BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) NPORT-P BlackRock Utilities, Infrastructure & Power Opportunities Trust (Mar 2021 report)

Schedule of Investments  (unaudited)  March 31, 2021 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Building Products — 8.5%
A O Smith Corp.(a)		76,870	$	5,197,181
Johnson Controls International PLC(a)		223,309		13,324,848
Kingspan Group PLC		113,065		9,565,205
Trane Technologies PLC(a)		73,800		12,218,328
				40,305,562
Chemicals — 4.2%
Air Liquide SA		35,489		5,794,499
LG Chem Ltd.		2,700		1,932,180
Linde PLC(b)		27,272		7,649,906
Sika AG, Registered Shares		16,890		4,829,769
				20,206,354
Commercial Services & Supplies(a) — 4.7%
Waste Connections, Inc.		84,800		9,156,704
Waste Management, Inc.		101,500		13,095,530
				22,252,234
Construction & Engineering — 4.1%
Quanta Services, Inc.(a)		78,710		6,924,906
Vinci SA		122,600		12,556,909
				19,481,815
Electric Utilities — 31.2%
American Electric Power Co., Inc.(a)		116,350		9,854,845
Duke Energy Corp.(a)		105,518		10,185,653
Edison International(a)		173,550		10,170,030
EDP - Energias de Portugal SA		1,228,650		7,017,644
Enel SpA		2,776,325		27,617,078
Exelon Corp.(a)		140,258		6,134,885
FirstEnergy Corp.(a)		179,500		6,226,855
Iberdrola SA		1,428,761		18,440,905
Neoenergia SA		1,423,250		4,210,088
NextEra Energy, Inc.(a)(c)		486,630		36,794,094
PPL Corp.(a)		237,000		6,835,080
Xcel Energy, Inc.(a)		75,240		5,004,212
				148,491,369
Electrical Equipment — 8.8%
Eaton Corp. PLC(a)		50,690		7,009,413
Prysmian SpA		153,950		4,998,773
Schneider Electric SE		76,282		11,620,428
Vestas Wind Systems A/S		67,960		14,019,245
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(d)		2,357,600		4,473,149
				42,121,008
Electronic Equipment, Instruments & Components — 2.3%
Hexagon AB, B Shares		52,700		4,864,645
Rogers Corp.(a)(b)		21,246		3,998,710
Samsung SDI Co. Ltd.		3,250		1,911,071
				10,774,426
Independent Power and Renewable Electricity Producers — 5.8%
AES Corp.(a)		347,340		9,312,186
China Longyuan Power Group Corp. Ltd., Class H		5,366,000		7,328,666
EDP Renovaveis SA		507,942		10,843,841
				27,484,693

Security	Shares		Value
Machinery — 2.9%
Atlas Copco AB, B Shares		261,000	$	13,602,648
Multi-Utilities — 14.1%
CMS Energy Corp.(a)		162,960		9,976,411
Dominion Energy, Inc.(a)(c)		168,148		12,772,522
National Grid PLC		984,924		11,691,603
Public Service Enterprise Group, Inc.(a)		190,892		11,493,607
RWE AG		401,350		15,749,681
Sempra Energy(a)		41,700		5,528,586
				67,212,410
Oil, Gas & Consumable Fuels — 8.2%
Enterprise Products Partners LP(a)		220,813		4,862,302
Kinder Morgan, Inc.(a)		714,050		11,888,932
TC Energy Corp.		246,250		11,288,663
Williams Cos., Inc.(a)		464,555		11,005,308
				39,045,205
Semiconductors & Semiconductor Equipment — 4.0%
Canadian Solar, Inc.(b)		63,290		3,141,082
First Solar, Inc.(a)(b)		21,534		1,879,918
Infineon Technologies AG		113,600		4,833,405
Maxim Integrated Products, Inc.(a)		51,640		4,718,347
ON Semiconductor Corp.(a)(b)		113,480		4,721,903
				19,294,655
Total Long-Term Investments — 98.8% (Cost: $310,548,170)			470,272,379
Short-Term Securities
Money Market Funds — 2.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(e)(f)		9,860,730		9,860,730
SL Liquidity Series, LLC, Money Market Series, 0.16%(e)(f)(g)		960,821		961,109
Total Short-Term Securities — 2.3% (Cost: $10,821,840)				10,821,839
Total Investments Before Options Written — 101.1% (Cost: $321,370,010)				481,094,218
Options Written — (1.2)% (Premiums Received: $(4,157,321))				(5,803,264	)
Total Investments, Net of Options Written — 99.9% (Cost: $317,212,689)				475,290,954
Other Assets Less Liabilities — 0.1%				377,527
Net Assets — 100.0%			$	475,668,481

^(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)  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 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.

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/21		Shares Held at 03/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	8,385,590	$	1,475,140	(a)	$	—	$	—	$	—		$	9,860,730		9,860,730	$	526		$	—
SL Liquidity Series, LLC, Money Market Series		—		961,092	(a)		—		18		(1	)		961,109		960,821		9,346	(b)		—
								$	18	$	(1	)	$	10,821,839			$	9,872		$	—

^(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.

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
Enterprise Products Partners LP		80		04/09/21	USD	22.00	USD	176	$	(2,640	)
First Solar, Inc.		75		04/09/21	USD	88.00	USD	655		(16,913	)
Kinder Morgan, Inc.		409		04/09/21	USD	15.50	USD	681		(44,785	)
A O Smith Corp.		269		04/16/21	USD	65.00	USD	1,819		(84,735	)
AES Corp.		390		04/16/21	USD	29.00	USD	1,046		(2,925	)
American Electric Power Co., Inc.		130		04/16/21	USD	80.00	USD	1,101		(63,700	)
American Electric Power Co., Inc.		158		04/16/21	USD	85.00	USD	1,338		(16,195	)
CMS Energy Corp.		319		04/16/21	USD	57.00	USD	1,953		(139,229	)
Dominion Energy, Inc.		318		04/16/21	USD	75.00	USD	2,416		(52,470	)
Duke Energy Corp.		190		04/16/21	USD	92.50	USD	1,834		(81,700	)
Eaton Corp. PLC		74		04/16/21	USD	135.00	USD	1,023		(36,260	)
Edison International		438		04/16/21	USD	60.00	USD	2,567		(19,710	)
Enterprise Products Partners LP		250		04/16/21	USD	23.00	USD	551		(3,875	)
Exelon Corp.		130		04/16/21	USD	43.00	USD	569		(15,600	)
FirstEnergy Corp.		151		04/16/21	USD	33.00	USD	524		(26,048	)
FirstEnergy Corp.		477		04/16/21	USD	36.00	USD	1,655		(8,348	)
Kinder Morgan, Inc.		408		04/16/21	USD	16.00	USD	679		(32,232	)
Maxim Integrated Products, Inc.		90		04/16/21	USD	95.00	USD	822		(11,925	)
NextEra Energy, Inc.		1,177		04/16/21	USD	77.50	USD	8,899		(88,275	)
NextEra Energy, Inc.		526		04/16/21	USD	81.81	USD	3,977		(6,357	)
PPL Corp.		357		04/16/21	USD	29.00	USD	1,030		(12,495	)
Public Service Enterprise Group, Inc.		435		04/16/21	USD	60.00	USD	2,619		(44,587	)
Quanta Services, Inc.		107		04/16/21	USD	78.00	USD	941		(108,050	)
Rogers Corp.		74		04/16/21	USD	190.00	USD	1,393		(43,290	)
Sempra Energy		76		04/16/21	USD	130.00	USD	1,008		(30,020	)
Trane Technologies PLC		145		04/16/21	USD	155.00	USD	2,401		(170,375	)
Waste Connections, Inc.		112		04/16/21	USD	105.00	USD	1,209		(32,480	)
Waste Management, Inc.		181		04/16/21	USD	115.00	USD	2,335		(256,115	)
Williams Cos., Inc.		415		04/16/21	USD	24.00	USD	983		(17,223	)
Xcel Energy, Inc.		138		04/16/21	USD	63.00	USD	918		(50,053	)
Eaton Corp. PLC		103		04/23/21	USD	140.00	USD	1,424		(26,780	)
Enterprise Products Partners LP		40		04/23/21	USD	24.00	USD	88		(340	)
Johnson Controls International PLC		155		04/23/21	USD	63.00	USD	925		(8,138	)
Johnson Controls International PLC		235		04/23/21	USD	62.00	USD	1,402		(14,100	)
Williams Cos., Inc.		415		04/23/21	USD	24.00	USD	983		(20,750	)
Public Service Enterprise Group, Inc.		233		04/28/21	USD	59.56	USD	1,403		(38,971	)
Enterprise Products Partners LP		402		04/30/21	USD	23.00	USD	885		(12,261	)
Johnson Controls International PLC		391		04/30/21	USD	62.00	USD	2,333		(33,235	)
Kinder Morgan, Inc.		599		04/30/21	USD	16.50	USD	997		(33,844	)
ON Semiconductor Corp.		122		04/30/21	USD	45.00	USD	508		(12,810	)
Kinder Morgan, Inc.		657		05/07/21	USD	17.00	USD	1,094		(27,594	)

2

Schedule of Investments  (unaudited) (continued) March 31, 2021 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)
ON Semiconductor Corp.		275		05/07/21	USD	44.50	USD	1,144		$    (44,687	)
AES Corp.		825		05/21/21	USD	29.00	USD	2,212		(41,250	)
American Electric Power Co., Inc.		119		05/21/21	USD	85.00	USD	1,008		(23,800	)
Dominion Energy, Inc.		270		05/21/21	USD	75.00	USD	2,051		(73,575	)
Duke Energy Corp.		179		05/21/21	USD	92.50	USD	1,728		(90,395	)
Edison International		169		05/21/21	USD	61.00	USD	990		(14,311	)
Exelon Corp.		340		05/21/21	USD	44.00	USD	1,487		(41,650	)
Kinder Morgan, Inc.		426		05/21/21	USD	17.00	USD	709		(20,235	)
Maxim Integrated Products, Inc.		90		05/21/21	USD	95.00	USD	822		(27,225	)
Quanta Services, Inc.		168		05/21/21	USD	95.00	USD	1,478		(32,760	)
Sempra Energy		69		05/21/21	USD	130.00	USD	915		(42,435	)
TC Energy Corp.		455		05/21/21	CAD	60.00	CAD	2,621		(19,732	)
Trane Technologies PLC		113		05/21/21	USD	170.00	USD	1,871		(57,630	)
Waste Connections, Inc.		184		05/21/21	USD	105.00	USD	1,987		(93,840	)
Waste Management, Inc.		173		05/21/21	USD	125.00	USD	2,232		(106,395	)
Williams Cos., Inc.		415		05/21/21	USD	24.00	USD	983		(34,860	)
Williams Cos., Inc.		380		05/21/21	USD	25.00	USD	900		(19,380	)
										$ (2,531,593	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Enel SpA	Credit Suisse International		437,000		04/13/21	EUR	8.14	EUR	3,707		$   (201,038	)
Infineon Technologies AG	UBS AG		20,100		04/13/21	EUR	36.04	EUR	729		(29,808	)
Kingspan Group PLC	Barclays Bank PLC		39,500		04/13/21	EUR	61.71	EUR	2,850		(483,186	)
Vinci SA	UBS AG		24,800		04/13/21	EUR	90.36	EUR	2,166		(21,562	)
EDP Renovaveis SA	Morgan Stanley & Co. International PLC		81,900		04/14/21	EUR	18.15	EUR	1,491		(69,997	)
Neoenergia SA	Credit Suisse International		250,000		04/14/21	USD	16.04	USD	4,163		(33,858	)
Schneider Electric SE	Morgan Stanley & Co. International PLC		17,100		04/14/21	EUR	127.34	EUR	2,221		(73,707	)
Atlas Copco AB, B Shares	UBS AG		33,700		04/15/21	SEK	429.72	SEK	15,339		(103,499	)
Hexagon AB, B Shares	Goldman Sachs + Co Llc		7,600		04/15/21	SEK	745.15	SEK	6,127		(54,573	)
Iberdrola SA	Credit Suisse International		248,900		04/15/21	EUR	10.50	EUR	2,739		(159,257	)
Linde PLC	Credit Suisse International		4,800		04/15/21	EUR	211.34	EUR	1,148		(156,962	)
RWE AG	Credit Suisse International		51,100		04/15/21	EUR	32.17	EUR	1,710		(93,157	)
Sika AG, Registered Shares	UBS AG		3,400		04/15/21	CHF	254.24	CHF	919		(61,575	)
EDP Renovaveis SA	Credit Suisse International		61,300		04/20/21	EUR	18.12	EUR	1,116		(63,355	)
Atlas Copco AB, B Shares	Morgan Stanley & Co. International PLC		32,300		04/21/21	SEK	430.97	SEK	14,702		(100,953	)
Enel SpA	Credit Suisse International		276,700		04/21/21	EUR	8.11	EUR	2,347		(140,367	)
Iberdrola SA	Credit Suisse International		242,700		04/21/21	EUR	10.72	EUR	2,671		(116,596	)
Infineon Technologies AG	Goldman Sachs + Co Llc		16,800		04/21/21	EUR	36.14	EUR	610		(29,043	)
RWE AG	Goldman Sachs + Co Llc		40,500		04/21/21	EUR	32.16	EUR	1,355		(79,151	)
Samsung SDI Co. Ltd.	Jpmorgan Chase Bank, N.a.		1,200		04/21/21	USD	726,964.13	USD	798,593		(7,817	)
Vestas Wind Systems A/S	Barclays Bank PLC		16,000		04/21/21	DKK	1,201.53	DKK	20,936		(303,603	)
Neoenergia SA	Credit Suisse International		250,000		04/22/21	USD	16.04	USD	4,163		(37,570	)
Exelon Corp.	Barclays Bank PLC		2,000		04/26/21	USD	42.18	USD	87		(3,928	)
LG Chem Ltd.	Morgan Stanley & Co. International PLC		1,000		04/27/21	USD	914,807.65	USD	809,906		(8,719	)
Linde PLC	Credit Suisse International		4,700		04/27/21	EUR	229.39	EUR	1,124		(66,785	)
Atlas Copco AB, B Shares	Credit Suisse International		25,300		04/29/21	SEK	442.78	SEK	11,516		(51,843	)
EDP - Energias de Portugal SA	Credit Suisse International		260,600		04/29/21	EUR	5.01	EUR	1,269		(28,937	)
RWE AG	Morgan Stanley & Co. International PLC		41,400		04/29/21	EUR	33.62	EUR	1,385		(33,393	)
Schneider Electric SA	Credit Suisse International		9,500		04/29/21	EUR	132.25	EUR	1,234		(21,747	)
TC Energy Corp.	Credit Suisse International		40,600		04/29/21	CAD	58.57	CAD	2,339		(21,849	)
Air Liquide SA	UBS AG		12,400		05/04/21	EUR	137.38	EUR	1,726		(58,896	)
EDP Renovaveis SA	Credit Suisse International		34,500		05/04/21	EUR	18.56	EUR	628		(37,076	)
Enel SpA	Goldman Sachs International		258,000		05/04/21	EUR	8.35	EUR	2,188		(95,050	)
National Grid PLC	Credit Suisse International		218,000		05/04/21	GBP	8.73	GBP	1,877		(45,234	)
Sika AG, Registered Shares	UBS AG		2,600		05/04/21	CHF	271.82	CHF	703		(15,804	)
EDP - Energias de Portugal SA	Credit Suisse International		170,000		05/06/21	EUR	4.92	EUR	828		(28,574	)

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) March 31, 2021 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)
National Grid PLC	Credit Suisse International		124,400		05/06/21	GBP	8.78	GBP	1,071		$     (22,453)
PPL Corp.	Credit Suisse International		47,200		05/06/21	USD	28.57	USD	1,361		(42,387)
Xcel Energy, Inc.	Barclays Bank PLC		12,500		05/06/21	USD	64.16	USD	831		(38,125)
Xinjiang Goldwind Science & Technology Co. Ltd.,Class H	Goldman Sachs + Co Llc		400,000		05/06/21	HKD	15.71	HKD	5,900		(41,314)
Hexagon AB, B Shares	Credit Suisse International		10,800		05/11/21	SEK	787.48	SEK	8,707		(42,477)
Vinci SA	Morgan Stanley & Co. International PLC		18,100		05/11/21	EUR	94.27	EUR	1,581		(12,569)
Xinjiang Goldwind Science & Technology Co.
Ltd.,Class H	JPMorgan Chase Bank N.A.		425,000		05/13/21	HKD	15.31	HKD	6,269		(58,997)
CMS Energy Corp.	Credit Suisse International		25,100		05/21/21	USD	58.84	USD	1,537		(74,880)
											$ (3,271,671)

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); and

• 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.

Certain investments of the Trust were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

The following table summarizes the Trust’s investments categorized in the fair value 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	$	30,740,357	$	9,565,205	$	—	$	40,305,562
Chemicals		—		20,206,354		—		20,206,354
Commercial Services & Supplies		22,252,234		—		—		22,252,234
Construction & Engineering		6,924,906		12,556,909		—		19,481,815
Electric Utilities		95,415,742		53,075,627		—		148,491,369
Electrical Equipment		7,009,413		35,111,595		—		42,121,008
Electronic Equipment, Instruments & Components		3,998,710		6,775,716		—		10,774,426
Independent Power and Renewable Electricity Producers		9,312,186		18,172,507		—		27,484,693
Machinery		—		13,602,648		—		13,602,648
Multi-Utilities		39,771,126		27,441,284		—		67,212,410
Oil, Gas & Consumable Fuels		39,045,205		—		—		39,045,205
Semiconductors & Semiconductor Equipment		14,461,250		4,833,405		—		19,294,655

4

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Short-Term Securities
Money Market Funds	$	9,860,730		$	—		$	—	$	9,860,730
	$	278,791,859		$	201,341,250		$	—		480,133,109
Investments Valued at NAV(a)										961,109
									$	481,094,218
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(2,174,622	)	$	(3,628,642	)	$	—	$	(5,803,264	)

^(a)  Certain investments of the Trust were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

Currency Abbreviation

CAD	Canadian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
SEK	Swedish Krona
USD	United States Dollar
Portfolio Abbreviation
LP	Limited Partnership

SCHEDULE OF INVESTMENTS 5