BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) NPORT-P BlackRock Utilities, Infrastructure & Power Opportunities Trust (Sep 2020 report)

Schedule of Investments  (unaudited) September 30, 2020 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Building Products — 7.5%
AO Smith Corp.(a)		96,120	$	5,075,136
Johnson Controls International PLC(a)		197,909		8,084,583
Kingspan Group PLC(b)		85,075		7,742,356
Trane Technologies PLC(a)		64,750		7,850,937
				28,753,012
Chemicals — 5.4%
Air Liquide SA		29,239		4,634,664
Johnson Matthey PLC		93,495		2,841,119
LG Chem Ltd		4,950		2,762,941
Linde PLC		19,472		4,603,779
Sika AG, Registered Shares		16,890		4,147,367
Umicore SA		39,350		1,636,744
				20,626,614
Commercial Services & Supplies(a) — 5.0%
Waste Connections, Inc.		83,950		8,714,010
Waste Management, Inc.		92,050		10,417,298
				19,131,308
Construction & Engineering — 3.5%
Quanta Services, Inc.(a)		78,610		4,155,325
Vinci SA		110,150		9,203,750
				13,359,075
Electric Utilities — 31.6%
American Electric Power Co., Inc.(a)		66,550		5,439,131
Duke Energy Corp.(a)		98,268		8,702,614
Edison International(a)		104,050		5,289,902
Enel SpA		2,502,225		21,709,071
Entergy Corp.(a)		26,950		2,655,384
Exelon Corp.(a)		131,208		4,691,998
FirstEnergy Corp.(a)		213,100		6,118,101
Iberdrola SA		1,327,825		16,343,646
Neoenergia SA		1,423,250		4,303,279
NextEra Energy, Inc.(a)(c)		127,295		35,332,000
PPL Corp.(a)		206,500		5,618,865
Xcel Energy, Inc.(a)		70,890		4,892,119
				121,096,110
Electrical Equipment — 6.1%
Eaton Corp. PLC(a)		38,540		3,932,236
Schneider Electric SE		71,232		8,854,058
Vestas Wind Systems A/S		66,060		10,675,723
				23,462,017
Electronic Equipment, Instruments & Components — 2.3%
Hexagon AB, B Shares(b)		56,500		4,267,613
Rogers Corp.(a)(b)		17,546		1,720,561
Samsung SDI Co. Ltd.		7,350		2,715,225
				8,703,399
Independent Power and Renewable Electricity Producers — 7.6%
AES Corp.(a)		365,090		6,611,780
China Longyuan Power Group Corp. Ltd., Class H		11,077,000		6,959,669
EDP Renovaveis SA		922,542		15,314,847
				28,886,296

Security	Shares		Value
Machinery — 1.7%
Atlas Copco AB, B Shares		155,000	$	6,468,755
Multi-Utilities — 15.3%
CMS Energy Corp.(a)		134,110		8,235,695
Dominion Energy, Inc.(a)		149,898		11,831,449
National Grid PLC		971,924		11,163,657
Public Service Enterprise Group, Inc.(a)		176,292		9,680,194
RWE AG		345,150		12,925,643
Sempra Energy(a)		39,500		4,675,220
				58,511,858
Oil, Gas & Consumable Fuels — 8.6%
Enterprise Products Partners LP(a)		206,263		3,256,893
Kinder Morgan, Inc.(a)		750,850		9,257,981
TC Energy Corp.		246,250		10,337,858
Williams Cos., Inc.(a)		514,705		10,113,953
				32,966,685
Semiconductors & Semiconductor Equipment — 3.8%
Canadian Solar Inc.(b)		61,340		2,153,034
First Solar, Inc.(a)(b)		54,384		3,600,221
Infineon Technologies AG, Class N		108,850		3,068,022
Maxim Integrated Products, Inc.(a)		42,490		2,872,749
ON Semiconductor Corp.(a)(b)		131,580		2,853,970
				14,547,996
Total Long-Term Investments — 98.4% (Cost: $277,153,028)				376,513,125
Short-Term Securities
Money Market Funds — 2.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.02%(d)(e)		8,296,830		8,296,830
Total Short-Term Securities — 2.2% (Cost: $8,296,830)				8,296,830
Total Investments Before Options Written — 100.6% (Cost: $285,449,858)				384,809,955
Options Written — (0.8)% (Premiums Received: $(3,419,248))				(2,779,972	)
Total Investments, Net of Options Written — 99.8% (Cost: $282,030,610)				382,029,983
Other Assets Less Liabilities — 0.2%				709,749
Net Assets — 100.0%			$ 382,739,732

^(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)  Non-income producing security.

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

^(d)  Affiliate of the Trust.

^(e)  Annualized 7-day yield as of period end.

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) September 30, 2020 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, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/20		Shares Held at 09/30/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	12,716,146	$	—	$	(4,419,316	)(a)	$	—	$	—	$	8,296,830		8,296,830	$	36,891	$	—

^(a) Represents net amount purchased (sold).

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 such industry sub-classifications for reporting ease.

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
CMS Energy Corp.		235		10/01/20	USD	63.61	USD	1,443	$	(2	)
Johnson Controls International PLC		158		10/02/20	USD	42.00	USD	645		(1,580	)
Williams Cos., Inc.		281		10/02/20	USD	22.50	USD	552		(1,405	)
NextEra Energy, Inc.		157		10/08/20	USD	283.50	USD	4,358		(32,772	)
Eaton Corp. PLC		26		10/09/20	USD	104.00	USD	265		(2,405	)
First Solar, Inc.		94		10/09/20	USD	79.00	USD	622		(1,598	)
Johnson Controls International PLC		340		10/09/20	USD	42.00	USD	1,389		(9,350	)
Kinder Morgan, Inc.		408		10/09/20	USD	14.25	USD	503		(104	)
Quanta Services, Inc.		108		10/09/20	USD	51.00	USD	571		(32,875	)
Williams Cos., Inc.		294		10/09/20	USD	21.95	USD	578		(489	)
AES Corp.		130		10/16/20	USD	18.00	USD	235		(7,800	)
American Electric Power Co., Inc.		119		10/16/20	USD	82.50	USD	973		(12,793	)
AO Smith Corp.		168		10/16/20	USD	50.00	USD	887		(55,440	)
CMS Energy Corp.		234		10/16/20	USD	62.25	USD	1,437		(16,491	)
Dominion Energy, Inc.		273		10/16/20	USD	80.00	USD	2,155		(27,300	)
Duke Energy Corp.		172		10/16/20	USD	85.00	USD	1,523		(75,680	)
Eaton Corp. PLC		27		10/16/20	USD	105.00	USD	275		(2,363	)
Edison International		196		10/16/20	USD	55.00	USD	996		(4,410	)
Entergy Corp.		94		10/16/20	USD	100.00	USD	926		(11,750	)
Exelon Corp.		237		10/16/20	USD	38.00	USD	848		(2,963	)
First Solar, Inc.		96		10/16/20	USD	70.00	USD	636		(11,472	)
FirstEnergy Corp.		223		10/16/20	USD	31.00	USD	640		(3,345	)
FirstEnergy Corp.		150		10/16/20	USD	30.00	USD	431		(5,625	)
Kinder Morgan, Inc.		408		10/16/20	USD	14.00	USD	503		(1,020	)
Maxim Integrated Products, Inc.		74		10/16/20	USD	70.00	USD	500		(4,625	)
ON Semiconductor Corp.		234		10/16/20	USD	24.00	USD	508		(4,095	)
PPL Corp.		541		10/16/20	USD	30.00	USD	1,472		(5,410	)
Public Service Enterprise Group, Inc.		310		10/16/20	USD	55.00	USD	1,702		(35,650	)
Rogers Corp.		58		10/16/20	USD	130.00	USD	569		(28,420	)
Sempra Energy		70		10/16/20	USD	130.00	USD	829		(875	)
Sempra Energy		68		10/16/20	USD	125.00	USD	805		(3,570	)
TC Energy Corp.		120		10/16/20	CAD	64.00	CAD	671		(180	)
TC Energy Corp.		95		10/16/20	CAD	66.00	CAD	531		(143	)
TC Energy Corp.		239		10/16/20	CAD	62.00	CAD	1,336		(897	)
Trane Technologies PLC		114		10/16/20	USD	119.75	USD	1,382		(51,398	)
Trane Technologies PLC		112		10/16/20	USD	123.70	USD	1,358		(24,515	)
Waste Connections,, Inc.		184		10/16/20	USD	100.00	USD	1,910		(74,520	)
Waste Management, Inc.		162		10/16/20	USD	115.00	USD	1,833		(18,225	)
Waste Management, Inc.		160		10/16/20	USD	120.00	USD	1,811		(2,400	)
Williams Cos., Inc.		294		10/16/20	USD	22.00	USD	578		(2,940	)
Xcel Energy, Inc.		133		10/16/20	USD	70.00	USD	918		(10,308	)

2

Schedule of Investments  (unaudited) (continued) September 30, 2020 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)
Eaton Corp. PLC		54		10/23/20	USD	105.00	USD	551	$	(8,505	)
Enterprise Products Partners LP		80		10/23/20	USD	17.50	USD	126		(520	)
Enterprise Products Partners LP		79		10/23/20	USD	15.50	USD	125		(16,274	)
Johnson Controls International PLC		194		10/23/20	USD	42.00	USD	792		(14,065	)
Kinder Morgan, Inc.		781		10/23/20	USD	14.00	USD	963		(3,124	)
Williams Cos., Inc.		434		10/23/20	USD	21.97	USD	853		(5,516	)
Enterprise Products Partners LP		482		10/30/20	USD	18.00	USD	761		(3,615	)
Kinder Morgan, Inc.		169		10/30/20	USD	13.50	USD	208		(2,197	)
Williams Cos., Inc.		119		10/30/20	USD	20.86	USD	234		(5,133	)
Enterprise Products Partners LP		79		11/06/20	USD	15.50	USD	125		(28,045	)
Kinder Morgan, Inc.		430		11/06/20	USD	12.68	USD	530		(15,203	)
Public Service Enterprise Group, Inc.		307		11/12/20	USD	53.00	USD	1,686		(93,015	)
Kinder Morgan, Inc.		430		11/13/20	USD	12.68	USD	530		(17,304	)
American Electric Power Co., Inc.		113		11/20/20	USD	85.00	USD	924		(16,950	)
AO Smith Corp.		168		11/20/20	USD	55.00	USD	887		(28,980	)
Dominion Energy, Inc.		251		11/20/20	USD	85.00	USD	1,981		(19,452	)
Duke Energy Corp.		171		11/20/20	USD	87.50	USD	1,514		(67,545	)
Eaton Corp. PLC		27		11/20/20	USD	105.00	USD	275		(9,990	)
Edison International		169		11/20/20	USD	55.50	USD	859		(22,187	)
FirstEnergy Corp.		371		11/20/20	USD	31.00	USD	1,065		(19,477	)
Maxim Integrated Products, Inc.		74		11/20/20	USD	70.00	USD	500		(16,465	)
NextEra Energy, Inc.		288		11/20/20	USD	290.00	USD	7,994		(207,360	)
ON Semiconductor Corp.		226		11/20/20	USD	24.00	USD	490		(21,470	)
Quanta Services, Inc.		167		11/20/20	USD	55.00	USD	883		(36,322	)
TC Energy Corp.		407		11/20/20	CAD	60.00	CAD	2,275		(17,270	)
Williams Cos., Inc.		379		11/20/20	USD	22.00	USD	745		(12,128	)
Xcel Energy, Inc.		115		11/20/20	USD	70.00	USD	794		(26,737	)
									$	(1,324,052	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
EDP Renovaveis SA	Morgan Stanley & Co. International PLC		89,200		10/01/20		EUR	14.35		EUR	1,263	$	(4,481	)
EDP Renovaveis SA	Credit Suisse International		60,000		10/07/20		EUR	14.14		EUR	850		(16,272	)
Enel SpA	Goldman Sachs International		206,900		10/07/20		EUR	8.17		EUR	1,531		(49	)
Kingspan Group PLC	UBS AG		5,800		10/07/20		EUR	66.66		EUR	450		(74,740	)
Samsung SDI Co. Ltd.	JPMorgan Chase Bank N.A.		2,700		10/07/20		KRW	451,880.00		KRW	1,166,494		(7,619	)
Vestas Wind Systems A/S	Credit Suisse International		18,100		10/13/20		DKK	970.53		DKK	18,574		(172,094	)
EDP Renovaveis SA	Barclays Bank PLC		46,000		10/15/20		EUR	14.87		EUR	651		(4,193	)
LG Chem Ltd.	JPMorgan Chase Bank N.A.		1,700		10/15/20		KRW	787,280.00		KRW	1,109,725		(1,581	)
Air Liquide SA	Barclays Bank PLC		10,200		10/20/20		EUR	146.41		EUR	1,379		(3,541	)
Enel SpA	Credit Suisse International		242,500		10/20/20		EUR	7.85		EUR	1,794		(10,619	)
National Grid PLC	Credit Suisse International		220,800		10/20/20		GBP	8.78		GBP	1,965		(81,521	)
Sika AG, Registered Shares	Credit Suisse International		2,600		10/20/20		CHF	222.30		CHF	588		(22,701	)
Umicore SA	Credit Suisse International		13,800		10/20/20		EUR	40.41		EUR	490		(2,093	)
Hexagon AB, B Shares	Morgan Stanley & Co. International PLC		10,800		10/21/20		SEK	652.64		SEK	7,306		(40,476	)
Vinci SA	Morgan Stanley & Co. International PLC		15,600		10/21/20		EUR	81.22		EUR	1,112		(2,254	)
EDP Renovaveis SA	Morgan Stanley & Co. International PLC		60,100		10/22/20		EUR	14.26		EUR	851		(22,593	)
Johnson Matthey PLC	Barclays Bank PLC		24,600		10/22/20		GBP	26.86		GBP	579		(1,598	)
Linde PLC	Credit Suisse International		2,100		10/22/20		EUR	216.79		EUR	423		(1,919	)
Neoenergia SA	Credit Suisse International		467,900		10/23/20		BRL	19.06		BRL	7,945		(2,714	)
Waste Connections, Inc.	Citibank N.A.		10,900		10/26/20		USD	101.00		USD	1,131		(51,240	)
RWE AG	Credit Suisse International		41,400		10/27/20		EUR	32.22		EUR	1,322		(48,718	)
Schneider Electric SE	Citibank N.A.		9,500		10/27/20		EUR	104.91		EUR	1,007		(37,537	)
Vestas Wind Systems A/S	Credit Suisse International		5,100		10/27/20		DKK	985.50		DKK	5,234		(47,955	)
AES Corp.	Citibank N.A.		62,800		10/28/20		USD	18.87		USD	1,137		(29,001	)
EDP Renovaveis SA	Credit Suisse International		30,000		11/04/20		EUR	14.25		EUR	425		(14,658	)
EDP Renovaveis SA	Morgan Stanley & Co. International PLC		9,800		11/04/20		EUR	14.57		EUR	139		(2,461	)

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) September 30, 2020 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)
Iberdrola SA	UBS AG		232,300		11/04/20		EUR	10.59		EUR	2,439	$	(49,965	)
Kingspan Group PLC	Morgan Stanley & Co. International PLC		24,000		11/04/20		EUR	75.19		EUR	1,863		(117,858	)
Linde PLC	Credit Suisse International		4,750		11/04/20		EUR	208.94		EUR	958		(18,531	)
National Grid PLC	Credit Suisse International		119,400		11/04/20		GBP	8.78		GBP	1,063		(33,007	)
RWE AG	Goldman Sachs International		43,600		11/04/20		EUR	31.01		EUR	1,393		(79,972	)
Sika AG, Registered Shares	Morgan Stanley & Co. International PLC		3,400		11/04/20		CHF	227.66		CHF	769		(18,764	)
AES Corp.	Citibank N.A.		25,950		11/05/20		USD	18.23		USD	470		(20,055	)
Exelon Corp.	Goldman Sachs International		22,200		11/06/20		USD	38.00		USD	794		(8,725	)
AES Corp.	Citibank N.A.		25,950		11/10/20		USD	18.23		USD	470		(21,605	)
Atlas Copco AB, B Shares	Goldman Sachs International		26,800		11/10/20		SEK	394.94		SEK	10,017		(17,054	)
EDP Renovaveis SA	Goldman Sachs International		27,800		11/10/20		EUR	14.08		EUR	394		(16,992	)
Enel SpA	Goldman Sachs International		410,600		11/10/20		EUR	7.71		EUR	3,038		(53,658	)
Hexagon AB, B Shares	Barclays Bank PLC		9,000		11/10/20		SEK	707.66		SEK	6,088		(14,125	)
Infineon Technologies AG, Class N	Goldman Sachs International		38,100		11/10/20		EUR	25.39		EUR	916		(38,430	)
Vinci SA	Goldman Sachs International		22,900		11/10/20		EUR	74.72		EUR	1,632		(49,766	)
Atlas Copco AB, B Shares	Morgan Stanley & Co. International PLC		27,500		11/12/20		SEK	386.46		SEK	10,278		(25,697	)
Johnson Matthey PLC	Goldman Sachs International		8,200		11/12/20		GBP	24.04		GBP	193		(8,027	)
Schneider Electric SE	Morgan Stanley & Co. International PLC		15,500		11/12/20		EUR	109.23		EUR	1,643		(47,606	)
PPL Corp.	UBS AG		18,100		11/13/20		USD	28.40		USD	493		(7,503	)
Iberdrola SA	Credit Suisse International		232,400		11/18/20		EUR	10.78		EUR	2,440		(50,416	)
RWE AG	Goldman Sachs International		35,900		11/18/20		EUR	33.08		EUR	1,147		(53,536	)
												$	(1,455,920	)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 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. 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 tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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	$	21,010,656	$	7,742,356	$	—	$	28,753,012
Chemicals		—		20,626,614		—		20,626,614
Commercial Services & Supplies		19,131,308		—		—		19,131,308
Construction & Engineering		4,155,325		9,203,750		—		13,359,075

4

Schedule of Investments  (unaudited) (continued) September 30, 2020 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)
Electric Utilities	$	83,043,393		$	38,052,717		$	—	$	121,096,110
Electrical Equipment		3,932,236			19,529,781			—		23,462,017
Electronic Equipment, Instruments & Components		1,720,561			6,982,838			—		8,703,399
Independent Power and Renewable Electricity Producers		6,611,780			22,274,516			—		28,886,296
Machinery		—			6,468,755			—		6,468,755
Multi-Utilities		34,422,558			24,089,300			—		58,511,858
Oil, Gas & Consumable Fuels		32,966,685			—			—		32,966,685
Semiconductors & Semiconductor Equipment		11,479,974			3,068,022			—		14,547,996
Short-Term Securities
Money Market Funds		8,296,830			—			—		8,296,830
	$	226,771,306		$	158,038,649		$	—		384,809,955
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(1,007,048	)	$	(1,772,924	)	$	—	$	(2,779,972	)

^(a)  Derivative financial instruments are options written. Options written are shown at value.

Currency Abbreviation
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
KRW	South Korean Won
SEK	Swedish Krona
USD	United States Dollar
Portfolio Abbreviation
LP	Limited Partnership
OTC	Over-the-Counter

SCHEDULE OF INVESTMENTS 5