the integrated
natural gas group, returning 12.6%, due to an attractive commodity price
environment. Crude oil hit a high of $60.54 per barrel during the quarter while
natural gas prices reached $7.75 per million Btus. (Integrated natural gas
utilities own businesses engaged in the exploration, production, gathering and
processing of natural gas and crude oil.)
The fund's best performing investments were Equitable Resources, Edison
International, and Scottish Power, with returns of 19.2%, 17.5% and 16.0%,
respectively. As a leading natural gas exploration and production company in
Appalachia, Equitable benefited from attractive gas prices and the announcement
of an accelerated drilling program. Edison International's strong relative
performance was driven by expectations for improved earnings at the company's
unregulated power subsidiary due to rising wholesale power prices. Scottish
Power's
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2
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COHEN & STEERS SELECT UTILITY FUND, INC.
stock reacted positively to the announcement of MidAmerican Energy's acquisition
of the company's U.S. subsidiary, PacifiCorp.
The integrated electric sector was the worst performing sector for the
quarter, returning 9.5%. Enel was the worst performer in this sector, with a
- -6.2% total return, due to the weakening European currency and expectations
for large equity issuance. Dominion Resources, which returned -0.5%, also
detracted from performance following the announcement of a weaker-than-expected
earnings outlook for 2006.
During the quarter, the fund's performance relative to the utility indexes
was influenced by our allocation to preferred stocks. The fund's preferred and
fixed income positions (18.3% of total fund assets at quarter-end), which are
utilized with the objective of enhancing the income potential of the fund,
detracted from performance due to the better overall performance of utility
stocks. Preferred shares benefited during the quarter from declining interest
rates, but detracted from overall performance, up only 3%, compared with
utilities, which were up 10%.
INVESTMENT OUTLOOK
We have a positive outlook for the utility sector due to our expectations
for strong operating fundamentals, further industry consolidation, and favorable
macro trends. After wholesale power prices collapsed under the weight of an
oversupply of power plants, we have witnessed a dramatic turnaround in sector
fundamentals as managements on the whole have written down or sold merchant
power plants and right-sized their balance sheets through substantial amounts of
equity issuance. For our portfolio, we focus on those companies with strong
fundamentals that offer the potential for attractive dividend and earnings
growth.
We believe that utilities with low cost nuclear and coal-fired generation
will continue to benefit from higher power prices, and therefore we see these
types of companies as potentially attractive investment opportunities. In our
view, we are near the trough of the commodity price cycle in wholesale power
markets, with demand growth gradually consuming excess power plant capacity.
Furthermore, in retail power markets we think that a constructive regulatory
environment could allow many large utilities to receive a timely and potentially
attractive return on capital invested in significant infrastructure projects.
These initiatives include the installation of emissions reduction equipment for
power plants and the construction of new power lines to bolster the transmission
grid.
We view recent utility merger activity as the beginning of a long-term
consolidation trend. We believe that regulators will take a constructive stance
on mergers given the need to bolster and integrate the fragmented and aging
transmission grid. The utility industry is highly fragmented due to the Public
Utility Holding Company Act (PUHCA). While it is difficult to forecast this with
any certainty, the possible repeal of this legislation, which hinders mergers
among noncontiguous utilities, could accelerate the M&A trend. We have long
expected consolidation to return to the utility sector considering the large
number of utility companies in the U.S. compared with other developed countries
or other U.S. industries such as railroads and regional telephone services,
where just a handful of players exist. Overall, we believe that the benefits of
economies of scale to potentially achieve higher growth in a mature, moderate
growth industry should continue to drive consolidation.
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3
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COHEN & STEERS SELECT UTILITY FUND, INC.
On a pre-tax basis, utility dividend yields are consistent with historical
standards, at approximately 90% of the 10-year Treasury bond yield. Importantly,
however, the attractiveness of the after-tax yields from utilities has increased
dramatically since the implementation of the Jobs and Growth Reconciliation Act
in 2003, which lowered the tax rate on qualified dividend income to a maximum of
15.0% from a maximum rate of 38.6%. Therefore, on an after-tax basis, utility
stocks look attractively valued relative to their historical relationship with
Treasury bonds, in our view.
We believe an overall environment will remain favorable for utilities. Over
the long term, we foresee a low return environment in which the potential for
utilities to generate attractive yet predictable earnings growth and high
current income will be increasingly attractive to investors, especially as an
aging population raises demand for relatively lower risk and higher yielding
investments. By focusing our portfolio on attractively valued, traditional gas
and electric utilities that offer the potential for above average dividend and
earnings growth, we believe that Cohen & Steers Select Utility Fund is well
positioned to meet its income and capital appreciation objectives.
Sincerely,
MARTIN COHEN ROBERT H. STEERS
MARTIN COHEN ROBERT H. STEERS
Co-chairman Co-chairman
ROBERT S. BECKER WILLIAM F. SCAPELL
ROBERT S. BECKER WILLIAM F. SCAPELL
Portfolio Manager Portfolio Manager
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VISIT COHEN & STEERS ONLINE AT COHENANDSTEERS.COM
For more information about any of our funds, visit cohenandsteers.com,
where you'll find daily net asset values, fund fact sheets and portfolio
highlights. You can also access newsletters, education tools and market
updates covering the REIT, utility and preferred securities sectors.
In addition, our Web site contains comprehensive information about our
firm, including our most recent press releases, profiles of our senior
investment professionals, and an overview of our investment approach.
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4
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COHEN & STEERS SELECT UTILITY FUND, INC.
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OUR LEVERAGE STRATEGY
(UNAUDITED)
While we do not attempt to predict what future interest
rates will be, it has been our philosophy to utilize
interest rate swap transactions to seek to reduce the
interest rate risk inherent in our utilization of leverage.
Our leverage strategy involves issuing auction market
preferred shares (AMPS) to raise additional capital for the
fund, with an objective of increasing the net income
available for shareholders. As of June 30, 2005, AMPS
represented 32% of the fund's managed assets. Considering
that AMPS have variable dividend rates, we seek to lock in
the rate on a majority of this additional capital through
interest rate swap agreements (where we effectively convert
our variable rate obligation to a fixed rate obligation for
the term of the swap agreements). Specifically, we have
fixed the rate on 55% of our borrowings at an average
interest rate of 4.04%, for an average remaining period of
3.7 years (when we first entered into the swaps, the average
term was 4.6 years). By locking in a large portion of our
leveraging costs, we have endeavored to adequately protect
the dividend-paying ability of the fund. The use of leverage
increases the volatility of the fund's net asset value in
both up and down markets. However, we believe that locking
in a portion of the fund's leveraging costs for the term of
the swap agreements partially protects the fund from any
impact that an increase in short-term interest rates may
have as a result of the use of leverage.
LEVERAGE FACTS(a)
<Table>
Leverage (as % of managed assets).................. 32%
% Fixed Rate....................................... 55%
% Variable Rate.................................... 45%
Weighted Average Rate on Swaps..................... 4.04%
Weighted Average Term on Swaps..................... 3.7 years
Current Rate on AMPS............................... 3.8%
</Table>
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- -------------------
(a) Data as of June 30, 2005. Information is subject to change.
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5
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COHEN & STEERS SELECT UTILITY FUND, INC.
JUNE 30, 2005
TOP TEN HOLDINGS
(UNAUDITED)
<Table>
<Caption>
MARKET % OF
SECURITY VALUE MANAGED ASSETS
-------- ----------- --------------
1. Duke Energy Corp. .................................. $75,487,443 4.84%
2. Exelon Corp. ....................................... 73,682,367 4.72
3. Ameren Corp. ....................................... 68,981,220 4.42
4. Southern Co. ....................................... 67,693,175 4.34
5. PG&E Corp. ......................................... 57,023,260 3.65
6. Edison International................................ 54,864,150 3.52
7. Equitable Resources................................. 52,856,400 3.39
8. CINergy Corp. ...................................... 52,721,766 3.38
9. Entergy Corp. ...................................... 52,609,243 3.37
10. Public Service Enterprise Group..................... 49,349,348 3.16
</Table>
PORTFOLIO BREAKDOWN
(BASED ON MANAGED ASSETS)
(UNAUDITED)
[PIE CHART]
<Table>
Corporate Bond 2.14%
Preferred Securities--Capital Trust 4.52%
Preferred Securities--$25 Par Value 11.65%
Other Assets in Excess of Liabilities 0.30%
Common Stock 81.39%
</Table>
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6
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COHEN & STEERS SELECT UTILITY FUND, INC.
SCHEDULE OF INVESTMENTS
JUNE 30, 2005 (UNAUDITED)
<Table>
<Caption>
NUMBER VALUE DIVIDEND
OF SHARES (NOTE 1) YIELD(a)
---------- -------------- ------------
COMMON STOCK 118.88%
UTILITIES 116.34%
ELECTRIC -- INTEGRATED 92.02%
Ameren Corp.......................... 1,247,400 $ 68,981,220 4.59%
American Electric Power Co........... 384,000 14,158,080 3.80
CINergy Corp......................... 1,176,300 52,721,766 4.28
Cleco Corp........................... 246,700 5,321,319 4.17
DPL.................................. 359,700 9,873,765 3.50
DTE Energy Co........................ 1,003,500 46,933,695 4.40
Dominion Resources................... 434,600 31,895,294 3.65
Duke Energy Corp..................... 2,539,100 75,487,443 4.17
E.ON AG (ADR)........................ 719,000 21,289,590 3.17
Edison International................. 1,353,000 54,864,150 2.47
Enel S.P.A., (ADR)................... 151,100 6,559,251 4.98
Entergy Corp......................... 696,350 52,609,243 2.86
Exelon Corp.......................... 1,435,464 73,682,367 3.12
FirstEnergy Corp..................... 478,100 23,001,391 3.43
FPL Group............................ 1,167,000 49,084,020 3.38
Hawaiian Electric Industries......... 516,700 13,852,727 4.63
NiSource............................. 339,000 8,383,470 3.72
PG&E Corp............................ 1,519,000 57,023,260 3.20
PPL Corp............................. 497,000 29,511,860 3.10
Pacific Gas & Electric Co............ 25,600 668,800 6.74
Pinnacle West Capital Corp........... 812,600 36,120,070 4.27
Progress Energy...................... 423,750 19,170,450 5.22
Public Service Enterprise Group...... 811,400 49,349,348 3.68
Puget Energy......................... 166,000 3,881,080 4.28
SCANA Corp........................... 303,500 12,962,485 3.65
Scottish Power PLC (ADR)............. 342,000 12,175,200 3.60
Southern Co.(b)...................... 1,952,500 67,693,175 4.30
TXU Corp............................. 495,000 41,129,550 2.71
Xcel Energy.......................... 2,290,000 44,700,800 4.41
--------------
983,084,869
--------------
</Table>
See accompanying notes to financial statements.
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7
<Page>
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COHEN & STEERS SELECT UTILITY FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
JUNE 30, 2005 (UNAUDITED)
<Table>
<Caption>
NUMBER VALUE DIVIDEND
OF SHARES (NOTE 1) YIELD(a)
---------- -------------- ------------
ELECTRIC -- DISTRIBUTION 12.95%
Consolidated Edison.................. 1,024,200 $ 47,973,528 4.87%
Energy East Corp..................... 224,700 6,511,806 3.80
National Grid Transco PLC (ADR)...... 701,300 34,202,401 4.37
NSTAR................................ 515,239 15,884,818 3.76
Pepco Holdings....................... 1,409,200 33,736,248 4.18
--------------
138,308,801
--------------
GAS -- DISTRIBUTION 3.63%
AGL Resources........................ 311,000 12,020,150 3.21
Atmos Energy Corp.................... 210,500 6,062,400 4.31
Sempra Energy........................ 213,000 8,799,030 2.81
Vectren Corp......................... 413,867 11,890,399 4.11
--------------
38,771,979
--------------
GAS -- INTEGRATED 7.74%
Equitable Resources.................. 777,300 52,856,400 2.47
KeySpan Corp......................... 732,400 29,808,680 4.47
--------------
82,665,080
--------------
TOTAL UTILITIES...................... 1,242,830,729
--------------
UTILITY -- FOREIGN 1.27%
ELECTRIC -- INTEGRATED
RWE AG(c)............................ 150,000 9,632,336 2.82
Scottish and Southern Energy(c)...... 217,900 3,943,218 2.98
--------------
13,575,554
--------------
TELECOMMUNICATION SERVICES 1.18%
FairPoint Communications............. 780,000 12,597,000 9.29
--------------
TRANSPORT -- MARINE 0.09%
Teekay LNG Partners LP............... 35,400 998,280 5.85
--------------
TOTAL COMMON STOCK
(Identified cost --
$1,030,208,388)............. 1,270,001,563
--------------
</Table>
See accompanying notes to financial statements.
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8
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COHEN & STEERS SELECT UTILITY FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
JUNE 30, 2005 (UNAUDITED)
<Table>
<Caption>
NUMBER VALUE DIVIDEND
OF SHARES (NOTE 1) YIELD(a)
---------- -------------- ------------
PREFERRED SECURITIES -- $25 PAR VALUE 17.01%
BANK 0.51%
Chevy Chase Bank, 8.00%, Series C.... 87,100 $ 2,430,090 7.17%
First Republic Bank, 6.70% Series C.. 118,700 3,044,655 6.55
--------------
5,474,745
--------------
BANK -- FOREIGN 0.11%
Northern Rock, 8.00% Series.......... 45,000 1,128,600 7.97
--------------
INSURANCE 0.10%
RenaissanceRE Holdings Ltd., 6.08%,
Series C.......................... 46,100 1,108,705 6.32
--------------
MEDIA 0.34%
Liberty Media Corp., 8.75% (CBTCS)... 22,100 582,335 8.31
Liberty Media Corp., 8.75% (PPLUS)... 20,700 546,480 8.30
Shaw Communications, 8.50%, Series B
(COPrS)........................... 99,600 2,510,916 8.45
--------------
3,639,731
--------------
REAL ESTATE 15.00%
DIVERSIFIED 2.35%
Bedford Property Investors, 7.625%,
Series B.......................... 205,350 5,186,114 7.56
Colonial Properties Trust, 7.62%,
Series E.......................... 49,500 1,212,750 7.80
Digital Realty Trust, 8.50%,
Series A.......................... 56,000 1,451,240 8.22
Forest City Enterprises, 7.375%,
Class A........................... 80,800 2,064,440 7.20
iStar Financial, 7.875%, Series E.... 270,700 6,980,000 7.64
iStar Financial, 7.80%, Series F..... 132,000 3,379,200 7.62
iStar Financial, 7.50%, Series I..... 113,940 2,862,173 7.48
Lexington Corporate Properties Trust,
8.05%, Series B................... 75,000 1,976,250 7.63
--------------
25,112,167
--------------
HEALTH CARE 2.00%
Health Care REIT, 7.875%, Series D... 72,550 1,863,084 7.67
Health Care REIT, 7.625%, Series F... 218,800 5,529,076 7.56
LTC Properties, 8.00%, Series F...... 547,713 14,007,760 7.82
--------------
21,399,920
--------------
</Table>
See accompanying notes to financial statements.
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9
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COHEN & STEERS SELECT UTILITY FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
JUNE 30, 2005 (UNAUDITED)
<Table>
<Caption>
NUMBER VALUE DIVIDEND
OF SHARES (NOTE 1) YIELD(a)
---------- -------------- ------------
HOTEL 1.28%
Ashford Hospitality Trust, 8.55%,
Series A.......................... 156,500 $ 4,088,563 8.19%
Equity Inns, 8.75%, Series B......... 75,900 1,984,785 8.37
Host Marriott Corp., 8.875%,
Series E.......................... 100,000 2,750,000 8.07
Innkeepers USA, 8.00%, Series C...... 189,400 4,842,958 7.82
--------------
13,666,306
--------------
OFFICE 4.36%
Alexandria Real Estate Equities,
8.375%, Series C.................. 514,000 13,564,460 7.92
Brandywine Realty Trust, 7.50%,
Series C.......................... 75,819 1,899,266 7.50
Corporate Office Properties Trust,
8.00%, Series G................... 38,486 994,863 7.74
CRT Properties, 8.50%, Sereis A...... 35,335 873,128 8.62
Highwoods Properties, 8.00%,
Series B.......................... 26,435 664,840 7.95
Highwoods Properties, 8.00%,
Series D.......................... 33,058 831,409 7.95
Maguire Properties, 7.625%,
Series A.......................... 495,626 12,529,425 7.56
SL Green Realty Corp., 7.625%,
Series C.......................... 247,000 6,323,200 7.46
SL Green Realty Corp., 7.875%,
Series D.......................... 347,333 8,909,091 7.68
--------------
46,589,682
--------------
OFFICE/INDUSTRIAL 0.92%
PS Business Parks, 7.00%, Series H... 75,700 1,862,220 7.11
PS Business Parks, 6.875%, Series I.. 54,950 1,346,275 7.02
PS Business Parks, 7.95%, Series K... 252,000 6,577,200 7.62
--------------
9,785,695
--------------
RESIDENTIAL -- APARTMENT 0.68%
Apartment Investment & Management
Co., 7.75%, Series U.............. 30,000 753,000 7.85
Apartment Investment & Management
Co., 8.00%, Series V.............. 87,000 2,209,800 7.87
Apartment Investment & Management
Co., 7.875%, Series Y............. 93,000 2,334,300 7.73
Hovnanian Enterprises, 7.625%
Series............................ 80,000 2,000,000 7.64
--------------
7,297,100
--------------
</Table>
See accompanying notes to financial statements.
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10
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COHEN & STEERS SELECT UTILITY FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
JUNE 30, 2005 (UNAUDITED)
<Table>
<Caption>
NUMBER VALUE DIVIDEND
OF SHARES (NOTE 1) YIELD(a)
---------- -------------- ------------
SHOPPING CENTER 2.30%
COMMUNITY CENTER 1.70%
Cedar Shopping Centers, 8.875%,
Series A.......................... 300,000 $ 8,010,000 8.31%
Developers Diversified Realty Corp.,
7.375%, Series H.................. 25,000 633,500 7.26
Developers Diversified Realty Corp.,
7.50%, Series I................... 302,000 7,731,200 7.34
Saul Centers, 8.00%, Series A........ 67,500 1,767,825 7.64
--------------
18,142,525
--------------
REGIONAL MALL 0.60%
CBL & Associates Properties, 7.75%,
Series C.......................... 126,931 3,484,256 7.07
Mills Corp., 9.00%, Series C......... 43,300 1,167,585 8.34
Mills Corp., 8.75%, Series E......... 40,700 1,102,970 8.08
Taubman Centers, 8.00%, Series G..... 25,000 641,250 7.80
--------------
6,396,061
--------------
TOTAL SHOPPING CENTER................ 24,538,586
--------------
SPECIALTY 1.11%
Capital Automotive REIT, 6.75%....... 125,000 3,155,000 6.70
Capital Automotive REIT, 7.50%,
Series A.......................... 95,102 2,415,590 7.40
Capital Automotive REIT, 8.00%,
Series B.......................... 240,400 6,310,500 7.62
--------------
11,881,090
--------------
TOTAL REAL ESTATE.................... 160,270,546
--------------
UTILITIES 0.95%
ELECTRIC -- INTEGRATED 0.40%
Sierra Pacific Power, 7.80%,
Series 1.......................... 169,038 4,259,757 7.74
--------------
GAS -- DISTRIBUTION 0.55%
Southern Union Co., 7.55%,
Series C.......................... 222,500 5,918,500 7.11
--------------
TOTAL UTILITIES...................... 10,178,257
--------------
TOTAL PREFERRED SECURITIES --$25
PAR VALUE (Identified
cost -- $174,512,809)......... 181,800,584
--------------
</Table>
See accompanying notes to financial statements.
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11
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COHEN & STEERS SELECT UTILITY FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
JUNE 30, 2005 (UNAUDITED)
<Table>
<Caption>
NUMBER VALUE DIVIDEND
OF SHARES (NOTE 1) YIELD(a)
---------- -------------- ------------
PREFERRED SECURITIES -- CAPITAL TRUST 6.61%
DIVERSIFIED FINANCIAL SERVICES 1.47%
Old Mutual Capital Funding, 8.00%,
due 5/29/49 (Eurobond)............ 14,850,000 $ 15,728,244 7.55%
--------------
ELECTRIC -- INTEGRATED 1.28%
DPL Capital Trust II, 8.125%, due
9/1/31............................ 3,000,000 3,551,754 6.87
Duquesne Light Co., 6.50% Series H... 194,900 10,154,290 6.24
--------------
13,706,044
--------------
FOOD 1.02%
Dairy Farmers of America, 7.875%,
144A(c,d)......................... 70,000 6,908,825 7.98
Gruma S.A., 7.75%, due 12/29/49,
144A(c,d)......................... 4,000,000 3,909,100 7.93
--------------
10,817,925
--------------
INSURANCE -- MULTI-LINE 1.58%
AFC Capital Trust I, 8.207%, due
2/3/27, Series B.................. 8,000,000 9,107,056 7.21
Liberty Mutual Insurance, 7.697%, due
10/15/97.......................... 7,000,000 7,755,426 6.95
--------------
16,862,482
--------------
MEDICAL -- HOSPITALS 0.69%
Columbia/HCA, 7.50%, due 11/15/95.... 7,545,000 7,367,806 7.68
--------------
OIL -- EXPLORATION AND PRODUCTION 0.38%
Pemex Project Funding Master Trust,
7.75%, due 9/29/49................ 4,000,000 4,048,084 7.66
--------------
RETAIL 0.19%
JC Penney Co., 7.625%, due 3/1/97.... 2,000,000 2,000,000 7.63
--------------
TOTAL PREFERRED
SECURITIES -- CAPITAL TRUST
(Identified cost --
$72,994,933).................. 70,530,585
--------------
</Table>
<Table>
<Caption>
PRINCIPAL
AMOUNT
-----------
CORPORATE BOND 3.11%
MEDIA 1.47%
Cablevision Systems Corp., 8.00%, due
4/15/12............................. $ 4,500,000 4,432,500
CSC Holdings, 7.875%, due 2/15/18...... 1,500,000 1,485,000
Liberty Media Corp., 8.25%, due
2/1/30.............................. 4,000,000 3,989,580
Rogers Cable, 8.75%, due 5/01/32....... 5,100,000 5,814,000
--------------
15,721,080
--------------
</Table>
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
12
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
SCHEDULE OF INVESTMENTS -- (CONTINUED)
JUNE 30, 2005 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------- --------------
CELLULAR TELECOMMUNICATIONS 0.14%
Rogers Wireless Communications, 7.50%,
due 3/15/15, 144A(d)................ $ 1,400,000 $ 1,529,500
--------------
MEDICAL -- HOSPITALS 0.41%
Columbia/HCA, 8.36%, due 4/15/24....... 3,000,000 3,370,035
Columbia/HCA, 7.75%, due 7/15/36....... 1,000,000 1,070,375
--------------
4,440,410
--------------
SPECIAL PURPOSE ENTITY 0.25%
Valor Telecom Enterprise, 7.75%, due
02/15/15(c)......................... 2,750,000 2,634,156
--------------
TELEPHONE -- INTEGRATED 0.84%
Citizens Communications Co., 9.00%, due
8/15/31............................. 8,700,000 8,961,000
--------------
TOTAL CORPORATE BOND
(Identified cost -- $28,740,714) 33,286,146
--------------
COMMERCIAL PAPER 0.22%
New Center Asset Trust, 2.20%, due
07/01/05
(Identified cost -- $2,300,000)..... 2,300,000 2,300,000
----------- --------------
TOTAL INVESTMENTS (Identified
cost -- $1,308,756,844)............ 145.83% 1,557,918,878
OTHER ASSETS IN EXCESS OF
LIABILITIES........................ 0.22% 2,410,520
LIQUIDATION VALUE OF PREFERRED
SHARES............................. (46.05)% (492,000,000)
------ --------------
NET ASSETS APPLICABLE TO COMMON
SHARES (Equivalent to $24.66 per
share based on 43,320,750 shares of
capital stock outstanding)......... 100.00% $1,068,329,398
------ --------------
------ --------------
</Table>
- -------------------
Note: Percentages indicated are based on the net assets applicable to common
shares of the fund.
(a) Dividend yield is computed by dividing the security's current annual
dividend rate by its value on June 30, 2005. The current dividend rate does
not reflect any potential reclassifications to capital gain or return of
capital.
(b) 120,000 shares segregated as collateral for interest rate swap transactions.
(c) Fair valued security. Aggregate holdings equal 2.53% of net assets
applicable to common shares.
(d) Resale is restricted to qualified institutional investors. Aggregate
holdings equal 1.16% of net assets applicable to common shares.
GLOSSARY OF PORTFOLIO ABBREVIATIONS
- --------------------------------------------------------------------------------
ADR American Depositary Receipt.
COPrS Canadian Origin Preferred Securities.
CBTCS Corporate Backed Trust Certificates.
PPLUS Preferred Plus Trust.
- --------------------------------------------------------------------------------
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
13
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2005 (UNAUDITED)
<Table>
ASSETS:
Investments in securities, at value (Identified
cost -- $1,308,756,844) (Note 1)...................... $1,557,918,878
Dividends and interest receivable....................... 7,649,025
Unrealized appreciation on interest rate swap
transactions (Notes 1 and 6).......................... 171,643
Other assets............................................ 34,272
--------------
Total Assets........................................ 1,565,773,818
--------------
LIABILITIES:
Payable for investment securities purchased............. 1,997,346
Unrealized depreciation on interest rate swap
transactions (Notes 1 and 6).......................... 1,035,118
Payable to investment manager........................... 817,989
Payable for dividends declared on common shares......... 627,897
Payable for dividends declared on preferred shares...... 614,789
Payable to administrator................................ 66,262
Payable for directors fees.............................. 6,738
Other liabilities....................................... 278,281
--------------
Total Liabilities................................... 5,444,420
--------------
LIQUIDATION VALUE OF PREFERRED SHARES:
Auction market preferred shares, Series M7, ($25,000
liquidation value, $0.001
par value, 3,400 shares issued and outstanding) (Notes
1 and 5).............................................. 85,000,000
Auction market preferred shares, Series T7, ($25,000
liquidation value, $0.001 par value, 3,400 shares
issued and outstanding) (Notes 1 and 5)............... 85,000,000
Auction market preferred shares, Series T28, ($25,000
liquidation value, $0.001 par value, 2,680 shares
issued and outstanding) (Notes 1 and 5)............... 67,000,000
Auction market preferred shares, Series W7, ($25,000
liquidation value, $0.001 par value, 3,400 shares
issued and outstanding) (Notes 1 and 5)............... 85,000,000
Auction market preferred shares, Series TH28, ($25,000
liquidation value, $0.001 par value, 3,400 shares
issued and outstanding) (Notes 1 and 5)............... 85,000,000
Auction market preferred shares, Series F7, ($25,000
liquidation value, $0.001 par value, 3,400 shares
issued and outstanding) (Notes 1 and 5)............... 85,000,000
--------------
492,000,000
--------------
TOTAL NET ASSETS APPLICABLE TO COMMON SHARES................ $1,068,329,398
--------------
--------------
TOTAL NET ASSETS APPLICABLE TO COMMON SHARES consist of:
Common stock ($0.001 par value, 43,320,750 shares issued
and outstanding)...................................... $ 819,922,546
Dividends in excess of net investment income............ (1,056,415)
Accumulated undistributed net realized gain............. 1,165,464
Net unrealized appreciation............................. 248,297,803
--------------
$1,068,329,398
--------------
--------------
NET ASSET VALUE PER COMMON SHARE:
($1,068,329,398 [div] 43,320,750 shares outstanding).... $ 24.66
--------------
--------------
MARKET PRICE PER COMMON SHARE............................... $ 21.43
--------------
--------------
MARKET PRICE DISCOUNT TO NET ASSET VALUE PER COMMON SHARE... (13.10)%
--------------
--------------
</Table>
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
14
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)
<Table>
Investment Income (Note 1):
Dividend income (net of $333,623 of foreign withholding
tax)................................................. $ 33,486,388
Interest income......................................... 3,225,206
------------
Total Income....................................... 36,711,594
------------
Expenses:
Investment management fees (Note 2)..................... 6,237,506
Preferred remarketing fee............................... 609,641
Administration fees (Note 2)............................ 490,653
Reports to shareholders................................. 162,412
Professional fees....................................... 104,128
Custodian fees and expenses............................. 63,285
Directors' fees and expenses (Note 2)................... 26,228
Transfer agent fees and expenses........................ 5,430
Miscellaneous........................................... 74,042
------------
Total Expenses..................................... 7,773,325
Reduction of Expenses (Note 2).......................... (1,467,648)
------------
Net Expenses....................................... 6,305,677
------------
Net Investment Income....................................... 30,405,917
------------
Net Realized and Unrealized Gain (Loss) on Investments
(Note 1):
Net realized gain on investments........................ 2,721,408
Net realized loss on foreign currency tranactions....... (14,703)
Net realized loss on interest rate swap transactions.... (1,270,803)
Net change in unrealized appreciation on investments.... 96,856,190
Net change in unrealized depreciation on foreign
currency translations................................ (756)
Net change in unrealized appreciation on interest rate
swap transactions.................................... 1,056,451
------------
Net realized and unrealized gain on investments.... 99,347,787
------------
Net Increase Resulting from Operations.................. 129,753,704
------------
Less Dividends and Distributions to Preferred Shareholders
from Net Investment Income................................ (7,104,251)
------------
Net Increase in Net Assets from Operations Applicable to
Common Shares............................................. $122,649,453
------------
------------
</Table>
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
15
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS APPLICABLE TO COMMON SHARES (UNAUDITED)
<Table>
<Caption>
FOR THE PERIOD
FOR THE MARCH 30, 2004(a)
SIX MONTHS ENDED THROUGH
JUNE 30, 2005 DECEMBER 31, 2004
---------------- -----------------
Change in Net Assets Applicable to Common Shares:
From Operations:
Net investment income......................... $ 30,405,917 $ 36,176,133
Net realized gain (loss)...................... 1,435,902 (2,109,825)
Net change in unrealized appreciation......... 97,911,885 150,385,918
-------------- ------------
Net increase resulting from operations... 129,753,704 184,452,226
-------------- ------------
Less Dividends and Distributions to Preferred
Shareholders from:
Net investment income......................... (7,104,251) (5,135,684)
Net realized gain on investments.............. -- (105,254)
-------------- ------------
Total dividends and distributions to
preferred shareholders................. (7,104,251) (5,240,938)
-------------- ------------
Net increase in net assets from operations
applicable to common shares................ 122,649,453 179,211,288
-------------- ------------
Less Dividends and Distributions to Common
Shareholders from:
Net investment income......................... (24,043,016) (28,756,928)
Net realized gain on investments.............. -- (653,945)
Tax return of capital......................... -- (47,237)
-------------- ------------
Total dividends and distributions to
common shareholders.................... (24,043,016) (29,458,110)
-------------- ------------
Capital Stock Transactions (Note 5):
Increase in net assets from common share
transactions............................... -- 825,593,430
Increase in net assets from preferred share
offering cost adjustment................... 310,222 --
Decrease in net assets from underwriting
commissions and offering expenses from
issuance of preferred shares............... -- (6,034,144)
-------------- ------------
Net increase in net assets from capital
stock transactions..................... 310,222 819,559,286
-------------- ------------
Total increase in net assets applicable
to common shares....................... 98,916,659 969,312,464
-------------- ------------
Net Assets Applicable to Common Shares:
Beginning of period............................... 969,412,739 100,275
-------------- ------------
End of period(b).................................. $1,068,329,398 $969,412,739
-------------- ------------
-------------- ------------
</Table>
- -------------------
(a) Commencement of operations.
(b) Includes dividends in excess of net investment income of $1,056,415 and
$315,065, respectively.
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
16
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
The following table includes selected data for a common share outstanding
throughout each period and other performance information derived from the
financial statements. It should be read in conjunction with the financial
statements and notes thereto.
<Table>
<Caption>
FOR THE PERIOD
FOR THE MARCH 30, 2004(a)
SIX MONTHS ENDED THROUGH
PER SHARE OPERATING PERFORMANCE: JUNE 30, 2005 DECEMBER 31, 2004
- -------------------------------- ------------- -----------------
Net asset value per common share, beginning of period...... $ 22.38 $ 19.10
----------- -----------
Income from investment operations:
Net investment income(b)............................... 0.70 0.85
Net realized and unrealized gain on investments........ 2.29 3.36
----------- -----------
Total income from investment operations............ 2.99 4.21
----------- -----------
Less dividends and distributions to preferred shareholders
from:
Net investment income.................................. (0.16) (0.12)
Net realized gain on investments....................... -- (0.00)(c)
----------- -----------
Total dividends and distributions to preferred
shareholders..................................... (0.16) (0.12)
----------- -----------
Total from investment operations applicable to
common shares.................................... 2.83 4.09
----------- -----------
Less: Offering costs charged to paid-in capital -- common
shares................................................... -- (0.04)
Preferred share offering cost adjustment............... 0.01 --
Offering costs charged to paid-in capital -- preferred
shares............................................... -- (0.14)
Anti-dilutive effect of common share offering.......... -- 0.05
----------- -----------
Total offering and organization costs.............. 0.01 (0.13)
----------- -----------
Less dividends and distributions to common shareholders
from:
Net investment income.................................. (0.56) (0.67)
Net realized gain on investments....................... -- (0.01)
Tax return on capital.................................. -- (0.00)(c)
----------- -----------
Total dividends and distributions to common
shareholders..................................... (0.56) (0.68)
----------- -----------
Net increase in net asset value............................ 2.28 3.28
----------- -----------
Net asset value, per common share, end of period........... $ 24.66 $ 22.38
----------- -----------
----------- -----------
Market value, per common share, end of period.............. $ 21.43 $ 19.82
----------- -----------
----------- -----------
===================================================================================================
Net asset value total return(d)............................ 13.25%(e) 21.57%(e)
----------- -----------
----------- -----------
Market value return(d)..................................... 11.12%(e) 2.82%(e)
----------- -----------
----------- -----------
===================================================================================================
</Table>
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
17
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED) -- (CONTINUED)
<Table>
<Caption>
FOR THE PERIOD
FOR THE MARCH 30, 2004(a)
SIX MONTHS ENDED THROUGH
RATIOS/SUPPLEMENTAL DATA: JUNE 30, 2005 DECEMBER 31, 2004
- ------------------------- ---------------- -----------------
Net assets applicable to common shares, end of period (in
millions)................................................ $1,068.3 $ 969.4
-------- --------
-------- --------
Ratio of expenses to average daily net assets applicable to
common shares (before expense reduction)(g).............. 1.59%(f) 1.51%(f)
-------- --------
-------- --------
Ratio of expenses to average daily net assets applicable to
common shares (net of expense reduction)(g).............. 1.29%(f) 1.22%(f)
-------- --------
-------- --------
Ratio of net investment income to average daily net assets
applicable to common shares (before expense
reduction)(g)............................................ 5.91%(f) 5.33%(f)
-------- --------
-------- --------
Ratio of net investment income to average daily net assets
applicable to common shares (net of expense
reduction)(g)............................................ 6.21%(f) 5.62%(f)
-------- --------
-------- --------
Ratio of expenses to average daily managed assets (before
expense reduction)(g,h).................................. 1.06%(f) 1.06%(f)
-------- --------
-------- --------
Ratio of expenses to average daily managed assets (net of
expense reduction)(g,h).................................. 0.86%(f) 0.86%(f)
-------- --------
-------- --------
Portfolio turnover rate.................................... 14.56%(e) 14.03%(e)
-------- --------
-------- --------
PREFERRED SHARES:
- -----------------
Liquidation value, end of period (in 000's)................ $492,000 $492,000
-------- --------
-------- --------
Total shares outstanding (in 000's)........................ 20 20
-------- --------
-------- --------
Asset coverage per share................................... $ 79,285 $ 74,259
-------- --------
-------- --------
Liquidation preference per share........................... $ 25,000 $ 25,000
-------- --------
-------- --------
Average market value per share(i).......................... $ 25,000 $ 25,000
-------- --------
-------- --------
</Table>
- -------------------
(a) Commencement of operations.
(b) Calculation based on average shares outstanding.
(c) Less than $0.005 per share.
(d) Total market value return is computed based upon the New York Stock Exchange
market price of the fund's shares and excludes the effects of brokerage
commissions. Dividends and distributions, if any, are assumed for purposes
of this calculation, to be reinvested at prices obtained under the fund's
dividend reinvestment plan. Total net asset value return measures the
changes in value over the period indicated, taking into account dividends
as reinvested.
(e) Not annualized.
(f) Annualized.
(g) Ratios do not reflect dividend payments to preferred shareholders.
(h) Average daily managed assets represents net assets applicable to common
shares plus liquidation preference of preferred shares.
(i) Based on weekly prices.
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
18
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
Cohen & Steers Select Utility Fund, Inc. (the fund) was incorporated under
the laws of the State of Maryland on January 8, 2004 and is registered under the
Investment Company Act of 1940, as amended, as a nondiversified closed-end
management investment company. The fund's investment objective is a high level
of after-tax total return. The fund had no operations until March 3, 2004 when
it sold 5,250 shares of common stock for $100,275 to Cohen & Steers Capital
Management, Inc. (the investment manager). Investment operations commenced on
March 30, 2004.
The following is a summary of significant accounting policies consistently
followed by the fund in the preparation of its financial statements. The
policies are in conformity with accounting principles generally accepted in the
United States of America (GAAP). The preparation of the financial statements in
accordance with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of income and expenses during the
reporting period. Actual results could differ from those estimates.
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. 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. However, certain fixed-income
securities may be valued on the basis of prices provided by a pricing service
when such prices are believed by the board of directors to reflect the fair
market value of such securities. 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.
- --------------------------------------------------------------------------------
19
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
Securities for which market prices are unavailable 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.
To the extent the fund holds securities that are primarily listed on foreign
exchanges that trade on weekends or days when the fund does not price its
shares, the value of the securities held in the fund may change on days when you
will not be able to purchase or redeem fund shares.
Short-term debt securities, which have a maturity date of 60 days or less,
are valued at amortized cost, which approximates value.
Security Transactions and Investment Income: Security transactions are
recorded on trade date. Realized gains and losses on investments sold are
recorded on the basis of identified cost. Interest income is recorded on the
accrual basis. Dividend income is recorded on the ex-dividend date. The fund
records distributions received in excess of income from underlying investments
as a reduction of cost of investments and/or realized gain. Such amounts are
based on estimates if actual amounts are not available, and actual amounts of
income, realized gain and return of capital may differ from the estimated
amounts. The fund adjusts the estimated amounts of the components of
distributions (and consequently its net investment income) as an increase to
unrealized appreciation/(depreciation) and realized gain/(loss) on investments
as necessary once the issuers provide information about the actual composition
of the distributions.
Foreign Currency Translation and Forward Foreign Currency Contracts: The
books and records of the fund are maintained in U.S. dollars as follows: (1) the
foreign currency market value of investment securities, other assets and
liabilities and forward foreign currency contracts (forward contracts) are
translated at the exchange rates prevailing at the end of the period; and (2)
purchases, sales, income and expenses are translated at the exchange rates
prevailing on the respective dates of such transactions. The resultant exchange
gains and losses are recorded as realized and unrealized gain/loss on foreign
exchange transactions. Pursuant to U.S. federal income tax regulations, certain
foreign exchange gains/losses included in realized and unrealized gain/loss are
included in or are a reduction of ordinary income for federal income tax
purposes. The fund does not isolate that
- --------------------------------------------------------------------------------
20
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
portion of the results of operations arising as a result of changes in the
foreign exchange rates from the changes in the market prices of the securities.
Forward contracts are valued daily at the appropriate exchange rates. The
resultant unrealized exchange gains and losses are recorded as unrealized
foreign currency gain or loss. The fund records realized gains or losses on
delivery of the currency or at the time the forward contract is extinguished
(compensated) by entering into a closing transaction prior to delivery.
Foreign Securities: The fund may directly purchase securities of foreign
issuers. Investing in securities of foreign issuers involves special risks not
typically associated with investing in securities of U.S. issuers. The risks
include possible revaluation of currencies, the ability to repatriate funds,
less complete financial information about companies and possible future adverse
political and economic developments. Moreover, securities of many foreign
issuers and their markets may be less liquid and their prices more volatile than
those of securities of comparable U.S. issuers.
Interest Rate Swaps: The fund uses interest rate swaps in connection with
the sale of preferred shares. The interest rate swaps are intended to reduce or
eliminate the risk that an increase in short-term interest rates could have on
the performance of the fund's common shares as a result of the floating rate
structure of the preferred shares. In these interest rate swaps, the fund agrees
to pay the other party to the interest rate swap (which is known as the
counterparty) a fixed rate payment in exchange for the counterparty agreeing to
pay the fund a variable rate payment that is intended to approximate the fund's
variable rate payment obligation on the preferred shares. The payment obligation
is based on the notional amount of the swap. Depending on the state of interest
rates in general, the use of interest rate swaps could enhance or harm the
overall performance of the common shares. The market value of interest rate
swaps is based on pricing models that consider the time value of money,
volatility, the current market and contractual prices of the underlying
financial instrument. Unrealized gains are reported as an asset and unrealized
losses are reported as a liability on the Statement of Assets and Liabilities.
The change in value of swaps, including the accrual of periodic amounts of
interest to be paid or received on swaps, is reported as unrealized gains or
losses in the Statement of Operations. A realized gain or loss is recorded upon
payment or receipt of a periodic payment or termination of swap agreements. Swap
agreements involve, to varying degrees, elements of market and counterparty
risk, and exposure to loss in excess of the related amounts reflected in the
Statement of Assets and Liabilities.
Dividends and Distributions to Shareholders: Dividends from net investment
income are declared and paid to common shareholders monthly. Dividends and
distributions to shareholders are recorded on the ex-dividend date.
Distributions paid by the fund are subject to recharacterization for tax
purposes. Based upon the results of operations for the six months ended
June 30, 2005, the investment manager considers it likely that a portion of the
dividends will be reclassified to return of capital and distributions of net
realized capital gains upon the final
- --------------------------------------------------------------------------------
21
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
determination of the fund's taxable income for the year. Net realized capital
gains, unless offset by any available capital loss carryforward, are distributed
to shareholders annually.
Dividends from net investment income and capital gain distributions are
determined in accordance with U.S. federal income tax regulations which may
differ from GAAP.
Series M7, Series T7, Series W7 and Series F7 preferred shares pay dividends
based on a variable interest rate set at auctions, normally held every seven
days. The dividends are declared and recorded for the subsequent seven day
period on the auction date. In most instances, dividends are payable every seven
days, on the first business day following the end of the dividend period.
Series T28 and Series TH28 preferred shares pay dividends based on a
variable interest rate set at auctions, normally held every 28 days. The
dividends are declared and recorded for the subsequent 28 day period on the
auction date. In most instances, dividends are payable every 28 days, on the
first business day following the end of the dividend period.
Federal Income Taxes: It is the policy of the fund to qualify as a regulated
investment company, if such qualification is in the best interest of the
shareholders, by complying with the requirements of Subchapter M of the Internal
Revenue Code applicable to regulated investment companies, and by distributing
substantially all of its taxable earnings to its shareholders. Accordingly, no
provision for federal income or excise tax is necessary.
NOTE 2. INVESTMENT MANAGEMENT FEES, ADMINISTRATION FEES AND OTHER TRANSACTIONS
WITH AFFILIATES
Investment Management Fees: Cohen & Steers Capital Management, Inc. (the
investment manager) serves as the fund's investment manager pursuant to an
investment management agreement (the management agreement). Under the terms of
the management agreement, the investment manager provides the fund with day-
to-day investment decisions and generally manages the fund's investments in
accordance with the stated polices of the fund, subject to the supervision of
the Board of Directors.
For the services under the management agreement, the fund pays the
investment manager a management fee, accrued daily and paid monthly at an annual
rate of 0.85% of the fund's average daily managed asset value. Managed asset
value is the net asset value of the common shares plus the liquidation
preference of the preferred shares.
The investment manager has contractually agreed to waive its investment
management fee in the amount of 0.20% of average daily managed asset value for
the first five years of the fund's operations, 0.15% of average daily managed
asset value in year six, 0.10% of average daily managed asset value in year
seven and 0.05% of average daily managed asset value in year eight.
Administration Fees: The fund has entered into an administration agreement
with the investment manager under which the investment manager performs certain
administrative functions for the fund and receives a fee,
- --------------------------------------------------------------------------------
22
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
accrued daily and paid monthly at the annual rate of 0.06% of the fund's average
daily managed assets up to $1 billion, 0.04% of the fund's average daily managed
assets in excess of $1 billion up to $1.5 billion and 0.02% of the fund's
average daily managed assets in excess of $1.5 billion. For the six months ended
June 30, 2005, the fund incurred $392,708 in administration fees.
Director's Fees: Certain directors and officers of the fund are also
directors, officers and/or employees of the investment manager. None of the
directors and officers so affiliated received compensation from the fund for
their services.
NOTE 3. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities, excluding short-term investments, for the
six months ended June 30, 2005 totaled $222,993,509 and $215,271,108,
respectively.
NOTE 4. INCOME TAX INFORMATION
At June 30, 2005, the cost of investments and net unrealized appreciation
for federal income tax purposes were as follows:
<Table>
Aggregate cost................................... $1,308,756,846
--------------
--------------
Gross unrealized appreciation.................... $ 253,686,251
Gross unrealized depreciation.................... $ (4,524,973)
--------------
Net unrealized appreciation on investments....... $ 249,161,278
Net unrealized depreciation on interest rate swap
transactions................................... $ (863,475)
--------------
Net unrealized appreciation...................... $ 248,297,803
--------------
--------------
</Table>
NOTE 5. CAPITAL STOCK
The fund is authorized to issue 100 million shares of common stock at a par
value of $0.001 per share.
During the six months ended June 30, 2005 the fund issued no shares of
common stock for the reinvestment of dividends.
The fund's articles of incorporation authorize the issuance of fund
preferred shares, par value $0.001 per share, in one or more classes or series,
with rights as determined by the Board of Directors, by action of the Board of
Directors without the approval of the common shareholders.
During the six months ended June 30, 2005, a $310,222 adjustment was
credited to common stock for preferred offering costs.
- --------------------------------------------------------------------------------
23
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
On March 26, 2004, the fund completed the initial public offering of
41,250,000 shares of common stock. Proceeds paid to the fund amounted to
$786,225,000 after deduction of underwriting commissions and offering expenses
of $38,775,000.
On May 7, 2004, the fund completed a subsequent offering of 2,065,500 shares
of common stock. Proceeds paid to the fund amounted to $39,368,430 after
deduction of underwriting commissions and offering expenses of $1,941,570.
On May 20, 2004, the fund issued 3,400 auction market preferred shares,
Series M7 (par value $0.001), 3,400 auction market preferred shares, Series T7
(par value $0.001), 3,400 auction market preferred shares, Series W7 (par value
$0.001), 3,400 auction market preferred shares, Series F7 (par value $0.001),
and 3,400 auction market preferred shares, Series TH28 (par value $0.001)
(together referred to as preferred shares). Proceeds paid to the fund amounted
to $420,017,152 after deduction of underwriting commissions and offering
expenses of $4,982,848. These issues have received a 'AAA/Aaa' rating from
Standard & Poor's and Moody's.
On November 15, 2004, the fund issued 2,680 auction market preferred shares,
Series T28 (par value $0.001). Proceeds paid to the fund amounted to $65,948,704
after deduction of underwriting commissions and offering expenses of $1,051,296.
This issue has received a 'AAA/Aaa' rating from Standard & Poor's and Moody's.
Preferred shares are senior to the fund's common shares and will rank on a
parity with shares of any other series of preferred shares, and with shares of
any other series of preferred stock of the fund, as to the payment of dividends
and the distribution of assets upon liquidation. If the fund does not timely
cure a failure to (1) maintain a discounted value of its portfolio equal to the
preferred shares basic maintenance amount, (2) maintain the 1940 Act preferred
shares asset coverage, or (3) file a required certificate related to asset
coverage on time, the preferred shares will be subject to a mandatory redemption
at the redemption price of $25,000 per share plus an amount equal to accumulated
but unpaid dividends thereon to the date fixed for redemption. To the extent
permitted under the 1940 Act and Maryland Law, the fund at its option may
without consent of the holders of preferred shares, redeem preferred shares
having a dividend period of one year or less, in whole, or in part, on the
business day after the last day of such dividend period upon not less than 15
calendar days and not more than 40 calendar days prior to notice The optional
redemption price is $25,000 per share plus an amount equal to accumulated but
unpaid dividends thereon to the date fixed for redemption.
The fund's common shares and preferred shares have equal voting rights of
one vote per share and vote together as a single class. In addition, the
affirmative vote of the holders of a majority, as defined in the 1940 Act, of
the outstanding preferred shares shall be required to (1) approve any plan of
reorganization that would adversely affect the preferred shares and (2) approve
any matter that materially and adversely affects the rights, preferences, or
powers of that series.
- --------------------------------------------------------------------------------
24
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)
NOTE 6. INVESTMENTS IN INTEREST RATE SWAPS
Interest rate swaps at June 30, 2005:
<Table>
<Caption>
FLOATING RATE(a) UNREALIZED
NOTIONAL (RATE RESET APPRECIATION/
COUNTERPARTY AMOUNT FIXED RATE MONTHLY) TERMINATION DATE (DEPRECIATION)
- ----------------------------------- ----------- ---------- -------- ---------------- --------------
Merrill Lynch Derivative Products AG..... $40,000,000 3.8225% 3.111% June 2, 2008 $ 128,212
Merrill Lynch Derivative Products AG..... $35,000,000 4.0850% 3.314% May 27, 2009 (106,843)
Merrill Lynch Derivative Products AG..... $40,000,000 3.9950% 3.160% July 7, 2009 (1,326)
Royal Bank of Canada..................... $35,000,000 3.8900% 3.260% May 19, 2008 43,431
Royal Bank of Canada..................... $30,000,000 4.0775% 3.111% June 1, 2009 (116,582)
UBS AG................................... $32,500,000 3.9775% 3.240% June 17, 2008 (41,723)
UBS AG................................... $25,000,000 4.5500% 3.150% April 4, 2010 (596,290)
UBS AG................................... $32,000,000 4.1530% 3.314% May 26, 2010 (172,354)
---------
$(863,475)
---------
---------
</Table>
- -------------------
(a) Based on LIBOR (London Interbank Offered Rate). Represents rates in effect
at June 30, 2005.
- --------------------------------------------------------------------------------
25
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
AVERAGE ANNUAL TOTAL RETURNS
(PERIODS ENDED JUNE 30, 2005) (UNAUDITED)
<Table>
<Caption>
BASED ON NET ASSET VALUE BASED ON MARKET VALUE
-------------------------- --------------------------
SINCE INCEPTION SINCE INCEPTION
ONE YEAR (03/30/04) ONE YEAR (03/30/04)
-------- --------------- -------- ---------------
38.43% 29.08% 37.73% 11.23%
</Table>
The performance data quoted represents past performance. Past performance is no
guarantee of future results. The investment return will vary and the principal
value of an investment will fluctuate and shares, if redeemed, may be worth more
or less than their original cost. Current performance may be lower or higher
than the performance data quoted.
REINVESTMENT PLAN
We urge shareholders who want to take advantage of this plan and whose
shares are held in 'Street Name' to consult your broker as soon as possible to
determine if you must change registration into your own name to participate.
OTHER INFORMATION
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the fund may purchase, from time to time, shares of its
common stock in the open market.
A description of the policies and procedures that the fund uses to determine
how to vote proxies relating to portfolio securities is available (i) without
charge, upon request, by calling 1-800-330-7348, (ii) on our Web site at
cohenandsteers.com or (iii) on the Securities and Exchange Commission's Web site
at http://www.sec.gov. In addition, the fund's proxy voting record for the most
recent 12-month period ended June 30 is available (i) without charge, upon
request, by calling 1-800-330-7348 or (ii) on the SEC's Web site at
http://www.sec.gov.
The fund files its complete schedule of portfolio holdings with the SEC for
the first and third quarters of each fiscal year on Form N-Q. The fund's
Forms N-Q are available (i) without charge, upon request by calling
1-800-330-7348, or (ii) on the SEC's website at http://www.sec.gov. In addition,
the Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in
Washington, DC. Information on the operation of the Public Reference Room may be
obtained by calling 1-800-SEC-0330.
Please note that the distributions paid by the fund to shareholders are
subject to recharacterization for tax purposes. The final tax treatment of these
distributions is reported to shareholders on their 1099-DIV forms, which are
mailed to shareholders after the close of each fiscal year. The fund may pay
distributions in excess of the fund's net investment company taxable income and
this excess would be a tax-free return of capital distributed from the fund's
assets. To the extent this occurs, the fund's shareholders of record will be
notified of the estimated amount of capital returned to shareholders for each
such distribution and this information will also be available at
cohenandsteers.com. Distributions of capital decrease the fund's total assets
and, therefore, could have the effect of increasing the fund's expense ratio. In
addition, in order to make these distributions, the fund may have to sell
portfolio securities at a less than opportune time.
- --------------------------------------------------------------------------------
26
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
PROXY RESULTS
During the six months ended June 30, 2005, Cohen & Steers Select Utility
Fund, Inc. shareholders voted on the following proposals at the annual meeting
held on April 28, 2005. The description of each proposal and number of shares
voted are as follows:
<Table>
<Caption>
Common Shares
- ---------------------------------------------------------------------------------------
SHARES VOTED AUTHORITY
FOR WITHHELD
- ---------------------------------------------------------------------------------------
To elect Directors
Bonnie Cohen............................................... 41,160,603 549,540
George Grossman............................................ 41,181,967 528,176
Richard E. Kroon........................................... 41,183,869 526,274
Richard J. Norman.......................................... 41,176,268 533,875
Frank K. Ross.............................................. 41,177,141 533,002
Robert H. Steers........................................... 41,173,153 536,990
C. Edward Ward, Jr......................................... 41,182,486 527,657
<Caption>
Preferred Shares
- ---------------------------------------------------------------------------------------
SHARES VOTED AUTHORITY
FOR WITHHELD
- ---------------------------------------------------------------------------------------
To elect Directors
Bonnie Cohen............................................... 15,326 2,084
Martin Cohen............................................... 15,326 2,084
George Grossman............................................ 15,326 2,084
Richard E. Kroon........................................... 15,326 2,084
Richard J. Norman.......................................... 15,326 2,084
Frank K. Ross.............................................. 15,326 2,084
Robert H. Steers........................................... 15,326 2,084
Willard H. Smith Jr........................................ 15,326 2,084
C. Edward Ward, Jr......................................... 15,326 2,084
</Table>
- --------------------------------------------------------------------------------
27
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
MEET THE COHEN & STEERS FAMILY OF OPEN-END FUNDS:
<Table>
FOR TOTAL RETURN: FOR TOTAL RETURN:
COHEN & STEERS COHEN & STEERS
REALTY SHARES INSTITUTIONAL REALTY SHARES
DESIGNED FOR INVESTORS SEEKING MAXIMUM TOTAL DESIGNED FOR INSTITUTIONAL INVESTORS SEEKING
RETURN, INVESTING PRIMARILY IN REITS MAXIMUM TOTAL RETURN, INVESTING PRIMARILY IN
SYMBOL: CSRSX REITS
SYMBOL: CSRIX
FOR HIGH CURRENT INCOME: FOR CAPITAL APPRECIATION:
COHEN & STEERS COHEN & STEERS
REALTY INCOME FUND REALTY FOCUS FUND
DESIGNED FOR INVESTORS SEEKING HIGH CURRENT DESIGNED FOR INVESTORS SEEKING MAXIMUM CAPITAL
INCOME, INVESTING PRIMARILY IN REITS APPRECIATION, INVESTING IN A LIMITED NUMBER OF
SYMBOLS: CSEIX, CSBIX, CSCIX, CSDIX REITS AND OTHER REAL ESTATE SECURITIES
SYMBOLS: CSFAX, CSFBX, CSFCX, CSSPX
FOR TOTAL RETURN: FOR TOTAL RETURN:
COHEN & STEERS COHEN & STEERS
INTERNATIONAL REALTY FUND UTILITY FUND
DESIGNED FOR INVESTORS SEEKING MAXIMUM TOTAL DESIGNED FOR INVESTORS SEEKING MAXIMUM TOTAL
RETURN, INVESTING PRIMARILY IN INTERNATIONAL RETURN, INVESTING PRIMARILY IN UTILITIES
REAL ESTATE SECURITIES SYMBOLS: CSUAX, CSUBX, CSUCX, CSUIX
SYMBOLS: IRFAX, IRFCX, IRFIX
</Table>
FOR MORE INFORMATION ABOUT ANY COHEN & STEERS FUND
OR TO OBTAIN A PROSPECTUS PLEASE CONTACT US AT:
1-800-330-7348, OR VISIT OUR WEB SITE AT COHENANDSTEERS.COM
PLEASE CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE
FUND CAREFULLY BEFORE INVESTING. THE PROSPECTUS CONTAINS THIS AND OTHER
INFORMATION ABOUT THE FUND.
PLEASE READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
COHEN & STEERS SECURITIES, LLC, DISTRIBUTOR
- --------------------------------------------------------------------------------
28
<Page>
- --------------------------------------------------------------------------------
COHEN & STEERS SELECT UTILITY FUND, INC.
<Table>
OFFICERS AND DIRECTORS KEY INFORMATION
Robert H. Steers INVESTMENT MANAGER
Director and co-chairman Cohen & Steers Capital Management, Inc.
757 Third Avenue
Martin Cohen New York, NY 10017
Director and co-chairman (212) 832-3232
Bonnie Cohen FUND SUBADMINISTRATOR AND CUSTODIAN
Director State Street Bank and Trust Company
225 Franklin Street
George Grossman Boston, MA 02110
Director
TRANSFER AGENT -- COMMON SHARES
Richard E. Kroon Computershare
Director 250 Royall Street
Canton, MA 02021
Richard J. Norman (800) 426-5523
Director
TRANSFER AGENT -- PREFERRED SHARES
Frank K. Ross The Bank of New York
Director 100 Church Street
New York, NY 10007
Willard H. Smith Jr.
Director LEGAL COUNSEL
Simpson Thacher & Bartlett LLP
C. Edward Ward, Jr. 425 Lexington Avenue
Director New York, NY 10017
Adam M. Derechin New York Stock Exchange Symbol: UTF
President and chief executive officer
Web site: cohenandsteers.com
Joseph M. Harvey
Vice president This report is for shareholder
information. This is not a prospectus
Robert S. Becker intended for use in the purchase or
Vice president sale of fund shares. Past performance
is of course no guarantee of future
William F. Scapell results and your investment may be
Vice president worth more or less at the time you sell.
Lawrence B. Stoller
Secretary
Jay J. Chen
Treasurer
John E. McLean
Chief compliance officer and assistant secretary
</Table>
- --------------------------------------------------------------------------------
29
<Page>
COHEN & STEERS
SELECT UTILITY FUND
- ----------------------------
SEMIANNUAL REPORT
JUNE 30, 2005
COHEN & STEERS
SELECT UTILITY FUND
757 THIRD AVENUE
NEW YORK, NY 10017
<Page>
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Included in Item 1 above.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
None.
Item 10. Submission of Matters to a Vote of Security Holders.
None.
Item 11. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer
have concluded, based upon their evaluation of the registrant's disclosure
controls and procedures as conducted
<Page>
within 90 days of the filing date of this report, that these disclosure controls
and procedures provide reasonable assurance that material information required
to be disclosed by the registrant in the report it files or submits on Form
N-CSR is recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms and that
such material information is accumulated and communicated to the registrant's
management, including its principal executive officer and principal financial
officer, as appropriate, in order to allow timely decisions regarding required
disclosure.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable.
(a) (2) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certifications of principal executive officer and principal financial
officer as required by Rule 30a- 2(b) under the Investment Company Act of 1940.
<Page>
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 and Chief Executive Officer
Date: August 23, 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
-------------------------------
Name: Adam M. Derechin
Title: President and Chief Executive Officer
(principal executive officer)
By: /s/ Jay J. Chen
----------------------------------------
Name: Jay J. Chen
Title: Treasurer
(principal financial officer)
Date: August 23, 2005
STATEMENT OF DIFFERENCES
------------------------
The division sign shall be expressed as ................................. [div]
The section symbol shall be expressed as................................. 'SS'