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: 811-21432
REAVES UTILITY INCOME FUND
(Exact name of registrant as specified in charter)
1625 Broadway, Suite 2200, Denver, Colorado 80202
(Address of principal executive offices) (Zip code)
Erin Douglas
Reaves Utility Income Fund
Denver, Colorado 80202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (303) 623-2577
Date of fiscal year end: October 31
Date of reporting period: July 31
Item 1 – Schedule of Investments.
Reaves Utility Income Fund
Statement of Investments
July 31, 2004 (Unaudited)
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Shares |
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Value |
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COMMON STOCK |
|
129.64 |
% |
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CONSUMER STAPLES |
|
10.47 |
% |
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Altria Group, Inc. |
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630,000 |
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$ |
29,988,000 |
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UST Inc. |
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310,000 |
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11,764,500 |
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41,752,500 |
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ELECTRIC |
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85.08 |
% |
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Ameren Corp. |
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900,000 |
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40,221,000 |
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Cinergy Corp. |
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500,000 |
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19,125,000 |
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Cleco Corp. |
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25,000 |
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431,250 |
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Consolidated Edison, Inc. |
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816,800 |
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33,464,296 |
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Constellation Energy Group, Inc. |
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50,000 |
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1,927,500 |
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Dominion Resources, Inc. |
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70,000 |
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4,442,200 |
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DTE Energy Co. |
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547,500 |
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21,993,075 |
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Duke Energy Corp. |
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2,000,000 |
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43,000,000 |
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Duquesne Light Holdings, Inc. |
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318,000 |
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6,032,460 |
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Exelon Corp. |
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200,000 |
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6,980,000 |
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Great Plains Energy Inc. |
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960,000 |
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27,542,400 |
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NSTAR |
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310,000 |
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14,508,000 |
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OGE Energy Corp. |
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1,010,000 |
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25,138,900 |
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PPL Corp. |
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25,000 |
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1,158,750 |
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Progress Energy, Inc. |
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420,000 |
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17,698,800 |
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Public Service Enterprise Group Inc. |
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920,000 |
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35,880,000 |
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Southern Co. |
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780,000 |
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22,838,400 |
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TECO Energy, Inc. |
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375,000 |
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4,837,500 |
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WPS Resources Corp. |
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192,200 |
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8,820,058 |
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Xcel Energy Inc. |
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185,000 |
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3,163,500 |
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339,203,089 |
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ENERGY |
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3.57 |
% |
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BP PLC, ADR |
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65,000 |
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3,663,400 |
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Suncor Energy Inc. |
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325,000 |
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9,418,500 |
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TOP TANKERS Inc. |
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100,000 |
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1,145,000 |
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14,226,900 |
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FINANCIALS |
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1.11 |
% |
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Citigroup Inc. |
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100,000 |
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4,409,000 |
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GAS |
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9.81 |
% |
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Keyspan Corp. |
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365,000 |
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13,136,350 |
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ONEOK, Inc. |
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125,000 |
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2,625,000 |
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Peoples Energy Corp. |
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480,000 |
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18,720,000 |
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Sempra Energy |
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105,000 |
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3,753,750 |
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Vectren Corp. |
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35,000 |
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866,250 |
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39,101,350 |
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TELEPHONE |
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19.60 |
% |
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AT&T Corp. |
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1,279,000 |
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19,312,900 |
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BCE Inc. |
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725,000 |
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15,203,250 |
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BellSouth Corp. |
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242,000 |
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6,555,780 |
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Citizens Communications Co. |
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250,000 |
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3,600,000 |
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SBC Communications Inc. |
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1,150,000 |
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29,141,000 |
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TDC A/S, ADR |
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145,800 |
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2,398,410 |
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Verizon Communications Inc. |
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50,000 |
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1,927,000 |
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78,138,340 |
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TOTAL COMMON STOCKS |
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516,831,179 |
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(Cost $545,422,633) |
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2
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PREFERRED STOCK |
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11.25 |
% |
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CONSUMER DISCRETIONARY |
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0.79 |
% |
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Corts Ford Trust, 7.40% 11/01/46 |
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125,200 |
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3,143,772 |
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ELECTRIC |
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5.14 |
% |
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AES Trust III, 6.75%, 10/15/29 |
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133,100 |
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5,640,113 |
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BGE Capital Trust II, 6.20%, 10/15/43 |
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180,000 |
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4,464,000 |
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Consumers Energy Co. Funding Trust IV, 9.00%, 06/30/31 |
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138,700 |
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3,686,646 |
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Entergy Gulf States, Inc., Series A, 7.00%, 09/15/13 |
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5,146 |
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522,962 |
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Georgia Power Capital Trust V, 7.13%, 03/31/42 |
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141,400 |
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3,684,884 |
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PSEG Funding Trust II, 8.75%, 12/31/32 |
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90,100 |
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2,486,760 |
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20,485,365 |
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FINANCIALS |
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2.56 |
% |
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ABN AMRO Capital Funding Trust VII, 6.08% |
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120,000 |
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2,842,800 |
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Lehman Brothers Holdings Capital Trust V, 6.00%, 04/22/53 |
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76,400 |
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1,774,772 |
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Renaissance Holdings Ltd., Series C, 6.08% |
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245,000 |
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5,583,550 |
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10,201,122 |
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GAS |
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0.87 |
% |
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ONEOK, Inc., 8.50%, 02/16/06 |
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125,000 |
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3,483,750 |
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INFORMATION TECHNOLOGY |
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0.18 |
% |
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Corporate- Backed Trust Certificates, Series 2001-10, 7.88%, 10/01/97 |
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27,900 |
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717,030 |
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REAL ESTATE INVESTMENT TRUSTS |
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1.01 |
% |
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AMB Property Corp., Series L, 6.50% |
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30,000 |
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712,500 |
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Duke Realty Corp., Series K, 6.50% |
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138,700 |
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3,342,670 |
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4,055,170 |
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TELEPHONE |
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0.70 |
% |
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Preferred Plus Trust, Series SPR1, 7.00%, 11/15/28 |
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12,324 |
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294,544 |
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Preferred Plus Trust, Series T1, 7.35%, 03/15/29 |
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59,700 |
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1,480,560 |
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Trust Certificates 2001-1, Series T, 7.45%, 03/15/29 |
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41,100 |
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1,010,238 |
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2,785,342 |
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TOTAL PREFERRED STOCK |
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44,871,551 |
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(Cost $46,803,664) |
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Bond Rating** |
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Principal |
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CORPORATE BONDS |
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5.73 |
% |
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ELECTRIC |
|
4.39 |
% |
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Calpine Generating Co., 11.50%, 04/01/11, 144A* |
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B3/CCC+ |
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$ |
20,000,000 |
|
17,500,000 |
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TELEPHONE |
|
1.34 |
% |
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US West Communications Inc., 7.50%, 06/15/23 |
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Ba3/BB- |
|
6,000,000 |
|
5,340,000 |
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TOTAL CORPORATE BONDS |
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|
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|
22,840,000 |
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(Cost $25,497,949) |
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Shares |
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|
MUTUAL FUNDS |
|
10.90 |
% |
|
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|
|
|
|
|
|
Loomis Sayles High Income Fund |
|
|
|
|
|
424,929 |
|
3,012,748 |
|
|
|
Goldman Financial Square Money Market Fund |
|
|
|
|
|
40,434,447 |
|
40,434,447 |
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|
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|
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|
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|
43,447,195 |
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TOTAL MUTUAL FUNDS |
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(Cost $43,434,448) |
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TOTAL INVESTMENTS |
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|
|
|
|
|
|
|
|
(Cost $661,158,694) |
|
|
|
|
|
157.52 |
% |
627,989,925 |
|
|
|
Liabilities in Excess of Other Assets |
|
|
|
|
|
-57.52 |
% |
(229,328,002 |
) |
|
|
NET ASSETS |
|
|
|
|
|
100.00 |
% |
$ |
398,661,923 |
|
ADR- American Depositary Receipt
* Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2004, these securities amounted to a value of $17,500,000 or 4.39% of net assets.
** Ratings - The Moody’s and S&P ratings are believed to be the most recent ratings at July 31, 2004.
Income Tax Information:
|
As of July 31, 2004 |
|
|
|
|
|
Gross appreciation (excess of value over tax cost) |
|
$ |
4,277,016 |
|
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Gross depreciation (excess of tax cost over value) |
|
(38,068,777 |
) |
|
|
Net unrealized depreciation |
|
$ |
(33,791,761 |
) |
|
Cost of investments for income tax purposes |
|
$ |
661,781,686 |
|
3
Item 2 - Controls and Procedures.
(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures were effective, as of that date.
(b) There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) during Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3 – Exhibits.
Separate certifications for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as Ex99.CERT.
4
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.
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REAVES UTILITY INCOME FUND |
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||
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By: |
/s/ Edmund J. Burke |
|
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|
Edmund J. Burke |
|
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President |
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Date: |
September 29, 2004 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By: |
/s/ Edmund J. Burke |
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Edmund J. Burke |
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|
President |
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Date: |
September 29, 2004 |
|
|
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By: |
/s/ Jeremy O. May |
|
|
|
|
Jeremy O. May |
|
|
|
|
Treasurer |
|
|
|
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|
|
|
Date: |
September 29, 2004 |
|
5