N-Q 1 d343031dnq.htm BLACKROCK UTILITY & INFRASTRUCTURE TRUST 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: 12/31/2017

Date of reporting period: 03/31/2017

Item 1 – Schedule of Investments

 

Schedule of Investments March 31, 2017 (Unaudited)      BlackRock Utility and Infrastructure Trust (BUI)  
     (Percentages shown are based on Net Assets)  

 

Common Stocks    Shares      Value  

Construction & Engineering — 2.9%

      

Ferrovial SA

      338,310      $ 6,761,962  

Vinci SA

      40,850        3,243,853  
     

 

 

  
                10,005,815  

Electric Utilities — 30.7%

      

American Electric Power Co., Inc. (a)

      96,220        6,459,249  

Duke Energy Corp. (a)

      133,268        10,929,309  

Edison International (a)

      108,740        8,656,791  

El Paso Electric Co.

      36,680        1,852,340  

Enel SpA

      2,947,617        13,869,953  

Eversource Energy (a)

      80,420        4,727,088  

Exelon Corp. (a)

      304,760        10,965,265  

FirstEnergy Corp. (a)

      202,980        6,458,824  

Iberdrola SA

      197,410        1,410,478  

NextEra Energy, Inc. (a)

      223,550        28,697,114  

Pinnacle West Capital Corp. (a)

      46,720        3,895,514  

PPL Corp.

      114,710        4,289,007  

Xcel Energy, Inc. (a)

      91,150        4,051,618  
     

 

 

  
                106,262,550  

Equity Real Estate Investment Trusts (REITs) — 2.0%

      

Crown Castle International Corp. (a)

      73,590        6,950,576  

Gas Utilities — 2.4%

      

Italgas SpA (b)

      988,600        4,336,687  

New Jersey Resources Corp. (a)

      56,660        2,243,736  

Spire, Inc.

      27,240        1,838,700  
     

 

 

  
                8,419,123  

Independent Power and Renewable Electricity Producers — 5.7%

      

NextEra Energy Partners LP

      345,740        11,454,366  

NRG Yield, Inc., Class A (a)

      172,360        2,997,340  

NRG Yield, Inc., Class C (a)

      172,360        3,050,772  

Pattern Energy Group, Inc. (a)

      102,880        2,070,974  
     

 

 

  
                19,573,452  

Multi-Utilities — 18.7%

      

CMS Energy Corp.

      207,950        9,303,683  

Dominion Resources, Inc. (c)

      213,810        16,585,242  

DTE Energy Co. (a)

      46,620        4,760,368  

National Grid PLC

      183,790        2,331,793  

NiSource, Inc. (a)

      133,100        3,166,449  

NorthWestern Corp.

      45,522        2,672,141  

Public Service Enterprise Group, Inc. (a)

      239,616        10,626,970  

Sempra Energy (a)

      83,300        9,204,650  

Veolia Environnement SA

      101,190        1,897,509  

WEC Energy Group, Inc.

      70,180        4,255,013  
     

 

 

  
                64,803,818  

Oil, Gas & Consumable Fuels — 19.7%

      

Antero Midstream Partners LP (a)

      75,740        2,511,538  

Delek Logistics Partners LP (a)

      28,230        940,059  

Dominion Midstream Partners LP (a)

      274,911        8,783,406  

Enbridge, Inc. (a)

      93,240        3,901,156  

Energy Transfer Partners LP

      133,886        4,889,517  

Enterprise Products Partners LP (a)

      171,814        4,743,785  

EQT Midstream Partners LP (a)

      27,730        2,132,437  
Common Stocks    Shares      Value  

Oil, Gas & Consumable Fuels (continued)

      

Genesis Energy LP (a)

      111,299      $ 3,608,314  

Magellan Midstream Partners LP (a)

      15,210        1,169,801  

MPLX LP (a)

      104,789        3,780,787  

ONEOK Partners LP (a)

      70,915        3,828,701  

Phillips 66 Partners LP

      40,950        2,102,784  

Plains All American Pipeline LP (a)

      195,890        6,192,083  

Shell Midstream Partners LP

      237,251        7,646,600  

Snam SpA

      720,660        3,114,656  

Sunoco Logistics Partners LP (a)

      76,040        1,856,897  

Targa Resources Corp. (a)

      44,430        2,661,357  

Valero Energy Partners LP

      35,190        1,685,953  

Western Gas Partners LP (a)

      18,204        1,100,432  

Williams Partners LP (a)

      38,585        1,575,426  
     

 

 

  
                68,225,689  

Transportation Infrastructure — 15.1%

      

Abertis Infraestructuras SA

      399,000        6,422,982  

Aeroports de Paris

      24,070        2,973,753  

Atlantia SpA

      523,924        13,515,251  

China Merchants Holdings International Co. Ltd.

      248,000        726,403  

Flughafen Zuerich AG

      14,110        3,006,246  

Fraport AG Frankfurt Airport Services Worldwide

      28,930        2,045,600  

Groupe Eurotunnel SE

      356,050        3,579,004  

Japan Airport Terminal Co. Ltd.

      63,100        2,201,343  

Sydney Airport (d)

      1,482,826        7,667,359  

Transurban Group (d)

      1,112,890        9,920,197  
     

 

 

  
                52,058,138  

Water Utilities — 1.6%

      

American Water Works Co., Inc. (a)

      70,220        5,461,009  

Total Long-Term Investments

(Cost — $273,601,597) — 98.8%

 

 

      341,760,170  
     
Short-Term Securities                

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.60% (e)(f)

      7,900,782        7,900,782  

Total Short-Term Securities

(Cost — $7,900,782) — 2.3%

               7,900,782  

Total Investments Before Options Written

(Cost — $281,502,379*) — 101.1%

               349,660,952  
     
Options Written                

(Premiums Received — $2,369,457) — (1.0)%

               (3,284,561 ) 

Total Investments Net of Options Written — 100.1%

 

      346,376,391  

Liabilities in Excess of Other Assets — (0.1)%

 

      (457,225 ) 
     

 

 

  

Net Assets — 100.0%

       $ 345,919,166  
     

 

 

  
 
      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      

 

          MARCH 31, 2017    1

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

 

 

      Notes to Schedule of Investments

 

* As of March 31, 2017, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:    

 

Tax cost

    $ 268,432,791  
  

 

 

  

Gross unrealized appreciation

    $ 89,342,274  

Gross unrealized depreciation

      (8,114,113 ) 
  

 

 

  

Net unrealized appreciation

    $ 81,228,161  
  

 

 

  

 

(a) All or a portion of security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(b) Non-income producing security.
(c) All or a portion of security has been pledged as collateral in connection with outstanding OTC derivatives.
(d) A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
(e) During the period ended March 31, 2017, 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,
2016		     

Net

Activity

     Shares Held at
March 31,
2017		      Value at
March 31,
2017		      Income     Net
Realized
Gain		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      4,151,064        3,749,718       7,900,782        $7,900,782        $2,846       —          —  

SL Liquidity Series, LLC, Money Market Series

      456,105        (456,105 )      —        —        4,088 1      $91        $(45 ) 

Total

              $7,900,782        $6,934       $91        $(45 ) 
          

 

 

  

 

  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.

 

•  

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 Electric Power Co., Inc.

      Call      4/04/17      USD       63.82        110      $ (36,623 ) 

MPLX LP

      Call      4/06/17      USD       37.85        139        (98 ) 

Enterprise Products Partners LP

      Call      4/07/17      USD       28.00        105        (1,050 ) 

Williams Partners LP

      Call      4/10/17      USD       40.75        68        (4,535 ) 

Enterprise Products Partners LP

      Call      4/13/17      USD       28.00        105        (1,575 ) 

Enterprise Products Partners LP

      Call      4/13/17      USD       29.00        157        (785 ) 

Dominion Midstream Partners LP

      Call      4/20/17      USD       32.65        176        (8,434 ) 

Exelon Corp.

      Call      4/20/17      USD       35.80        120        (8,352 ) 

Antero Midstream Partners LP

      Call      4/21/17      USD       35.00        265        (5,300 ) 

Crown Castle International Corp.

      Call      4/21/17      USD       90.00        322        (157,780 ) 

Crown Castle International Corp.

      Call      4/21/17      USD       92.50        37        (10,452 ) 

Dominion Resources, Inc.

      Call      4/21/17      USD       80.00        186        (3,720 ) 

DTE Energy Co.

      Call      4/21/17      USD       100.00        64        (16,640 ) 

Duke Energy Corp.

      Call      4/21/17      USD       80.00        157        (40,035 ) 

Duke Energy Corp.

      Call      4/21/17      USD       82.50        74        (5,550 ) 

Enbridge, Inc.

      Call      4/21/17      USD       45.00        168        (1,676 ) 

Enterprise Products Partners LP

      Call      4/21/17      USD       28.00        105        (2,625 ) 

Enterprise Products Partners LP

      Call      4/21/17      USD       29.00        158        (1,580 ) 

EQT Midstream Partners LP

      Call      4/21/17      USD       80.00        50        (1,500 ) 

EQT Midstream Partners LP

      Call      4/21/17      USD       85.00        47        (705 ) 

Eversource Energy

      Call      4/21/17      USD       56.30        285        (83,326 ) 

Exelon Corp.

      Call      4/21/17      USD       37.00        493        (11,093 ) 

FirstEnergy Corp.

      Call      4/21/17      USD       31.00        24        (2,460 ) 

FirstEnergy Corp.

      Call      4/21/17      USD       32.00        229        (9,733 ) 

Genesis Energy LP

      Call      4/21/17      USD       35.00        312        (10,920 ) 

Magellan Midstream Partners LP

      Call      4/21/17      USD       85.00        42        (630 ) 

 

    

 

2         MARCH 31, 2017     

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

 

Description   

Put/

Call

     

      Expiration      

Date

     

Strike

Price

              Contracts                       Value  

MPLX LP

      Call        4/21/17        USD        36.00        88        $      (6,160)  

New Jersey Resources Corp.

      Call        4/21/17        USD        40.00        100        (4,250 ) 

NiSource, Inc.

      Call        4/21/17        USD        24.00        230        (6,325 ) 

NRG Yield, Inc., Class C

      Call        4/21/17        USD        17.50        80        (3,600 ) 

ONEOK Partners LP

      Call        4/21/17        USD        44.00        162        (162,000 ) 

Plains All American Pipeline LP

      Call        4/21/17        USD        32.00        188        (8,460 ) 

Public Service Enterprise Group, Inc.

      Call        4/21/17        USD        45.00        100        (3,500 ) 

Sempra Energy

      Call        4/21/17        USD        110.00        83        (16,393 ) 

Sunoco Logistics Partners LP

      Call        4/21/17        USD        25.00        111        (2,775 ) 

Targa Resources Corp.

      Call        4/21/17        USD        62.50        202        (8,080 ) 

Williams Partners LP

      Call        4/21/17        USD        40.00        67        (9,213 ) 

MPLX LP

      Call        4/27/17        USD        37.85        139        (2,457 ) 

FirstEnergy Corp.

      Call        4/28/17        USD        32.00        152        (7,666 ) 

Duke Energy Corp.

      Call        5/02/17        USD        78.70        77        (31,655 ) 

Magellan Midstream Partners LP

      Call        5/02/17        USD        78.99        41        (1,452 ) 

Western Gas Partners LP

      Call        5/04/17        USD        66.00        100        (852 ) 

Pattern Energy Group, Inc.

      Call        5/05/17        USD        20.60        66        (2,164 ) 

NextEra Energy, Inc.

      Call        5/08/17            USD            132.01        69        (7,929 ) 

Enbridge, Inc.

      Call        5/11/17        USD        42.01        168        (12,768 ) 

Delek Logistics Partners LP

      Call        5/15/17        USD        30.90        100        (26,375 ) 

DTE Energy Co.

      Call        5/16/17        USD        101.20        100        (24,056 ) 

American Water Works Co., Inc.

      Call        5/17/17        USD        77.25        47        (6,896 ) 

Crown Castle International Corp.

      Call        5/19/17        USD        92.50        38        (14,440 ) 

Dominion Resources, Inc.

      Call        5/19/17        USD        77.50        376        (70,500 ) 

Duke Energy Corp.

      Call        5/19/17        USD        82.50        158        (22,515 ) 

Edison International

      Call        5/19/17        USD        82.50        380        (23,750 ) 

Enbridge, Inc.

      Call        5/19/17        USD        42.50        176        (13,200 ) 

New Jersey Resources Corp.

      Call        5/19/17        USD        40.00        98        (9,800 ) 

NRG Yield, Inc., Class A

      Call        5/19/17        USD        17.50        193        (28,950 ) 

Pattern Energy Group, Inc.

      Call        5/19/17        USD        20.50        70        (4,567 ) 

Pinnacle West Capital Corp.

      Call        5/19/17        USD        85.00        81        (15,998 ) 

Plains All American Pipeline LP

      Call        5/19/17        USD        32.00        267        (20,693 ) 

Xcel Energy, Inc.

      Call        5/19/17        USD        45.00        160        (14,400 ) 

Pattern Energy Group, Inc.

      Call        6/12/17        USD        20.50        69        (4,546 ) 

Public Service Enterprise Group, Inc.

      Call        6/12/17        USD        44.75        8        (736 ) 

Dominion Midstream Partners LP

      Call        6/13/17        USD        31.45        41        (5,370 ) 

Enterprise Products Partners LP

      Call        6/16/17        USD        29.00        157        (3,925 ) 

Total

                     $(1,035,593 ) 
                 

 

 

  

      OTC Options Written

 

Description   

Put/

Call

      Counterparty    Expiration
Date		   

Strike

Price

                   Contracts                   Value  

Energy Transfer Partners LP

      Call      UBS AG    4/04/17      USD        39.00        12,800        $         (11 ) 

Italgas SpA

      Call      Goldman Sachs International    4/05/17      EUR        3.87        148,000        (38,872 ) 

Enel SpA

      Call      Credit Suisse International    4/06/17      EUR        4.08        80,000        (28,735 ) 

National Grid PLC

      Call      Deutsche Bank AG    4/06/17      GBP        9.67        64,800        (37,490 ) 

Snam SpA

      Call      Credit Suisse International    4/06/17      EUR        3.86        53,800        (10,971 ) 

CMS Energy Corp.

      Call      Barclays Bank PLC    4/07/17      USD        43.96        57,500        (48,573 ) 

NRG Yield, Inc., Class A

      Call      Citibank N.A.    4/11/17      USD        17.49        15,100        (3,236 ) 

Sydney Airport

      Call      Deutsche Bank AG    4/11/17      AUD        6.14            410,400            (197,277 ) 

NextEra Energy, Inc.

      Call      Morgan Stanley & Co. International PLC    4/12/17          USD            129.68        49,700        (38,037 ) 

NorthWestern Corp.

      Call      Barclays Bank PLC    4/12/17      USD        57.17        16,000        (33,586 ) 

NRG Yield, Inc., Class C

      Call      Deutsche Bank AG    4/12/17      USD        18.09        26,600        (3,739 ) 

Shell Midstream Partners LP

      Call      Bank of America N.A.    4/12/17      USD        30.60        41,800        (71,349 ) 

Sunoco Logistics Partners LP

      Call      Barclays Bank PLC    4/12/17      USD        26.15        15,500        (430 ) 

Vinci SA

      Call      Morgan Stanley & Co. International PLC    4/12/17      EUR        70.76        1,800        (7,231 ) 

Plains All American Pipeline LP

      Call      Credit Suisse International    4/13/17      USD        33.00        23,000        (1,628 ) 

Phillips 66 Partners LP

      Call      UBS AG    4/17/17      USD        54.14        8,200        (1,159 ) 

Valero Energy Partners LP

      Call      Bank of America N.A.    4/17/17      USD        48.39        6,300        (3,570 ) 

American Water Works Co., Inc.

      Call      Barclays Bank PLC    4/18/17      USD        74.40        19,800        (68,281 ) 

NextEra Energy, Inc.

      Call      UBS AG    4/18/17      USD        125.60        21,600        (79,618 ) 

Enel SpA

      Call      UBS AG    4/19/17      EUR        4.19        85,100        (20,665 ) 

Transurban Group

      Call      Morgan Stanley & Co. International PLC    4/19/17      AUD        11.31        367,700        (119,335 ) 

Veolia Environnement SA

      Call      Credit Suisse International    4/19/17      EUR        15.93        25,700        (45,219 ) 

 

          MARCH 31, 2017    3

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

 

Description   

Put/

Call

      Counterparty    Expiration
Date		   

Strike

Price

      Contracts      Value  

Vinci SA

      Call      UBS AG    4/19/17    EUR      69.57        6,100      $ (32,294 ) 

Public Service Enterprise Group, Inc.

      Call      Citibank N.A.    4/20/17    USD      43.34        48,400        (63,373 ) 

Energy Transfer Partners LP

      Call      UBS AG    4/24/17    USD      38.97        21,500        (3,336 ) 

Energy Transfer Partners LP

      Call      UBS AG    4/24/17    USD      39.00        12,800        (1,937 ) 

China Merchants Holdings International Co. Ltd.

      Call      UBS AG    4/25/17    HKD      21.56        88,000        (14,749 ) 

Iberdrola SA

      Call      Credit Suisse International    4/25/17    EUR      6.34        34,600        (13,703 ) 

Italgas SpA

      Call      Goldman Sachs International    4/25/17    EUR      3.87        148,000        (40,593 ) 

Groupe Eurotunnel SE

      Call      Morgan Stanley & Co. International PLC    4/26/17    EUR      8.81        71,300        (48,630 ) 

Abertis Infraestructuras SA

      Call      UBS AG    4/27/17    EUR      14.41        27,200        (19,869 ) 

Enel SpA

      Call      Bank of America N.A.    4/27/17    EUR      4.09        85,200        (29,931 ) 

Valero Energy Partners LP

      Call      Bank of America N.A.    4/27/17    USD      49.33        6,000        (4,536 ) 

Dominion Resources, Inc.

      Call      Morgan Stanley & Co. International PLC    4/28/17    USD      78.74        18,600        (12,248 ) 

El Paso Electric Co.

      Call      Morgan Stanley & Co. International PLC    4/28/17    USD      51.07        13,000        (9,005 ) 

NextEra Energy Partners LP

      Call      Morgan Stanley & Co. International PLC    4/28/17    USD      31.00        12,600        (30,218 ) 

Snam SpA

      Call      UBS AG    4/28/17    EUR      3.82        60,000        (15,570 ) 

Spire, Inc.

      Call      Deutsche Bank AG    4/28/17    USD      67.93        9,500        (12,705 ) 

WEC Energy Group, Inc.

      Call      Citibank N.A.    4/28/17    USD      61.53        24,600        (15,226 ) 

Xcel Energy, Inc.

      Call      Morgan Stanley & Co. International PLC    5/02/17    USD      43.60        15,900        (19,280 ) 

Enel SpA

      Call      Bank of America N.A.    5/03/17    EUR      4.16        120,500        (35,104 ) 

Iberdrola SA

      Call      Credit Suisse International    5/03/17    EUR      6.31        34,600        (15,578 ) 

Italgas SpA

      Call      Bank of America N.A.    5/03/17    EUR      3.94        50,100        (10,191 ) 

Shell Midstream Partners LP

      Call      Bank of America N.A.    5/03/17    USD      32.25        41,200        (27,523 ) 

American Electric Power Co., Inc.

      Call      Barclays Bank PLC    5/04/17    USD      65.00        22,800        (60,254 ) 

Crown Castle International Corp.

      Call      Bank of America N.A.    5/05/17    USD      90.10        10,000        (51,955 ) 

WEC Energy Group, Inc.

      Call      Bank of America N.A.    5/05/17    USD      60.95        13,900        (15,907 ) 

NiSource, Inc.

      Call      Citibank N.A.    5/08/17    USD      23.90        23,400        (8,629 ) 

Atlantia SpA

      Call      Credit Suisse International    5/09/17    EUR      24.52        48,000        (21,849 ) 

CMS Energy Corp.

      Call      Barclays Bank PLC    5/09/17    USD      45.09        56,800        (33,875 ) 

Dominion Midstream Partners LP

      Call      Bank of America N.A.    5/09/17    USD      31.29        16,800        (17,933 ) 

Enel SpA

      Call      Credit Suisse International    5/09/17    EUR      4.20        232,000        (62,537 ) 

Ferrovial SA

      Call      Credit Suisse International    5/09/17    EUR      19.14        43,300        (8,936 ) 

Flughafen Zuerich AG

      Call      Morgan Stanley & Co. International PLC    5/09/17    CHF      219.20        7,800        (5,396 ) 

Japan Airport Terminal Co. Ltd.

      Call      Bank of America N.A.    5/09/17    JPY      4,470.20        12,700        (1,167 ) 

Sydney Airport

      Call      Deutsche Bank AG    5/09/17    AUD      6.10        231,000        (121,294 ) 

Vinci SA

      Call      Credit Suisse International    5/09/17    EUR      75.81        6,400        (6,939 ) 

Transurban Group

      Call      Deutsche Bank AG    5/10/17    AUD      11.34        144,400        (53,185 ) 

Abertis Infraestructuras SA

      Call      Credit Suisse International    5/11/17    EUR      15.43        112,500        (5,918 ) 

Ferrovial SA

      Call      Credit Suisse International    5/11/17    EUR      19.16        24,400        (5,098 ) 

Fraport AG Frankfurt Airport Services Worldwide

      Call      Credit Suisse International    5/11/17    EUR      66.89        10,200        (13,619 ) 

Transurban Group

      Call      Deutsche Bank AG    5/11/17    AUD      11.45        100,000        (31,276 ) 

Targa Resources Corp.

      Call      Goldman Sachs International    5/12/17    USD      57.95        4,300        (12,227 ) 

Dominion Midstream Partners LP

      Call      Barclays Bank PLC    5/15/17    USD      31.65        16,400        (15,273 ) 

Pinnacle West Capital Corp.

      Call      Barclays Bank PLC    5/15/17    USD      84.00        8,200        (18,244 ) 

Atlantia SpA

      Call      Credit Suisse International    5/16/17    EUR      24.72        56,800        (23,756 ) 

ONEOK Partners LP

      Call      Barclays Bank PLC    5/16/17    USD      52.05        22,800        (44,232 ) 

PPL Corp.

      Call      Barclays Bank PLC    5/16/17    USD      36.80        6,500        (6,835 ) 

Public Service Enterprise Group, Inc.

      Call      Barclays Bank PLC    5/16/17    USD      45.00        24,600        (19,428 ) 

Phillips 66 Partners LP

      Call      Barclays Bank PLC    5/17/17    USD      51.51        6,100        (5,940 ) 

Sempra Energy

      Call      Bank of America N.A.    5/18/17    USD      110.80        8,300        (23,107 ) 

Eversource Energy

      Call      Citibank N.A.    5/23/17    USD      58.80        15,700        (24,597 ) 

Genesis Energy LP

      Call      JPMorgan Chase Bank N.A.    5/23/17    USD      33.63        30,000        (11,903 ) 

NextEra Energy Partners LP

      Call      Barclays Bank PLC    5/23/17    USD      32.90        23,900        (36,340 ) 

NiSource, Inc.

      Call      Citibank N.A.    5/24/17    USD      23.81        26,800        (13,992 ) 

Veolia Environnement SA

      Call      Credit Suisse International    5/24/17    EUR      17.47        9,800        (3,829 ) 

Aeroports de Paris

      Call      Morgan Stanley & Co. International PLC    5/25/17    EUR      117.46        4,900        (9,053 ) 

Enel SpA

      Call      Deutsche Bank AG    5/25/17    EUR      4.41        200,000        (25,881 ) 

Snam SpA

      Call      UBS AG    5/25/17    EUR      4.04        138,500        (7,359 ) 

PPL Corp.

      Call      Citibank N.A.    5/30/17    USD      36.78        9,800        (13,650 ) 

PPL Corp.

      Call      Credit Suisse International    5/30/17    USD      37.60        6,600        (5,474 ) 

 

4         MARCH 31, 2017     

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

 

Description     

Put/

Call

      Counterparty   

Expiration

Date

   

Strike

Price

        Contracts        Value  

Sydney Airport

        Call      Deutsche Bank AG    6/01/17    AUD      6.78          174,100        $ (27,261 ) 

NextEra Energy Partners LP

        Call      Barclays Bank PLC    6/20/17    USD      33.30          32,600          (40,209 ) 

Total

                            $ (2,248,968 ) 
                          

 

 

  

 

      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 techniques 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. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques 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 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

      —     $ 10,005,815       —      $ 10,005,815  

Electric Utilities

    $ 90,982,119       15,280,431       —        106,262,550  

Equity Real Estate Investment Trusts (REITs)

      6,950,576       —       —        6,950,576  

Gas Utilities

      8,419,123       —       —        8,419,123  

Independent Power and Renewable Electricity Producers

      19,573,452       —       —        19,573,452  

Multi-Utilities

      60,574,516       4,229,302       —        64,803,818  

Oil, Gas & Consumable Fuels

      65,111,033       3,114,656       —        68,225,689  

Transportation Infrastructure

      —       52,058,138       —        52,058,138  

Water Utilities

      5,461,009       —       —        5,461,009  

Short-Term Securities

      7,900,782       —       —        7,900,782  
  

 

 

  

Total Investments

    $             264,972,610     $             84,688,342       —      $             349,660,952  
  

 

 

  
                                   

Derivative Financial Instruments1

          

Liabilities:

          

Equity contracts

    $ (754,736 )    $ (2,529,825 )      —      $ (3,284,561 ) 
  

 

 

  

 

   1  

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

During the period ended March 31, 2017, there were no transfers between levels.    

 

 

          MARCH 31, 2017    5

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 23, 2017
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 23, 2017
By:       /s/ Neal J. Andrews                
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Utility and Infrastructure Trust

Date:

   May 23, 2017