N-Q 1 d319857dnq.htm BLACKROCK UTILITY AND INFRASTRUCTURE TRUST BlackRock Utility and 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: 10/31/2012

Date of reporting period: 01/31/2012

Item 1 – Schedule of Investments

 

 

Schedule of Investments January 31, 2012 (Unaudited)

  

 

BlackRock Utility and Infrastructure Trust (BUI)

(Percentages shown are based on Net Assets)

 

Common Stocks   Shares     Value  

 

  

Australia – 1.9%

    

Transurban Group

     1,087,500      $ 6,338,132   

 

  

Brazil – 14.3%

    

Cia De Concessoes Rodoviarias

     1,454,900        10,125,678   

Cia de Saneamento Basico do Estado de Sao Paulo (a)

     141,900        4,738,122   

Cia de Saneamento de Minas Gerais

     216,300        4,789,748   

Cia Energetica de Minas Gerais - ADR

     336,700        6,814,808   

CPFL Energia SA - ADR

     183,000        5,425,950   

EDP - Energias do Brasil SA

     219,300        5,108,465   

Tractebel Energia SA

     603,300        10,476,260   
   

 

 

  
   

 

 

 

47,479,031

 

  

 

  

Canada – 2.8%

    

BCE, Inc. (b)

     116,500        4,753,200   

TransCanada Corp. (b)

     110,100        4,529,396   
   

 

 

  
   

 

 

 

9,282,596

 

  

 

  

France – 0.9%

    

Vinci SA

     66,400        3,089,328   

 

  

Germany – 1.7%

    

E.ON AG

     259,400        5,565,912   

 

  

Hong Kong – 2.7%

    

China Merchants Holdings International Co. Ltd.

     1,304,000        4,330,712   

Power Assets Holdings Ltd.

     631,000        4,552,717   
   

 

 

  
   

 

 

 

8,883,429

 

  

 

  

Italy – 1.8%

    

Atlantia SpA

     381,900        5,944,552   

 

  

Norway – 1.3%

    

Telenor ASA

     261,200        4,260,485   

 

  

United Kingdom – 7.9%

    

BT Group Plc

     1,949,900        6,272,957   

International Power Plc

     750,000        3,969,767   

National Grid Plc

     944,600        9,406,079   

Severn Trent Plc

     176,700        4,250,670   

Vodafone Group Plc - ADR (b)

     88,100        2,386,629   
   

 

 

  
   

 

 

 

26,286,102

 

  

 

  

United States – 58.6%

    

Alliant Energy Corp.

     131,200        5,561,566   

American Electric Power Co., Inc. (b)

     60,400        2,389,424   

American Tower Corp. (b)

     111,600        7,087,716   

American Water Works Co., Inc.

     189,700        6,398,581   

Aqua America, Inc.

     316,800        6,988,608   

AT&T Inc. (b)

     180,900        5,320,269   

CenturyLink, Inc. (b)

     167,000        6,184,010   

Chesapeake Midstream Partners LP

     53,365        1,552,388   

CMS Energy Corp.

     287,600        6,278,308   

Consolidated Edison, Inc. (b)

     77,400        4,563,504   

DCP Midstream Partners LP (b)

     56,208        2,736,768   

Dominion Resources, Inc.

     92,500        4,628,700   

Duke Energy Corp. (b)

     223,400        4,760,654   

Edison International (b)

     152,800        6,270,912   

Entergy Corp. (b)

     64,600        4,481,948   

Exelon Corp. (b)

     114,500        4,554,810   

FirstEnergy Corp. (b)

     74,300        3,136,946   

ITC Holdings Corp. (b)

     49,600        3,656,016   

MarkWest Energy Partners LP (b)

     96,573        5,597,371   

NextEra Energy, Inc. (b)

     126,900        7,594,965   

Northeast Utilities (b)

     102,800        3,572,300   

NorthWestern Corp.

     162,000        5,692,680   
Common Stocks   Shares     Value  

 

  

United States (concluded)

    

NV Energy, Inc.

     384,800      $ 6,233,760   

OGE Energy Corp.

     112,100        5,925,606   

ONEOK Partners LP

     87,882        4,931,938   

Pepco Holdings, Inc. (b)

     235,300        4,625,998   

PG&E Corp.

     112,800        4,586,448   

Pinnacle West Capital Corp.

     75,100        3,549,226   

Plains All American Pipeline LP

     41,894        3,267,732   

PPL Corp. (b)

     80,500        2,237,095   

Public Service Enterprise Group, Inc.

     164,900        5,003,066   

Sempra Energy

     82,800        4,711,320   

The Southern Co. (b)

     183,600        8,364,816   

Targa Resources Partners LP

     34,025        1,336,162   

Verizon Communications, Inc. (b)

     245,200        9,234,232   

Westar Energy, Inc.

     169,200        4,812,048   

Williams Partners LP

     73,828        4,606,129   

Wisconsin Energy Corp.

     120,300        4,090,200   

Xcel Energy, Inc.

     139,100        3,700,060   

Xylem, Inc. (b)

     161,600        4,187,056   
   

 

 

  
   

 

 

 

194,411,336

 

  

 

  

Total Long-Term Investments

(Cost – $302,687,866) – 93.9%

       311,540,903   

 

  
   
   

Short-Term Securities

    

 

  

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.15% (c)(d)

     23,616,799        23,616,799   
   

 

  

Total Short-Term Securities

(Cost – $23,616,799) – 7.1%

       23,616,799   

 

  

Total Investments Before Outstanding Options Written

(Cost – $326,304,665*) – 101.0%

   

  

     335,157,702   

 

  
   
   
Options Written   Contracts        

 

  

Exchange-Traded Call Options – (0.1)%

    

American Electric Power Co., Inc.:

    

Strike Price USD 41, Expires 2/20/12

     40        (200 ) 

Strike Price USD 42, Expires 2/20/12

     120        (600 ) 

Strike Price USD 41, Expires 3/19/12

     40        (400 ) 

American Tower Corp.:

    

Strike Price USD 62.50, Expires 2/20/12

     73        (11,863 ) 

Strike Price USD 62.50, Expires 3/19/12

     295        (71,539 ) 

AT&T Inc.:

    

Strike Price USD 29, Expires 2/20/12

     14        (826 ) 

Strike Price USD 30, Expires 2/20/12

     210        (2,415 ) 

BCE, Inc., Strike Price USD 42, Expires 3/19/12

     76        (2,608 ) 

CenturyLink, Inc.:

    

Strike Price USD 37, Expires 2/20/12

     110        (9,900 ) 

Strike Price USD 38, Expires 3/19/12

     450        (22,500 ) 

Consolidated Edison, Inc., Strike Price USD 60, Expires 2/20/12

     255        (4,463 ) 
 

 

                
   

    JANUARY 31, 2012

   1

 

 

Schedule of Investments (continued)

  

 

BlackRock Utility and Infrastructure Trust (BUI)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

 

  

Exchange-Traded Call Options (concluded)

      

DCP Midstream Partners LP, Strike Price USD 45, Expires 2/20/12

      99       $ (30,443 ) 

Duke Energy Corp., Strike Price USD 20.75, Expires 2/10/12

      250         (14,045 ) 

Edison International:

      

Strike Price USD 40, Expires 2/20/12

      68         (8,330 ) 

Strike Price USD 42.50, Expires 2/20/12

      150         (1,500 ) 

Strike Price USD 41, Expires 2/23/12

      120         (7,307 ) 

Entergy Corp., Strike Price USD 72.50, Expires 2/20/12

      215         (2,150 ) 

Exelon Corp., Strike Price USD 40, Expires 4/23/12

      380         (29,450 ) 

FirstEnergy Corp., Strike Price USD 42, Expires 3/19/12

      245         (20,213 ) 

ITC Holdings Corp.:

      

Strike Price USD 74.50, Expires 2/03/12

      108         (2,080 ) 

Strike Price USD 73.70, Expires 3/07/12

      55         (6,884 ) 

MarkWest Energy Partners LP, Strike Price USD 55, Expires 2/20/12

      280         (83,300 ) 

NextEra Energy, Inc., Strike Price USD 60, Expires 2/20/12

      180         (10,350 ) 

Northeast Utilities, Strike Price USD 35, Expires 4/23/12

      70         (5,775 ) 

Pepco Holdings, Inc., Strike Price USD 20, Expires 2/20/12

      160         (1,600 ) 

PPL Corp., Strike Price USD 28, Expires 3/19/12

      75         (2,813 ) 

Southern Co., Strike Price USD 45.30, Expires 3/02/12

      325         (21,002 ) 

TransCanada Corp., Strike Price CAD 44, Expires 2/18/12

      330         (2,304 ) 

Verizon Communications, Inc.:

      

Strike Price USD 38, Expires 2/20/12

      180         (5,130 ) 

Strike Price USD 39, Expires 3/19/12

      75         (1,913 ) 

Vodafone Group Plc - ADR, Strike Price USD 27.70, Expires 3/19/12

      290         (9,469 ) 

Xylem, Inc., Strike Price USD 25, Expires 2/20/12

      500         (61,250 ) 

 

  

Total Exchange-Traded Call Options

         (454,622 ) 

 

  

Over-the-Counter Call Options – (0.7)%

      

Alliant Energy Corp., Strike Price USD 43.29, Expires 3/26/12, Broker Deutsche Bank Securities Corp.

      44,000         (36,446 ) 

American Water Works Co., Inc.:

      

Strike Price USD 32.39, Expires 2/29/12, Broker Banc of America Securities

      27,000         (42,744 ) 

Strike Price USD 31.76, Expires 3/09/12, Broker Deutsche Bank Securities Corp.

      37,600         (80,309 ) 

Aqua America, Inc.:

      

Strike Price USD 21.33, Expires 3/02/12, Broker Morgan Stanley & Co., Inc.

      11,500         (10,498 ) 

Strike Price USD 21.41, Expires 3/09/12, Broker Deutsche Bank Securities Corp.

      9,500         (8,550 ) 

Strike Price USD 21.99, Expires 3/26/12, Broker Goldman Sachs & Co.

      83,500         (55,902 ) 
Options Written    Contracts      Value  

 

  

Over-the-Counter Call Options (continued)

      

AT&T Inc., Strike Price USD 30.42, Expires 2/15/12, Broker Morgan Stanley & Co., Inc.

      37,000       $ (917 ) 

Atlantia SpA:

      

Strike Price EUR 11.87, Expires 2/14/12, Broker Citigroup Global Markets, Inc.

      11,800         (4,470 ) 

Strike Price EUR 12.81, Expires 2/14/12, Broker Morgan Stanley & Co., Inc.

      114,300         (1,507 ) 

BCE, Inc., Strike Price USD 41.47, Expires 3/12/12, Broker Credit Suisse First Boston

      31,000         (14,213 ) 

BT Group Plc:

      

Strike Price GBP 2.06, Expires 2/29/12, Broker UBS Securities LLC

      61,000         (4,238 ) 

Strike Price GBP 2.06, Expires 3/07/12, Broker Deutsche Bank Securities Corp.

      584,000         (44,169 ) 

China Merchants Holdings International Co. Ltd.,

      

Strike Price HKD 25.44, Expires 3/13/12, Broker Goldman Sachs & Co.

      393,000         (82,383 ) 

Cia De Concessoes Rodoviarias:

      

Strike Price BRL 11.96, Expires 2/10/12, Broker Deutsche Bank Securities Corp.

      385,200         (67,903 ) 

Strike Price BRL 11.58, Expires 2/28/12, Broker UBS Securities LLC

      124,000         (48,485 ) 

Cia de Saneamento Basico do Estado de Sao Paulo, Strike Price BRL 50.62, Expires 2/15/12, Broker Credit Suisse First Boston

      45,000         (199,115 ) 

Cia de Saneamento de Minas Gerais, Strike Price BRL 34.36, Expires 2/10/12, Broker Credit Suisse First Boston

      68,700         (170,822 ) 

Cia Energetica de Minas Gerais - ADR:

      

Strike Price USD 17.31, Expires 2/06/12, Broker Deutsche Bank Securities Corp.

      51,000         (149,631 ) 

Strike Price USD 17.31, Expires 2/13/12, Broker Deutsche Bank Securities Corp.

      51,000         (149,631 ) 

Strike Price USD 18.78, Expires 2/29/12, Broker Credit Suisse First Boston

      11,000         (17,648 ) 

CMS Energy Corp.:

      

Strike Price USD 21.64, Expires 3/01/12, Broker Banc of America Securities

      40,000         (23,861 ) 

Strike Price USD 21.89, Expires 3/01/12, Broker Banc of America Securities

      50,000         (12,928 ) 

CPFL Energia SA - ADR:

      

Strike Price USD 26.56, Expires 2/06/12, Broker Goldman Sachs & Co.

      28,000         (86,520 ) 

Strike Price USD 26.56, Expires 2/10/12, Broker Goldman Sachs & Co.

      28,000         (86,520 ) 

Strike Price USD 28.63, Expires 2/10/12, Broker Goldman Sachs & Co.

      4,500         (5,019 ) 
 

 

 

 

                
2    

    JANUARY 31, 2012

  

 

 

Schedule of Investments (continued)

  

 

BlackRock Utility and Infrastructure Trust (BUI)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

 

  

Over-the-Counter Call Options (continued)

      

Dominion Resources, Inc.:

      

Strike Price USD 50.69, Expires 2/13/12, Broker Goldman Sachs & Co.

      3,500       $ (938 ) 

Strike Price USD 51.22, Expires 2/29/12, Broker Banc of America Securities

      28,000         (8,420 ) 

Duke Energy Corp.:

      

Strike Price USD 21.22, Expires 3/12/12, Broker Deutsche Bank Securities Corp.

      18,000         (4,969 ) 

Strike Price USD 21.29, Expires 4/10/12, Broker UBS Securities LLC

      31,000         (10,850 ) 

E.ON AG:

      

Strike Price EUR 16.51, Expires 2/14/12, Broker UBS Securities LLC

      8,000         (2,553 ) 

Strike Price EUR 17.22, Expires 2/14/12, Broker Citigroup Global Markets, Inc.

      15,000         (4,742 ) 

Strike Price EUR 17.72, Expires 2/14/12, Broker Deutsche Bank Securities Corp.

      62,600         (10,353 ) 

Edison International, Strike Price USD 40.10, Expires 3/05/12, Broker Goldman Sachs & Co.

      16,500         (20,027 ) 

EDP - Energias do Brasil SA:

      

Strike Price BRL 37.93, Expires 2/10/12, Broker Credit Suisse First Boston

      12,600         (20,034 ) 

Strike Price BRL 38.16, Expires 2/10/12, Broker Credit Suisse First Boston

      45,500         (66,634 ) 

Strike Price BRL 40.82, Expires 2/28/12, Broker Deutsche Bank Securities Corp.

      18,700         (9,313 ) 

International Power Plc:

      

Strike Price GBP 3.31, Expires 2/03/12, Broker UBS Securities LLC

      106,200         (9,168 ) 

Strike Price GBP 3.39, Expires 2/29/12, Broker UBS Securities LLC

      22,500         (2,200 ) 

Strike Price GBP 3.28, Expires 3/14/12, Broker UBS Securities LLC

      118,800         (24,650 ) 

National Grid Plc:

      

Strike Price GBP 6.38, Expires 2/29/12, Broker Societe General Securities Corp.

      80,700         (12,959 ) 

Strike Price GBP 6.30, Expires 3/07/12, Broker UBS Securities LLC

      234,000         (49,657 ) 

NextEra Energy, Inc., Strike Price USD 59.41, Expires 3/12/12, Broker Credit Suisse First Boston

      24,000         (39,399 ) 

Northeast Utilities, Strike Price USD 33.63, Expires 3/05/12, Broker Goldman Sachs & Co.

      27,000         (33,361 ) 

NorthWestern Corp.:

      

Strike Price USD 35.15, Expires 2/29/12, Broker Deutsche Bank Securities Corp.

      40,000         (34,080 ) 

Strike Price USD 35.26, Expires 2/29/12, Broker UBS Securities LLC

      48,000         (38,355 ) 

Strike Price USD 35.86, Expires 2/29/12, Broker UBS Securities LLC

      6,000         (3,367 ) 
Options Written    Contracts      Value  

 

  

Over-the-Counter Call Options (continued)

      

NV Energy, Inc.:

      

Strike Price USD 15.61, Expires 2/02/12, Broker Credit Suisse First Boston

      88,500       $ (52,702 ) 

Strike Price USD 16.01, Expires 2/29/12, Broker UBS Securities LLC

      31,000         (14,822 ) 

Strike Price USD 16.02, Expires 2/29/12, Broker UBS Securities LLC

      10,000         (4,727 ) 

OGE Energy Corp.:

      

Strike Price USD 54, Expires 2/09/12, Broker Goldman Sachs & Co.

      17,000         (5,488 ) 

Strike Price USD 55.94, Expires 2/27/12, Broker Deutsche Bank Securities Corp.

      17,000         (5,478 ) 

Strike Price USD 56.05, Expires 2/29/12, Broker Credit Suisse First Boston

      3,000         (1,003 ) 

ONEOK Partners LP, Strike Price USD 57.04, Expires 3/30/12, Broker UBS Securities LLC

      24,000         (21,439 ) 

Pepco Holdings, Inc., Strike Price USD 20.11, Expires 3/02/12, Broker Goldman Sachs & Co.

      61,500         (4,795 ) 

PG&E Corp., Strike Price USD 42.12, Expires 3/01/12, Broker Citigroup Global Markets, Inc.

      33,700         (5,337 ) 

Pinnacle West Capital Corp., Strike Price USD 48.45, Expires 2/24/12, Broker Credit Suisse First Boston

      23,800         (10,991 ) 

Power Assets Holdings Ltd.:

      

Strike Price HKD 57.77, Expires 2/15/12, Broker Citigroup Global Markets, Inc.

      94,500         (2,753 ) 

Strike Price HKD 58.20, Expires 2/15/12, Broker Morgan Stanley & Co., Inc.

      94,000         (2,056 ) 

PPL Corp., Strike Price USD 28.80, Expires 2/24/12, Broker Credit Suisse First Boston

      19,000         (2,293 ) 

Public Service Enterprise Group, Inc.:

      

Strike Price USD 32.08, Expires 2/27/12, Broker Credit Suisse First Boston

      10,000         (447 ) 

Strike Price USD 31.47, Expires 2/29/12, Broker UBS Securities LLC

      6,000         (764 ) 

Sempra Energy, Strike Price USD 56, Expires 3/09/12, Broker Goldman Sachs & Co.

      27,500         (42,070 ) 

Severn Trent Plc:

      

Strike Price GBP 15.56, Expires 2/29/12, Broker Deutsche Bank Securities Corp.

      56,000         (10,705 ) 

Strike Price GBP 15.61, Expires 2/29/12, Broker UBS Securities LLC

      5,900         (1,053 ) 

Southern Co., Strike Price USD 45.40, Expires 3/02/12, Broker Banc of America Securities

      28,000         (18,176 ) 

Targa Resources Partners LP, Strike Price USD 39.17, Expires 2/24/12, Broker UBS Securities LLC

      10,000         (9,716 ) 
 

 

 

 

 

                
   

    JANUARY 31, 2012

   3

 

 

Schedule of Investments (continued)

  

 

BlackRock Utility and Infrastructure Trust (BUI)

(Percentages shown are based on Net Assets)

 

Options Written    Contracts      Value  

 

  

Over-the-Counter Call Options (continued)

      

Telenor ASA:

      

Strike Price NOK 97.23, Expires 3/07/12, Broker Morgan Stanley & Co., Inc.

      79,000       $   (24,384 ) 

Strike Price NOK 98.43, Expires 3/07/12, Broker UBS Securities LLC

      7,200         (1,615 ) 

Tractebel Energia SA:

      

Strike Price BRL 28.99, Expires 2/10/12, Broker Deutsche Bank Securities Corp.

      62,500         (50,185 ) 

Strike Price BRL 29.95, Expires 2/10/12, Broker Credit Suisse First Boston

      35,000         (13,020 ) 

Strike Price BRL 31.36, Expires 2/28/12, Broker Morgan Stanley & Co., Inc.

      51,200         (9,596 ) 

Strike Price BRL 30.81, Expires 3/27/12, Broker Deutsche Bank Securities Corp.

      62,500         (28,859 ) 

Transurban Group:

      

Strike Price AUD 5.64, Expires 3/13/12, Broker Citigroup Global Markets, Inc.

      31,000         (1,419 ) 

Strike Price AUD 5.65, Expires 3/13/12, Broker Morgan Stanley & Co., Inc.

      328,000         (15,269 ) 

Verizon Communications, Inc., Strike Price USD 39.21, Expires 3/01/12, Broker UBS Securities LLC

      56,000         (5,232 ) 

Vinci SA, Strike Price EUR 36.95, Expires 3/07/12, Broker Banc of America Securities

      22,000         (18,260 ) 

Westar Energy, Inc.:

      

Strike Price USD 28.62, Expires 3/01/12, Broker Credit Suisse First Boston

      10,500         (5,137 ) 

Strike Price USD 28.64, Expires 4/10/12, Broker Morgan Stanley & Co., Inc.

      45,400         (20,203 ) 

Williams Partners LP, Strike Price USD 62.64, Expires 3/30/12, Broker Deutsche Bank Securities Corp.

      20,000         (28,594 ) 
Options Written    Contracts      Value  

 

  

Over-the-Counter Call Options (concluded)

      

Wisconsin Energy Corp.:

      

Strike Price USD 32.76, Expires 2/10/12, Broker Citigroup Global Markets, Inc.

      18,000       $ (23,013 ) 

Strike Price USD 34.94, Expires 2/27/12, Broker Credit Suisse First Boston

      20,500         (6,845 ) 

Xcel Energy, Inc.:

      

Strike Price USD 26, Expires 2/10/12, Broker Goldman Sachs & Co.

      21,000         (15,862 ) 

Strike Price USD 27.64, Expires 2/10/12, Broker Deutsche Bank Securities Corp.

      20,500         (1,745 ) 

Strike Price USD 26.98, Expires 2/29/12, Broker UBS Securities LLC

      5,000         (2,179 ) 

Xylem, Inc., Strike Price USD 26.18, Expires 2/29/12, Broker Goldman Sachs & Co.

      5,000         (3,999 ) 
     

 

  

Total Over-the-Counter Call Options

         (2,302,689 ) 

 

  

Total Options Written

(Premiums Received – $2,305,501) – (0.8)%

  

  

      (2,757,311 ) 

 

  

Total Investments Net of Outstanding Options Written – 100.2%

   

      332,400,391   

Liabilities in Excess of Other Assets – (0.2)%

  

      (498,150 ) 
     

 

 

  

Net Assets – 100.0%

       $ 331,902,241   
     

 

 

  

 

* As of January 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 326,304,665   
 

 

 

  

Gross unrealized appreciation

   $ 10,653,683   

Gross unrealized depreciation

     (1,800,646 ) 
 

 

 

  

Net unrealized appreciation

   $ 8,853,037   
 

 

 

  

 

(a) Non-income producing security.
(b) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.
(c) Represents the current yield as of report date.
 

 

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

 

January 31, January 31, January 31, January 31,

 

  
Affiliate    Net
    Activity    		     

Shares

Held at
    January 31,    
2012

          Realized    
Gain		          Income      

 

  

 

BlackRock Liquidity Funds, TempFund, Institutional Class

   

 

 

 

23,616,799

 

  

   

 

 

 

23,616,799

 

  

   

 

 

 

$1,576

 

  

   

 

 

 

$23,469

 

  

 

  

 

                
4    

    JANUARY 31, 2012

  

 

 

Schedule of Investments (concluded)

  

 

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 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 and liabilities

 

  —  

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)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 does not necessarily correspond to the Trust’s perceived risk of investing in those securities.

The following tables summarize the inputs used as of January 31, 2012 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

 

  
Valuation Inputs   Level 1     Level 2     Level 3   Total  

 

  

Assets:

        

Investments:

        

Long-Term Investments:

        

Common Stocks:

        

Australia

     –      $ 6,338,132      –   $ 6,338,132   

Brazil

   $ 47,479,031        –      –     47,479,031   

Canada

     9,282,596        –      –     9,282,596   

France

     –        3,089,328      –     3,089,328   

Germany

     –        5,565,912      –     5,565,912   

Hong Kong

     –        8,883,429      –     8,883,429   

Italy

     5,944,552        –      –     5,944,552   

Norway

     –        4,260,485      –     4,260,485   

United Kingdom

     2,386,629        23,899,473      –     26,286,102   

United States

     194,411,336        –      –     194,411,336   

Short-Term Securities

     23,616,799        –      –     23,616,799   

 

  

 

Total

   $ 283,120,943      $ 52,036,759      –  

 

$

 

335,157,702

 

  

 

 

 

  

 

 

  
Valuation Inputs    Level 1     Level 2     Level 3    Total  

 

  

Derivative Financial Instruments1

          

Liabilities:

          

Equity contracts

    $ (391,222 )   $ (2,366,089 )    –    $ (2,757,311 ) 

 

  

 

1

Derivative financial instruments are options which are shown at value.

 

Portfolio Abbreviations

 

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

    ADR            American Depositary Receipt    GBP            British Pound
   AUD            Australian Dollar    HKD            Hong Kong Dollar
   BRL            Brazil Real    NOK            Norwegian Krone
   CAD            Canadian Dollar    USD            US Dollar
   EUR            Euro      

 

                
   

    JANUARY 31, 2012

   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:   March 23, 2012

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:   March 23, 2012

 

By:  

/s/ Neal J. Andrews

  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Utility and Infrastructure Trust
Date:   March 23, 2012