BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) NPORT-P BlackRock Utilities, Infrastructure & Power Opportunities Trust (Mar 2022 report)

Schedule of Investments (unaudited)  March 31, 2022 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Building Products — 6.3%
Johnson Controls International PLC(a)		239,609	$	15,711,162
Kingspan Group PLC		91,215		8,915,970
Trane Technologies PLC(a)		65,850		10,055,295
				34,682,427
Chemicals — 4.7%
Air Liquide SA		40,467		7,079,449
LG Chem Ltd.		9,800		4,282,271
Linde PLC(b)		24,178		7,715,011
Sika AG, Registered Shares		19,690		6,514,508
				25,591,239
Commercial Services & Supplies(a) — 5.6%
Waste Connections, Inc.		93,600		13,075,920
Waste Management, Inc.		112,950		17,902,575
				30,978,495
Construction & Engineering — 2.7%
Quanta Services, Inc.(a)		41,160		5,417,068
Vinci SA		89,200		9,113,796
				14,530,864
Electric Utilities — 28.1%
American Electric Power Co., Inc.(a)		166,900		16,651,613
Duke Energy Corp.(a)		125,368		13,998,591
Edison International(a)		62,550		4,384,755
EDP - Energias de Portugal SA		1,747,750		8,602,223
Enel SpA		4,101,525		27,384,855
Exelon Corp.(a)		161,558		7,695,008
FirstEnergy Corp.(a)		185,750		8,518,495
Iberdrola SA		944,175		10,319,803
Neoenergia SA		1,250,200		4,521,785
NextEra Energy, Inc.(a)(c)		543,980		46,080,546
Xcel Energy, Inc.(a)		88,990		6,422,408
				154,580,082
Electrical Equipment — 9.5%
Ballard Power Systems, Inc.(a)(b)		229,763		2,674,441
Eaton Corp. PLC(a)		43,040		6,531,751
Prysmian SpA		199,700		6,777,055
Schneider Electric SE		76,182		12,790,221
Shoals Technologies Group, Inc., Class A(a)(b)		137,829		2,348,606
Sunrun, Inc.(a)(b)		89,000		2,702,930
Vertiv Holdings Co.(a)		223,050		3,122,700
Vestas Wind Systems A/S		408,021		11,969,214
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,274,400		3,406,151
				52,323,069
Electronic Equipment, Instruments & Components — 1.7%
Hexagon AB, B Shares		300,800		4,214,448
Samsung SDI Co. Ltd.		10,700		5,207,579
				9,422,027
Independent Power and Renewable Electricity Producers — 7.2%
AES Corp.(a)		418,140		10,758,742
China Longyuan Power Group Corp. Ltd., Class H		3,129,000		7,033,193
EDP Renovaveis SA		450,792		11,590,191
ReNew Energy Global PLC(b)		506,500		4,163,430
Scatec ASA(d)		212,950		3,224,348
Sunnova Energy International, Inc.(a)(b)		116,700		2,691,102
				39,461,006

Security	Shares		Value
Machinery — 4.4%
Atlas Copco AB, B Shares		273,700	$	12,412,162
Ingersoll Rand, Inc.(a)		230,550		11,608,193
				24,020,355
Multi-Utilities — 17.7%
CenterPoint Energy, Inc.(a)		103,500		3,171,240
CMS Energy Corp.(a)		151,160		10,572,130
Dominion Energy, Inc.(a)(c)		183,848		15,621,565
National Grid PLC		928,474		14,268,980
Public Service Enterprise Group, Inc.(a)		186,042		13,022,940
Rwe AG		530,700		23,108,002
Sempra Energy(a)		103,850		17,459,262
				97,224,119
Oil, Gas & Consumable Fuels — 9.2%
Cheniere Energy, Inc.(a)		59,450		8,242,742
Enterprise Products Partners LP(a)		266,963		6,890,315
TC Energy Corp.		335,000		18,894,413
Williams Cos., Inc.(a)		499,055		16,673,428
				50,700,898
Semiconductors & Semiconductor Equipment — 3.0%
Analog Devices, Inc.(a)		16,674		2,754,211
Canadian Solar, Inc.(b)		82,140		2,904,471
First Solar, Inc.(a)(b)		32,984		2,762,080
Infineon Technologies AG		114,700		3,880,301
ON Semiconductor Corp.(a)(b)		63,580		3,980,744
				16,281,807
Total Long-Term Investments — 100.1% (Cost: $373,728,060)				549,796,388
Short-Term Securities
Money Market Funds — 1.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21%(e)(f)		7,103,763		7,103,763
Total Short-Term Securities — 1.3% (Cost: $7,103,763)				7,103,763
Total Investments Before Options Written — 101.4% (Cost: $380,831,823)				556,900,151
Options Written — (1.5)%
(Premiums Received: $(4,804,627))				(8,113,011	)
Total Investments, Net of Options Written — 99.9% (Cost: $376,027,196)				548,787,140
Other Assets Less Liabilities — 0.1%				496,787
Net Assets — 100.0%			$	549,283,927

^(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)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)  Affiliate of the Trust.

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

1

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	7,380,748	$	—	$	(276,985	)(a)	$	—	$	—	$	7,103,763		7,103,763	$	860	$	—

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

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
Johnson Controls International PLC		379		04/01/22	USD	69.00	USD	2,485	$	(3,790)
Johnson Controls International PLC		379		04/08/22	USD	66.00	USD	2,485		(28,425	)
ON Semiconductor Corp.		78		04/08/22	USD	70.00	USD	488		(975	)
Williams Cos., Inc.		746		04/08/22	USD	31.00	USD	2,492		(188,365	)
CenterPoint Energy, Inc.		181		04/14/22	USD	31.00	USD	555		(5,430	)
Cheniere Energy, Inc.		104		04/14/22	USD	140.00	USD	1,442		(36,400	)
Dominion Energy, Inc.		292		04/14/22	USD	80.00	USD	2,481		(151,840	)
Duke Energy Corp.		241		04/14/22	USD	105.00	USD	2,691		(163,880	)
Eaton Corp. PLC		45		04/14/22	USD	155.00	USD	683		(6,300	)
Enterprise Products Partners LP		344		04/14/22	USD	25.00	USD	888		(33,368	)
Exelon Corp.		533		04/14/22	USD	42.00	USD	2,539		(301,145	)
First Solar, Inc.		60		04/14/22	USD	75.00	USD	502		(57,000	)
FirstEnergy Corp.		335		04/14/22	USD	43.00	USD	1,536		(99,662	)
Ingersoll Rand, Inc.		150		04/14/22	USD	50.00	USD	755		(20,625	)
NextEra Energy, Inc.		487		04/14/22	USD	78.25	USD	4,125		(333,355	)
NextEra Energy, Inc.		929		04/14/22	USD	85.00	USD	7,870		(123,092	)
Public Service Enterprise Group, Inc.		232		04/14/22	USD	64.78	USD	1,624		(120,712	)
Quanta Services, Inc.		71		04/14/22	USD	105.20	USD	934		(189,279	)
Shoals Technologies Group, Inc., Class A		532		04/14/22	USD	20.00	USD	907		(10,640	)
Sunnova Energy International, Inc.		258		04/14/22	USD	20.00	USD	595		(89,010	)
Vertiv Holdings Co.		174		04/14/22	USD	12.50	USD	244		(27,405	)
Waste Connections, Inc.		181		04/14/22	USD	126.25	USD	2,529		(252,968	)
Williams Cos., Inc.		634		04/14/22	USD	32.00	USD	2,118		(104,610	)
Xcel Energy, Inc.		148		04/14/22	USD	67.86	USD	1,068		(64,624	)
Analog Devices, Inc.		48		04/22/22	USD	170.00	USD	793		(13,560	)
Enterprise Products Partners LP		325		04/22/22	USD	25.50	USD	839		(22,425	)
ON Semiconductor Corp.		144		04/22/22	USD	67.00	USD	902		(17,280	)
FirstEnergy Corp.		315		04/28/22	USD	44.00	USD	1,445		(67,357	)
Analog Devices, Inc.		10		04/29/22	USD	160.00	USD	165		(9,150	)
Eaton Corporation PLC		105		04/29/22	USD	160.00	USD	1,593		(16,275	)
Enterprise Products Partners LP		265		04/29/22	USD	25.00	USD	684		(30,475	)
Waste Management, Inc.		192		04/29/22	USD	155.00	USD	3,043		(114,240	)
Williams Cos., Inc.		16		04/29/22	USD	33.00	USD	53		(1,960	)
AES Corp.		1,463		05/20/22	USD	24.00	USD	3,764		(318,202	)
American Electric Power Co., Inc.		319		05/20/22	USD	95.00	USD	3,183		(188,210	)
Ballard Power Systems, Inc.		804		05/20/22	USD	12.00	USD	936		(86,430	)
CenterPoint Energy, Inc.		181		05/20/22	USD	31.00	USD	555		(13,123	)
Cheniere Energy, Inc.		52		05/20/22	USD	140.00	USD	721		(37,440	)
CMS Energy Corp.		529		05/20/22	USD	65.00	USD	3,700		(293,595	)
Dominion Energy, Inc.		351		05/20/22	USD	85.00	USD	2,982		(86,873	)

S C H E D U L E   O F   I N V E S T M E N  T S 2

Schedule of Investments (unaudited) (continued) March 31, 2022 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)
Duke Energy Corp.		197		05/20/22	USD	108.04	USD	2,200	$	(96,137	)
Edison International		218		05/20/22	USD	70.00	USD	1,528		(47,415	)
First Solar, Inc.		55		05/20/22	USD	80.00	USD	461		(44,138	)
Ingersoll Rand, Inc.		560		05/20/22	USD	55.00	USD	2,820		(46,200	)
NextEra Energy, Inc.		487		05/20/22	USD	87.50	USD	4,125		(85,225	)
Quanta Services, Inc.		54		05/20/22	USD	125.00	USD	711		(58,860	)
Sempra Energy		203		05/20/22	USD	155.50	USD	3,413		(287,466	)
Sempra Energy		149		05/20/22	USD	157.59	USD	2,505		(189,265	)
Sunnova Energy International, Inc.		150		05/20/22	USD	25.00	USD	346		(28,125	)
Sunrun, Inc.		150		05/20/22	USD	40.00	USD	456		(12,825	)
TC Energy Corp.		494		05/20/22	CAD	70.00	CAD	3,483		(98,591	)
Trane Technologies PLC		230		05/20/22	USD	165.00	USD	3,512		(47,150	)
Vertiv Holdings Co.		303		05/20/22	USD	15.00	USD	424		(21,968	)
Waste Connections, Inc.		115		05/20/22	USD	140.00	USD	1,607		(51,175	)
Waste Management, Inc.		175		05/20/22	USD	160.00	USD	2,774		(64,750	)
Williams Cos., Inc.		350		05/20/22	USD	33.00	USD	1,169		(52,500	)
American Electric Power Co., Inc.		225		06/17/22	USD	96.20	USD	2,245		(120,450	)
Cheniere Energy, Inc.		52		06/17/22	USD	140.00	USD	721		(46,800	)
Public Service Enterprise Group, Inc.		419		06/17/22	USD	70.00	USD	2,933		(94,275	)
TC Energy Corp.		678		06/17/22	CAD	74.00	CAD	4,781		(68,063	)
									$	(5,290,873	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)		Value
Call
Air Liquide SA	UBS AG		14,100		04/01/22	EUR		158.72	EUR	2,241	$	(11,655	)
Atlas Copco AB, B Shares	Goldman Sachs International		57,500		04/01/22	SEK		491.17	SEK	24,696		—
EDP - Energias de Portugal SA	Credit Suisse International		211,700		04/01/22	EUR		4.59	EUR	945		(1,584	)
EDP Renovaveis SA	UBS AG		42,200		04/01/22	EUR	��	19.69	EUR	985		(165,657	)
Schneider Electric SE	Goldman Sachs International		9,300		04/01/22	EUR		157.08	EUR	1,415		(711	)
Neoenergia SA	Citibank N.A.		124,500		04/06/22	USD		16.41	USD	2,144		(22,298	)
Vertiv Holdings Co.	Goldman Sachs International		22,200		04/06/22	USD		22.95	USD	311		—
EDP Renovaveis SA	Credit Suisse International		81,000		04/07/22	EUR		18.91	EUR	1,891		(388,356	)
Enel SpA	Credit Suisse International		506,100		04/07/22	EUR		6.17	EUR	3,071		(25,483	)
Iberdrola SA	Credit Suisse International		240,100		04/07/22	EUR		9.21	EUR	2,382		(179,326	)
Infineon Technologies AG	Credit Suisse International		17,000		04/07/22	EUR		29.99	EUR	527		(21,828	)
Neoenergia SA	Citibank N.A.		124,500		04/12/22	USD		16.41	USD	2,144		(23,839	)
Sunrun, Inc.	Citibank N.A.		16,100		04/12/22	USD		26.22	USD	489		(73,340	)
Hexagon AB, B Shares	Morgan Stanley & Co. International PLC		7,000		04/19/22	SEK		128.07	SEK	929		(4,145	)
Kingspan Group PLC	Morgan Stanley & Co. International PLC		33,000		04/19/22	EUR		87.67	EUR	2,938		(131,062	)
Prysmian SpA	Credit Suisse International		68,700		04/19/22	EUR		27.63	EUR	2,127		(231,790	)
Vinci SA	Goldman Sachs International		26,800		04/19/22	EUR		94.70	EUR	2,492		(39,411	)
Samsung SDI Co. Ltd.	JPMorgan Chase Bank N.A.		3,700		04/20/22	USD		581,319.65	USD	2,205,200		(95,714	)
Schneider Electric SE	Goldman Sachs International		17,300		04/21/22	EUR		143.91	EUR	2,632		(186,636	)
Xcel Energy, Inc.	Bank of America N.A.		15,900		04/26/22	USD		70.73	USD	1,148		(34,885	)
Atlas Copco AB, B Shares	Morgan Stanley & Co. International PLC		38,200		04/27/22	SEK		444.49	SEK	16,407		(45,700	)
Enel SpA	Credit Suisse International		344,800		04/27/22	EUR		5.93	EUR	2,092		(96,395	)
Iberdrola SA	Credit Suisse International		90,400		04/27/22	EUR		10.11	EUR	897		(19,368	)
Infineon Technologies AG	Goldman Sachs International		23,100		04/27/22	EUR		29.53	EUR	716		(52,581	)
Rwe AG	Credit Suisse International		50,400		04/27/22	EUR		39.47	EUR	1,992		(70,674	)
EDP - Energias de Portugal SA	Goldman Sachs International		400,000		05/04/22	EUR		4.43	EUR	1,786		(45,729	)
Linde PLC	Morgan Stanley & Co. International PLC		3,800		05/04/22	EUR		290.77	EUR	1,104		(31,805	)
National Grid PLC	Morgan Stanley & Co. International PLC		129,400		05/04/22	GBP		11.42	GBP	1,517		(67,289	)
Rwe AG	Morgan Stanley & Co. International PLC		94,300		05/04/22	EUR		39.20	EUR	3,728		(160,913	)
Sika AG, Registered Shares	Royal Bank of Canada		4,200		05/04/22	CHF		314.18	CHF	1,291		(31,582	)
Xinjiang Goldwind Science & Technology Co. Ltd., Class H	JPMorgan Chase Bank N.A.		400,000		05/04/22	HKD		12.33	HKD	4,728		(27,369	)
EDP Renovaveis SA	Morgan Stanley & Co. International PLC		34,500		05/05/22	EUR		23.84	EUR	805		(38,183	)

3

Schedule of Investments (unaudited) (continued) March 31, 2022 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)
Enel SpA	UBS AG		381,800		05/05/22	EUR	6.06	EUR	2,317	$	(83,906)
National Grid PLC	Morgan Stanley & Co. International PLC		195,600		05/11/22	GBP	11.42	GBP	2,293		(116,906	)
Sika AG, Registered Shares	Morgan Stanley & Co. International PLC		2,600		05/11/22	CHF	312.69	CHF	799		(19,433	)
Xinjiang Goldwind Science & Technology Co. Ltd., Class H	JPMorgan Chase Bank N.A.		396,000		05/11/22	HKD	13.00	HKD	4,681		(19,838	)
LG Chem Ltd.	JPMorgan Chase Bank N.A.		3,400		05/13/22	USD	561,627.71	USD	1,808,800		(62,831	)
Linde PLC	Morgan Stanley & Co. International PLC		4,700		05/13/22	EUR	300.66	EUR	1,365		(22,537	)
Neoenergia SA	Morgan Stanley & Co. International PLC		188,600		05/13/22	USD	18.14	USD	3,248		(9,100	)
Rwe AG	Credit Suisse International		41,000		05/13/22	EUR	39.51	EUR	1,621		(58,122	)
Scatec ASA	Credit Suisse International		74,500		05/13/22	NOK	135.30	NOK	10,013		(56,305	)
Hexagon AB, B Shares	Morgan Stanley & Co. International PLC		53,500		05/18/22	SEK	135.81	SEK	7,102		(20,503	)
Hexagon AB, B Shares	Morgan Stanley & Co. International PLC		44,800		05/24/22	SEK	136.47	SEK	5,947		(19,033	)
Vinci SA	Goldman Sachs International		4,500		05/24/22	EUR	95.94	EUR	418		(8,316	)
										$	(2,822,138	)

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.

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	$	25,766,457	$	8,915,970	$	—	$	34,682,427
Chemicals		—		25,591,239		—		25,591,239
Commercial Services & Supplies		30,978,495		—		—		30,978,495
Construction & Engineering		5,417,068		9,113,796		—		14,530,864
Electric Utilities		108,273,201		46,306,881		—		154,580,082
Electrical Equipment		17,380,428		34,942,641		—		52,323,069
Electronic Equipment, Instruments & Components		—		9,422,027		—		9,422,027
Independent Power and Renewable Electricity Producers		17,613,274		21,847,732		—		39,461,006
Machinery		11,608,193		12,412,162		—		24,020,355
Multi-Utilities		59,847,137		37,376,982		—		97,224,119
Oil, Gas & Consumable Fuels		50,700,898		—		—		50,700,898
Semiconductors & Semiconductor Equipment		12,401,506		3,880,301		—		16,281,807

S C H E D U L E   O F   I N V E S T M E N  T S 4

Schedule of Investments (unaudited) (continued) March 31, 2022 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	$	7,103,763		$	—	$	—	$	7,103,763
	$	347,090,420		$	209,809,731	$	—	$	556,900,151
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(3,569,260	)	$	(4,543,751)	$	—	$	(8,113,011	)

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

Currency Abbreviation

CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
NOK	Norwegian Krone
SEK	Swedish Krona
USD	United States Dollar

Portfolio Abbreviation

LP Limited Partnership

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