-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NoSVo9VIsV2rUh7PvgIFe8GhVe+2CLPTw/EQh+DJbKjHnLpDDdPGisLFpYiv/sml aw9w4lLjcGWLTAVvzUua4Q== 0001193805-08-003433.txt : 20081223 0001193805-08-003433.hdr.sgml : 20081223 20081223144758 ACCESSION NUMBER: 0001193805-08-003433 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081031 FILED AS OF DATE: 20081223 DATE AS OF CHANGE: 20081223 EFFECTIVENESS DATE: 20081223 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: 081266963 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 e604816_nq-utilitiestele.txt 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: Donald C. Burke, Chief Executive Officer, BlackRock Utilities & 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: (800) 441-7762 Date of fiscal year end: 07/31/2009 Date of reporting period: 08/01/2008 - 10/31/2008 Item 1 - Schedule of Investments BlackRock Utilities and Telecommunications Fund, Inc. Schedule of Investments October 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Common Stocks Shares Value - ----------------------------------------------------------------------------------------------------------------------------------- Brazil - 3.1% Diversified Telecommunication Services - 0.3% GVT Holding SA (a) 25,900 $ 281,535 - ----------------------------------------------------------------------------------------------------------------------------------- Electric Utilities - 1.6% CPFL Energia SA (b) 12,100 529,738 Cia Energetica de Minas Gerais (b) 47,950 729,319 EDP - Energias do Brasil SA 33,200 357,055 ------------ 1,616,112 - ----------------------------------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders - 0.8% AES Tiete SA (Preference Shares) 68,500 427,473 Tractebel Energia SA 42,500 333,487 ------------ 760,960 - ----------------------------------------------------------------------------------------------------------------------------------- Water Utilities - 0.4% Cia de Saneamento Basico do Estado de Sao Paulo 20,800 238,098 Cia Saneamento (Preference Shares) (c)(d) 314 18,088 Companhia de Saneamento de Minas Gerais 32,000 202,354 ------------ 458,540 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Brazil 3,117,147 - ----------------------------------------------------------------------------------------------------------------------------------- Canada - 1.5% Diversified Telecommunication Services - 1.0% Manitoba Telecom Services, Inc. 30,000 1,060,068 - ----------------------------------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services - 0.5% Rogers Communications, Inc. Class B 17,000 494,530 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Canada 1,554,598 - ----------------------------------------------------------------------------------------------------------------------------------- Czech Republic - 0.5% Electric Utilities - 0.5% CEZ AS 11,700 512,342 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks in the Czech Republic 512,342 - ----------------------------------------------------------------------------------------------------------------------------------- France - 2.9% Commercial Services & Supplies - 0.1% Suez Environnement SA (a) 8,300 158,682 - ----------------------------------------------------------------------------------------------------------------------------------- Diversified Telecommunication Services - 0.6% France Telecom SA 24,300 612,739 - ----------------------------------------------------------------------------------------------------------------------------------- Electric Utilities - 0.8% Electricite de France SA 12,900 775,078 - ----------------------------------------------------------------------------------------------------------------------------------- Multi-Utilities - 1.4% GDF Suez 31,689 1,410,594 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks in France 2,957,093 - ----------------------------------------------------------------------------------------------------------------------------------- Germany - 2.8% Diversified Telecommunication Services - 0.4% Deutsche Telekom AG 30,600 448,935 - ----------------------------------------------------------------------------------------------------------------------------------- Electric Utilities - 2.0% E.ON AG 54,900 2,057,370 - ----------------------------------------------------------------------------------------------------------------------------------- Multi-Utilities - 0.4% RWE AG 4,500 368,915 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Germany 2,875,220 - ----------------------------------------------------------------------------------------------------------------------------------- Italy - 0.5% Electric Utilities - 0.5% Enel SpA 70,300 470,325 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Italy 470,325 - ----------------------------------------------------------------------------------------------------------------------------------- Mexico - 0.9% Wireless Telecommunication Services - 0.9% America Movil, SA de CV (b) 29,400 909,636 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Mexico 909,636 - ----------------------------------------------------------------------------------------------------------------------------------- Netherlands - 0.6% Diversified Telecommunication Services - 0.6% Koninklijke KPN NV 42,000 591,495 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks in the Netherlands 591,495 - ----------------------------------------------------------------------------------------------------------------------------------- Spain - 2.2% Diversified Telecommunication Services - 1.4% Telefonica SA 79,448 1,470,976 - ----------------------------------------------------------------------------------------------------------------------------------- Electric Utilities - 0.8% Iberdrola SA 113,000 817,821 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks in Spain 2,288,797 - -----------------------------------------------------------------------------------------------------------------------------------
BlackRock Utilities and Telecommunications Fund, Inc. Schedule of Investments October 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Common Stocks Shares Value - ----------------------------------------------------------------------------------------------------------------------------------- United Kingdom - 4.6% Electric Utilities - 0.8% British Energy Group Plc 40,000 $ 478,436 Scottish & Southern Energy Plc 18,600 364,591 ------------ 843,027 - ----------------------------------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders - 0.5% International Power Plc 132,500 474,018 - ----------------------------------------------------------------------------------------------------------------------------------- Multi-Utilities - 1.2% Centrica Plc 133,600 656,486 National Grid Plc 54,718 616,404 ------------ 1,272,890 - ----------------------------------------------------------------------------------------------------------------------------------- Water Utilities - 0.5% Northumbrian Water Group Plc 100,000 502,540 - ----------------------------------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services - 1.6% Vodafone Group Plc (b) 84,512 1,628,546 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks in the United Kingdom 4,721,021 - ----------------------------------------------------------------------------------------------------------------------------------- United States - 72.0% Construction & Engineering - 0.4% Quanta Services, Inc. (a) 21,075 416,442 - ----------------------------------------------------------------------------------------------------------------------------------- Diversified Telecommunication AT&T Inc. 147,762 3,955,589 Services - 10.8% Frontier Communications Corp. 74,400 566,184 Qwest Communications International, Inc. 678,100 1,939,366 Verizon Communications, Inc. 142,500 4,227,975 Windstream Corp. 39,141 293,949 ------------ 10,983,063 - ----------------------------------------------------------------------------------------------------------------------------------- Electric Utilities - 31.4% Allegheny Energy, Inc. 50,800 1,531,620 American Electric Power Co., Inc. 44,700 1,458,561 DPL, Inc. 75,000 1,710,750 Duke Energy Corp. 177,532 2,907,974 Edison International 31,100 1,106,849 Entergy Corp. 39,800 3,106,390 Exelon Corp. 60,700 3,292,368 FPL Group, Inc. 77,300 3,651,652 FirstEnergy Corp. 69,100 3,604,256 ITC Holdings Corp. 49,500 2,008,710 Northeast Utilities, Inc. 30,700 692,592 PPL Corp. 101,800 3,341,076 Pepco Holdings, Inc. 6,400 132,160 The Southern Co. 101,600 3,488,944 ------------ 32,033,902 - ----------------------------------------------------------------------------------------------------------------------------------- Electronic Equipment & Instruments - 0.3% Itron, Inc. (a) 6,800 329,664 - ----------------------------------------------------------------------------------------------------------------------------------- Gas Utilities - 3.7% Equitable Resources, Inc. 30,300 1,051,713 New Jersey Resources Corp. 20,400 759,696 Questar Corp. 44,400 1,530,024 UGI Corp. 19,000 453,530 ------------ 3,794,963 - ----------------------------------------------------------------------------------------------------------------------------------- Independent Power Producers & Energy Traders - 4.8% Dynegy, Inc. Class A (a) 244,000 888,160 NRG Energy, Inc. (a) 147,600 3,431,700 Ormat Technologies, Inc. 25,300 611,248 ------------ 4,931,108 - -----------------------------------------------------------------------------------------------------------------------------------
BlackRock Utilities and Telecommunications Fund, Inc. Schedule of Investments October 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Common Stocks Shares Value - ----------------------------------------------------------------------------------------------------------------------------------- Multi-Utilities - 12.4% Ameren Corp. 12,600 $ 408,870 CMS Energy Corp. 132,500 1,358,125 Consolidated Edison, Inc. 16,200 701,784 Dominion Resources, Inc. 56,674 2,056,133 NSTAR 26,200 865,910 PG&E Corp. 54,500 1,998,515 Public Service Enterprise Group, Inc. 128,000 3,603,200 Sempra Energy 19,900 847,541 Wisconsin Energy Corp. 19,100 830,850 ------------ 12,670,928 - ----------------------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels - 5.3% Consol Energy, Inc. 7,500 235,425 Devon Energy Corp. 10,000 808,600 EOG Resources, Inc. 10,500 849,660 El Paso Corp. 40,500 392,850 Range Resources Corp. 18,900 797,958 Southwestern Energy Co. (a) 17,600 626,912 Spectra Energy Corp. 25,816 499,023 Williams Cos., Inc. 58,800 1,233,036 ------------ 5,443,464 - ----------------------------------------------------------------------------------------------------------------------------------- Water Utilities - 1.4% American States Water Co. 3,400 116,314 American Water Works Co, Inc. 25,500 517,140 Aqua America, Inc. 31,500 567,000 California Water Service Group 4,800 180,288 ------------ 1,380,742 - ----------------------------------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services - 1.5% American Tower Corp. Class A (a) 22,700 733,437 SBA Communications Corp. Class A (a) 37,700 791,323 ------------ 1,524,760 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks in the United States 73,509,036 - ----------------------------------------------------------------------------------------------------------------------------------- Total Long-Term Investments (Cost - $80,179,995) - 91.6% 93,506,710 - ----------------------------------------------------------------------------------------------------------------------------------- Beneficial Interest Short-Term Securities (000) - ----------------------------------------------------------------------------------------------------------------------------------- BlackRock Liquidity Series, LLC Cash Sweep Series, 4.60% (e)(f) $ 9,403 9,403,449 - ----------------------------------------------------------------------------------------------------------------------------------- Total Short-Term Securities (Cost - $9,403,449) - 9.2% 9,403,449 - ----------------------------------------------------------------------------------------------------------------------------------- Total Investments (Cost - $89,583,444*) - 100.8% 102,910,159 Liabilities in Excess of Other Assets - (0.8)% (790,977) ------------ Net Assets - 100.0% $102,119,182 ============
* The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows: Aggregate cost $ 89,495,858 ============ Gross unrealized appreciation $ 19,976,145 Gross unrealized depreciation (6,561,844) ------------ Net unrealized appreciation $ 13,414,301 ============ BlackRock Utilities and Telecommunications Fund, Inc. Schedule of Investments October 31, 2008 (Unaudited) (a) Non-income producing security. (b) Depositary receipts. (c) Convertible security. (d) Security is fair valued. (e) Represents the current yield as of report date. (f) 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 Activity Affiliate (000) Income -------------------------------------------------------------------------- BlackRock Liquidity Series, LLC Cash Sweep Series $9,394 $ 54,222 -------------------------------------------------------------------------- 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 purposes of this report, which may combine industry sub-classifications for reporting ease. o Effective December 1, 2007, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: o Level 1 - price quotations in active markets/exchanges for identical securities o Level 2 - other observable inputs (including, but not limited to: quoted prices for 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) o Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Fund's own assumption used in determining the fair value of investments) The inputs or methodology 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 annual report. The following table summarizes the inputs used as of October 31, 2008 in determining the fair valuation of the Fund's investments: -------------------------------------------------------------------------- Valuation Investments in Inputs Securities -------------------------------------------------------------------------- Level 1 $ 80,859,558 Level 2 22,032,513 Level 3 18,088 -------------------------------------------------------------------------- Total $ 102,910,159 ============== BlackRock Utilities and Telecommunications Fund, Inc. Schedule of Investments October 31, 2008 (Unaudited) The following is a reconciliation of investments for unobservable inputs (Level 3) used in determining fair value: -------------------------------------------------------------------------- Investments in Securities -------------------------------------------------------------------------- Balance, as of July 31, 2008 $ 25,019 Accrued discounts/premiums -- Realized gain (loss) -- Change in unrealized depreciation (6,931) Net purchases (sales) -- Net transfers in/out of Level 3 -- -------------------------------------------------------------------------- Balance, as of October 31, 2008 $ 18,088 ================= 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/ Donald C. Burke ------------------- Donald C. Burke Chief Executive Officer of BlackRock Utilities & Telecommunications Fund, Inc. Date: December 19, 2008 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/ Donald C. Burke ------------------- Donald C. Burke Chief Executive Officer (principal executive officer) of BlackRock Utilities & Telecommunications Fund, Inc. Date: December 19, 2008 By: /s/ Neal J. Andrews ------------------- Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock Utilities & Telecommunications Fund, Inc. Date: December 19, 2008 EX-99.CERT 2 e604816_ex-99cert.txt 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, Donald C. Burke, 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: December 19, 2008 /s/ Donald C. Burke - ------------------- Donald C. Burke 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: December 19, 2008 /s/ Neal J. Andrews - ------------------- Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock Utilities & Telecommunications Fund, Inc. -----END PRIVACY-ENHANCED MESSAGE-----