Please wait
March 31, 2026 
2026 Quarterly Report
(Unaudited)
 
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
March 31, 2026
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Building Products — 1.8%
Kingspan Group PLC
 
90,346
$ 7,725,477
Trane Technologies PLC
 
10,479
4,367,018
 
 
12,092,495
Chemicals — 4.1%
5N Plus, Inc.(a)(b)
 
156,724
3,569,130
Air Liquide SA
 
50,523
10,443,028
Linde PLC
 
26,722
13,247,699
 
 
27,259,857
Commercial Services & Supplies — 1.2%
Republic Services, Inc., Class A
 
21,599
4,730,613
SPIE SA
 
61,992
3,104,287
 
 
7,834,900
Construction & Engineering — 1.5%
Primoris Services Corp.
 
26,218
3,750,223
Vinci SA
 
41,314
6,201,198
 
 
9,951,421
Electric Utilities — 35.3%
American Electric Power Co., Inc.(c)
 
172,344
22,590,852
Constellation Energy Corp.
 
8,328
2,325,594
Duke Energy Corp.(c)
 
208,820
27,342,891
Elia Group SA
 
93,879
14,419,729
Enel SpA
 
755,495
8,259,698
Entergy Corp.
 
153,622
17,260,968
Exelon Corp.
 
342,126
16,771,017
FirstEnergy Corp.
 
239,884
12,152,523
NextEra Energy, Inc.(c)
 
521,110
48,400,697
PG&E Corp.
 
715,920
12,578,714
Southern Co.
 
275,416
26,583,152
SSE PLC
 
319,061
11,029,490
Xcel Energy, Inc.
 
181,846
14,445,846
 
 
234,161,171
Electrical Equipment — 8.6%
Array Technologies, Inc.(a)
 
469,932
3,397,608
Contemporary Amperex Technology Co. Ltd., Class A
 
109,200
6,480,210
Hubbell, Inc., Class B
 
9,388
4,607,067
Nexans SA
 
55,520
7,552,874
Nextpower, Inc., Class A(a)
 
68,928
8,309,270
Prysmian SpA
 
71,189
8,406,786
Schneider Electric SE
 
16,777
4,569,747
Siemens Energy AG(a)
 
26,440
4,559,564
Vestas Wind Systems A/S
 
314,258
9,481,452
 
 
57,364,578
Ground Transportation — 6.0%
Canadian Pacific Kansas City Ltd.
 
207,238
16,308,205
Union Pacific Corp.
 
97,810
23,730,662
 
 
40,038,867
Independent Power and Renewable Electricity Producers — 4.1%
Capital Power Corp.
 
69,494
3,291,611
EDP Renovaveis SA
 
631,114
10,115,414
Security
 
 
Shares
Value
Independent Power and Renewable Electricity Producers (continued)
Northland Power, Inc.
 
487,688
$ 8,182,473
Orron Energy AB(a)
 
3,401,100
2,601,127
Vistra Corp.
 
17,863
2,685,345
 
 
26,875,970
Multi-Utilities — 16.1%
CenterPoint Energy, Inc.
 
360,110
15,542,348
CMS Energy Corp.(c)
 
187,302
14,530,889
Dominion Energy, Inc.
 
274,204
16,951,291
National Grid PLC
 
1,683,316
28,414,541
NiSource, Inc.
 
236,868
11,052,261
Sempra
 
205,620
19,980,095
 
 
106,471,425
Oil, Gas & Consumable Fuels — 14.5%
Cheniere Energy, Inc.
 
82,844
23,507,813
Targa Resources Corp.
 
86,084
21,583,841
TC Energy Corp.
 
373,100
23,363,339
Williams Cos., Inc.
 
380,329
27,680,345
 
 
96,135,338
Semiconductors & Semiconductor Equipment — 1.2%
First Solar, Inc.(a)
 
39,954
7,881,326
Transportation Infrastructure — 3.1%
Aena SME SA(d)
 
692,144
20,416,378
Total Long-Term Investments — 97.5%
(Cost: $436,266,456)
646,483,726
Short-Term Securities
Money Market Funds — 2.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.77%(e)(f)(g)
 
29,374
29,380
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
3.55%(e)(f)
 
16,873,928
16,873,928
Total Short-Term Securities — 2.6%
(Cost: $16,903,308)
16,903,308
Total Investments — 100.1%
(Cost: $453,169,764)
663,387,034
Liabilities in Excess of Other Assets — (0.1)%
(492,934
)
Net Assets — 100.0%
$ 662,894,100
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(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.
(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.
2
Schedule of Investments (unaudited)(continued)
March 31, 2026
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, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/26
Shares
Held at
03/31/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ —
$ 29,224
(a)
$ —
$ 156
$ —
$ 29,380
29,374
$ 51
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
17,392,414
—
(518,486
)(a)
—
—
16,873,928
16,873,928
110,048
—
 
$ 156
$ —
$ 16,903,308
$ 110,099
$ —
 
(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.
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 
Building Products
$ 4,367,018
$ 7,725,477
$ —
$ 12,092,495
Chemicals
16,816,829
10,443,028
—
27,259,857
Commercial Services & Supplies
4,730,613
3,104,287
—
7,834,900
Construction & Engineering
3,750,223
6,201,198
—
9,951,421
Electric Utilities
200,452,254
33,708,917
—
234,161,171
Electrical Equipment
16,313,945
41,050,633
—
57,364,578
Ground Transportation
40,038,867
—
—
40,038,867
Independent Power and Renewable Electricity Producers
16,760,556
10,115,414
—
26,875,970
Multi-Utilities
78,056,884
28,414,541
—
106,471,425
Oil, Gas & Consumable Fuels
96,135,338
—
—
96,135,338
Semiconductors & Semiconductor Equipment
7,881,326
—
—
7,881,326
Transportation Infrastructure
20,416,378
—
—
20,416,378
Short-Term Securities 
Money Market Funds
16,903,308
—
—
16,903,308
 
$522,623,539
$140,763,495
$—
$663,387,034
Schedule of Investments
3