<![CDATA[BlackRock Utility & Infrastructure Trust]]>

N-Q 1 d592884dnq.htm BLACKROCK UTILITY & INFRASTRUCTURE TRUST <![CDATA[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 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 10/31/2013

Date of reporting period: 07/31/2013

Item 1 – Schedule of Investments


Schedule of Investments July 31, 2013 (Unaudited)			BlackRock Utility and Infrastructure Trust (BUI)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Construction & Engineering — 1.9%
Ferrovial SA		160,500	$	2,738,141
Vinci SA		68,200		3,689,007

				6,427,148
Diversified Telecommunication Services — 6.4%
BT Group PLC		1,141,100		5,904,298
Swisscom AG		2,100		938,788
Telenor ASA		251,300		5,565,467
Verizon Communications, Inc. (a)		194,400		9,618,912

				22,027,465
Electric Utilities — 18.9%
American Electric Power Co., Inc. (a)		100,700		4,667,445
Cleco Corp.		36,700		1,780,317
Duke Energy Corp.		157,168		11,158,928
Edison International (a)		126,300		6,296,055
EDP — Energias de Portugal SA		813,700		2,892,784
EDP — Energias do Brasil SA		688,100		3,531,966
ITC Holdings Corp.		47,700		4,377,429
NextEra Energy, Inc. (a)		152,200		13,182,039
Northeast Utilities		73,400		3,259,694
OGE Energy Corp.		52,200		1,952,280
PPL Corp. (a)		80,100		2,544,777
Spark Infrastructure Group		661,300		1,060,587
Terna Rete Elettrica Nazionale SpA		243,100		1,085,828
Westar Energy, Inc.		90,300		3,033,177
Xcel Energy, Inc.		58,000		1,737,100
Xylem, Inc.		84,800		2,114,064

				64,674,470
Gas Utilities — 0.9%
Snam SpA		670,200		3,163,407
Independent Power Producers & Energy Traders — 4.1%
EDP Renovaveis SA (b)		318,800		1,636,357
Enel Green Power SpA (a)		826,200		1,839,062
NRG Energy, Inc. (a)		139,401		3,738,735
NRG Yield, Inc., Class A (b)		111,300		3,172,050
Tractebel Energia SA		228,000		3,609,863

				13,996,067
Media —1.2%
Comcast Corp., Special Class A (a)		91,000		3,923,010
Multi-Utilities — 20.8%
CenterPoint Energy, Inc.		153,000		3,797,460
Centrica PLC		300,400		1,786,817
CMS Energy Corp. (a)		395,000		11,056,050
Dominion Resources, Inc.		152,200		9,026,982
DTE Energy Co.		24,600		1,739,220
E.ON SE		40,200		682,562
MDU Resources Group, Inc.		141,400		3,964,856
National Grid PLC		987,900		11,806,797
NiSource, Inc.		84,400		2,592,768
NorthWestern Corp.		67,800		2,861,160


Common Stocks	Shares		Value
Multi-Utilities (concluded)
PG&E Corp. (a)		110,200	$	5,057,078
Public Service Enterprise Group, Inc.		159,301		5,382,781
Sempra Energy		75,100		6,581,013
Wisconsin Energy Corp.		113,400		4,930,632

				71,266,176
Oil, Gas & Consumable Fuels — 20.7%
Access Midstream Partners LP		34,376		1,614,641
AltaGas Ltd. (a)		70,300		2,463,340
Atlas Pipeline Partners LP (a)		41,600		1,576,640
Delek Logistics Partners LP		37,100		1,176,070
Enbridge, Inc.		157,000		6,978,650
Energy Transfer Partners LP — MLP (a)(b)		28,596		1,488,708
Enterprise Products Partners LP		114,977		7,132,023
EQT Midstream Partners LP		54,400		2,571,488
Genesis Energy LP		36,869		1,837,920
Kinder Morgan, Inc.		70,400		2,658,304
Magellan Midstream Partners LP (a)		76,000		4,155,680
MarkWest Energy Partners LP (a)		77,053		5,409,891
MPLX LP		62,300		2,227,225
ONEOK Partners LP		116,145		5,911,782
Pembina Pipeline Corp. (a)		85,500		2,677,962
Phillips 66 Partners LP — MLP (b)		31,424		1,017,195
Plains All American Pipeline LP (a)		126,370		6,727,939
Rose Rock Midstream LP		18,300		677,100
Tesoro Logistics LP		89,100		4,765,959
TransCanada Corp. (a)		109,200		4,989,539
Western Gas Partners LP (a)		23,514		1,448,462
Williams Partners LP		29,190		1,465,922

				70,972,440
Real Estate Investment Trusts (REITs) — 3.2%
American Tower Corp. (a)		152,300		10,781,317
Transportation Infrastructure — 9.2%
Abertis Infraestructuras SA		323,900		6,014,495
Aeroports de Paris		28,400		2,933,775
Atlantia SpA (a)		299,970		5,710,799
CCR SA		216,700		1,713,577
Fraport AG Frankfurt Airport Services Worldwide		31,400		2,032,783
Gemina SpA (b)		1,653,430		3,447,800
Santos Brasil Participacoes SA		115,300		1,291,303
Sydney Airport		599,700		1,935,129
Transurban Group		1,072,400		6,531,629

				31,611,290
Water Utilities — 6.8%
American Water Works Co., Inc.		180,300		7,695,204
Aqua America, Inc.		47,000		1,591,420
Cia de Saneamento Basico do Estado de Sao Paulo		425,700		4,364,575
Cia de Saneamento de Minas Gerais — COPASA		331,100		5,320,589
Guangdong Investment Ltd.		4,458,000		3,609,183

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

AUD Australian Dollar

BRL Brazil Real

CAD Canadian Dollar

CHF Swiss Franc

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

MLP Master Limited Partnership

NOK Norwegian Krone

REIT Real Estate Investment Trust

USD US Dollar


				JULY 31, 2013		1


Schedule of Investments (continued)			BlackRock Utility and Infrastructure Trust (BUI)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Water Utilities (concluded)
Severn Trent PLC		25,600	$	689,508

				23,270,479
Wireless Telecommunication Services — 1.5%
Crown Castle International Corp. (a)(b)		48,000		3,372,000
SBA Communications Corp., Class A (a)(b)		23,700		1,755,933

				5,127,933
Total Long-Term Investments (Cost — $ 296,524,324) — 95.6%				327,241,202

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.04% (c)(d)		18,306,765		18,306,765
Total Short-Term Securities (Cost — $ 18,306,765) — 5.4%				18,306,765


	Value
Total Investments Before Options Written *(Cost — $314,831,089) — 101.0%**	$	345,547,967

Options Written
(Premiums Received — $2,407,784) — (1.0)%		(3,311,362	)
Total Investments Net of Options Written — 100.0%		342,236,605
Liabilities in Excess of Other Assets — 0.0%		(46,408	)

Net Assets — 100.0%	$	342,190,197

Notes to Schedule of Investments

*	As of July 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	316,528,069

Gross unrealized appreciation	$	34,152,284
Gross unrealized depreciation		(5,132,386	)

Net unrealized appreciation	$	29,019,898

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

(b)	Non-income producing security.

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

(d)	Investments in issuers considered to be an affiliate of the Trust during the period ended July 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate

Shares Held at
October 31, 2012

Net

Activity

Shares Held at
July 31, 2013

Income

Realized
Gain

BlackRock Liquidity Funds, TempFund, Institutional Class

7,229,592

11,077,173

18,306,765

8,000

214

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 Trust management. These definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

Foreign currency exchange contracts as of July 31, 2013 were as follows:

Currency

Purchased

Currency

Sold

Counterparty

Settlement
Date

Unrealized
Appreciation

USD

1,948

CAD

2,000

Bank of America N.A.

8/01/13

USD

63,145

AUD

70,000

Morgan Stanley Capital Services LLC

8/02/13

225

Total

226


2				JULY 31, 2013


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

Exchange-traded options written as of July 31, 2013 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Atlantia SpA		Call		EUR	14.00		8/16/13		105	$	(34,969	)
PG&E Corp.		Call		USD	45.75		8/17/13		363		(27,772	)
Western Gas Partners LP		Call		USD	60.50		8/17/13		80		(13,980	)
Crown Castle International Corp.		Call		USD	70.00		8/19/13		25		(4,062	)
Crown Castle International Corp.		Call		USD	75.00		8/19/13		69		(1,553	)
Crown Castle International Corp.		Call		USD	77.50		8/19/13		74		(1,110	)
Edison International		Call		USD	50.00		8/19/13		440		(33,000	)
Energy Transfer Partners LP - MLP		Call		USD	52.50		8/19/13		100		(5,000	)
Magellan Midstream Partners LP		Call		USD	55.00		8/19/13		135		(7,763	)
MarkWest Energy Partners LP		Call		USD	67.50		8/19/13		100		(27,000	)
MarkWest Energy Partners LP		Call		USD	70.00		8/19/13		8		(840	)
NextEra Energy, Inc.		Call		USD	82.50		8/19/13		40		(17,200	)
NextEra Energy, Inc.		Call		USD	85.00		8/19/13		106		(23,320	)
NRG Energy, Inc.		Call		USD	28.00		8/19/13		130		(3,900	)
PPL Corp.		Call		USD	30.00		8/19/13		90		(16,425	)
SBA Communications Corp., Class A		Call		USD	75.00		8/19/13		39		(5,363	)
TransCanada Corp.		Call		CAD	48.00		8/19/13		120		(2,337	)
Verizon Communications, Inc.		Call		USD	52.50		8/19/13		73		(256	)
Comcast Corp., Special Class A		Call		USD	43.50		9/04/13		32		(2,528	)
Verizon Communications, Inc.		Call		USD	52.00		9/09/13		568		(13,076	)
Atlantia SpA		Call		EUR	14.50		9/20/13		105		(25,932	)
Enel Green Power SpA		Call		EUR	1.70		9/20/13		82		(4,239	)
AltaGas Ltd.		Call		CAD	36.00		9/23/13		25		(2,373	)
Atlas Pipeline Partners LP		Call		USD	40.00		9/23/13		15		(450	)
Magellan Midstream Partners LP		Call		USD	57.50		9/23/13		130		(5,850	)
NRG Energy, Inc.		Call		USD	28.00		9/23/13		357		(26,775	)
Pembina Pipeline Corp.		Call		CAD	33.00		9/23/13		299		(10,917	)
Plains All American Pipeline LP		Call		USD	57.50		9/23/13		50		(1,250	)
SBA Communications Corp., Class A		Call		USD	75.00		9/23/13		39		(8,288	)
TransCanada Corp.		Call		CAD	48.00		9/23/13		262		(16,836	)
Total										$	(344,364	)

Over-the-counter options written as of July 31, 2013 were as follows:


Description	Counterparty	Put/ Call		Strike Price			Expiration Date	Contracts		Market Value
AltaGas Ltd.	Citibank N.A.		Call		CAD	39.03	8/02/13		22,100	$	—
Atlas Pipeline Partners LP	UBS AG		Call		USD	39.04	8/02/13		13,000		(232	)
ITC Holdings Corp.	Morgan Stanley & Co. International PLC		Call		USD	88.19	8/02/13		15,000		(53,710	)
Aqua America, Inc.	Citibank N.A.		Call		USD	30.99	8/05/13		14,900		(42,801	)
Genesis Energy LP	Morgan Stanley & Co. International PLC		Call		USD	52.33	8/05/13		11,600		(795	)
Xylem, Inc.	Deutsche Bank AG		Call		USD	28.19	8/05/13		26,700		—
American Water Works Co., Inc.	Deutsche Bank AG		Call		USD	41.60	8/06/13		18,000		(22,626	)
Cleco Corp.	Citibank N.A.		Call		USD	46.71	8/06/13		6,200		(11,191	)
Enbridge, Inc.	Morgan Stanley & Co. International PLC		Call		USD	43.85	8/06/13		49,500		(35,731	)
MarkWest Energy Partners LP	Citibank N.A.		Call		USD	68.44	8/06/13		15,900		(28,111	)
MPLX LP	Citibank N.A.		Call		USD	39.23	8/06/13		19,500		(641	)
NextEra Energy, Inc.	Morgan Stanley & Co. International PLC		Call		USD	78.81	8/06/13		38,600		(301,236	)
Northeast Utilities	Morgan Stanley & Co. International PLC		Call		USD	41.93	8/06/13		17,800		(44,168	)
Sempra Energy	Credit Suisse International		Call		USD	80.17	8/06/13		2,900		(21,654	)
Westar Energy, Inc.	Citibank N.A.		Call		USD	32.52	8/06/13		1,300		(1,464	)
Westar Energy, Inc.	Deutsche Bank AG		Call		USD	32.01	8/06/13		28,400		(45,447	)


				JULY 31, 2013		3


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

Over-the-counter options written as of July 31, 2013 were as follows: (continued)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date	Contracts		Market Value
Aeroports de Paris	Morgan Stanley & Co. International PLC		Call		EUR	71.72	8/07/13		9,000	$	(71,077	)
EDP Renovaveis SA	UBS AG		Call		EUR	4.08	8/07/13		100,600		(1,042	)
Swisscom AG	UBS AG		Call		CHF	407.77	8/07/13		660		(5,619	)
Comcast Corp., Special Class A	Morgan Stanley & Co. International PLC		Call		USD	38.58	8/08/13		14,300		(64,708	)
CenterPoint Energy, Inc.	UBS AG		Call		USD	24.00	8/09/13		24,400		(21,835	)
Duke Energy Corp.	Goldman Sachs International		Call		USD	68.22	8/09/13		12,000		(33,901	)
Plains All American Pipeline LP	Citibank N.A.		Call		USD	56.93	8/09/13		28,600		(697	)
EDP - Energias do Brasil SA	Credit Suisse International		Call		BRL	12.49	8/12/13		130,000		(3,491	)
Santos Brasil Participacoes SA	Credit Suisse International		Call		BRL	29.48	8/12/13		6,100		(2	)
Abertis Infraestructuras SA	Goldman Sachs International		Call		EUR	14.00	8/14/13		84,500		(32,198	)
Abertis Infraestructuras SA	UBS AG		Call		EUR	13.56	8/14/13		22,400		(16,486	)
Access Midstream Partners LP	Morgan Stanley & Co. International PLC		Call		USD	49.37	8/14/13		2,900		(433	)
CMS Energy Corp.	Morgan Stanley & Co. International PLC		Call		USD	27.00	8/14/13		43,100		(60,641	)
EDP - Energias de Portugal SA	Citibank N.A.		Call		EUR	2.56	8/14/13		256,800		(44,011	)
OGE Energy Corp.	Morgan Stanley & Co. International PLC		Call		USD	35.80	8/14/13		18,200		(34,436	)
Telenor ASA	Citibank N.A.		Call		NOK	120.19	8/14/13		79,300		(140,421	)
ONEOK Partners LP	Deutsche Bank AG		Call		USD	51.20	8/15/13		18,300		(7,663	)
Cia de Saneamento de Minas Gerais - COPASA	Credit Suisse International		Call		BRL	37.22	8/21/13		35,700		(13,479	)
Enterprise Products Partners LP	Deutsche Bank AG		Call		USD	60.47	8/21/13		36,000		(80,478	)
Santos Brasil Participacoes SA	Deutsche Bank AG		Call		BRL	29.94	8/21/13		13,700		(22	)
American Water Works Co., Inc.	Barclays Bank PLC		Call		USD	41.91	8/22/13		12,600		(10,370	)
Dominion Resources, Inc.	Morgan Stanley & Co. International PLC		Call		USD	57.78	8/22/13		12,900		(27,492	)
MDU Resources Group, Inc.	Morgan Stanley & Co. International PLC		Call		USD	28.05	8/22/13		15,000		(11,767	)
Sempra Energy	Morgan Stanley & Co. International PLC		Call		USD	80.39	8/22/13		20,500		(148,901	)
Kinder Morgan, Inc.	Credit Suisse International		Call		USD	40.08	8/23/13		24,600		(1,984	)
Public Service Enterprise Group, Inc.	UBS AG		Call		USD	33.13	8/23/13		8,300		(7,501	)
CCR SA	Citibank N.A.		Call		BRL	18.35	8/27/13		95,000		(13,486	)
Cia de Saneamento de Minas Gerais - COPASA	UBS AG		Call		BRL	39.75	8/27/13		37,900		(6,152	)
Santos Brasil Participacoes SA	UBS AG		Call		BRL	29.49	8/27/13		6,100		(48	)
Tractebel Energia SA	Credit Suisse International		Call		BRL	35.35	8/27/13		62,500		(43,974	)
American Water Works Co., Inc.	Citibank N.A.		Call		USD	41.99	8/28/13		9,600		(8,167	)
Xylem, Inc.	UBS AG		Call		USD	27.73	8/28/13		1,300		(94	)
American Water Works Co., Inc.	Morgan Stanley & Co. International PLC		Call		USD	42.55	8/29/13		22,900		(12,913	)
CenterPoint Energy, Inc.	Morgan Stanley & Co. International PLC		Call		USD	24.51	8/29/13		29,000		(19,099	)
Cleco Corp.	Morgan Stanley & Co. International PLC		Call		USD	48.36	8/29/13		6,600		(5,872	)
MDU Resources Group, Inc.	Morgan Stanley & Co. International PLC		Call		USD	28.05	8/29/13		15,000		(16,695	)
Northeast Utilities	Morgan Stanley & Co. International PLC		Call		USD	43.30	8/29/13		6,400		(7,104	)
Williams Partners LP	Goldman Sachs International		Call		USD	52.60	8/29/13		9,000		(5,855	)
Comcast Corp., Special Class A	Morgan Stanley & Co. International PLC		Call		USD	38.58	9/04/13		14,300		(64,708	)
Guangdong Investment Ltd.	UBS AG		Call		HKD	6.48	9/04/13		780,000		(18,337	)
ONEOK Partners LP	Citibank N.A.		Call		USD	50.82	9/04/13		1,700		(1,739	)
ONEOK Partners LP	Deutsche Bank AG		Call		USD	51.20	9/04/13		18,300		(14,952	)
Spark Infrastructure Group	Morgan Stanley & Co. International PLC		Call		AUD	1.82	9/04/13		231,400		(3,800	)
NorthWestern Corp.	Barclays Bank PLC		Call		USD	40.45	9/06/13		22,300		(45,209	)
American Electric Power Co., Inc.	Citibank N.A.		Call		USD	45.05	9/09/13		20,300		(31,065	)
American Electric Power Co., Inc.	UBS AG		Call		USD	46.81	9/09/13		33,300		(15,018	)
DTE Energy Co.	Deutsche Bank AG		Call		USD	66.90	9/09/13		12,800		(53,130	)
Plains All American Pipeline LP	UBS AG		Call		USD	55.85	9/09/13		7,300		(3,558	)


4				JULY 31, 2013


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

Over-the-counter options written as of July 31, 2013 were as follows: (concluded)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Access Midstream Partners LP	Citibank N.A.		Call		USD	49.29		9/10/13		9,000	$	(5,178	)
EQT Midstream Partners LP	Citibank N.A.		Call		USD	46.77		9/10/13		19,000		(35,744	)
Centrica PLC	Goldman Sachs International		Call		GBP	3.78		9/11/13		50,000		(12,343	)
Ferrovial SA	Goldman Sachs International		Call		EUR	13.26		9/11/13		50,700		(22,076	)
Ferrovial SA	Morgan Stanley & Co. International PLC		Call		EUR	12.94		9/11/13		2,200		(1,220	)
Fraport AG Frankfurt Airport Services Worldwide	Deutsche Bank AG		Call		EUR	46.35		9/11/13		5,200		(20,068	)
Severn Trent PLC	UBS AG		Call		GBP	17.60		9/11/13		8,400		(5,534	)
Vinci SA	Goldman Sachs International		Call		EUR	39.75		9/11/13		22,800		(55,155	)
Cia de Saneamento Basico do Estado de Sao Paulo	Citibank N.A.		Call		BRL	23.39		9/12/13		140,400		(80,550	)
Tesoro Logistics LP	Deutsche Bank AG		Call		USD	56.10		9/13/13		11,100		(14,355	)
Wisconsin Energy Corp.	Morgan Stanley & Co. International PLC		Call		USD	43.60		9/13/13		39,600		(26,008	)
CMS Energy Corp.	Barclays Bank PLC		Call		USD	26.77		9/16/13		45,000		(55,125	)
Duke Energy Corp.	Morgan Stanley & Co. International PLC		Call		USD	68.08		9/16/13		39,900		(116,508	)
PPL Corp.	Morgan Stanley & Co. International PLC		Call		USD	30.19		9/16/13		14,500		(23,560	)
Xcel Energy, Inc.	Morgan Stanley & Co. International PLC		Call		USD	30.31		9/16/13		20,300		(9,264	)
E.ON SE	Goldman Sachs International		Call		EUR	12.88		9/17/13		14,000		(7,624	)
Fraport AG Frankfurt Airport Services Worldwide	Deutsche Bank AG		Call		EUR	46.35		9/17/13		5,200		(20,943	)
National Grid PLC	Goldman Sachs International		Call		GBP	7.77		9/17/13		78,700		(35,882	)
MDU Resources Group, Inc.	Credit Suisse International		Call		USD	28.58		9/18/13		19,400		(17,072	)
PPL Corp.	Deutsche Bank AG		Call		USD	31.92		9/18/13		4,500		(1,977	)
Sempra Energy	Citibank N.A.		Call		USD	87.87		9/18/13		2,800		(5,298	)
Public Service Enterprise Group, Inc.	Morgan Stanley & Co. International PLC		Call		USD	34.54		9/19/13		47,400		(15,325	)
BT Group PLC	Morgan Stanley & Co. International PLC		Call		GBP	3.41		9/25/13		399,400		(54,479	)
Centrica PLC	Goldman Sachs International		Call		GBP	3.86		9/25/13		55,100		(10,242	)
Guangdong Investment Ltd.	UBS AG		Call		HKD	6.48		9/25/13		780,000		(25,255	)
National Grid PLC	Morgan Stanley & Co. International PLC		Call		GBP	7.70		9/25/13		188,300		(100,766	)
Sydney Airport	UBS AG		Call		AUD	3.59		9/25/13		209,800		(19,520	)
Transurban Group	UBS AG		Call		AUD	6.73		9/25/13		375,300		(77,102	)
American Tower Corp. - REIT	Citibank N.A.		Call		USD	77.78		9/26/13		53,300		(24,254	)
Aqua America, Inc.	Goldman Sachs International		Call		USD	34.34		9/26/13		1,500		(1,066	)
CMS Energy Corp.	Citibank N.A.		Call		USD	28.72		9/26/13		50,100		(15,960	)
MPLX LP	UBS AG		Call		USD	37.32		9/26/13		2,400		(2,390	)
NiSource, Inc.	Deutsche Bank AG		Call		USD	31.26		9/26/13		29,500		(15,553	)
Tesoro Logistics LP	Deutsche Bank AG		Call		USD	56.10		9/27/13		11,100		(17,736	)
Dominion Resources, Inc.	Citibank N.A.		Call		USD	60.10		9/30/13		33,500		(35,510	)
Dominion Resources, Inc.	Credit Suisse International		Call		USD	60.40		9/30/13		6,800		(6,278	)
EDP - Energias do Brasil SA	UBS AG		Call		BRL	11.61		9/30/13		88,000		(27,570	)
Santos Brasil Participacoes SA	Credit Suisse International		Call		BRL	27.15		9/30/13		12,100		(2,754	)
Tractebel Energia SA	UBS AG		Call		BRL	36.76		9/30/13		39,000		(26,130	)
National Grid PLC	Goldman Sachs International		Call		GBP	7.77		10/01/13		78,700		(39,956	)
Plains All American Pipeline LP	Deutsche Bank AG		Call		USD	56.03		10/01/13		3,300		(2,272	)
Cia de Saneamento de Minas Gerais - COPASA	UBS AG		Call		BRL	36.56		10/07/13		35,700		(33,959	)
Total											$	(2,966,998	)


				JULY 31, 2013		5


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

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 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.

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. 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. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer 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 as of July 31, 2013:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Construction & Engineering		—		$	6,427,148			—	$	6,427,148
Diversified Telecommunication Services	$	9,618,912			12,408,553			—		22,027,465
Electric Utilities		59,635,271			5,039,199			—		64,674,470
Gas Utilities		3,163,407			—			—		3,163,407
Independent Power Producers & Energy Traders		10,520,648			3,475,419			—		13,996,067
Media		3,923,010			—			—		3,923,010
Multi-Utilities		58,776,817			12,489,359			—		71,266,176
Oil, Gas & Consumable Fuels		70,972,440			—			—		70,972,440
Real Estate Investment Trusts (REITs)		10,781,317			—			—		10,781,317
Transportation Infrastructure		5,938,655			25,672,635			—		31,611,290
Water Utilities		18,971,788			4,298,691			—		23,270,479
Wireless Telecommunication Services		5,127,933			—			—		5,127,933
Short-Term Securities		18,306,765			—			—		18,306,765
Total	$	275,736,963		$	69,811,004			—	$	345,547,967


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Assets:
Foreign currency exchange contracts	$	226			—			—	$	226
Liabilities:
Equity contracts		(221,865	)	$	(3,089,497	)		—	$	(3,311,362	)
Total	$	(221,639	)	$	(3,089,497	)		—	$	(3,311,136	)


¹ Derivative financial instruments are foreign currency exchange contracts and options written. Foreign currency exchange contracts are valued at the unrealized appreciation/ depreciation on the instrument and options written are shown at value.


6				JULY 31, 2013


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

Certain of the Trust’s assets and/or liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:



	Level 1			Level 2				Level 3		Total
Assets:
Cash		$	5,450			—			—		$	5,450
Foreign currency at value			75,809			—			—			75,809
Liabilities:
Cash received as collateral for options written			—		$	(30,000	)		—			(30,000	)
Total		$	81,259		$	(30,000	)		—		$	51,259

There were no transfers between levels during the period ended July 31, 2013.


				JULY 31, 2013		7



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: September 24, 2013

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: September 24, 2013

By:		/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Utility and Infrastructure Trust

Date: September 24, 2013