Schedule of Investments (unaudited)
September 30, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
(Percentages shown are based on Net Assets)

 
Security
 
 
Shares
Value
Common Stocks
Building Products — 9.3%
Carlisle Cos., Inc.
 
22,950
$ 10,321,763
Cie de Saint-Gobain SA
 
143,250
13,064,750
Kingspan Group PLC
 
89,765
8,418,977
Trane Technologies PLC
 
49,900
19,397,627
 
 
51,203,117
Chemicals — 2.7%
Air Liquide SA
 
35,439
6,843,624
Linde PLC
 
16,828
8,024,600
 
 
14,868,224
Commercial Services & Supplies — 4.3%
Republic Services, Inc.
 
61,650
12,381,786
Waste Management, Inc.
 
52,650
10,930,140
 
 
23,311,926
Construction & Engineering — 5.3%
Quanta Services, Inc.(a)
 
43,810
13,061,952
Vinci SA
 
137,050
16,020,669
 
 
29,082,621
Electric Utilities — 25.0%
American Electric Power Co., Inc.(a)
 
114,150
11,711,790
Constellation Energy Corp.
 
41,350
10,751,827
Duke Energy Corp.(a)
 
101,168
11,664,670
EDP SA
 
1,810,100
8,255,489
Enel SpA
 
2,557,175
20,426,194
NextEra Energy, Inc.(a)(b)
 
367,280
31,046,178
PG&E Corp.
 
701,300
13,864,701
Southern Co.
 
143,350
12,927,303
SSE PLC
 
665,900
16,783,612
 
 
137,431,764
Electrical Equipment — 10.3%
Eaton Corp. PLC
 
19,940
6,608,914
GE Vernova, Inc.(a)(c)
 
74,250
18,932,265
Hubbell, Inc.
 
18,400
7,881,639
Prysmian SpA
 
123,750
9,003,864
Schneider Electric SE
 
19,810
5,222,068
Vestas Wind Systems A/S(c)
 
410,821
9,039,576
 
 
56,688,326
Electronic Equipment, Instruments & Components — 1.1%
Rogers Corp.(c)
 
27,250
3,079,523
Samsung SDI Co. Ltd.
 
10,750
3,103,904
 
 
6,183,427
Ground Transportation — 2.6%
Canadian Pacific Kansas City Ltd.
 
79,300
6,782,233
Union Pacific Corp.
 
29,750
7,332,780
 
 
14,115,013
Independent Power and Renewable Electricity Producers — 6.8%
EDP Renovaveis SA
 
434,699
7,584,978
Orron Energy AB(c)
 
3,401,100
2,776,192
RWE AG
 
429,045
15,631,310
Vistra Corp.
 
96,150
11,397,621
 
 
37,390,101
Machinery — 2.2%
Ingersoll Rand, Inc.
 
124,050
12,176,748
Security
 
 
Shares
Value
Multi-Utilities — 14.7%
CenterPoint Energy, Inc.
 
216,000
$ 6,354,720
CMS Energy Corp.(a)
 
165,960
11,721,755
Dominion Energy, Inc.
 
109,998
6,356,785
National Grid PLC
 
1,652,288
22,839,572
NiSource, Inc.
 
221,600
7,678,440
Public Service Enterprise Group, Inc.(b)
 
118,392
10,561,750
Sempra(a)(b)
 
182,900
15,295,927
 
 
80,808,949
Oil, Gas & Consumable Fuels — 10.6%
Cheniere Energy, Inc.
 
70,350
12,651,744
Hess Midstream LP, Class A
 
103,250
3,641,628
Pembina Pipeline Corp.
 
191,600
7,898,037
Targa Resources Corp.
 
77,800
11,515,178
TC Energy Corp.
 
135,600
6,445,875
Williams Cos., Inc.(a)(b)
 
352,805
16,105,548
 
 
58,258,010
Semiconductors & Semiconductor Equipment — 4.1%
Analog Devices, Inc.
 
21,724
5,000,213
ASML Holding NV
 
5,600
4,658,415
Canadian Solar, Inc.(c)(d)
 
88,290
1,479,740
First Solar, Inc.(c)
 
12,884
3,213,785
ON Semiconductor Corp.(c)
 
67,600
4,908,436
STMicroelectronics NV
 
110,850
3,310,462
 
 
22,571,051
Total Long-Term Investments — 99.0%
(Cost: $348,551,692)
544,089,277
Short-Term Securities
Money Market Funds — 2.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.05%(e)(f)(g)
 
582,873
583,397
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.83%(e)(f)
 
13,555,642
13,555,642
Total Short-Term Securities — 2.6%
(Cost: $14,138,901)
14,139,039
Total Investments Before Options Written — 101.6%
(Cost: $362,690,593)
558,228,316
Options Written — (1.4)%
(Premiums Received: $(4,960,662))
(7,730,292
)
Total Investments, Net of Options Written — 100.2%
(Cost: $357,729,931)
550,498,024
Liabilities in Excess of Other Assets — (0.2)%
(859,783
)
Net Assets — 100.0%
$ 549,638,241
 
(a)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(b)
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
(c)
Non-income producing security.
(d)
All or a portion of this security is on loan.
(e)
Affiliate of the Trust.
(f)
Annualized 7-day yield as of period end.
(g)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
1
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/23
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/24
Shares
Held at
09/30/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ —
$ 582,450
(a)
$ —
$ 809
$ 138
$ 583,397
582,873
$ 1,208
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
5,318,307
8,237,335
(a)
—
—
—
13,555,642
13,555,642
279,131
—
SL Liquidity Series, LLC, Money Market Series(c)
1,297,977
—
(1,298,026
)(a)
52
(3
)
—
—
2,759
(b)
—
 
$ 861
$ 135
$ 14,139,039
$ 283,098
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion 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.
(c)
As of period end, the entity is no longer held.
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written 
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
Analog Devices, Inc.
30
10/11/24
USD
235.00
USD
691
$ (7,350
)
Cheniere Energy, Inc.
82
10/11/24
USD
185.00
USD
1,475
(6,355
)
First Solar, Inc.
22
10/11/24
USD
250.00
USD
549
(19,360
)
ON Semiconductor Corp.
149
10/11/24
USD
77.00
USD
1,082
(15,943
)
PG&E Corp.
166
10/11/24
USD
20.00
USD
328
(3,071
)
Waste Management, Inc.
44
10/11/24
USD
210.00
USD
913
(6,050
)
American Electric Power Co., Inc.
275
10/18/24
USD
100.10
USD
2,822
(90,771
)
Canadian Pacific Kansas City Ltd.
184
10/18/24
CAD
115.00
CAD
2,128
(32,312
)
Carlisle Cos., Inc.
61
10/18/24
USD
410.00
USD
2,743
(253,455
)
CenterPoint Energy, Inc.
310
10/18/24
USD
27.00
USD
912
(79,825
)
Dominion Energy, Inc.
117
10/18/24
USD
55.00
USD
676
(36,270
)
Duke Energy Corp.
295
10/18/24
USD
115.00
USD
3,401
(57,525
)
Duke Energy Corp.
65
10/18/24
USD
120.00
USD
749
(1,463
)
Eaton Corp. PLC
34
10/18/24
USD
310.00
USD
1,127
(80,580
)
GE Vernova, Inc.
165
10/18/24
USD
195.00
USD
4,207
(1,002,375
)
Hess Midstream LP, Class A
180
10/18/24
USD
36.00
USD
635
(14,850
)
Hubbell, Inc.
22
10/18/24
USD
400.00
USD
942
(69,740
)
Ingersoll Rand, Inc.
106
10/18/24
USD
92.50
USD
1,040
(63,398
)
Linde PLC
27
10/18/24
USD
465.00
USD
1,288
(40,905
)
NextEra Energy, Inc.
288
10/18/24
USD
80.00
USD
2,434
(151,920
)
PG&E Corp.
639
10/18/24
USD
20.00
USD
1,263
(16,933
)
Public Service Enterprise Group, Inc.
207
10/18/24
USD
80.00
USD
1,847
(207,000
)
Quanta Services, Inc.
71
10/18/24
USD
290.00
USD
2,117
(94,785
)
Republic Services, Inc.
99
10/18/24
USD
210.00
USD
1,988
(3,465
)
Rogers Corp.
95
10/18/24
USD
110.00
USD
1,074
(47,025
)
Southern Co.
258
10/18/24
USD
87.50
USD
2,327
(85,140
)
Targa Resources Corp.
136
10/18/24
USD
155.00
USD
2,013
(16,320
)
Trane Technologies PLC
83
10/18/24
USD
400.00
USD
3,226
(33,200
)
Union Pacific Corp.
22
10/18/24
USD
250.00
USD
542
(6,050
)
Vistra Corp.
170
10/18/24
USD
115.00
USD
2,015
(121,550
)
Williams Cos., Inc.
603
10/18/24
USD
46.00
USD
2,753
(40,702
)
Analog Devices, Inc.
46
10/25/24
USD
235.00
USD
1,059
(21,620
)
Cheniere Energy, Inc.
82
10/25/24
USD
185.00
USD
1,475
(14,760
)
First Solar, Inc.
23
10/25/24
USD
260.00
USD
574
(20,815
)
NextEra Energy, Inc.
248
10/25/24
USD
88.00
USD
2,096
(28,148
)
Union Pacific Corp.
48
10/25/24
USD
250.00
USD
1,183
(23,280
)
Vistra Corp.
166
10/25/24
USD
88.00
USD
1,968
(517,090
)
Williams Cos., Inc.
603
10/25/24
USD
46.00
USD
2,753
(66,330
)
2
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Cheniere Energy, Inc.
82
11/01/24
USD
185.00
USD
1,475
$ (21,730
)
Constellation Energy Corp.
72
11/01/24
USD
290.00
USD
1,872
(25,920
)
NextEra Energy, Inc.
362
11/01/24
USD
88.00
USD
3,060
(56,653
)
ON Semiconductor Corp.
87
11/01/24
USD
75.00
USD
632
(28,536
)
Waste Management, Inc.
142
11/01/24
USD
210.00
USD
2,948
(70,290
)
Constellation Energy Corp.
72
11/08/24
USD
290.00
USD
1,872
(45,360
)
American Electric Power Co., Inc.
125
11/15/24
USD
105.00
USD
1,283
(24,375
)
Canadian Pacific Kansas City Ltd.
93
11/15/24
CAD
118.00
CAD
1,076
(17,122
)
Carlisle Cos., Inc.
19
11/15/24
USD
460.00
USD
855
(32,965
)
CenterPoint Energy, Inc.
446
11/15/24
USD
29.00
USD
1,312
(54,635
)
CMS Energy Corp.
284
11/15/24
USD
70.26
USD
2,006
(55,317
)
Dominion Energy, Inc.
273
11/15/24
USD
57.50
USD
1,578
(55,965
)
Eaton Corp. PLC
35
11/15/24
USD
313.00
USD
1,160
(85,638
)
GE Vernova, Inc.
95
11/15/24
USD
230.00
USD
2,422
(325,375
)
Hess Midstream LP, Class A
180
11/15/24
USD
36.00
USD
635
(20,700
)
Hubbell, Inc.
42
11/15/24
USD
430.00
USD
1,799
(77,280
)
Ingersoll Rand, Inc.
328
11/15/24
USD
95.50
USD
3,220
(183,014
)
Linde PLC
31
11/15/24
USD
480.00
USD
1,478
(39,060
)
NextEra Energy, Inc.
387
11/15/24
USD
80.00
USD
3,271
(271,867
)
NiSource, Inc.
775
11/15/24
USD
35.00
USD
2,685
(54,250
)
PG&E Corp.
846
11/15/24
USD
20.00
USD
1,673
(52,452
)
Quanta Services, Inc.
82
11/15/24
USD
290.00
USD
2,445
(173,020
)
Republic Services, Inc.
116
11/15/24
USD
200.00
USD
2,330
(77,720
)
Sempra
435
11/15/24
USD
85.62
USD
3,638
(59,521
)
Southern Co.
259
11/15/24
USD
90.00
USD
2,336
(69,930
)
Trane Technologies PLC
91
11/15/24
USD
380.00
USD
3,537
(208,390
)
Union Pacific Corp.
34
11/15/24
USD
255.00
USD
838
(16,150
)
Williams Cos., Inc.
28
11/15/24
USD
46.00
USD
128
(4,060
)
Pembina Pipeline Corp.
533
12/20/24
CAD
56.00
CAD
2,971
(55,174
)
PG&E Corp.
803
12/20/24
USD
20.20
USD
1,588
(58,944
)
Sempra
316
12/20/24
USD
83.05
USD
2,643
(108,170
)
 
 
 
$ (5,827,314
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
EDP SA
Bank of America N.A.
40,500
10/01/24
EUR
3.87
EUR
166
$ (10,295
)
Enel SpA
Bank of America N.A.
296,100
10/01/24
EUR
6.66
EUR
2,125
(170,484
)
Schneider Electric SE
Citibank N.A.
2,000
10/01/24
EUR
230.69
EUR
474
(12,497
)
Vestas Wind Systems A/S
Goldman Sachs International
82,700
10/02/24
DKK
169.83
DKK
12,186
—
EDP Renovaveis SA
Bank of America N.A.
18,400
10/03/24
EUR
14.06
EUR
288
(33,969
)
National Grid PLC
UBS AG
69,100
10/03/24
GBP
10.08
GBP
714
(21,468
)
Public Service Enterprise Group, Inc.
Morgan Stanley & Co. International PLC
20,700
10/07/24
USD
81.30
USD
1,847
(166,635
)
RWE AG
Citibank N.A.
150,200
10/08/24
EUR
33.05
EUR
4,916
(46,617
)
SSE PLC
Bank of America N.A.
30,000
10/08/24
GBP
19.15
GBP
566
(5,446
)
TC Energy Corp.
Morgan Stanley & Co. International PLC
29,400
10/11/24
CAD
60.19
CAD
1,890
(94,193
)
CMS Energy Corp.
Barclays Bank PLC
29,600
10/18/24
USD
68.67
USD
2,091
(75,378
)
Targa Resources Corp.
JPMorgan Chase Bank N.A.
13,600
10/21/24
USD
142.85
USD
2,013
(88,338
)
EDP Renovaveis SA
Morgan Stanley & Co. International PLC
40,900
10/22/24
EUR
15.23
EUR
641
(33,232
)
EDP SA
Bank of America N.A.
96,500
10/22/24
EUR
3.95
EUR
395
(20,025
)
Kingspan Group PLC
UBS AG
14,400
10/22/24
EUR
81.39
EUR
1,213
(63,247
)
SSE PLC
Morgan Stanley & Co. International PLC
187,800
10/23/24
GBP
20.13
GBP
3,540
(18,161
)
Vestas Wind Systems A/S
Goldman Sachs International
82,100
10/23/24
DKK
158.05
DKK
12,097
(20,712
)
TC Energy Corp.
Morgan Stanley & Co. International PLC
26,600
10/24/24
CAD
61.90
CAD
1,710
(60,449
)
Air Liquide SA
Citibank N.A.
5,100
10/30/24
EUR
171.45
EUR
885
(29,033
)
ASML Holding NV
Morgan Stanley & Co. International PLC
1,050
10/30/24
EUR
776.34
EUR
785
(30,430
)
Cie de Saint-Gobain SA
Bank of America N.A.
21,800
10/30/24
EUR
79.97
EUR
1,786
(90,950
)
EDP SA
Bank of America N.A.
269,700
10/30/24
EUR
4.21
EUR
1,105
(16,794
)
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
 
OTC Options Written (continued)
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
 
 
 
Kingspan Group PLC
Citibank N.A.
17,000
10/30/24
EUR
79.30
EUR
1,432
$ (112,864
)
National Grid PLC
Goldman Sachs International
273,400
10/30/24
GBP
10.59
GBP
2,827
(50,972
)
Prysmian SpA
Citibank N.A.
20,600
10/30/24
EUR
62.86
EUR
1,346
(78,398
)
Vinci SA
Citibank N.A.
48,000
10/30/24
EUR
109.57
EUR
5,041
(55,956
)
EDP Renovaveis SA
Bank of America N.A.
92,900
11/07/24
EUR
16.67
EUR
1,456
(25,224
)
EDP SA
Bank of America N.A.
96,500
11/07/24
EUR
4.23
EUR
395
(6,712
)
Pembina Pipeline Corp.
Morgan Stanley & Co. International PLC
13,700
11/08/24
CAD
55.41
CAD
764
(12,776
)
ASML Holding NV
Citibank N.A.
850
11/12/24
EUR
774.68
EUR
635
(31,817
)
Cie de Saint-Gobain SA
Goldman Sachs International
28,300
11/12/24
EUR
85.63
EUR
2,319
(54,144
)
EDP SA
Bank of America N.A.
46,200
11/12/24
EUR
4.15
EUR
189
(5,215
)
Prysmian SpA
Citibank N.A.
22,700
11/12/24
EUR
67.14
EUR
1,484
(36,614
)
STMicroelectronics NV
UBS AG
38,800
11/12/24
EUR
26.24
EUR
1,041
(78,941
)
TC Energy Corp.
Royal Bank of Canada
27,800
11/12/24
CAD
63.34
CAD
1,787
(45,847
)
Air Liquide SA
Bank of America N.A.
7,300
11/14/24
EUR
179.70
EUR
1,266
(19,313
)
EDP SA
Morgan Stanley & Co. International PLC
84,200
11/14/24
EUR
4.21
EUR
345
(7,389
)
Enel SpA
Goldman Sachs International
599,000
11/14/24
EUR
7.36
EUR
4,298
(70,985
)
National Grid PLC
Goldman Sachs International
235,800
11/14/24
GBP
10.56
GBP
2,438
(70,475
)
Schneider Electric SE
Citibank N.A.
5,000
11/14/24
EUR
247.56
EUR
1,184
(30,983
)
 
 
 
 
 
 
$ (1,902,978
)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Trust has the ability to access for identical, unrestricted assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of 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 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. The categorization of a value determined for financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Common Stocks 
Building Products
$ 29,719,390
$ 21,483,727
$ —
$ 51,203,117
Chemicals
8,024,600
6,843,624
—
14,868,224
Commercial Services & Supplies
23,311,926
—
—
23,311,926
Construction & Engineering
13,061,952
16,020,669
—
29,082,621
Electric Utilities
91,966,469
45,465,295
—
137,431,764
Electrical Equipment
33,422,818
23,265,508
—
56,688,326
Electronic Equipment, Instruments & Components
3,079,523
3,103,904
—
6,183,427
Ground Transportation
14,115,013
—
—
14,115,013
Independent Power and Renewable Electricity Producers
11,397,621
25,992,480
—
37,390,101
Machinery
12,176,748
—
—
12,176,748
4
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Common Stocks (continued)
Multi-Utilities
$ 57,969,377
$ 22,839,572
$ —
$ 80,808,949
Oil, Gas & Consumable Fuels
58,258,010
—
—
58,258,010
Semiconductors & Semiconductor Equipment
14,602,174
7,968,877
—
22,571,051
Short-Term Securities 
Money Market Funds
14,139,039
—
—
14,139,039
 
$385,244,660
$172,983,656
$—
$558,228,316
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (5,122,541
)
$ (2,607,751
)
$ —
$ (7,730,292
)
 
(a)
Derivative financial instruments are options written. Options written are shown at value.
 
Currency Abbreviation 
CAD
Canadian Dollar
DKK
Danish Krone
EUR
Euro
GBP
British Pound
USD
United States Dollar
 
Portfolio Abbreviation 
LP
 Limited Partnership
Schedule of Investments
5
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