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 811-06180
Name of Fund: BlackRock Utilities & Telecommunications Fund, Inc.
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Utilities & Telecommunications Fund, Inc., 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 07/31/2011
Date of reporting period: 04/30/2011
Item 1 – Schedule of Investments
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Schedule of Investments April 30, 2011 (Unaudited) |
BlackRock Utilities and Telecommunications Fund, Inc. |
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(Percentages shown are based on Net Assets) |
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Common Stocks |
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Shares |
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Value |
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Commercial Services & |
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Tetra Tech, Inc. (a) |
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9,600 |
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$ |
226,752 |
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Diversified
Telecommunication |
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AT&T, Inc. |
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126,462 |
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3,935,498 |
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BCE, Inc. |
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33,500 |
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1,253,905 |
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CenturyLink, Inc. |
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63,935 |
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2,607,269 |
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Frontier Communications Corp. |
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16,634 |
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137,563 |
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Swisscom AG |
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1,100 |
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504,881 |
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TW Telecom, Inc. (a) |
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31,500 |
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678,510 |
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Telefonica SA |
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25,648 |
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689,038 |
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Verizon Communications, Inc. |
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69,300 |
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2,618,154 |
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Windstream Corp. |
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40,241 |
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515,487 |
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12,940,305 |
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Electric Utilities 31.5% |
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American Electric Power Co., Inc. |
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84,800 |
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3,093,504 |
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CPFL Energia SA - ADR |
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6,400 |
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566,016 |
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Cia Energetica de Minas Gerais - |
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28,050 |
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585,404 |
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Cleco Corp. |
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13,900 |
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487,890 |
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DPL, Inc. |
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75,000 |
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2,271,750 |
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Duke Energy Corp. |
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129,832 |
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2,421,367 |
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EDP - Energias do Brasil SA |
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34,200 |
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850,217 |
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Enel SpA |
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346,700 |
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2,472,433 |
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Entergy Corp. |
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22,400 |
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1,561,728 |
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FirstEnergy Corp. |
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39,700 |
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1,586,412 |
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ITC Holdings Corp. |
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51,000 |
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3,617,430 |
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Iberdrola SA |
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64,338 |
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596,637 |
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NV Energy, Inc. |
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17,600 |
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267,344 |
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NextEra Energy, Inc. |
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79,600 |
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4,502,972 |
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Northeast Utilities, Inc. |
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31,600 |
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1,124,960 |
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PPL Corp. |
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38,300 |
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1,050,569 |
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Pinnacle West Capital Corp. |
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19,300 |
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837,427 |
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Progress Energy, Inc. |
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28,800 |
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1,366,560 |
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The Southern Co. |
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109,800 |
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4,286,592 |
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Westar Energy, Inc. |
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31,000 |
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843,510 |
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34,390,722 |
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Gas Utilities 3.3% |
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Energen Corp. |
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10,900 |
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708,609 |
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New Jersey Resources Corp. |
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20,400 |
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893,112 |
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Oneok, Inc. |
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7,400 |
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517,556 |
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Questar Corp. |
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45,700 |
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802,949 |
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UGI Corp. |
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19,600 |
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652,680 |
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3,574,906 |
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Independent
Power Producers & |
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The AES Corp. (a) |
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103,900 |
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1,375,636 |
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AES Tiete SA, Preference Shares |
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42,300 |
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697,740 |
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Calpine Corp. (a) |
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71,500 |
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1,197,625 |
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Common Stocks |
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Shares |
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Value |
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Independent
Power Producers & Energy |
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Cia Energetica de Sao Paulo, |
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41,700 |
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$ |
803,676 |
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International Power Plc |
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136,400 |
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754,943 |
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NRG Energy, Inc. (a) |
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86,000 |
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2,081,200 |
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6,910,820 |
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Media 1.6% |
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Comcast Corp., Special Class A |
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44,400 |
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1,090,020 |
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Time Warner Cable, Inc. |
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8,000 |
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625,040 |
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1,715,060 |
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Multi-Utilities 18.8% |
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CMS Energy Corp. |
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116,100 |
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2,298,780 |
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CenterPoint Energy, Inc. |
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71,100 |
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1,322,460 |
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Centrica Plc |
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116,300 |
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624,578 |
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Consolidated Edison, Inc. |
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32,500 |
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1,693,900 |
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DTE Energy Co. |
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9,300 |
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469,929 |
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Dominion Resources, Inc. |
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94,174 |
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4,371,557 |
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Integrys Energy Group, Inc. |
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7,300 |
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382,228 |
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NSTAR |
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27,000 |
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1,250,100 |
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NiSource, Inc. |
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20,800 |
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404,560 |
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OGE Energy Corp. |
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13,700 |
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728,429 |
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Public Service Enterprise Group, |
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92,400 |
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2,972,508 |
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Sempra Energy |
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25,600 |
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1,410,560 |
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United Utilities Group Plc |
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63,200 |
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667,847 |
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Wisconsin Energy Corp. |
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39,400 |
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1,229,674 |
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Xcel Energy, Inc. |
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30,900 |
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751,797 |
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20,578,907 |
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Oil, Gas & Consumable |
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EOG Resources, Inc. |
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8,600 |
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971,026 |
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EQT Corp. |
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18,000 |
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946,980 |
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PetroHawk Energy Corp. (a) |
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11,600 |
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313,316 |
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QEP Resources, Inc. |
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45,700 |
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1,952,761 |
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Range Resources Corp. |
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8,200 |
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462,890 |
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Southwestern Energy Co. (a) |
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18,100 |
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793,866 |
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Spectra Energy Corp. |
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51,616 |
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1,498,929 |
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Talisman Energy, Inc. |
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19,500 |
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469,950 |
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Williams Cos., Inc. |
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48,300 |
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1,602,111 |
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9,011,829 |
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Water Utilities 2.4% |
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American States Water Co. |
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3,400 |
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118,694 |
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American Water Works Co, Inc. |
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43,200 |
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1,269,216 |
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Aqua America, Inc. |
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32,400 |
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730,620 |
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California Water Service Group |
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14,200 |
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535,624 |
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Cia Saneamento, Preference |
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314 |
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2,654,154 |
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Portfolio Abbreviation |
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ADR |
American Depositary Receipts |
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BLACKROCK UTILITIES AND TELECOMMUNICATIONS FUND, INC. |
APRIL 30, 2011 |
1 |
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Schedule of Investments (continued) |
BlackRock Utilities and Telecommunications Fund, Inc. |
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(Percentages shown are based on Net Assets) |
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Common Stocks |
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Shares |
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Value |
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Wireless
Telecommunication |
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America Movil, SA de CV - ADR |
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24,700 |
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$ |
1,412,840 |
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American Tower Corp., Class A (a) |
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14,600 |
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763,726 |
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Cellcom Israel Ltd. |
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11,200 |
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359,520 |
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Millicom International Cellular SA |
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8,200 |
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888,388 |
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NII Holdings, Inc. (a) |
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34,400 |
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1,430,352 |
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NTELOS Holdings Corp. |
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20,400 |
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402,492 |
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Rogers Communications, Inc., |
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16,500 |
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624,494 |
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SBA Communications Corp., |
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38,800 |
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1,498,844 |
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Vivo Participacoes SA - ADR |
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13,600 |
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568,616 |
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Vodafone Group Plc - ADR |
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60,512 |
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1,762,109 |
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9,711,381 |
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Total
Long-Term Investments |
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101,714,836 |
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Short-Term Securities |
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BlackRock Liquidity Funds, |
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6,330,598 |
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6,330,598 |
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Total
Short-Term Securities |
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6,330,598 |
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Total Investments |
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(Cost $73,200,627*) 98.9% |
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108,045,434 |
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Other Assets Less Liabilities 1.1% |
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1,211,333 |
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Net Assets 100.0% |
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$ |
109,256,767 |
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* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011, as computed for federal income tax purposes were as follows: |
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Aggregate cost |
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$ |
73,310,415 |
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Gross unrealized appreciation |
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$ |
35,164,357 |
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Gross unrealized depreciation |
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(429,338 |
) |
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Net unrealized appreciation |
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$ |
34,735,019 |
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(a) |
Non-income producing security. |
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(b) |
Convertible security. |
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(c) |
Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
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Affiliate |
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Shares |
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Net |
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Shares |
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Income |
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||||
BlackRock |
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2,505,607 |
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|
3,824,991 |
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|
6,330,598 |
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$ |
4,889 |
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(d) |
Represents the current yield as of report date. |
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For Fund compliance purposes, the Funds industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease. |
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Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs are summarized in three broad levels for financial reporting purposes as follows: |
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Level 1 price quotations in active markets/exchanges for identical assets and liabilities |
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Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
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Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
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The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to the Funds most recent financial statements as contained in its semi-annual report. |
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2 |
BLACKROCK UTILITIES AND TELECOMMUNICATIONS FUND, INC. |
APRIL 30, 2011 |
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Schedule of Investments (concluded) |
BlackRock Utilities and Telecommunications Fund, Inc. |
The following table summarizes the inputs used as of April 30, 2011 in determining the fair valuation of the Funds investments:
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Valuation Inputs |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Investments: |
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Long-Term Investments: |
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Common Stocks: |
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Commercial Services & Supplies |
|
$ |
226,752 |
|
|
|
|
|
|
|
$ |
226,752 |
|
Diversified Telecommunication Services |
|
|
11,746,386 |
|
$ |
1,193,919 |
|
|
|
|
|
12,940,305 |
|
Electric Utilities |
|
|
31,321,652 |
|
|
3,069,070 |
|
|
|
|
|
34,390,722 |
|
Gas Utilities |
|
|
3,574,906 |
|
|
|
|
|
|
|
|
3,574,906 |
|
Independent Power Producers & Energy Traders |
|
|
6,155,877 |
|
|
754,943 |
|
|
|
|
|
6,910,820 |
|
Media |
|
|
1,715,060 |
|
|
|
|
|
|
|
|
1,715,060 |
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Multi-Utilities |
|
|
19,286,482 |
|
|
1,292,425 |
|
|
|
|
|
20,578,907 |
|
Oil, Gas & Consumable Fuels |
|
|
9,011,829 |
|
|
|
|
|
|
|
|
9,011,829 |
|
Water Utilities |
|
|
2,654,154 |
|
|
|
|
|
|
|
|
2,654,154 |
|
Wireless Telecommunication Services |
|
|
9,711,381 |
|
|
|
|
|
|
|
|
9,711,381 |
|
Short-Term Securities |
|
|
6,330,598 |
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|
|
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|
|
|
|
6,330,598 |
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|
|
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|
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Total |
|
$ |
101,735,077 |
|
$ |
6,310,357 |
|
$ |
|
|
$ |
108,045,434 |
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BLACKROCK UTILITIES AND TELECOMMUNICATIONS FUND, INC. |
APRIL 30, 2011 |
3 |
Item 2 – |
Controls and Procedures |
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2(a) – |
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
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2(b) – |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
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Item 3 – |
Exhibits |
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Certifications – Attached hereto |
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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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BlackRock Utilities & Telecommunications Fund, Inc. |
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By: | /s/ John M. Perlowski | ||
John M. Perlowski | |||
Chief Executive Officer of | |||
BlackRock Utilities & Telecommunications Fund, Inc. | |||
Date: June 24, 2011 | |||
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/ John M. Perlowski | ||
John M. Perlowski | |||
Chief Executive Officer (principal executive officer) of | |||
BlackRock Utilities & Telecommunications Fund, Inc. | |||
Date: June 24, 2011 | |||
By: | /s/ Neal J. Andrews | ||
Neal J. Andrews | |||
Chief Financial Officer (principal financial officer) of | |||
BlackRock Utilities & Telecommunications Fund, Inc. | |||
Date: June 24, 2011 |
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Utilities & Telecommunications Fund, Inc., certify that:
1. I have reviewed this report on Form N-Q of BlackRock Utilities & Telecommunications Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: June 24, 2011
/s/ John M. Perlowski |
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Utilities & Telecommunications Fund, Inc.
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Utilities & Telecommunications Fund, Inc., certify that:
1. I have reviewed this report on Form N-Q of BlackRock Utilities & Telecommunications Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: June 24, 2011
/s/ Neal J. Andrews |
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Utilities & Telecommunications Fund, Inc.