N-Q 1 e602006_nq-utiltelecom.txt FORM N-Q 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 811-6180 Name of Fund: BlackRock Utilities and Telecommunications Fund, Inc. Fund Address: P.O. Box 9011 Princeton, NJ 08543-9011 Name and address of agent for service: Robert C. Doll, Jr., Chief Executive Officer, BlackRock Utilities and Telecommunications Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ 08536. Mailing address: P.O. Box 9011, Princeton, NJ 08543-9011 Registrant's telephone number, including area code: (609) 282-2800 Date of fiscal year end: 11/30/2007 Date of reporting period: 12/01/06 - 02/28/07 Item 1 - Schedule of Investments BlackRock Utilities and Telecommunications Fund, Inc. Schedule of Investments as of February 28, 2007 (in U.S. dollars)
Shares Country Industry Held Common Stocks Value ------------------------------------------------------------------------------------------------------------------------------------ Brazil - 1.9% Diversified Telecommunication 5,400 GVT Holding SA (a) $ 55,490 Services - 0.0% ------------------------------------------------------------------------------------------------------------------- Electric Utilities - 0.9% 23,700 CPFL Energia SA (b) 957,243 33,200 EDP - Energias do Brasil SA 522,933 ------------ 1,480,176 ------------------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy 60,000,000 Cia Energetica de Sao Paulo (Preference Traders - 0.5% Shares) (a) 708,795 ------------------------------------------------------------------------------------------------------------------- Water Utilities - 0.5% 2,600,000 Cia de Saneamento Basico do Estado de Sao Paulo 347,619 32,000 Companhia de Saneamento de Minas Gerais 407,300 ------------ 754,919 ------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Brazil 2,999,380 ------------------------------------------------------------------------------------------------------------------------------------ Canada - 1.5% Diversified Telecommunication 30,000 Manitoba Telecom Services, Inc. 1,181,430 Services - 0.7% ------------------------------------------------------------------------------------------------------------------- Wireless Telecommunication 41,000 Rogers Communications, Inc. Class B 1,338,650 Services - 0.8% ------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Canada 2,520,080 ------------------------------------------------------------------------------------------------------------------------------------ Finland - 1.4% Diversified Telecommunication 26,000 Elisa Corp. 768,094 Services - 0.5% ------------------------------------------------------------------------------------------------------------------- Electric Utilities - 0.9% 53,000 Fortum Oyj (a) 1,463,639 ------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Finland 2,231,733 ------------------------------------------------------------------------------------------------------------------------------------ France - 3.0% Diversified Telecommunication 30,000 France Telecom SA 812,560 Services - 0.5% ------------------------------------------------------------------------------------------------------------------- Electric Utilities - 0.7% 14,500 Electricite de France SA 1,060,853 ------------------------------------------------------------------------------------------------------------------- Multi-Utilities - 1.8% 33,200 Suez SA 1,603,910 18,800 Veolia Environnement SA 1,323,564 ------------ 2,927,474 ------------------------------------------------------------------------------------------------------------------- Total Common Stocks in France 4,800,887 ------------------------------------------------------------------------------------------------------------------------------------ Germany - 3.1% Diversified Telecommunication 41,500 Deutsche Telekom AG 744,464 Services - 0.5% ------------------------------------------------------------------------------------------------------------------- Electric Utilities - 1.8% 22,400 E.ON AG 2,936,362 ------------------------------------------------------------------------------------------------------------------- Multi-Utilities - 0.8% 12,500 RWE AG 1,274,653 ------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Germany 4,955,479 ------------------------------------------------------------------------------------------------------------------------------------ Greece - 0.5% Diversified Telecommunication 26,500 Hellenic Telecommunications Organization SA 718,948 Services - 0.5% ------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Greece 718,948 ------------------------------------------------------------------------------------------------------------------------------------ Italy - 0.7% Diversified Telecommunication 14,000 FastWeb SpA 730,816 Services - 0.5% ------------------------------------------------------------------------------------------------------------------- Electric Utilities - 0.2% 41,000 Enel SpA 428,819 ------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Italy 1,159,635 ------------------------------------------------------------------------------------------------------------------------------------ Luxembourg - Wireless Telecommunication 10,000 Millicom International Cellular SA (a) 719,000 0.5% Services - 0.5% ------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Luxembourg 719,000 ------------------------------------------------------------------------------------------------------------------------------------ Mexico - 1.1% Wireless Telecommunication 40,200 America Movil, SA de CV (b) 1,760,760 Services - 1.1% ------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Mexico 1,760,760 ------------------------------------------------------------------------------------------------------------------------------------ Norway - 0.8% Diversified Telecommunication 67,600 Telenor ASA 1,250,923 Services - 0.8% ------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Norway 1,250,923 ------------------------------------------------------------------------------------------------------------------------------------
BlackRock Utilities and Telecommunications Fund, Inc. Schedule of Investments as of February 28, 2007 (in U.S. dollars)
Shares Country Industry Held Common Stocks Value ------------------------------------------------------------------------------------------------------------------------------------ Spain - 2.2% Diversified Telecommunication 79,448 Telefonica SA $ 1,708,846 Services - 1.1% ------------------------------------------------------------------------------------------------------------------- Electric Utilities - 0.9% 31,600 Iberdrola SA 1,384,599 ------------------------------------------------------------------------------------------------------------------- Electrical Equipment - 0.2% 14,600 Gamesa Corp. Tecnologica SA 418,030 ------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Spain 3,511,475 ------------------------------------------------------------------------------------------------------------------------------------ United Diversified Telecommunication 163,600 BT Group Plc 948,324 Kingdom - 5.3% Services - 0.6% ------------------------------------------------------------------------------------------------------------------- Electric Utilities - 0.7% 41,400 Scottish & Southern Energy Plc 1,165,675 ------------------------------------------------------------------------------------------------------------------- Independent Power Producers & 196,900 International Power Plc 1,407,270 Energy Traders - 0.9% ------------------------------------------------------------------------------------------------------------------- Multi-Utilities - 1.3% 133,600 Centrica Plc 978,436 69,918 National Grid Plc 1,047,791 ------------ 2,026,227 ------------------------------------------------------------------------------------------------------------------- Water Utilities - 0.3% 100,000 Northumbrian Water Group Plc 574,816 ------------------------------------------------------------------------------------------------------------------- Wireless Telecommunication 84,512 Vodafone Group Plc (b) 2,357,885 Services - 1.5% ------------------------------------------------------------------------------------------------------------------- Total Common Stocks in the United Kingdom 8,480,197 ------------------------------------------------------------------------------------------------------------------------------------ United States Construction & Engineering - 0.4% 25,000 InfraSource Services, Inc. (a) 613,000 - 74.5% ------------------------------------------------------------------------------------------------------------------- Diversified Telecommunication 228,062 AT&T Inc. 8,392,682 Services - 12.0% 80,700 Citizens Communications Co. 1,216,149 233,000 Level 3 Communications, Inc. (a)(g) 1,530,810 123,000 Qwest Communications International Inc. (a) 1,092,240 86,300 Time Warner Telecom, Inc. Class A (a) 1,899,463 86,100 Verizon Communications, Inc. 3,222,723 110,241 Windstream Corp. 1,659,127 ------------ 19,013,194 ------------------------------------------------------------------------------------------------------------------- Electric Utilities - 26.0% 37,500 Allegheny Energy, Inc. (a) 1,771,500 37,000 American Electric Power Co., Inc. 1,659,820 75,000 DPL, Inc. 2,262,750 135,732 Duke Energy Corp. 2,672,563 66,700 Edison International 3,129,564 51,300 Entergy Corp. 5,063,310 77,500 Exelon Corp. 5,109,575 62,800 FPL Group, Inc. 3,709,596 51,900 FirstEnergy Corp. 3,247,383 49,500 ITC Holdings Corp. 2,173,545 54,800 Mirant Corp. (a) 2,041,848 36,600 Northeast Utilities, Inc. 1,063,596 101,800 PPL Corp. 3,870,436 30,500 Pepco Holdings, Inc. 811,910
BlackRock Utilities and Telecommunications Fund, Inc. Schedule of Investments as of February 28, 2007 (in U.S. dollars)
Shares Country Industry Held Common Stocks Value ------------------------------------------------------------------------------------------------------------------------------------ 27,000 Progress Energy, Inc. $ 1,319,220 43,800 The Southern Co. 1,568,040 ------------ 41,474,656 ------------------------------------------------------------------------------------------------------------------- Energy Equipment & Services - 0.6% 14,000 Grant Prideco, Inc. (a) 607,740 4,600 Transocean, Inc. (a) 352,728 ------------ 960,468 ------------------------------------------------------------------------------------------------------------------- Gas Utilities - 4.3% 23,500 Energen Corp. 1,139,280 25,200 Equitable Resources, Inc. 1,075,284 13,600 New Jersey Resources Corp. 671,704 21,500 Questar Corp. 1,809,010 57,616 Spectra Energy Corp. 1,482,460 32,200 UGI Corp. 840,742 ------------ 7,018,480 ------------------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy 52,700 The AES Corp. (a) 1,123,564 Traders - 8.8% 42,700 Constellation Energy Group, Inc. 3,359,209 98,264 Dynegy, Inc. Class A (a) 806,747 69,000 NRG Energy, Inc. (a) 4,570,560 25,300 Ormat Technologies, Inc. 982,905 47,900 TXU Corp. 3,168,585 ------------ 14,011,570 ------------------------------------------------------------------------------------------------------------------- Media - 2.4% 75,300 Comcast Corp. Special Class A (a) 1,916,385 25,500 EchoStar Communications Corp. Class A (a) 1,035,300 6,285 Idearc, Inc. 213,690 25,000 Virgin Media, Inc. 655,250 ------------ 3,820,625 ------------------------------------------------------------------------------------------------------------------- Multi-Utilities - 9.3% 132,500 CMS Energy Corp. 2,312,125 17,600 DTE Energy Co. 814,880 34,237 Dominion Resources, Inc. 2,928,291 22,050 MDU Resources Group, Inc. 582,781 41,700 NSTAR 1,426,557 55,000 PG&E Corp. 2,553,100 15,500 Public Service Enterprise Group, Inc. 1,160,950 19,900 Sempra Energy 1,194,995 19,100 Wisconsin Energy Corp. 915,845 36,200 Xcel Energy, Inc. 855,406 ------------ 14,744,930 ------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels - 3.6% 13,500 Devon Energy Corp. 887,085 15,500 EOG Resources, Inc. 1,049,970 13,000 Holly Corp. 721,110
BlackRock Utilities and Telecommunications Fund, Inc. Schedule of Investments as of February 28, 2007 (in U.S. dollars)
Shares Country Industry Held Common Stocks Value ------------------------------------------------------------------------------------------------------------------------------------ 18,900 Range Resources Corp. $ 603,477 21,700 Southwestern Energy Co. (a) 846,300 58,800 Williams Cos., Inc. 1,585,836 ------------ 5,693,778 ------------------------------------------------------------------------------------------------------------------- Water Utilities - 0.5% 34,000 Aqua America, Inc. 774,860 ------------------------------------------------------------------------------------------------------------------- Wireless Telecommunication 42,145 Alltel Corp. 2,553,565 Services - 6.6% 43,500 American Tower Corp. Class A (a) 1,685,190 40,502 Crown Castle International Corp. (a) 1,326,845 60,000 Dobson Communications Corp. Class A (a) 531,600 11,000 Leap Wireless International, Inc. (a) 743,270 13,800 NII Holdings, Inc. (a) 977,592 42,900 SBA Communications Corp. Class A (a) 1,157,013 81,500 Sprint Nextel Corp. 1,571,320 ------------ 10,546,395 ------------------------------------------------------------------------------------------------------------------- Total Common Stocks in the United States 118,671,956 ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stocks (Cost - $101,221,813) - 96.5% 153,780,453 ------------------------------------------------------------------------------------------------------------------------------------ Face Amount Trust Preferred ------------------------------------------------------------------------------------------------------------------------------------ United States Independent Power Producers & Energy $ 1,092,450 AES Trust III, 6.75% due 10/15/2029 (f) 1,052,371 - 0.7% Traders - 0.7% ------------------------------------------------------------------------------------------------------------------------------------ Total Trust Preferred (Cost - $666,874) - 0.7% 1,052,371 ------------------------------------------------------------------------------------------------------------------------------------ Beneficial Interest Short-Term Securities ------------------------------------------------------------------------------------------------------------------------------------ United States $ 2,840,200 BlackRock Liquidity Series, LLC Cash Sweep - 2.4% Series, 5.33% (c)(d) 2,840,200 980,000 BlackRock Liquidity Series, LLC Money Market Series, 5.33% (c)(d) 980,000 ------------------------------------------------------------------------------------------------------------------------------------ Total Short-Term Securities (Cost - $3,820,200) - 2.4% 3,820,200 ------------------------------------------------------------------------------------------------------------------------------------ Total Investments (Cost - $105,708,887*) - 99.6% 158,653,024 Other Assets Less Liabilities - 0.4% 609,102 ------------ Net Assets - 100.0% $159,262,126 ============
BlackRock Utilities and Telecommunications Fund, Inc. Schedule of Investments as of February 28, 2007 (in U.S. dollars) * The cost and unrealized appreciation (depreciation) of investments as of February 28, 2007, as computed for federal income tax purposes, were as follows: Aggregate cost $105,708,887 ============ Gross unrealized appreciation $ 53,192,340 Gross unrealized depreciation (248,203) ------------ Net unrealized appreciation $ 52,944,137 ============ (a) Non-income producing security. (b) Depositary receipts. (c) Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
------------------------------------------------------------------------------------- Net Interest Affiliate Activity Income ------------------------------------------------------------------------------------- BlackRock Liquidity Series, LLC Cash Sweep Series $ (3,885,553) $ 52,304 BlackRock Liquidity Series, LLC Money Market Series $ 140,000 $ 203 -------------------------------------------------------------------------------------
(d) Represents the current yield as of February 28, 2007. (e) Security was purchased with cash proceeds from securities loans. (f) Convertible security. (g) Security, or a portion of security, is on loan. o 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 ratings group indexes, and/or as defined by Fund management. This definition may not apply for the purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percent of net assets. Item 2 - Controls and Procedures 2(a) - The registrant's certifying officers have reasonably designed such disclosure controls and procedures to ensure material information relating to the registrant is made known to us by others particularly during the period in which this report is being prepared. The registrant's certifying officers have determined that the registrant's disclosure controls and procedures are effective based on our evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report. 2(b) - As of September 29, 2006, with the conclusion of the combination of Merrill Lynch's asset management business with BlackRock, the registrant was migrated to BlackRock's trading and compliance monitoring systems, and various personnel changes occurred. In conjunction with these business improvements, there were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under Act (17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to 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 and Telecommunications Fund, Inc. By: /s/ Robert C. Doll, Jr. ----------------------------------------------------- Robert C. Doll, Jr. Chief Executive Officer BlackRock Utilities and Telecommunications Fund, Inc. Date: April 23, 2007 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/ Robert C. Doll, Jr. ----------------------------------------------------- Robert C. Doll, Jr. Chief Executive Officer BlackRock Utilities and Telecommunications Fund, Inc. Date: April 23, 2007 By: /s/ Donald C. Burke ----------------------------------------------------- Donald C. Burke Chief Financial Officer BlackRock Utilities and Telecommunications Fund, Inc. Date: April 23, 2007