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: 12/31/2016

Date of reporting period: 09/30/2016

Item 1 – Schedule of Investments

Schedule of Investments September 30, 2016 (Unaudited)      BlackRock Utility and Infrastructure Trust (BUI)   
     (Percentages shown are based on Net Assets)   

 

Common Stocks   

Shares

      Value  

Construction & Engineering — 3.6%

  

Ferrovial SA

      432,700       $ 9,213,425   

Vinci SA

      41,100         3,147,387   
     

 

 

  
                12,360,812   

Diversified Telecommunication Services — 1.9%

  

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

      22,500         2,523,600   

Verizon Communications, Inc. (c)

      79,500         4,132,410   
     

 

 

  
                6,656,010   

Electric Utilities — 24.0%

      

American Electric Power Co., Inc. (c)

      96,800         6,215,527   

Duke Energy Corp. (c)

      177,168         14,180,527   

Edison International (c)

      109,400         7,904,150   

El Paso Electric Co. (c)

      36,900         1,725,813   

Enel SpA

      923,947         4,117,796   

Eversource Energy (c)

      80,900         4,383,162   

Exelon Corp. (c)

      306,600         10,206,714   

Iberdrola SA

      198,600         1,350,369   

NextEra Energy, Inc. (b)

      168,900         20,659,848   

Pinnacle West Capital Corp. (c)

      47,000         3,571,530   

PPL Corp. (c)

      115,400         3,989,378   

Xcel Energy, Inc.

      91,700         3,772,538   
     

 

 

  
                82,077,352   

Equity Real Estate Investment Trusts (REITs) — 3.2%

      

American Tower Corp. (b)(c)

      53,300         6,040,489   

Crown Castle International Corp. (c)

      51,100         4,814,131   
     

 

 

  
                10,854,620   

Gas Utilities — 2.3%

      

New Jersey Resources Corp.

      57,000         1,873,020   

Snam SpA

      743,800         4,124,293   

Spire, Inc. (c)

      27,400         1,746,476   
     

 

 

  
                7,743,789   

Independent Power and Renewable Electricity Producers — 4.2%

  

EDP Renovaveis SA

      342,100         2,745,009   

NextEra Energy Partners LP

      130,100         3,638,897   

NRG Yield, Inc., Class A (c)

      173,400         2,829,888   

NRG Yield, Inc., Class C (c)

      173,400         2,940,864   

Pattern Energy Group, Inc. (c)

      103,500         2,327,715   
     

 

 

  
                14,482,373   

Multi-Utilities — 21.5%

  

CMS Energy Corp. (b)(c)

      446,300         18,749,063   

Dominion Resources, Inc. (c)

      215,100         15,975,477   

DTE Energy Co. (c)

      46,900         4,393,123   

National Grid PLC

      184,900         2,611,297   

NiSource, Inc. (c)

      133,900         3,228,329   

NorthWestern Corp. (c)

      45,792         2,634,414   

Public Service Enterprise Group, Inc. (c)

      241,056         10,093,015   

Sempra Energy

      83,800         8,982,522   

Veolia Environnement SA

      101,800         2,345,648   

WEC Energy Group, Inc. (c)

      70,600         4,227,528   
     

 

 

  
                73,240,416   
Common Stocks   

Shares

      Value  

Oil, Gas & Consumable Fuels — 18.5%

  

Antero Midstream Partners LP

      78,200       $ 2,087,940   

Columbia Pipeline Partners LP

      76,300         1,231,482   

Delek Logistics Partners LP (c)

      29,700         848,826   

Dominion Midstream Partners LP

      284,571         6,804,093   

Enbridge, Inc. (c)

      96,200         4,254,926   

Energy Transfer Partners LP (c)

      74,996         2,774,852   

Enterprise Products Partners LP (c)

      177,354         4,900,291   

EQT Midstream Partners LP (c)

      28,600         2,179,034   

GasLog Partners LP

      5,100         111,129   

Genesis Energy LP

      114,869         4,361,576   

Magellan Midstream Partners LP (c)

      59,300         4,194,882   

MPLX LP (c)

      108,119         3,660,909   

ONEOK Partners LP (c)

      62,545         2,498,673   

ONEOK, Inc. (c)

      8,300         426,537   

Phillips 66 Partners LP (c)

      42,300         2,055,780   

Plains All American Pipeline LP (c)

      123,770         3,887,616   

SemGroup Corp., Class A

      11,695         413,535   

Shell Midstream Partners LP

      244,881         7,855,782   

Sunoco Logistics Partners LP (c)

      78,800         2,238,708   

Targa Resources Corp. (c)

      15,800         775,938   

Tesoro Logistics LP (c)

      33,658         1,630,394   

Valero Energy Partners LP (c)

      36,300         1,585,947   

Western Gas Partners LP (c)

      18,814         1,035,711   

Williams Partners LP (c)

      39,815         1,480,720   
     

 

 

  
                63,295,281   

Road & Rail — 0.3%

  

East Japan Railway Co.

      9,900         893,614   

Transportation Infrastructure — 16.2%

  

Abertis Infraestructuras SA

      401,400         6,253,619   

Aeroports de Paris

      38,400         3,810,310   

Atlantia SpA

      489,884         12,441,948   

China Merchants Holdings International Co. Ltd.

      250,000         670,622   

Flughafen Zuerich AG

      32,500         6,353,549   

Fraport AG Frankfurt Airport Services Worldwide

      29,100         1,592,655   

Groupe Eurotunnel SE

      358,200         3,880,185   

Japan Airport Terminal Co. Ltd. (d)

      63,500         2,428,137   

Sydney Airport

      1,491,766         7,995,985   

Transurban Group

      1,119,600         9,784,549   
     

 

 

  
                55,211,559   

Water Utilities — 3.5%

  

American Water Works Co., Inc. (c)

      158,900         11,892,076   

Total Long-Term Investments

(Cost — $270,985,598) — 99.2%

               338,707,902   
     
                  
 
      Portfolio Abbreviations
AUD    Australian Dollar      GBP    British Pound    REIT    Real Estate Investment Trust
CHF    Swiss Franc      HKD    Hong Kong Dollar    USD    US Dollar
EUR    Euro      JPY    Japanese Yen      

 

 

          SEPTEMBER 30, 2016    1

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

 

Short-Term Securities    Shares     

 

Value

  

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.20% (e)(f)

      4,874,684       $   4,874,684   
      Beneficial
Interest
(000)		          

BlackRock Liquidity Series, LLC Money Market Series, 0.51% (e)(f)(g)

    $ 533         533,454   

Total Short-Term Securities

(Cost — $5,408,138) — 1.6%

               5,408,138   
     

 

Value

  

Total Investments Before Options Written

         

(Cost — $276,393,736*) — 100.8%

    $   344,116,040   
  

 

Options Written

   

 

Value

  

(Premiums Received — $2,610,392) — (0.7)%

      (2,442,231 ) 

Total Investments Net of Options Written — 100.1%

      341,673,809   

Liabilities in Excess of Other Assets — (0.1)%

      (495,732 ) 
  

 

 

  

Net Assets — 100.0%

    $ 341,178,077   
  

 

 

  
 

 

      Notes to Schedule of Investments

 

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

 

Tax cost

    $ 269,921,723   
  

 

 

  

Gross unrealized appreciation

    $ 82,827,213   

Gross unrealized depreciation

      (8,632,896 ) 
  

 

 

  

Net unrealized appreciation

    $ 74,194,317   
  

 

 

  

 

(a) Non-income producing security.

 

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

 

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

 

(d) Security, or a portion of security, is on loan.

 

(e) During the period ended September 30, 2016, investments in issuers considered to be affiliates 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,

2015

     

Net

Activity

     

Shares/

Beneficial Interest

Held at

September 30,
2016

     

Value at

September 30,

2016

      Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

      8,391,615         (8,391,615)         —         —         $22,345   

BlackRock Liquidity Funds, T-Fund, Institutional Class

      —         4,874,684         4,874,684         $4,874,684         799   

BlackRock Liquidity Series, LLC Money Market Series

      —         533,454         $   533,454         533,454         20,585 1 

Total

               $5,408,138         $43,729   
           

 

 

  

 

  1   

Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

(f) Current yield as of period end.

 

(g) Security was purchased with the cash collateral from loaned securities. The Trust may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

 

•  

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

 

      Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

 

Description    Put/
Call		        Expiration
Date		     

Strike

Price

        Contracts        Value  

American Water Works Co., Inc.

      Call         10/03/16      USD      78.02           148         $ (34 ) 

Dominion Resources, Inc.

      Call         10/03/16      USD      78.61           141           —   

Public Service Enterprise Group, Inc.

      Call         10/06/16      USD      43.91           161           (1,280 ) 

American Tower Corp.

      Call         10/07/16      USD      117.00           74           (2,590 ) 

Enterprise Products Partners LP

      Call         10/07/16      USD      27.50           94           (3,760 ) 

Verizon Communications, Inc.

      Call         10/07/16      USD      53.00           35           (105 ) 

Western Gas Partners LP

      Call         10/12/16      USD      51.01           65           (26,837 ) 

 

 

2         SEPTEMBER 30, 2016     

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

 

Description    Put/
Call		        Expiration
Date		     

Strike

Price

        Contracts        Value  

NorthWestern Corp.

      Call         10/13/16      USD      60.75           80         $ (451 ) 

Enterprise Products Partners LP

      Call         10/14/16      USD      26.50           160           (20,800 ) 

Verizon Communications, Inc.

      Call         10/14/16      USD      53.00           51           (459 ) 

Dominion Resources, Inc.

      Call         10/17/16      USD      78.61           141           (474 ) 

NorthWestern Corp.

      Call         10/19/16      USD      57.51           80           (13,029 ) 

American Electric Power Co., Inc.

      Call         10/21/16      USD      65.00           110           (7,150 ) 

American Tower Corp.

      Call         10/21/16      USD      113.00           56           (11,340 ) 

Crown Castle International Corp.

      Call         10/21/16      USD      95.00           38           (5,510 ) 

Crown Castle International Corp.

      Call         10/21/16      USD      97.50           40           (2,200 ) 

Delek Logistics Partners LP

      Call         10/21/16      USD      30.00           52           (2,340 ) 

Duke Energy Corp.

      Call         10/21/16      USD      80.00           155           (19,375 ) 

Duke Energy Corp.

      Call         10/21/16      USD      82.50           311           (10,108 ) 

Edison International

      Call         10/21/16      USD      72.50           187           (21,038 ) 

Edison International

      Call         10/21/16      USD      75.00           195           (5,850 ) 

El Paso Electric Co.

      Call         10/21/16      USD      45.00           129           (34,185 ) 

Enbridge, Inc.

      Call         10/21/16      USD      42.50           84           (18,900 ) 

Enbridge, Inc.

      Call         10/21/16      USD      45.00           84           (5,670 ) 

Energy Transfer Partners LP

      Call         10/21/16      USD      38.00           90           (6,525 ) 

Energy Transfer Partners LP

      Call         10/21/16      USD      39.00           90           (3,600 ) 

Enterprise Products Partners LP

      Call         10/21/16      USD      28.00           108           (4,050 ) 

EQT Midstream Partners LP

      Call         10/21/16      USD      80.00           50           (3,250 ) 

Eversource Energy

      Call         10/21/16      USD      55.00           142           (7,810 ) 

Exelon Corp.

      Call         10/21/16      USD      34.00           300           (10,500 ) 

Magellan Midstream Partners LP

      Call         10/21/16      USD      72.50           103           (4,379 ) 

MPLX LP

      Call         10/21/16      USD      34.00           126           (10,080 ) 

NiSource, Inc.

      Call         10/21/16      USD      24.00           230           (12,075 ) 

NRG Yield, Inc., Class A

      Call         10/21/16      USD      17.50           44           (550 ) 

ONEOK Partners LP

      Call         10/21/16      USD      39.00           110           (17,325 ) 

Phillips 66 Partners LP

      Call         10/21/16      USD      50.00           11           (689 ) 

Pinnacle West Capital Corp.

      Call         10/21/16      USD      80.00           82           (4,100 ) 

PPL Corp.

      Call         10/21/16      USD      35.00           28           (1,120 ) 

Spire, Inc.

      Call         10/21/16      USD      65.00           95           (4,750 ) 

Sunoco Logistics Partners LP

      Call         10/21/16      USD      30.00           88           (2,200 ) 

Targa Resources Corp.

      Call         10/21/16      USD      49.00           55           (10,313 ) 

Tesoro Logistics LP

      Call         10/21/16      USD      45.00           59           (23,305 ) 

Tesoro Logistics LP

      Call         10/21/16      USD      50.00           9           (450 ) 

Verizon Communications, Inc.

      Call         10/21/16      USD      52.50           71           (2,698 ) 

Verizon Communications, Inc.

      Call         10/21/16      USD      55.00           52           (233 ) 

Williams Partners LP

      Call         10/21/16      USD      37.50           71           (7,810 ) 

American Water Works Co., Inc.

      Call         10/27/16      USD      75.00           148           (21,142 ) 

American Tower Corp.

      Call         10/28/16      USD      113.00           56           (15,120 ) 

Enterprise Products Partners LP

      Call         10/28/16      USD      28.00           128           (6,080 ) 

ONEOK, Inc.

      Call         10/28/16      USD      48.00           29           (11,745 ) 

Verizon Communications, Inc.

      Call         10/28/16      USD      53.00           36           (1,116 ) 

Dominion Resources, Inc.

      Call         10/31/16      USD      75.25           235           (21,303 ) 

Public Service Enterprise Group, Inc.

      Call         11/01/16      USD      42.21           100           (13,026 ) 

American Water Works Co., Inc.

      Call         11/04/16      USD      78.00           260           (16,540 ) 

Exelon Corp.

      Call         11/09/16      USD      33.85           280           (20,086 ) 

Dominion Resources, Inc.

      Call         11/14/16      USD      75.25           235           (27,816 ) 

American Electric Power Co., Inc.

      Call         11/18/16      USD      65.00           227           (27,240 ) 

CMS Energy Corp.

      Call         11/18/16      USD      45.00           800           (20,000 ) 

Duke Energy Corp.

      Call         11/18/16      USD      82.50           154           (13,090 ) 

Enterprise Products Partners LP

      Call         11/18/16      USD      28.00           130           (7,800 ) 

EQT Midstream Partners LP

      Call         11/18/16      USD      80.00           50           (4,750 ) 

Exelon Corp.

      Call         11/18/16      USD      36.00           247           (3,705 ) 

Magellan Midstream Partners LP

      Call         11/18/16      USD      72.50           104           (10,140 ) 

NiSource, Inc.

      Call         11/18/16      USD      26.00           268           (4,690 ) 

NRG Yield, Inc., Class C

      Call         11/18/16      USD      17.50           80           (5,000 ) 

ONEOK Partners LP

      Call         11/18/16      USD      39.00           230           (45,425 ) 

ONEOK, Inc.

      Call         11/18/16      USD      50.00           16           (4,960 ) 

Plains All American Pipeline LP

      Call         11/18/16      USD      28.00           204           (75,480 ) 

PPL Corp.

      Call         11/18/16      USD      37.00           103           (1,545 ) 

Sunoco Logistics Partners LP

      Call         11/18/16      USD      31.00           70           (2,100 ) 

Targa Resources Corp.

      Call         11/18/16      USD      48.00           31           (10,230 ) 

Valero Energy Partners LP

      Call         11/18/16      USD      45.00           64           (8,000 ) 

 

 

          SEPTEMBER 30, 2016    3

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

 

Description    Put/
Call		        Expiration
Date		     

Strike

Price

        Contracts        Value  

Verizon Communications, Inc.

      Call         11/18/16        USD         52.50           11         $ (765 ) 

WEC Energy Group, Inc.

      Call         11/18/16        USD         65.00           247           (12,350 ) 

Western Gas Partners LP

      Call         11/18/16        USD         55.00           38           (8,075 ) 

Williams Partners LP

      Call         11/18/16        USD         40.00           79           (5,530 ) 

DTE Energy Co.

      Call         11/21/16        USD         96.00           64           (10,240 ) 

CMS Energy Corp.

      Call         12/16/16        USD         45.00           800           (30,000 ) 

Total

                           $ (816,386 ) 

OTC Options Written

 

Description    Put/
Call		        Counterparty      Expiration
Date		     

Strike

Price

        Contracts        Value  

NextEra Energy, Inc.

      Call         Citibank N.A.      10/03/16      USD      129.50           18,500         $ —   

Public Service Enterprise Group, Inc.

      Call         Deutsche Bank AG      10/03/16      USD      46.40           32,100           —   

Plains All American Pipeline LP

      Call         Credit Suisse International      10/04/16      USD      30.30           23,000           (26,969 ) 

Abertis Infraestructuras SA

      Call         UBS AG      10/05/16      EUR      14.18           29,000           (836 ) 

Atlantia SpA

      Call         Credit Suisse International      10/05/16      EUR      22.61           61,000           (14,699 ) 

Energy Transfer Partners LP

      Call         Citibank N.A.      10/05/16      USD      42.09           8,200           (9 ) 

China Merchants Holdings International Co. Ltd.

      Call         Citibank N.A.      10/06/16      HKD      22.97           14,000           —   

Enel SpA

      Call         UBS AG      10/06/16      EUR      4.12           78,700           (199 ) 

Transurban Group

      Call         UBS AG      10/06/16      AUD      12.15           95,700           (18 ) 

Aeroports de Paris

      Call         Deutsche Bank AG      10/07/16      EUR      96.01           3,700           —   

Flughafen Zuerich AG

      Call         Bank of America N.A.      10/11/16      CHF      187.78           11,300           (36,653 ) 

Iberdrola SA

      Call         Morgan Stanley & Co. International PLC      10/11/16      EUR      5.98           70,000           (8,874 ) 

Vinci SA

      Call         Bank of America N.A.      10/11/16      EUR      68.83           1,800           (1,237 ) 

Columbia Pipeline Partners LP

      Call         Bank of America N.A.      10/12/16      USD      13.99           13,500           (29,054 ) 

Columbia Pipeline Partners LP

      Call         Morgan Stanley & Co. International PLC      10/12/16      USD      16.32           3,200           (583 ) 

EDP Renovaveis SA

      Call         Credit Suisse International      10/12/16      EUR      7.26           14,100           (943 ) 

Ferrovial SA

      Call         Bank of America N.A.      10/12/16      EUR      17.94           11,100           (12,773 ) 

Shell Midstream Partners LP

      Call         Citibank N.A.      10/12/16      USD      31.08           44,000           (56,292 ) 

China Merchants Holdings International Co. Ltd.

      Call         Citibank N.A.      10/13/16      HKD      23.19           38,000           (83 ) 

Genesis Energy LP

      Call         UBS AG      10/17/16      USD      37.13           20,000           (25,763 ) 

NextEra Energy, Inc.

      Call         Deutsche Bank AG      10/17/16      USD      127.75           19,000           (5,123 ) 

NiSource, Inc.

      Call         Bank of America N.A.      10/17/16      USD      24.72           23,800           (4,511 ) 

Public Service Enterprise Group, Inc.

      Call         Goldman Sachs International      10/17/16      USD      44.23           9,900           (827 ) 

Williams Partners LP

      Call         Bank of America N.A.      10/17/16      USD      36.00           6,800           (19,337 ) 

Enel SpA

      Call         Bank of America N.A.      10/18/16      EUR      4.30           73,000           (116 ) 

Sempra Energy

      Call         Citibank N.A.      10/18/16      USD      106.18           11,600           (29,477 ) 

Atlantia SpA

      Call         Credit Suisse International      10/19/16      EUR      22.90           50,000           (13,320 ) 

East Japan Railway Co.

      Call         JPMorgan Chase Bank N.A.      10/19/16      JPY      9,082.02           3,500           (9,215 ) 

EDP Renovaveis SA

      Call         Morgan Stanley & Co. International PLC      10/19/16      EUR      7.38           23,600           (1,238 ) 

Enel SpA

      Call         UBS AG      10/19/16      EUR      4.15           40,000           (593 ) 

Groupe Eurotunnel SE

      Call         Morgan Stanley & Co. International PLC      10/19/16      EUR      10.13           62,500           (9,650 ) 

MPLX LP

      Call         Credit Suisse International      10/19/16      USD      33.74           9,200           (8,109 ) 

Sydney Airport

      Call         UBS AG      10/19/16      AUD      7.46           303,000           (4,099 ) 

CMS Energy Corp.

      Call         Citibank N.A.      10/20/16      USD      43.06           35,000           (40,888 ) 

Veolia Environnement SA

      Call         UBS AG      10/20/16      EUR      19.56           10,000           (11,430 ) 

NextEra Energy Partners LP

      Call         Barclays Bank PLC      10/24/16      USD      29.13           3,100           (1,587 ) 

Antero Midstream Partners LP

      Call         Goldman Sachs International      10/25/16      USD      26.57           13,600           (8,414 ) 

EDP Renovaveis SA

      Call         Credit Suisse International      10/25/16      EUR      7.34           13,200           (1,097 ) 

Enel SpA

      Call         Deutsche Bank AG      10/25/16      EUR      4.09           40,000           (1,512 ) 

Ferrovial SA

      Call         Credit Suisse International      10/25/16      EUR      19.00           75,500           (25,052 ) 

Snam SpA

      Call         Credit Suisse International      10/25/16      EUR      5.11           140,000           (4,414 ) 

Vinci SA

      Call         Credit Suisse International      10/25/16      EUR      70.26           6,500           (3,423 ) 

DTE Energy Co.

      Call         Barclays Bank PLC      10/27/16      USD      96.29           10,000           (9,272 ) 

New Jersey Resources Corp.

      Call         Bank of America N.A.      10/27/16      USD      34.31           10,000           (4,385 ) 

NRG Yield, Inc., Class C

      Call         Barclays Bank PLC      10/27/16      USD      17.34           30,400           (14,041 ) 

Phillips 66 Partners LP

      Call         Morgan Stanley & Co. International PLC      10/27/16      USD      47.65           7,400           (13,028 ) 

 

 

4         SEPTEMBER 30, 2016     

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

 

Description    Put/
Call		        Counterparty      Expiration
Date		       

Strike

Price

        Contracts        Value  

SBA Communications Corp., Class A

      Call         Barclays Bank PLC        10/27/16           USD         110.50           8,000         $ (28,073 ) 

Veolia Environnement SA

      Call         Morgan Stanley & Co. International PLC        10/27/16           EUR         20.76           25,700           (7,104 ) 

CMS Energy Corp.

      Call         Goldman Sachs International        10/28/16           USD         42.75           30,400           (48,433 ) 

Dominion Midstream Partners LP

      Call         Bank of America N.A.        10/28/16           USD         25.32           17,500           (5,422 ) 

Genesis Energy LP

      Call         UBS AG        10/28/16           USD         35.43           20,200           (51,268 ) 

Pattern Energy Group, Inc.

      Call         Goldman Sachs International        10/28/16           USD         24.37           13,600           (2,247 ) 

Xcel Energy, Inc.

      Call         Barclays Bank PLC        10/31/16           USD         43.25           16,000           (12,610 ) 

NextEra Energy, Inc.

      Call         UBS AG        11/01/16           USD         128.03           21,600           (14,002 ) 

Valero Energy Partners LP

      Call         Goldman Sachs International        11/01/16           USD         42.35           6,300           (12,385 ) 

Pattern Energy Group, Inc.

      Call         Deutsche Bank AG        11/02/16           USD         23.25           7,000           (3,858 ) 

SemGroup Corp., Class A

      Call         Morgan Stanley & Co. International PLC        11/02/16           USD         27.28           5,000           (5,933 ) 

Snam SpA

      Call         Morgan Stanley & Co. International PLC        11/02/16           EUR         4.94           60,000           (7,274 ) 

Dominion Midstream Partners LP

      Call         Morgan Stanley & Co. International PLC        11/03/16           USD         26.30           17,500           (5,071 ) 

EDP Renovaveis SA

      Call         Goldman Sachs International        11/03/16           EUR         7.32           23,500           (2,570 ) 

Shell Midstream Partners LP

      Call         Bank of America N.A.        11/03/16           USD         30.96           41,700           (65,761 ) 

Abertis Infraestructuras SA

      Call         Bank of America N.A.        11/04/16           EUR         14.62           113,400           (2,946 ) 

Crown Castle International Corp.

      Call         Citibank N.A.        11/07/16           USD         96.50           10,000           (14,638 ) 

NextEra Energy Partners LP

      Call         Goldman Sachs International        11/07/16           USD         29.18           23,000           (13,518 ) 

Aeroports de Paris

      Call         Goldman Sachs International        11/08/16           EUR         96.92           9,800           (1,386 ) 

Atlantia SpA

      Call         Credit Suisse International        11/08/16           EUR         23.29           61,000           (18,427 ) 

National Grid PLC

      Call         Bank of America N.A.        11/08/16           GBP         10.90           64,800           (22,562 ) 

Plains All American Pipeline LP

      Call         Barclays Bank PLC        11/08/16           USD         30.41           24,700           (39,351 ) 

PPL Corp.

      Call         Bank of America N.A.        11/08/16           USD         35.54           10,000           (4,200 ) 

Sempra Energy

      Call         Citibank N.A.        11/08/16           USD         104.53           11,700           (51,603 ) 

Sydney Airport

      Call         Morgan Stanley & Co. International PLC        11/08/16           AUD         6.54           109,400           (43,961 ) 

Fraport AG Frankfurt Airport Services Worldwide

      Call         Morgan Stanley & Co. International PLC        11/09/16           EUR         51.91           10,200           (2,726 ) 

Groupe Eurotunnel SE

      Call         Credit Suisse International        11/09/16           EUR         9.86           62,500           (26,905 ) 

Pinnacle West Capital Corp.

      Call         Goldman Sachs International        11/09/16           USD         76.68           8,200           (11,106 ) 

Transurban Group

      Call         Deutsche Bank AG        11/09/16           AUD         11.30           100,000           (27,358 ) 

EDP Renovaveis SA

      Call         Credit Suisse International        11/10/16           EUR         7.16           13,300           (2,716 ) 

CMS Energy Corp.

      Call         Barclays Bank PLC        11/11/16           USD         42.20           21,500           (21,820 ) 

Enbridge, Inc.

      Call         Citibank N.A.        11/11/16           USD         40.54           16,800           (63,373 ) 

Enel SpA

      Call         UBS AG        11/15/16           EUR         4.06           91,600           (8,392 ) 

New Jersey Resources Corp.

      Call         Goldman Sachs International        11/15/16           USD         32.94           10,000           (9,948 ) 

Public Service Enterprise Group, Inc.

      Call         Deutsche Bank AG        11/15/16           USD         44.34           16,200           (5,899 ) 

Snam SpA

      Call         Credit Suisse International        11/15/16           EUR         4.96           60,000           (7,314 ) 

Transurban Group

      Call         Morgan Stanley & Co. International PLC        11/15/16           AUD         11.02           95,000           (40,860 ) 

Sydney Airport

      Call         Deutsche Bank AG        11/16/16           AUD         6.99           110,000           (19,096 ) 

Dominion Midstream Partners LP

      Call         Morgan Stanley & Co. International PLC        11/17/16           USD         26.30           17,500           (7,620 ) 

EDP Renovaveis SA

      Call         Morgan Stanley & Co. International PLC        11/17/16           EUR         7.14           18,000           (4,108 ) 

Eversource Energy

      Call         Morgan Stanley & Co. International PLC        11/17/16           USD         55.46           14,100           (14,706 ) 

Japan Airport Terminal Co. Ltd.

      Call         JPMorgan Chase Bank N.A.        11/17/16           JPY         3,928.11           17,500           (36,132 ) 

American Water Works Co., Inc.

      Call         Barclays Bank PLC        11/21/16           USD        78.14           31,700           (30,505 ) 

Genesis Energy LP

      Call         Barclays Bank PLC        11/21/16           USD        36.16           23,000           (47,702 ) 

NRG Yield, Inc., Class A

      Call         Goldman Sachs International        11/21/16           USD         17.02           30,300           (18,681 ) 

Flughafen Zuerich AG

      Call         Bank of America N.A.        11/22/16           CHF         192.78           6,500           (19,196 ) 

Antero Midstream Partners LP

      Call         Morgan Stanley & Co. International PLC        11/28/16           USD         26.93           15,700           (26,455 ) 

NextEra Energy, Inc.

      Call         UBS AG        11/28/16           USD         129.92           33,800           (25,454 ) 

Xcel Energy, Inc.

      Call         Barclays Bank PLC        11/28/16           USD         42.51           16,000           (12,939 ) 

EDP Renovaveis SA

      Call         Morgan Stanley & Co. International PLC        11/29/16           EUR         7.20           14,000           (3,045 ) 

Groupe Eurotunnel SE

      Call         Bank of America N.A.        11/29/16           EUR         9.87           72,000           (38,905 ) 

Transurban Group

      Call         Deutsche Bank AG        11/29/16           AUD         11.30           100,000           (33,240 ) 

Aeroports de Paris

      Call         Bank of America N.A.        11/30/16           EUR         89.83           7,400           (17,494 ) 

Dominion Midstream Partners LP

      Call         Société Générale        12/01/16           USD         25.22           17,000           (14,851 ) 

WEC Energy Group, Inc.

      Call         Deutsche Bank AG        12/05/16           USD         63.63           14,000           (7,959 ) 

Japan Airport Terminal Co. Ltd.

      Call         JPMorgan Chase Bank N.A.        12/07/16           JPY         3,928.11           17,500           (43,681 ) 

Eversource Energy

      Call         Goldman Sachs International        12/08/16           USD         56.78           16,000           (14,888 ) 

Antero Midstream Partners LP

      Call         Morgan Stanley & Co. International PLC        12/20/16           USD         27.41           13,700           (17,025 ) 

Total

                                $ (1,625,845 ) 
                              

 

 

  

 

 

          SEPTEMBER 30, 2016    5

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

 

      Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation methodologies are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

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

 

  •  

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 Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

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 significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3.

Changes in valuation methodologies may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

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

        —       $ 12,360,812         —        $ 12,360,812  

Diversified Telecommunication Services

      $ 6,656,010         —         —          6,656,010  

Electric Utilities

        76,609,187         5,468,165         —          82,077,352  

Equity Real Estate Investment Trusts (REITs)

        10,854,620         —         —          10,854,620  

Gas Utilities

        3,619,496         4,124,293         —          7,743,789  

Independent Power and Renewable Electricity Producers

        11,737,364         2,745,009         —          14,482,373  

Multi-Utilities

        68,283,471         4,956,945         —          73,240,416  

Oil, Gas & Consumable Fuels

        63,295,281         —         —          63,295,281  

Road & Rail

        —         893,614         —          893,614  

Transportation Infrastructure

        —         55,211,559         —          55,211,559  

Water Utilities

        11,892,076         —         —          11,892,076  

Short-Term Securities

        4,874,684         533,454         —          5,408,138  
    

 

 

  

Total

      $     257,822,189       $     86,293,851         —        $     344,116,040  
    

 

 

  
                 

 

Derivative Financial Instruments1

                                          

Liabilities:

                  

Equity contracts

      $ (644,128 )     $ (1,798,103 )       —        $ (2,442,231 )
    

 

 

  

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

       

     

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

                  
      Level 1    Level 2   Level 3    Total

Liabilities:

                   

Bank overdraft

        —        $ (124,766 )       —        $ (124,766 )

Foreign bank overdraft

             (54,578 )       —          (54,578 )

Collateral on securities loaned at value

        —          (533,454 )       —          (533,454 )
    

 

 

  

Total

                   —                   $       (712,798 )              —              $          (712,798 ) 
    

 

 

  

During the period ended September 30, 2016, there were no transfers between levels.

 

 

6         SEPTEMBER 30, 2016     

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: November 22, 2016   

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: November 22, 2016

 

By:    

  /s/ Neal J. Andrews

   
  Neal J. Andrews   
 

Chief Financial Officer (principal financial officer) of

BlackRock Utility and Infrastructure Trust

Date: November 22, 2016