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September 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
September 30, 2025
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Air Freight & Logistics — 0.6%
DSV A/S
 
18,548
$ 3,705,344
Building Products — 8.4%
Cie de Saint-Gobain SA
 
124,958
13,539,400
Kingspan Group PLC
 
124,980
10,449,699
Owens Corning
 
65,876
9,318,819
Trane Technologies PLC
 
38,715
16,336,181
 
 
49,644,099
Chemicals — 3.3%
Air Liquide SA
 
42,889
8,936,210
Linde PLC
 
21,674
10,295,150
 
 
19,231,360
Commercial Services & Supplies — 3.8%
Republic Services, Inc.
 
53,161
12,199,386
Waste Connections, Inc.
 
57,886
10,176,359
 
 
22,375,745
Construction & Engineering — 4.3%
Quanta Services, Inc.
 
26,538
10,997,878
Vinci SA
 
105,246
14,626,246
 
 
25,624,124
Construction Materials — 0.7%
Heidelberg Materials AG
 
19,266
4,354,998
Electric Utilities — 28.0%
American Electric Power Co., Inc.(a)
 
134,438
15,124,275
Constellation Energy Corp.(b)
 
52,718
17,347,912
Duke Energy Corp.(a)
 
133,830
16,561,462
Elia Group SA/NV
 
96,521
11,151,174
Enel SpA
 
1,808,777
17,140,948
Entergy Corp.
 
120,124
11,194,356
FirstEnergy Corp.
 
165,824
7,598,056
NextEra Energy, Inc.(a)(b)
 
396,738
29,949,752
PG&E Corp.
 
681,368
10,275,029
Southern Co.
 
184,704
17,504,398
SSE PLC
 
522,371
12,252,572
 
 
166,099,934
Electrical Equipment — 16.2%
GE Vernova, Inc.
 
29,496
18,137,090
Hubbell, Inc.
 
10,452
4,497,600
Nexans SA
 
69,056
10,283,383
NEXTracker, Inc., Class A(b)(c)
 
135,654
10,037,039
Prysmian SpA
 
89,285
8,885,780
Schneider Electric SE
 
26,941
7,583,145
Siemens Energy AG(c)
 
160,982
18,928,122
Vertiv Holdings Co., Class A
 
51,686
7,797,350
Vestas Wind Systems A/S
 
523,263
9,954,145
 
 
96,103,654
Electronic Equipment, Instruments & Components — 1.0%
Hexagon AB, B shares
 
497,418
5,935,764
Ground Transportation — 1.6%
Canadian Pacific Kansas City Ltd.
 
126,296
9,406,180
Security
 
 
Shares
Value
Independent Power and Renewable Electricity Producers — 5.9%
Boralex, Inc., Class A(d)
 
300,656
$ 5,869,673
EDP Renovaveis SA
 
1,028,888
13,598,361
Northland Power, Inc.
 
44,991
753,244
Orron Energy AB(c)
 
3,401,100
1,743,853
Vistra Corp.
 
64,713
12,678,571
 
 
34,643,702
Multi-Utilities — 12.6%
CenterPoint Energy, Inc.
 
307,818
11,943,339
CMS Energy Corp.(a)
 
159,466
11,682,479
Dominion Energy, Inc.
 
178,918
10,944,414
National Grid PLC
 
1,344,358
19,316,622
NiSource, Inc.
 
202,860
8,783,838
Sempra(b)
 
133,446
12,007,471
 
 
74,678,163
Oil, Gas & Consumable Fuels — 9.9%
Cheniere Energy, Inc.(b)
 
65,832
15,469,203
Hess Midstream LP, Class A
 
103,250
3,567,287
Pembina Pipeline Corp.
 
182,548
7,380,884
Targa Resources Corp.
 
69,138
11,583,381
Williams Cos., Inc.(b)
 
320,535
20,305,892
 
 
58,306,647
Semiconductors & Semiconductor Equipment — 1.7%
First Solar, Inc.(b)(c)
 
46,248
10,199,071
Total Long-Term Investments — 98.0%
(Cost: $368,979,513)
580,308,785
Short-Term Securities
Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.26%(e)(f)
 
309,031
309,185
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.01%(e)(f)
 
14,005,907
14,005,907
Total Short-Term Securities — 2.4%
(Cost: $14,315,092)
14,315,092
Total Investments Before Options Written — 100.4%
(Cost: $383,294,605)
594,623,877
Options Written — (0.9)%
(Premiums Received: $(4,712,201))
(5,380,333
)
Total Investments, Net of Options Written — 99.5%
(Cost: $378,582,404)
589,243,544
Other Assets Less Liabilities — 0.5%
3,222,622
Net Assets — 100.0%
$ 592,466,166
 
(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.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
2
Schedule of Investments (unaudited)(continued)
September 30, 2025
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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/25
Shares
Held at
09/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ —
$ 309,738
(a)
$ —
$ (553
)
$ —
$ 309,185
309,031
$ 758
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
13,062,505
943,402
(a)
—
—
—
14,005,907
14,005,907
393,634
—
 
$ (553
)
$ —
$ 14,315,092
$ 394,392
$ —
 
(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 collateral investment fees, 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 
 
 
Cheniere Energy, Inc.
78
10/03/25
USD
245.00
USD
1,833
$ (5,070
)
NextEra Energy, Inc.
325
10/03/25
USD
74.00
USD
2,453
(61,100
)
Cheniere Energy, Inc.
70
10/10/25
USD
245.00
USD
1,645
(9,450
)
Williams Cos., Inc.
216
10/10/25
USD
59.00
USD
1,368
(90,720
)
American Electric Power Co., Inc.
267
10/17/25
USD
115.00
USD
3,004
(18,023
)
Boralex, Inc., Class A
458
10/17/25
CAD
31.00
CAD
1,244
(2,633
)
Boralex, Inc., Class A
765
10/17/25
CAD
28.00
CAD
2,079
(13,193
)
Canadian Pacific Kansas City Ltd.
250
10/17/25
CAD
105.00
CAD
2,591
(19,221
)
Canadian Pacific Kansas City Ltd.
192
10/17/25
CAD
107.00
CAD
1,990
(5,449
)
CenterPoint Energy, Inc.
498
10/17/25
USD
39.00
USD
1,932
(34,291
)
CMS Energy Corp.
279
10/17/25
USD
70.00
USD
2,044
(99,045
)
Constellation Energy Corp.
92
10/17/25
USD
340.00
USD
3,027
(80,040
)
Dominion Energy, Inc.
626
10/17/25
USD
62.50
USD
3,829
(25,040
)
Duke Energy Corp.
290
10/17/25
USD
125.00
USD
3,589
(34,800
)
Entergy Corp.
216
10/17/25
USD
95.00
USD
2,013
(19,980
)
FirstEnergy Corp.
580
10/17/25
USD
44.00
USD
2,658
(126,150
)
Hubbell, Inc.
19
10/17/25
USD
450.00
USD
818
(7,030
)
Linde PLC
28
10/17/25
USD
480.00
USD
1,330
(16,660
)
NextEra Energy, Inc.
432
10/17/25
USD
77.50
USD
3,261
(36,288
)
NiSource, Inc.
454
10/17/25
USD
42.55
USD
1,966
(70,520
)
Owens Corning
125
10/17/25
USD
160.00
USD
1,768
(7,813
)
Quanta Services, Inc.
30
10/17/25
USD
390.00
USD
1,243
(88,200
)
Republic Services, Inc.
96
10/17/25
USD
240.00
USD
2,203
(4,560
)
Southern Co.
260
10/17/25
USD
95.00
USD
2,464
(34,450
)
Targa Resources Corp.
96
10/17/25
USD
180.00
USD
1,608
(11,280
)
Vertiv Holdings Co., Class A
69
10/17/25
USD
140.00
USD
1,041
(97,808
)
Vistra Corp.
140
10/17/25
USD
210.00
USD
2,743
(54,600
)
Williams Cos., Inc.
228
10/17/25
USD
60.00
USD
1,444
(86,640
)
Cheniere Energy, Inc.
82
10/24/25
USD
240.00
USD
1,927
(36,490
)
NextEra Energy, Inc.
631
10/24/25
USD
74.00
USD
4,763
(197,187
)
Pembina Pipeline Corp.
319
10/24/25
CAD
55.00
CAD
1,795
(41,374
)
Vertiv Holdings Co., Class A
111
10/24/25
USD
146.00
USD
1,675
(137,085
)
Constellation Energy Corp.
92
10/31/25
USD
350.00
USD
3,027
(88,320
)
GE Vernova, Inc.
120
10/31/25
USD
670.00
USD
7,379
(205,800
)
Republic Services, Inc.
85
10/31/25
USD
229.97
USD
1,951
(46,692
)
Vistra Corp.
86
10/31/25
USD
215.00
USD
1,685
(45,580
)
Targa Resources Corp.
145
11/04/25
USD
175.00
USD
2,429
(50,244
)
Linde PLC
44
11/07/25
USD
485.00
USD
2,090
(38,078
)
Quanta Services, Inc.
62
11/07/25
USD
400.00
USD
2,569
(185,973
)
Williams Cos., Inc.
677
11/07/25
USD
63.00
USD
4,289
(165,865
)
CenterPoint Energy, Inc.
579
11/21/25
USD
40.00
USD
2,247
(46,320
)
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2025
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)
 
 
Hubbell, Inc.
15
11/21/25
USD
450.00
USD
645
$ (20,250
)
Owens Corning
105
11/21/25
USD
160.00
USD
1,485
(25,463
)
 
 
 
$ (2,490,775
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
CMS Energy Corp.
Goldman Sachs International
27,900
10/01/25
USD
76.35
USD
2,044
$ (1,564
)
EDP Renovaveis SA
BNP Paribas SA
136,400
10/03/25
EUR
9.91
EUR
1,535
(206,247
)
SSE PLC
UBS AG
69,700
10/03/25
GBP
17.82
GBP
1,216
(1,906
)
Vestas Wind Systems A/S
BNP Paribas SA
26,100
10/03/25
DKK
127.00
DKK
3,157
(517
)
Entergy Corp.
Citibank N.A.
20,400
10/07/25
USD
90.19
USD
1,901
(67,561
)
PG&E Corp.
UBS AG
30,800
10/07/25
USD
15.46
USD
464
(4,564
)
EDP Renovaveis SA
Goldman Sachs International
125,000
10/08/25
EUR
10.63
EUR
1,407
(88,653
)
SSE PLC
Barclays Bank PLC
85,000
10/08/25
GBP
18.01
GBP
1,482
(4,742
)
Cie de Saint-Gobain SA
UBS AG
25,500
10/09/25
EUR
101.34
EUR
2,353
(1,000
)
DSV A/S
Goldman Sachs International
3,400
10/09/25
DKK
1,549.76
DKK
4,319
—
Nexans SA
Goldman Sachs International
6,200
10/09/25
EUR
136.68
EUR
786
(709
)
Prysmian SpA
Goldman Sachs International
5,100
10/09/25
EUR
76.14
EUR
432
(48,774
)
Siemens Energy AG
Bank of America N.A.
28,300
10/09/25
EUR
101.43
EUR
2,834
(50,566
)
Nexans SA
Goldman Sachs International
6,200
10/14/25
EUR
133.41
EUR
786
(4,771
)
Siemens Energy AG
Goldman Sachs International
26,100
10/14/25
EUR
99.29
EUR
2,614
(93,057
)
Vestas Wind Systems A/S
UBS AG
74,900
10/14/25
DKK
131.56
DKK
9,059
(7,563
)
EDP Renovaveis SA
Bank of America N.A.
160,000
10/22/25
EUR
10.17
EUR
1,801
(203,787
)
Pembina Pipeline Corp.
Goldman Sachs International
31,900
10/22/25
CAD
52.25
CAD
1,795
(103,242
)
Sempra
Barclays Bank PLC
33,400
10/22/25
USD
82.44
USD
3,005
(271,133
)
Air Liquide SA
Bank of America N.A.
13,300
10/28/25
EUR
178.05
EUR
2,360
(38,273
)
Elia Group SA/NV
Goldman Sachs International
12,500
10/28/25
EUR
96.68
EUR
1,230
(54,414
)
Enel SpA
BNP Paribas SA
604,900
10/28/25
EUR
7.96
EUR
4,883
(135,055
)
Hexagon AB, Class B, Class B
BNP Paribas SA
53,400
10/28/25
SEK
110.48
SEK
5,999
(24,349
)
National Grid PLC
Bank of America N.A.
198,400
10/28/25
GBP
10.57
GBP
2,120
(81,166
)
Schneider Electric SE
Goldman Sachs International
6,000
10/28/25
EUR
238.84
EUR
1,438
(48,777
)
SSE PLC
BNP Paribas SA
24,400
10/28/25
GBP
16.94
GBP
426
(24,573
)
PG&E Corp.
Bank of America N.A.
116,600
10/31/25
USD
15.55
USD
1,758
(54,249
)
Air Liquide SA
Bank of America N.A.
1,000
11/04/25
EUR
178.45
EUR
177
(3,222
)
American Electric Power Co., Inc.
Goldman Sachs International
19,500
11/04/25
USD
109.69
USD
2,194
(143,720
)
Cie de Saint-Gobain SA
Goldman Sachs International
25,700
11/04/25
EUR
97.59
EUR
2,372
(38,291
)
Elia Group SA/NV
Barclays Bank PLC
12,500
11/04/25
EUR
99.75
EUR
1,230
(35,443
)
Elia Group SA/NV
Citibank N.A.
4,100
11/04/25
EUR
97.92
EUR
403
(15,599
)
Enel SpA
Barclays Bank PLC
71,700
11/04/25
EUR
8.04
EUR
579
(12,821
)
Hexagon AB, Class B, Class B
Morgan Stanley & Co. International PLC
67,000
11/04/25
SEK
120.05
SEK
7,527
(6,960
)
Kingspan Group PLC
Bank of America N.A.
27,300
11/04/25
EUR
68.73
EUR
1,944
(120,377
)
National Grid PLC
Morgan Stanley & Co. International PLC
106,200
11/04/25
GBP
10.65
GBP
1,135
(41,712
)
Prysmian SpA
Goldman Sachs International
33,300
11/04/25
EUR
86.16
EUR
2,823
(90,962
)
Vinci SA
Bank of America N.A.
35,500
11/04/25
EUR
120.23
EUR
4,202
(72,966
)
DSV A/S
Morgan Stanley & Co. International PLC
3,100
11/05/25
DKK
1,335.67
DKK
3,937
(10,240
)
Duke Energy Corp.
Barclays Bank PLC
17,000
11/05/25
USD
123.22
USD
2,104
(104,419
)
Heidelberg Materials AG
Bank of America N.A.
6,500
11/05/25
EUR
192.66
EUR
1,251
(60,418
)
Nexans SA
Bank of America N.A.
10,700
11/05/25
EUR
133.62
EUR
1,357
(30,347
)
Schneider Electric SE
Bank of America N.A.
3,500
11/05/25
EUR
237.98
EUR
839
(34,914
)
Kingspan Group PLC
Morgan Stanley & Co. International PLC
14,600
11/07/25
EUR
72.79
EUR
1,040
(28,948
)
National Grid PLC
Bank of America N.A.
52,100
11/07/25
GBP
10.83
GBP
557
(15,317
)
NiSource, Inc.
Barclays Bank PLC
25,600
11/07/25
USD
41.05
USD
1,108
(70,240
)
PG&E Corp.
Morgan Stanley & Co. International PLC
77,500
11/07/25
USD
15.50
USD
1,169
(44,673
)
Southern Co.
Citibank N.A.
37,700
11/07/25
USD
96.05
USD
3,573
(63,992
)
Trane Technologies PLC
Barclays Bank PLC
12,800
11/07/25
USD
428.36
USD
5,401
(166,305
)
Vestas Wind Systems A/S
Bank of America N.A.
82,100
11/07/25
DKK
126.88
DKK
9,930
(56,460
)
 
 
 
 
 
 
$ (2,889,558
)
4
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
 
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 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 that may not have a secondary market and/or may have 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 
Air Freight & Logistics
$ —
$ 3,705,344
$ —
$ 3,705,344
Building Products
25,655,000
23,989,099
—
49,644,099
Chemicals
10,295,150
8,936,210
—
19,231,360
Commercial Services & Supplies
22,375,745
—
—
22,375,745
Construction & Engineering
10,997,878
14,626,246
—
25,624,124
Construction Materials
—
4,354,998
—
4,354,998
Electric Utilities
125,555,240
40,544,694
—
166,099,934
Electrical Equipment
40,469,079
55,634,575
—
96,103,654
Electronic Equipment, Instruments & Components
—
5,935,764
—
5,935,764
Ground Transportation
9,406,180
—
—
9,406,180
Independent Power and Renewable Electricity Producers
19,301,488
15,342,214
—
34,643,702
Multi-Utilities
55,361,541
19,316,622
—
74,678,163
Oil, Gas & Consumable Fuels
58,306,647
—
—
58,306,647
Semiconductors & Semiconductor Equipment
10,199,071
—
—
10,199,071
Short-Term Securities 
Money Market Funds
14,315,092
—
—
14,315,092
 
$402,238,111
$192,385,766
$—
$594,623,877
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (2,064,977
)
$ (3,315,356
)
$ —
$ (5,380,333
)
 
(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
SEK
Swedish Krona
USD
United States Dollar
Schedule of Investments
5