0001171200-11-000546.txt : 20110627 0001171200-11-000546.hdr.sgml : 20110627 20110627123827 ACCESSION NUMBER: 0001171200-11-000546 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110430 FILED AS OF DATE: 20110627 DATE AS OF CHANGE: 20110627 EFFECTIVENESS DATE: 20110627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK UTILITIES & TELECOMMUNICATIONS FUND, INC. CENTRAL INDEX KEY: 0000868452 IRS NUMBER: 223072498 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06180 FILM NUMBER: 11932336 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH UTILITIES & TELECOMMUNICATIONS FUND INC DATE OF NAME CHANGE: 20020325 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH UTILITIES & COMMUNICATIONS FUND INC DATE OF NAME CHANGE: 20020307 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH GLOBAL UTILITY FUND INC DATE OF NAME CHANGE: 19920703 0000868452 S000002249 BLACKROCK UTILITIES & TELECOMMUNICATIONS FUND, INC. C000005810 Investor A C000005811 Investor B1 C000005812 Investor C1 C000005813 Institutional C000038212 Investor B C000038213 Investor C N-Q 1 i00270_utf-nq.htm

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

 


 

 


 

 

Schedule of Investments April 30, 2011 (Unaudited)

BlackRock Utilities and Telecommunications Fund, Inc.

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 









Commercial Services &
Supplies — 0.2%

 

 

 

 

 

 

 

Tetra Tech, Inc. (a)

 

 

9,600

 

$

226,752

 









Diversified Telecommunication
Services — 11.8%

 

 

 

 

 

 

 

AT&T, Inc.

 

 

126,462

 

 

3,935,498

 

BCE, Inc.

 

 

33,500

 

 

1,253,905

 

CenturyLink, Inc.

 

 

63,935

 

 

2,607,269

 

Frontier Communications Corp.

 

 

16,634

 

 

137,563

 

Swisscom AG

 

 

1,100

 

 

504,881

 

TW Telecom, Inc. (a)

 

 

31,500

 

 

678,510

 

Telefonica SA

 

 

25,648

 

 

689,038

 

Verizon Communications, Inc.

 

 

69,300

 

 

2,618,154

 

Windstream Corp.

 

 

40,241

 

 

515,487

 

 

 

 

 

 




 

 

 

 

 

 

12,940,305

 









Electric Utilities — 31.5%

 

 

 

 

 

 

 

American Electric Power Co., Inc.

 

 

84,800

 

 

3,093,504

 

CPFL Energia SA - ADR

 

 

6,400

 

 

566,016

 

Cia Energetica de Minas Gerais -
ADR

 

 

28,050

 

 

585,404

 

Cleco Corp.

 

 

13,900

 

 

487,890

 

DPL, Inc.

 

 

75,000

 

 

2,271,750

 

Duke Energy Corp.

 

 

129,832

 

 

2,421,367

 

EDP - Energias do Brasil SA

 

 

34,200

 

 

850,217

 

Enel SpA

 

 

346,700

 

 

2,472,433

 

Entergy Corp.

 

 

22,400

 

 

1,561,728

 

FirstEnergy Corp.

 

 

39,700

 

 

1,586,412

 

ITC Holdings Corp.

 

 

51,000

 

 

3,617,430

 

Iberdrola SA

 

 

64,338

 

 

596,637

 

NV Energy, Inc.

 

 

17,600

 

 

267,344

 

NextEra Energy, Inc.

 

 

79,600

 

 

4,502,972

 

Northeast Utilities, Inc.

 

 

31,600

 

 

1,124,960

 

PPL Corp.

 

 

38,300

 

 

1,050,569

 

Pinnacle West Capital Corp.

 

 

19,300

 

 

837,427

 

Progress Energy, Inc.

 

 

28,800

 

 

1,366,560

 

The Southern Co.

 

 

109,800

 

 

4,286,592

 

Westar Energy, Inc.

 

 

31,000

 

 

843,510

 

 

 

 

 

 




 

 

 

 

 

 

34,390,722

 









Gas Utilities — 3.3%

 

 

 

 

 

 

 

Energen Corp.

 

 

10,900

 

 

708,609

 

New Jersey Resources Corp.

 

 

20,400

 

 

893,112

 

Oneok, Inc.

 

 

7,400

 

 

517,556

 

Questar Corp.

 

 

45,700

 

 

802,949

 

UGI Corp.

 

 

19,600

 

 

652,680

 

 

 

 

 

 




 

 

 

 

 

 

3,574,906

 









Independent Power Producers &
Energy Traders — 6.3%

 

 

 

 

 

 

 

The AES Corp. (a)

 

 

103,900

 

 

1,375,636

 

AES Tiete SA, Preference Shares

 

 

42,300

 

 

697,740

 

Calpine Corp. (a)

 

 

71,500

 

 

1,197,625

 

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 









Independent Power Producers & Energy
Traders (concluded)

 

 

 

 

 

 

 

Cia Energetica de Sao Paulo,
Preference ‘B’ Shares

 

 

41,700

 

$

803,676

 

International Power Plc

 

 

136,400

 

 

754,943

 

NRG Energy, Inc. (a)

 

 

86,000

 

 

2,081,200

 

 

 

 

 

 




 

 

 

 

 

 

6,910,820

 









Media — 1.6%

 

 

 

 

 

 

 

Comcast Corp., Special Class A

 

 

44,400

 

 

1,090,020

 

Time Warner Cable, Inc.

 

 

8,000

 

 

625,040

 

 

 

 

 

 




 

 

 

 

 

 

1,715,060

 









Multi-Utilities — 18.8%

 

 

 

 

 

 

 

CMS Energy Corp.

 

 

116,100

 

 

2,298,780

 

CenterPoint Energy, Inc.

 

 

71,100

 

 

1,322,460

 

Centrica Plc

 

 

116,300

 

 

624,578

 

Consolidated Edison, Inc.

 

 

32,500

 

 

1,693,900

 

DTE Energy Co.

 

 

9,300

 

 

469,929

 

Dominion Resources, Inc.

 

 

94,174

 

 

4,371,557

 

Integrys Energy Group, Inc.

 

 

7,300

 

 

382,228

 

NSTAR

 

 

27,000

 

 

1,250,100

 

NiSource, Inc.

 

 

20,800

 

 

404,560

 

OGE Energy Corp.

 

 

13,700

 

 

728,429

 

Public Service Enterprise Group,
Inc.

 

 

92,400

 

 

2,972,508

 

Sempra Energy

 

 

25,600

 

 

1,410,560

 

United Utilities Group Plc

 

 

63,200

 

 

667,847

 

Wisconsin Energy Corp.

 

 

39,400

 

 

1,229,674

 

Xcel Energy, Inc.

 

 

30,900

 

 

751,797

 

 

 

 

 

 




 

 

 

 

 

 

20,578,907

 









Oil, Gas & Consumable
Fuels — 8.3%

 

 

 

 

 

 

 

EOG Resources, Inc.

 

 

8,600

 

 

971,026

 

EQT Corp.

 

 

18,000

 

 

946,980

 

PetroHawk Energy Corp. (a)

 

 

11,600

 

 

313,316

 

QEP Resources, Inc.

 

 

45,700

 

 

1,952,761

 

Range Resources Corp.

 

 

8,200

 

 

462,890

 

Southwestern Energy Co. (a)

 

 

18,100

 

 

793,866

 

Spectra Energy Corp.

 

 

51,616

 

 

1,498,929

 

Talisman Energy, Inc.

 

 

19,500

 

 

469,950

 

Williams Cos., Inc.

 

 

48,300

 

 

1,602,111

 

 

 

 

 

 




 

 

 

 

 

 

9,011,829

 









Water Utilities — 2.4%

 

 

 

 

 

 

 

American States Water Co.

 

 

3,400

 

 

118,694

 

American Water Works Co, Inc.

 

 

43,200

 

 

1,269,216

 

Aqua America, Inc.

 

 

32,400

 

 

730,620

 

California Water Service Group

 

 

14,200

 

 

535,624

 

Cia Saneamento, Preference
Shares (a)(b)

 

 

314

 

 

 

 

 

 

 

 




 

 

 

 

 

 

2,654,154

 










 

 


Portfolio Abbreviation


 

 

ADR

American Depositary Receipts


 

 

 

 


 

BLACKROCK UTILITIES AND TELECOMMUNICATIONS FUND, INC.

APRIL 30, 2011

1




 

 


 

 

Schedule of Investments (continued)

BlackRock Utilities and Telecommunications Fund, Inc.

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 









Wireless Telecommunication
Services — 8.9%

 

 

 

 

 

 

 

America Movil, SA de CV - ADR

 

 

24,700

 

$

1,412,840

 

American Tower Corp., Class A (a)

 

 

14,600

 

 

763,726

 

Cellcom Israel Ltd.

 

 

11,200

 

 

359,520

 

Millicom International Cellular SA

 

 

8,200

 

 

888,388

 

NII Holdings, Inc. (a)

 

 

34,400

 

 

1,430,352

 

NTELOS Holdings Corp.

 

 

20,400

 

 

402,492

 

Rogers Communications, Inc.,
Class B

 

 

16,500

 

 

624,494

 

SBA Communications Corp.,
Class A (a)

 

 

38,800

 

 

1,498,844

 

Vivo Participacoes SA - ADR

 

 

13,600

 

 

568,616

 

Vodafone Group Plc - ADR

 

 

60,512

 

 

1,762,109

 

 

 

 

 

 




 

 

 

 

 

 

9,711,381

 









Total Long-Term Investments
(Cost – $66,870,029) – 93.1%

 

 

 

 

 

101,714,836

 









 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 









BlackRock Liquidity Funds,
TempCash, Institutional Class,
0.13%, (c)(d)

 

 

6,330,598

 

 

6,330,598

 









Total Short-Term Securities
(Cost – $6,330,598) – 5.8%

 

 

 

 

 

6,330,598

 









 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Total Investments

 

 

 

 

 

 

 

(Cost – $73,200,627*) – 98.9%

 

 

 

 

 

108,045,434

 

Other Assets Less Liabilities – 1.1%

 

 

 

 

 

1,211,333

 

 

 

 

 

 




Net Assets – 100.0%

 

 

 

 

$

109,256,767

 

 

 

 

 

 





 

 



*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011, as computed for federal income tax purposes were as follows:


 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

73,310,415

 

 

 

 

 

 




Gross unrealized appreciation

 

 

 

 

$

35,164,357

 

Gross unrealized depreciation

 

 

 

 

 

(429,338

)

 

 

 

 

 




Net unrealized appreciation

 

 

 

 

$

34,735,019

 

 

 

 

 

 





 

 

(a)

Non-income producing security.

 

 

(b)

Convertible security.

 

 

(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:


 

 

 

 

 

 

 

 

 

 

 

 

 

 















Affiliate

 

Shares
Held at July
31, 2010

 

Net
Activity

 

Shares
Held at
April 30, 2011

 

Income

 











BlackRock
Liquidity
Funds, TempCash,
Institutional
Class

 

 

2,505,607

 

 

3,824,991

 

 

6,330,598

 

$

4,889

 
















 

 

 

(d)

Represents the current yield as of report date.

 

 

 

For Fund compliance purposes, the Fund’s 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.

 

 

 

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:

 

 

 

 

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

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)

 

 

 

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

 

 

 

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 Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.


 

 

 


2

BLACKROCK UTILITIES AND TELECOMMUNICATIONS FUND, INC.

APRIL 30, 2011




 

 


 

 

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 Fund’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 















Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 











Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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

 

 

 

 

 

 

6,330,598

 















Total

 

$

101,735,077

 

$

6,310,357

 

$

 

$

108,045,434

 

 

 














 

 

 

 


 

BLACKROCK UTILITIES AND TELECOMMUNICATIONS FUND, INC.

APRIL 30, 2011

3


Item 2 –

Controls and Procedures

 

 

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.

 

 

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.

 

 

Item 3 –

Exhibits

 

 

 

Certifications – Attached hereto

 

 

 

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.

 

 

 

BlackRock Utilities & Telecommunications Fund, Inc.

 

 

  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 2 i00270_ex99-cert.htm

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.