BlackRock Utility & Infrastructure Trust

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: 811-22606

Name of Fund:  BlackRock Utility and Infrastructure Trust (BUI)

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Utility and Infrastructure Trust, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2015

Date of reporting period: 03/31/2015

Item 1 – Schedule of Investments

Schedule of Investments March 31, 2015 (Unaudited)      BlackRock Utility and Infrastructure Trust (BUI)   
     (Percentages shown are based on Net Assets)   

 

Common Stocks    Shares      Value  

Construction & Engineering — 2.3%

      

Ferrovial SA

      393,500       $ 8,366,587   

Diversified Telecommunication Services — 1.0%

  

   

Verizon Communications, Inc. (a)

      79,500         3,866,085   

Electric Utilities — 21.7%

      

American Electric Power Co., Inc. (a)

      49,600         2,790,000   

Cleco Corp.

      36,400         1,984,528   

Duke Energy Corp. (a)

      162,568         12,481,971   

Edison International (a)

      131,400         8,208,558   

Enel SpA (a)

      449,400         2,030,123   

Eversource Energy (a)

      76,200         3,849,624   

Exelon Corp. (a)

      198,400         6,668,224   

Iberdrola SA

      182,200         1,174,922   

ITC Holdings Corp.

      148,900         5,573,327   

NextEra Energy, Inc. (a)

      154,900         16,117,345   

NRG Yield, Inc., Class A

      159,100         8,071,143   

OGE Energy Corp.

      54,000         1,706,940   

Pinnacle West Capital Corp. (a)

      43,100         2,747,625   

PPL Corp.

      105,900         3,564,594   

Spark Infrastructure Group (b)

      670,800         1,009,551   

Xcel Energy, Inc.

      61,700         2,147,777   
     

 

 

  
                80,126,252   

Gas Utilities — 1.7%

      

The Laclede Group, Inc.

      25,100         1,285,622   

New Jersey Resources Corp.

      52,300         1,624,438   

Snam SpA (a)

      691,900         3,358,564   
     

 

 

  
                6,268,624   

Independent Power and Renewable Electricity Producers — 4.8%

  

EDP Renovaveis SA

      313,900         2,157,508   

Enel Green Power SpA

      822,500         1,533,676   

NextEra Energy Partners LP

      67,500         2,957,850   

NRG Energy, Inc. (a)

      147,701         3,720,588   

Pattern Energy Group, Inc.

      94,900         2,687,568   

TerraForm Power, Inc., Class A (a)

      124,300         4,538,193   
     

 

 

  
                17,595,383   

Multi-Utilities — 22.8%

      

CenterPoint Energy, Inc.

      106,600         2,175,706   

CMS Energy Corp. (a)(c)

      409,400         14,292,154   

Dominion Resources, Inc. (a)(c)

      197,300         13,982,651   

DTE Energy Co.

      25,800         2,081,802   

E.ON SE

      39,300         584,347   

National Grid PLC

      956,000         12,290,331   

NiSource, Inc. (a)

      122,900         5,427,264   

NorthWestern Corp.

      41,992         2,258,750   

Public Service Enterprise Group, Inc.

      221,156         9,270,860   

RWE AG

      49,100         1,250,078   

Sempra Energy (a)

      129,700         14,139,894   

Veolia Environnement SA

      55,000         1,040,243   

Wisconsin Energy Corp. (c)

      116,400         5,761,800   
     

 

 

  
                84,555,880   
Common Stocks    Shares      Value  

Oil, Gas & Consumable Fuels — 25.7%

      

Antero Midstream Partners LP

      82,500       $ 1,995,675   

Columbia Pipeline Partners LP (d)

      80,400         2,226,276   

Delek Logistics Partners LP (a)

      31,300         1,362,489   

Dominion Midstream Partners LP (d)

      323,200         13,416,032   

Enable Midstream Partners LP

      38,600         633,040   

Enbridge, Inc. (a)

      147,400         7,148,900   

Energy Transfer Partners LP (a)

      24,896         1,387,952   

Enterprise Products Partners LP (a)

      195,454         6,436,300   

EQT Midstream Partners LP

      41,300         3,207,358   

GasLog Partners LP

      5,400         132,840   

Genesis Energy LP (a)

      121,069         5,690,243   

Magellan Midstream Partners LP (a)

      62,500         4,794,375   

MarkWest Energy Partners LP (a)

      65,253         4,313,223   

MPLX LP (a)

      46,400         3,399,264   

ONEOK Partners LP

      65,945         2,693,194   

PBF Logistics LP (a)

      27,200         619,072   

Phillips 66 Partners LP (a)

      44,600         3,151,882   

Plains All American Pipeline LP

      92,370         4,504,885   

Rose Rock Midstream LP

      18,300         869,250   

Shell Midstream Partners LP (a)

      334,600         13,049,400   

Sunoco Logistics Partners LP

      83,100         3,435,354   

Tesoro Logistics LP

      48,858         2,628,560   

TransCanada Corp. (a)

      67,900         2,903,528   

Valero Energy Partners LP

      38,200         1,848,880   

Western Gas Partners LP (a)

      19,814         1,304,752   

Williams Partners LP

      42,015         2,067,978   
     

 

 

  
                95,220,702   

Real Estate Investment Trusts (REITs) — 2.6%

      

American Tower Corp. (a)(c)

      91,400         8,605,310   

Crown Castle International Corp. (a)

      11,300         932,702   
     

 

 

  
                9,538,012   

Road & Rail — 0.2%

      

East Japan Railway Co.

      9,600         771,618   

Transportation Infrastructure — 12.3%

      

Abertis Infraestructuras SA

      390,900         7,065,321   

Aeroports de Paris

      29,300         3,502,046   

Atlantia SpA (a)

      418,084         10,978,990   

Flughafen Zuerich AG

      6,300         4,956,808   

Fraport AG Frankfurt Airport Services Worldwide

      28,300         1,690,405   

Groupe Eurotunnel SE

      348,800         5,000,388   

Japan Airport Terminal Co. Ltd.

      33,500         2,025,949   

Sydney Airport (b)

      597,666         2,351,921   

Transurban Group (b)

      1,090,300         7,894,722   
     

 

 

  
                45,466,550   

Water Utilities — 2.8%

      

American Water Works Co., Inc. (a)

      190,100         10,305,321   
 
Portfolio Abbreviations
AUD    Australian Dollar      EUR    Euro    JPY    Japanese Yen
CAD    Canadian Dollar      GBP    British Pound    USD    US Dollar

 

 

          MARCH 31, 2015    1

Schedule of Investments (continued)     

 

 BlackRock Utility and Infrastructure Trust (BUI)

(Percentages shown are based on Net Assets)

   

  

 

Common Stocks    Shares      Value  

Wireless Telecommunication Services — 0.7%

      

SBA Communications Corp., Class A (a)(d)

      22,500       $ 2,634,750   

Total Long-Term Investments

(Cost — $283,364,911) — 98.6%

  

  

      364,715,764   
     
                  
Short-Term Securities    Shares      Value  

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.06% (e)(f)

      7,531,446       $ 7,531,446   

Total Short-Term Securities

(Cost — $7,531,446) — 2.0%

  

  

      7,531,446   

Total Investments Before Options Written

(Cost — $290,896,357*) — 100.6%

               372,247,210   
     
Options Written                

(Premiums Received — $2,350,170) — (0.5)%

               (1,964,482 ) 

Total Investments Net of Options Written — 100.1%

         370,282,728   

Liabilities in Excess of Other Assets — (0.1)%

         (222,274 ) 
     

 

 

  

Net Assets — 100.0%

       $ 370,060,454   
     

 

 

  
 

 

Notes to Schedule of Investments

 

* As of March 31, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

    $ 288,213,175   
  

 

 

  

Gross unrealized appreciation

    $ 84,599,231   

Gross unrealized depreciation

      (565,196 ) 
  

 

 

  

Net unrealized appreciation

    $ 84,034,035   
  

 

 

  

 

(a) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

 

(b) Stapled Security - A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

 

(c) All or a portion of security has been pledged as collateral in connection with outstanding OTC derivatives.

 

(d) Non-income producing security.

 

(e) During the period ended March 31, 2015, Investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliates    Shares Held at
December 31, 2014		     

Net

Activity

     Shares Held at
March 31, 2015		      Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

      10,776,191         (3,244,745 )      7,531,446       $ 1,912   

BlackRock Liquidity Series, LLC Money Market Series

      —         —        —       $ 919   

 

(f) Represents the current yield as of report date.

 

Ÿ  

For Trust compliance purposes, the Trust’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 the investment advisor. These definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

 

Ÿ  

As of March 31, 2015, exchange-traded options written were as follows:

 

Description    Put/
Call		     

Strike

Price

     

Expiration

Date

     

Contracts

     

Market

Value

  

Verizon Communications, Inc.

      Call         USD         49.00         4/06/15         22       $ (220 ) 

Western Gas Partners LP

      Call         USD         72.51         4/07/15         70         (19 ) 

Verizon Communications, Inc.

      Call         USD         48.50         4/10/15         22         (935 ) 

Verizon Communications, Inc.

      Call         USD         49.00         4/10/15         22         (429 ) 

Verizon Communications, Inc.

      Call         USD         50.00         4/10/15         36         (144 ) 

American Tower Corp.

      Call         USD         97.50         4/17/15         320         (14,400 ) 

American Water Works Co., Inc.

      Call         USD         55.00         4/17/15         162         (7,290 ) 

Atlantia SpA

      Call         EUR         25.00         4/17/15         290         (29,293 ) 

CMS Energy Corp.

      Call         USD         37.77         4/17/15         360         (530 ) 

Crown Castle International Corp.

      Call         USD         87.50         4/17/15         39         (390 ) 

Dominion Resources, Inc.

      Call         USD         70.00         4/17/15         140         (23,100 ) 

Dominion Resources, Inc.

      Call         USD         72.50         4/17/15         264         (11,220 ) 

Dominion Resources, Inc.

      Call         USD         77.50         4/17/15         267         (1,335 ) 

Duke Energy Corp.

      Call         USD         77.50         4/17/15         277         (22,160 ) 

 

 

2         MARCH 31, 2015     

Schedule of Investments (continued)      BlackRock Utility and Infrastructure Trust (BUI)   

 

As of March 31, 2015, exchange-traded options written were as follows: (concluded)

 

Description   

Put/

Call

     

Strike

Price

     

Expiration

Date

      Contracts     

Market

Value

  

Edison International

      Call         USD         67.50         4/17/15         216       $ (1,080 ) 

Enbridge, Inc.

      Call         USD         50.00         4/17/15         250         (8,125 ) 

Enel SpA

      Call         EUR         4.20         4/17/15         157         (6,704 ) 

Enterprise Products Partners LP

      Call         USD         33.10         4/17/15         340         (20,813 ) 

Eversource Energy

      Call         USD         55.00         4/17/15         196         (9,800 ) 

Exelon Corp.

      Call         USD         36.00         4/17/15         338         (3,380 ) 

Genesis Energy LP

      Call         USD         47.50         4/17/15         210         (20,475 ) 

Magellan Midstream Partners LP

      Call         USD         82.50         4/17/15         220         (2,200 ) 

MarkWest Energy Partners LP

      Call         USD         70.00         4/17/15         115         (6,038 ) 

MPLX LP

      Call         USD         75.00         4/17/15         100         (20,250 ) 

NiSource, Inc.

      Call         USD         44.00         4/17/15         273         (21,840 ) 

Phillips 66 Partners LP

      Call         USD         75.00         4/17/15         165         (5,775 ) 

Pinnacle West Capital Corp.

      Call         USD         65.00         4/17/15         146         (6,205 ) 

SBA Communications Corp., Class A

      Call         USD         121.25         4/17/15         78         (4,858 ) 

Sempra Energy

      Call         USD         110.00         4/17/15         180         (24,300 ) 

Shell Midstream Partners LP

      Call         USD         40.00         4/17/15         130         (8,450 ) 

Shell Midstream Partners LP

      Call         USD         42.00         4/17/15         310         (6,071 ) 

Snam SpA

      Call         EUR         4.60         4/17/15         121         (5,561 ) 

TransCanada Corp.

      Call         CAD         58.00         4/17/15         113         (625 ) 

Verizon Communications, Inc.

      Call         USD         49.00         4/17/15         125         (3,125 ) 

Verizon Communications, Inc.

      Call         USD         50.00         4/24/15         73         (987 ) 

TerraForm Power, Inc., Class A

      Call         USD         34.50         5/11/15         211         (57,104 ) 

American Electric Power Co., Inc.

      Call         USD         57.50         5/15/15         168         (15,247 ) 

Delek Logistics Partners LP

      Call         USD         40.00         5/15/15         110         (50,050 ) 

Enel SpA

      Call         EUR         4.40         5/15/15         157         (5,449 ) 

Energy Transfer Partners LP

      Call         USD         60.00         5/15/15         88         (2,640 ) 

Enterprise Products Partners LP

      Call         USD         33.10         5/15/15         340         (30,915 ) 

MarkWest Energy Partners LP

      Call         USD         62.50         5/15/15         114         (63,270 ) 

NextEra Energy, Inc.

      Call         USD         110.00         5/15/15         370         (30,525 ) 

PBF Logistics LP

      Call         USD         25.00         5/15/15         95         (5,700 ) 

Shell Midstream Partners LP

      Call         USD         40.00         5/15/15         246         (35,055 ) 

Snam SpA

      Call         EUR         4.60         5/15/15         129         (12,598 ) 

TransCanada Corp.

      Call         CAD         56.00         5/15/15         125         (6,662 ) 

Total

                   $ (613,342 ) 
                 

 

 

  

 

Ÿ  

As of March 31, 2015, over-the-counter options written were as follows:

 

Description   Counterparty    Put/
Call		     

Strike

Price

     

Expiration

Date

      Contracts     

Market

Value

  

The Laclede Group, Inc.

  

UBS AG

      Call         USD         56.03         4/01/15         4,400       $ —   

CMS Energy Corp.

  

Credit Suisse International

      Call         USD         35.74         4/02/15         69,600         (632 ) 

New Jersey Resources Corp.

  

Morgan Stanley & Co. International PLC

      Call         USD         32.63         4/02/15         17,800         (186 ) 

NextEra Energy, Inc.

  

Deutsche Bank AG

      Call         USD         106.76         4/02/15         17,200         (361 ) 

American Water Works Co., Inc.

  

Citibank N.A.

      Call         USD         54.16         4/06/15         24,300         (7,196 ) 

Genesis Energy LP

  

Goldman Sachs International

      Call         USD         47.05         4/06/15         21,400         (8,344 ) 

Sempra Energy

  

UBS AG

      Call         USD         109.40         4/06/15         6,600         (2,862 ) 

ITC Holdings Corp.

  

UBS AG

      Call         USD         39.88         4/07/15         25,400         (767 ) 

Public Service Enterprise Group, Inc.

  

Credit Suisse International

      Call         USD         40.84         4/07/15         17,500         (21,480 ) 

Sunoco Logistics Partners LP

  

Morgan Stanley & Co. International PLC

      Call         USD         47.56         4/07/15         29,000         (3 ) 

Xcel Energy, Inc.

  

Morgan Stanley & Co. International PLC

      Call         USD         37.53         4/07/15         21,000         (1 ) 

National Grid PLC

  

Bank of America N.A.

      Call         GBP         8.92         4/08/15         165,600         (2,515 ) 

EDP Renovaveis SA

  

Bank of America N.A.

      Call         EUR         6.11         4/09/15         12,500         (4,058 ) 

Ferrovial SA

  

JPMorgan Chase Bank N.A.

      Call         EUR         19.04         4/09/15         77,000         (63,558 ) 

Ferrovial SA

  

UBS AG

      Call         EUR         18.30         4/09/15         32,000         (50,764 ) 

Transurban Group

  

Citibank N.A.

      Call         AUD         9.33         4/09/15         191,000         (33,037 ) 

EDP Renovaveis SA

  

Morgan Stanley & Co. International PLC

      Call         EUR         6.10         4/15/15         20,000         (7,060 ) 

EDP Renovaveis SA

  

UBS AG

      Call         EUR         6.04         4/15/15         21,000         (8,619 ) 

Iberdrola SA

  

Goldman Sachs International

      Call         EUR         6.02         4/15/15         63,800         (5,483 ) 

ITC Holdings Corp.

  

Goldman Sachs International

      Call         USD         41.89         4/15/15         12,600         (7 ) 

Transurban Group

  

Morgan Stanley & Co. International PLC

      Call         AUD         9.34         4/15/15         94,700         (18,040 ) 

Aeroports de Paris

  

Bank of America N.A.

      Call         EUR         109.98         4/16/15         3,900         (10,685 ) 

Groupe Eurotunnel SE

  

Bank of America N.A.

      Call         EUR         12.39         4/16/15         43,100         (44,223 ) 

Valero Energy Partners LP

  

Morgan Stanley & Co. International PLC

      Call         USD         52.00         4/16/15         7,300         (7,617 ) 

 

 

          MARCH 31, 2015    3

Schedule of Investments (continued)      BlackRock Utility and Infrastructure Trust (BUI)   

 

As of March 31, 2015, over-the-counter options written were as follows: (continued)

 

Description   Counterparty    Put/
Call		     

Strike

Price

     Expiration
Date		      Contracts      Market
Value		  

East Japan Railway Co.

  

Morgan Stanley & Co. International PLC

      Call         JPY         10,322.55         4/23/15         3,400       $ (862 ) 

EDP Renovaveis SA

  

UBS AG

      Call         EUR         6.16         4/23/15         13,200         (4,342 ) 

Enbridge, Inc.

  

Citibank N.A.

      Call         USD         49.75         4/23/15         27,000         (14,052 ) 

NRG Yield, Inc., Class A

  

UBS AG

      Call         USD         51.95         4/23/15         26,900         (20,678 ) 

Sydney Airport

  

UBS AG

      Call         AUD         5.26         4/23/15         105,000         (7,744 ) 

MPLX LP

  

UBS AG

      Call         USD         80.50         4/24/15         8,000         (3,840 ) 

EQT Midstream Partners LP

  

Morgan Stanley & Co. International PLC

      Call         USD         82.75         4/27/15         8,800         (9,567 ) 

Public Service Enterprise Group, Inc.

  

Credit Suisse International

      Call         USD         43.16         4/27/15         17,600         (9,450 ) 

American Water Works Co., Inc.

  

Citibank N.A.

      Call         USD         53.41         4/28/15         8,100         (11,690 ) 

Dominion Midstream Partners LP

  

Morgan Stanley & Co. International PLC

      Call         USD         39.95         4/28/15         15,000         (38,764 ) 

EDP Renovaveis SA

  

Bank of America N.A.

      Call         EUR         6.30         4/28/15         14,000         (3,572 ) 

NextEra Energy Partners LP

  

Goldman Sachs International

      Call         USD         43.93         4/28/15         23,000         (30,443 ) 

NorthWestern Corp.

  

Morgan Stanley & Co. International PLC

      Call         USD         54.69         4/28/15         14,300         (8,268 ) 

E.ON SE

  

Goldman Sachs International

      Call         EUR         14.01         4/29/15         13,700         (3,935 ) 

TerraForm Power, Inc., Class A

  

Morgan Stanley & Co. International PLC

      Call         USD         32.89         4/29/15         21,100         (81,748 ) 

Abertis Infraestructuras SA

  

UBS AG

      Call         EUR         17.01         4/30/15         68,800         (8,944 ) 

Dominion Midstream Partners LP

  

Credit Suisse International

      Call         USD         41.71         4/30/15         5,000         (6,305 ) 

Ferrovial SA

  

Bank of America N.A.

      Call         EUR         19.52         4/30/15         29,000         (16,624 ) 

Fraport AG Frankfurt Airport Services Worldwide

  

Morgan Stanley & Co. International PLC

      Call         EUR         56.32         4/30/15         4,800         (4,105 ) 

Plains All American Pipeline LP

  

Deutsche Bank AG

      Call         USD         49.64         4/30/15         15,400         (8,843 ) 

Public Service Enterprise Group, Inc.

  

Deutsche Bank AG

      Call         USD         42.18         4/30/15         2,300         (2,446 ) 

Veolia Environnement SA

  

Bank of America N.A.

      Call         EUR         17.07         4/30/15         19,200         (15,308 ) 

American Water Works Co., Inc.

  

Citibank N.A.

      Call         USD         54.84         5/04/15         16,000         (15,221 ) 

Dominion Midstream Partners LP

  

Credit Suisse International

      Call         USD         41.71         5/05/15         5,000         (6,875 ) 

Groupe Eurotunnel SE

  

Morgan Stanley & Co. International PLC

      Call         EUR         12.39         5/05/15         44,000         (49,036 ) 

Abertis Infraestructuras SA

  

Bank of America N.A.

      Call         EUR         17.16         5/06/15         68,000         (9,658 ) 

Aeroports de Paris

  

Morgan Stanley & Co. International PLC

      Call         EUR         106.56         5/06/15         3,900         (24,350 ) 

Eversource Energy

  

Citibank N.A.

      Call         USD         50.86         5/06/15         6,300         (7,421 ) 

Exelon Corp.

  

Deutsche Bank AG

      Call         USD         33.95         5/06/15         35,600         (39,626 ) 

National Grid PLC

  

Bank of America N.A.

      Call         GBP         8.86         5/06/15         169,000         (24,405 ) 

Public Service Enterprise Group, Inc.

  

Goldman Sachs International

      Call         USD         42.04         5/06/15         40,000         (51,940 ) 

ITC Holdings Corp.

  

Goldman Sachs International

      Call         USD         37.61         5/07/15         12,600         (11,947 ) 

Pattern Energy Group, Inc.

  

Citibank N.A.

      Call         USD         28.62         5/07/15         16,100         (15,411 ) 

Wisconsin Energy Corp.

  

Citibank N.A.

      Call         USD         50.07         5/07/15         39,500         (39,340 ) 

Fraport AG Frankfurt Airport Services Worldwide

  

Morgan Stanley & Co. International PLC

      Call         EUR         57.19         5/08/15         5,000         (3,473 ) 

Sempra Energy

  

Deutsche Bank AG

      Call         USD         110.58         5/08/15         19,800         (39,528 ) 

CMS Energy Corp.

  

Goldman Sachs International

      Call         USD         35.85         5/11/15         37,600         (16,367 ) 

EDP Renovaveis SA

  

UBS AG

      Call         EUR         6.38         5/11/15         7,000         (1,546 ) 

NRG Yield, Inc., Class A

  

Credit Suisse International

      Call         USD         50.14         5/11/15         27,100         (54,891 ) 

Aeroports de Paris

  

Bank of America N.A.

      Call         EUR         113.47         5/12/15         2,500         (4,997 ) 

Dominion Midstream Partners LP

  

Credit Suisse International

      Call         USD         41.71         5/12/15         5,000         (7,550 ) 

Dominion Midstream Partners LP

  

Deutsche Bank AG

      Call         USD         37.26         5/12/15         15,000         (69,664 ) 

Japan Airport Terminal Co. Ltd.

  

Goldman Sachs International

      Call         JPY         6,901.00         5/13/15         11,700         (50,521 ) 

Edison International

  

Deutsche Bank AG

      Call         USD         63.22         5/14/15         23,000         (29,914 ) 

Groupe Eurotunnel SE

  

Morgan Stanley & Co. International PLC

      Call         EUR         12.59         5/14/15         35,000         (33,990 ) 

RWE AG

  

UBS AG

      Call         EUR         24.84         5/14/15         17,200         (2,983 ) 

Dominion Midstream Partners LP

  

Credit Suisse International

      Call         USD         41.71         5/19/15         5,000         (8,160 ) 

EDP Renovaveis SA

  

UBS AG

      Call         EUR         6.38         5/19/15         7,000         (1,718 ) 

NiSource, Inc.

  

UBS AG

      Call         USD         42.52         5/20/15         14,500         (31,491 ) 

Sydney Airport

  

UBS AG

      Call         AUD         5.28         5/20/15         105,000         (7,957 ) 

Transurban Group

  

UBS AG

      Call         AUD         9.63         5/20/15         96,000         (15,040 ) 

Plains All American Pipeline LP

  

Citibank N.A.

      Call         USD         49.62         5/21/15         17,000         (18,807 ) 

Dominion Midstream Partners LP

  

Credit Suisse International

      Call         USD         41.71         5/27/15         5,000         (8,770 ) 

EDP Renovaveis SA

  

UBS AG

      Call         EUR         6.46         5/27/15         15,000         (3,012 ) 

Pattern Energy Group, Inc.

  

Citibank N.A.

      Call         USD         28.62         5/27/15         16,100         (19,645 ) 

 

 

4         MARCH 31, 2015     

Schedule of Investments (continued)      BlackRock Utility and Infrastructure Trust (BUI)   

 

As of March 31, 2015, over-the-counter options written as were as follows: (concluded)

 

Description   Counterparty   

Put/

Call

     

Strike

Price

    

Expiration

Date

      Contracts      Market
Value		  

Spark Infrastructure Group

  

UBS AG

      Call         AUD         2.02         5/27/15         235,000       $ (7,643 ) 

Dominion Midstream Partners LP

  

Credit Suisse International

      Call         USD         41.71         6/02/15         5,000         (9,215 ) 

Total

                     $ (1,351,140 ) 
                   

 

 

  

 

Ÿ  

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

 

  Ÿ  

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

 

  Ÿ  

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)

 

  Ÿ  

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Trust’s policy regarding valuation of investments and derivative financial instrument, refer to the Trust’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1     Level 2     Level 3    Total  

Assets:

          

Investments:

          

Long-Term Investments:

          

Common Stocks:

          

Construction & Engineering

      —      $ 8,366,587      —    $ 8,366,587   

Diversified Telecommunication Services

    $ 3,866,085        —      —      3,866,085   

Electric Utilities

      75,911,656        4,214,596      —      80,126,252   

Gas Utilities

      2,910,060        3,358,564      —      6,268,624   

Independent Power and Renewable Electricity Producers

      13,904,199        3,691,184      —      17,595,383   

Multi-Utilities

      69,390,881        15,164,999      —      84,555,880   

Oil, Gas & Consumable Fuels

      95,220,702        —      —      95,220,702   

Real Estate Investment Trusts (REITs)

      9,538,012        —      —      9,538,012   

Road & Rail

      771,618        —      —      771,618   

Transportation Infrastructure

      —        45,466,550      —      45,466,550   

Water Utilities

      10,305,321        —      —      10,305,321   

Wireless Telecommunication Services

      2,634,750        —      —      2,634,750   

Short-Term Securities

      7,531,446        —      —      7,531,446   
  

 

 

  

Total

    $ 291,984,730      $ 80,262,480      —    $ 372,247,210   
  

 

 

  
         
      Level 1     Level 2     Level 3    Total  

Derivative Financial Instruments1

          

Liabilities:

          

Equity contracts

    $ (418,177 )    $ (1,546,305 )    —    $ (1,964,482 ) 
  

 

 

  

 

  1   

Derivative financial instruments are options written, which are shown at value.

 

 

 

          MARCH 31, 2015    5

Schedule of Investments (concluded)      BlackRock Utility and Infrastructure Trust (BUI)   

 

The Trust may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, such liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1    Level 2     Level 3    Total  

Liabilities:

           

Bank overdraft

    —    $ (23,034 )    —    $ (23,034 ) 

Foreign currency at value

         (8,421 )    —      (8,421 ) 
  

 

  

Total

    —    $ (31,455 )    —    $ (31,455 ) 
  

 

  

During the period ended March 31, 2015, there were no transfers between levels.

 

 

6         MARCH 31, 2015     

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 13a-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 Utility and Infrastructure Trust

 

By:

    /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Utility and Infrastructure Trust
Date: May 22, 2015

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 Utility and Infrastructure Trust
Date: May 22, 2015
By:

    /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Utility and Infrastructure Trust
Date: May 22, 2015