NPORT-EX 2 BRUtil_Infra_PowerOppTrust.HTM

EX-BUI

Schedule of Investments  (unaudited) September 30, 2019 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) (Percentages shown are based on Net Assets)

Security		Shares				Value
Common Stocks — 98.7%
Building Products — 5.2%
Johnson Controls International PLC(a)			191,659			$	8,411,913
Kingspan Group PLC			117,825				5,753,368
Sika AG, Registered Shares			30,740				4,497,623
							18,662,904
Chemicals — 5.5%
Air Liquide SA			38,354				5,458,543
Johnson Matthey PLC			135,445				5,087,431
Linde PLC			28,252				5,483,494
Umicore SA			98,660				3,727,696
							19,757,164
Commercial Services & Supplies — 1.6%
Waste Connections, Inc.(a)			64,600				5,943,200
Construction & Engineering — 6.3%
Eiffage SA			55,750				5,779,323
Quanta Services, Inc.(a)			117,960				4,458,888
Vinci SA			116,200				12,516,949
							22,755,160
Electric Utilities — 32.9%
American Electric Power Co., Inc.(a)			64,450				6,038,321
Duke Energy Corp.(a)			96,718				9,271,387
Edison International(a)			46,110				3,477,616
Enel SpA			2,430,675				18,155,430
Eversource Energy(a)			42,720				3,651,278
Exelon Corp.(a)(b)			183,108				8,845,947
FirstEnergy Corp.(a)			185,130				8,928,820
Fortis, Inc.			144,250				6,106,102
Iberdrola SA			1,175,249				12,215,264
NextEra Energy, Inc.(a)(b)			161,045				37,521,875
Xcel Energy, Inc.(a)			67,150				4,357,364
							118,569,404
Electrical Equipment — 9.4%
ABB Ltd., Registered Shares			257,428				5,062,548
Eaton Corp. PLC(a)			65,250				5,425,537
Schneider Electric SE			121,732				10,644,498
Siemens Gamesa Renewable Energy SA			285,466				3,872,678
Vestas Wind Systems A/S			115,910				8,992,057
							33,997,318
Electronic Equipment, Instruments & Components — 1.1%
Hexagon AB, Class B			79,750				3,841,563
Independent Power and Renewable Electricity Producers — 6.4%
China Longyuan Power Group Corp. Ltd., Class H			12,875,000				7,234,195

Security		Shares				Value
Independent Power and Renewable Electricity Producers (continued)
EDP Renovaveis SA			1,471,000			$	15,856,805
							23,091,000
Machinery — 0.7%
Kone OYJ, Class B			45,132				2,568,479
Multi-Utilities — 15.5%
CMS Energy Corp.(a)			120,900				7,731,555
Dominion Energy, Inc.(a)			104,798				8,492,830
National Grid PLC			958,124				10,373,890
Public Service Enterprise Group, Inc.(a)			141,582				8,789,410
RWE AG			362,950				11,343,120
Sempra Energy(a)			35,800				5,284,438
WEC Energy Group, Inc.(a)			42,980				4,087,398
							56,102,641
Oil, Gas & Consumable Fuels — 11.8%
Enbridge, Inc.(a)			270,290				9,481,773
Enterprise Products Partners LP			119,803				3,423,970
ONEOK, Inc.(a)			55,301				4,075,131
TC Energy Corp.			228,300				11,821,248
Williams Cos., Inc.(a)			567,955				13,664,997
							42,467,119
Semiconductors & Semiconductor Equipment — 2.3%
First Solar, Inc.(a)(c)			54,550				3,164,446
ON Semiconductor Corp.(a)(c)			136,070				2,613,905
Texas Instruments, Inc.(a)			21,010				2,715,332
							8,493,683
Total Long-Term Investments — 98.7% (Cost — $265,527,888)							356,249,635
Short-Term Securities — 2.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.81%(d)(e)			8,505,354				8,505,354
Total Short-Term Securities — 2.4% (Cost — $8,505,354)							8,505,354
Total Investments Before Options Written — 101.1% (Cost — $274,033,242)							364,754,989
Options Written — (1.2)% (Premiums Received — $2,399,804)							(4,277,344	)
Total Investments, Net of Options Written — 99.9% (Cost — $271,633,438)							360,477,645
Other Assets Less Liabilities — 0.1%							423,895
Net Assets — 100.0%						$	360,901,540

^(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.

1

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

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

^(e)  During the period ended September 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate		Shares Held at 12/31/18				Net Activity				Shares Held at 09/30/19				Value at 09/30/19				Income				Net Realized Gain (Loss) (a)				Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class			9,797,799				(1,292,445	)			8,505,354			$	8,505,354			$	132,780			$	—			$	—

^(a)  Includes net capital gain distributions, if applicable.

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.

Currency Abbreviations
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

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
NextEra Energy, Inc.			188				10/04/19			USD			209.00			USD			4,380			$	(451,895	)
ONEOK, Inc.			51				10/04/19			USD			70.00			USD			376				(19,380	)
Texas Instruments, Inc.			27				10/04/19			USD			126.00			USD			349				(9,855	)
Public Service Enterprise Group, Inc.			192				10/09/19			USD			58.56			USD			1,192				(68,761	)
ONEOK, Inc.			52				10/11/19			USD			72.00			USD			383				(11,570	)
ONEOK, Inc.			19				10/11/19			USD			76.50			USD			140				(665	)
Texas Instruments, Inc.			29				10/11/19			USD			129.00			USD			375				(6,728	)
NextEra Energy, Inc.			212				10/14/19			USD			208.25			USD			4,939				(527,823	)
CMS Energy Corp.			223				10/18/19			USD			62.48			USD			1,426				(52,752	)
Dominion Energy, Inc.			178				10/18/19			USD			77.50			USD			1,443				(68,530	)
Dominion Energy, Inc.			188				10/18/19			USD			80.00			USD			1,524				(34,310	)
Duke Energy Corp.			176				10/18/19			USD			90.00			USD			1,687				(108,240	)
Enbridge, Inc.			306				10/18/19			USD			35.00			USD			1,073				(16,830	)
Eversource Energy			92				10/18/19			USD			82.25			USD			786				(32,303	)
Exelon Corp.			273				10/18/19			USD			46.00			USD			1,319				(69,615	)
First Solar, Inc.			37				10/18/19			USD			70.00			USD			215				(148	)
FirstEnergy Corp.			177				10/18/19			USD			45.00			USD			854				(60,180	)
Johnson Controls International PLC			113				10/18/19			USD			44.00			USD			496				(8,079	)
NextEra Energy, Inc.			180				10/18/19			USD			230.00			USD			4,194				(99,000	)
ON Semiconductor Corp.			331				10/18/19			USD			19.00			USD			636				(24,825	)
ON Semiconductor Corp.			145				10/18/19			USD			21.00			USD			279				(1,450	)
Quanta Services, Inc.			275				10/18/19			USD			35.00			USD			1,040				(83,875	)

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Schedule of Investments  (unaudited) (continued) September 30, 2019 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)
Sempra Energy			64				10/18/19			USD			140.00			USD			945			$	(55,680	)
Sempra Energy			65				10/18/19			USD			145.00			USD			959				(25,675	)
WEC Energy Group, Inc.			82				10/18/19			USD			95.00			USD			780				(13,325	)
Waste Connections, Inc.			190				10/18/19			USD			95.00			USD			1,748				(5,225	)
Williams Cos., Inc.			268				10/18/19			USD			24.00			USD			645				(14,874	)
Williams Cos., Inc.			399				10/18/19			USD			25.00			USD			960				(6,384	)
Xcel Energy, Inc.			124				10/18/19			USD			65.00			USD			805				(10,540	)
Eaton Corp. PLC			68				10/25/19			USD			88.00			USD			565				(1,870	)
Eaton Corp. PLC			113				10/25/19			USD			85.00			USD			940				(12,430	)
Exelon Corp.			44				10/25/19			USD			48.98			USD			213				(2,842	)
FirstEnergy Corp.			126				10/25/19			USD			45.50			USD			608				(37,210	)
Johnson Controls International PLC			112				10/25/19			USD			44.00			USD			492				(9,912	)
Johnson Controls International PLC			344				10/25/19			USD			45.00			USD			1,510				(15,136	)
ONEOK, Inc.			19				10/25/19			USD			77.00			USD			140				(665	)
TC Energy Corp.			258				10/25/19			CAD			70.00			CAD			1,770				(10,224	)
Texas Instruments, Inc.			17				10/25/19			USD			131.00			USD			220				(5,397	)
Williams Cos., Inc.			399				10/25/19			USD			25.00			USD			960				(9,576	)
American Electric Power Co., Inc.			104				10/30/19			USD			93.25			USD			974				(22,477	)
Williams Cos., Inc.			399				10/31/19			USD			25.15			USD			960				(11,897	)
CMS Energy Corp.			200				11/01/19			USD			63.70			USD			1,279				(25,844	)
Duke Energy Corp.			162				11/01/19			USD			95.89			USD			1,553				(31,487	)
Eaton Corp. PLC			47				11/01/19			USD			84.00			USD			391				(9,165	)
FirstEnergy Corp.			124				11/01/19			USD			48.76			USD			598				(10,200	)
Johnson Controls International PLC			101				11/01/19			USD			45.00			USD			443				(5,403	)
ONEOK, Inc.			52				11/01/19			USD			75.00			USD			383				(4,420	)
First Solar, Inc.			69				11/08/19			USD			66.50			USD			400				(6,141	)
FirstEnergy Corp.			61				11/12/19			USD			46.60			USD			294				(12,572	)
Edison International			161				11/15/19			USD			77.50			USD			1,214				(26,163	)
Eversource Energy			57				11/15/19			USD			85.50			USD			487				(11,970	)
First Solar, Inc.			84				11/15/19			USD			65.00			USD			487				(11,718	)
FirstEnergy Corp.			159				11/15/19			USD			49.00			USD			767				(13,515	)
Public Service Enterprise Group, Inc.			111				11/15/19			USD			61.90			USD			689				(21,341	)
Public Service Enterprise Group, Inc.			192				11/15/19			USD			62.40			USD			1,192				(32,315	)
Quanta Services, Inc.			103				11/15/19			USD			39.00			USD			389				(11,588	)
Quanta Services, Inc.			34				11/15/19			USD			38.00			USD			129				(5,270	)
TC Energy Corp.			240				11/15/19			CAD			68.00			CAD			1,646				(34,691	)
WEC Energy Group, Inc.			68				11/15/19			USD			93.75			USD			647				(21,208	)
Waste Connections, Inc.			36				11/15/19			USD			95.00			USD			331				(3,870	)
Williams Cos., Inc.			399				11/15/19			USD			26.00			USD			960				(8,379	)
Williams Cos., Inc.			123				11/15/19			USD			25.00			USD			296				(5,842	)
Xcel Energy, Inc.			111				11/15/19			USD			65.95			USD			720				(14,319	)
																						$	(2,355,574	)

3

Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

OTC Options Written

Description		Counterparty		Number of Contracts		Expiration Date				Exercise Price						Notional Amount (000)						Value
Call
Enel SpA		Goldman Sachs International		259,000			10/03/19			EUR			6.15			EUR			1,774			$	(199,924	)
Enterprise Products Partners LP		JPMorgan Chase Bank N.A.		6,100			10/03/19			USD			29.90			USD			174				(1	)
Kone OYJ, Class B		Credit Suisse International		15,800			10/03/19			EUR			51.92			EUR			825				(15,254	)
Fortis, Inc.		Bank of America N.A.		25,000			10/10/19			USD			41.01			USD			1,058				(50,983	)
TransCanada Corp.		Goldman Sachs International		14,800			10/10/19			CAD			68.97			CAD			1,015				(5,957	)
American Electric Power Co., Inc.		JPMorgan Chase Bank N.A.		12,100			10/15/19			USD			92.16			USD			1,134				(26,156	)
EDP Renováveis SA		Morgan Stanley & Co. International PLC		35,000			10/15/19			EUR			10.31			EUR			346				(799	)
Iberdrola SA		Goldman Sachs International		116,800			10/15/19			EUR			9.48			EUR			1,114				(19,214	)
National Grid PLC		Goldman Sachs International		229,300			10/15/19			GBP			8.51			GBP			2,020				(93,780	)
Air Liquide SA		Credit Suisse International		13,500			10/16/19			EUR			127.68			EUR			1,763				(54,790	)
Eiffage SA		Goldman Sachs International		10,800			10/16/19			EUR			95.96			EUR			1,027				(14,625	)
Enel SpA		UBS AG		364,600			10/16/19			EUR			6.87			EUR			2,498				(42,869	)
Hexagon AB, Class B		Morgan Stanley & Co. International PLC		25,900			10/16/19			SEK			442.44			SEK			12,282				(92,061	)
Johnson Matthey PLC		Goldman Sachs International		28,500			10/16/19			GBP			31.51			GBP			871				(14,803	)
RWE AG		Credit Suisse International		42,000			10/16/19			EUR			27.65			EUR			1,204				(59,582	)
Sika AG, Registered Shares		Credit Suisse International		4,400			10/16/19			CHF			143.89			CHF			643				(18,798	)
China Longyuan Power Group Corp. Ltd., Class H		JPMorgan Chase Bank N.A.		1,266,000			10/17/19			HKD			4.60			HKD			5,570				(8,837	)
Gamesha Corporacion Technologicia SA		Credit Suisse International		91,700			10/17/19			EUR			12.40			EUR			1,142				(32,524	)
Schneider Electric SE		Morgan Stanley & Co. International PLC		23,200			10/17/19			EUR			76.55			EUR			1,861				(104,016	)
Umicore SA		Credit Suisse International		9,500			10/17/19			EUR			27.84			EUR			329				(71,171	)
Vinci SA		UBS AG		22,900			10/17/19			EUR			101.48			EUR			2,263				(21,668	)
Enterprise Products Partners LP		JPMorgan Chase Bank N.A.		29,700			10/18/19			USD			28.27			USD			849				(20,861	)
Kingspan Group PLC		UBS AG		30,700			10/22/19			EUR			43.53			EUR			1,375				(54,492	)
EDP Renováveis SA		Goldman Sachs International		35,000			10/23/19			EUR			10.31			EUR			346				(1,568	)
Eiffage SA		Morgan Stanley & Co. International PLC		8,700			10/23/19			EUR			98.61			EUR			827				(6,003	)
Linde PLC		Credit Suisse International		3,500			10/23/19			EUR			178.50			EUR			623				(13,686	)
National Grid PLC		Credit Suisse International		106,100			10/23/19			GBP			8.45			GBP			935				(52,182	)
RWE AG		Goldman Sachs International		42,000			10/23/19			EUR			27.32			EUR			1,204				(73,867	)
Schneider Electric SE		Morgan Stanley & Co. International PLC		4,400			10/23/19			EUR			78.44			EUR			353				(13,879	)
Umicore SA		UBS AG		34,900			10/23/19			EUR			33.17			EUR			1,210				(81,167	)
Vestas Wind Systems A/S		Credit Suisse International		23,000			10/23/19			DKK			575.76			DKK			12,222				(9,628	)
Vestas Wind Systems A/S		Morgan Stanley & Co. International PLC		17,500			10/23/19			DKK			521.05			DKK			9,300				(55,206	)
Exelon Corp.		Bank of America N.A.		32,300			10/28/19			USD			48.99			USD			1,560				(22,545	)
ABB Ltd., Registered Shares		Credit Suisse International		31,000			10/29/19			CHF			20.25			CHF			609				(6,517	)
Enbridge, Inc.		Credit Suisse International		33,400			10/29/19			USD			35.91			USD			1,172				(12,581	)
TC Energy Corp.		Goldman Sachs International		15,300			10/29/19			CAD			66.39			CAD			1,050				(31,531	)
Umicore SA		Credit Suisse International		8,500			10/29/19			EUR			34.83			EUR			295				(10,775	)
EDP Renováveis SA		Morgan Stanley & Co. International PLC		35,000			10/30/19			EUR			10.31			EUR			346				(2,196	)
Johnson Matthey PLC		Credit Suisse International		18,900			11/01/19			GBP			32.65			GBP			577				(8,644	)
China Longyuan Power Group Corp. Ltd., Class H		JPMorgan Chase Bank N.A.		1,079,000			11/05/19			HKD			4.71			HKD			4,748				(9,372	)
Enbridge, Inc.		JPMorgan Chase Bank N.A.		30,600			11/05/19			USD			35.28			USD			1,073				(21,651	)
Enel SpA		Citibank N.A.		227,200			11/05/19			EUR			6.72			EUR			1,556				(63,722	)
Linde PLC		UBS AG		6,400			11/05/19			EUR			178.08			EUR			1,140				(31,800	)
ABB Ltd., Registered Shares		UBS AG		59,100			11/06/19			CHF			20.52			CHF			1,160				(11,463	)
Sika AG, Registered Shares		UBS AG		6,300			11/06/19			CHF			149.80			CHF			920				(18,612	)
Vinci SA		Citibank N.A.		17,800			11/06/19			EUR			100.47			EUR			1,759				(37,980	)
Fortis, Inc.		Credit Suisse International		25,400			11/08/19			USD			42.21			USD			1,075				(26,478	)
China Longyuan Power Group Corp. Ltd., Class H		JPMorgan Chase Bank N.A.		1,079,000			11/12/19			HKD			4.71			HKD			4,748				(10,238	)

4

Schedule of Investments  (unaudited) (continued) September 30, 2019 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)
RWE AG		Morgan Stanley & Co. International PLC		43,000			11/12/19				EUR				27.40				EUR				1,233			$	(88,069	)
Iberdrola SA		Morgan Stanley & Co. International PLC		294,700			11/14/19				EUR				9.44				EUR				2,811				(84,510	)
Kingspan Group PLC		Goldman Sachs International		10,500			11/14/19				EUR				44.44				EUR				470				(16,020	)
Schneider Electric SE		Goldman Sachs International		15,100			11/14/19				EUR				79.87				EUR				1,211				(46,545	)
Enterprise Products Partners LP		JPMorgan Chase Bank N.A.		6,100			11/19/19				USD				29.24				USD				174				(2,229	)
China Longyuan Power Group Corp. Ltd., Class H		Goldman Sachs International		1,082,000			11/26/19				HKD				4.45				HKD				4,761				(27,941	)
																										$	(1,921,770	)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 Trust’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual/semi-annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

		Level 1				Level 2				Level 3				Total
Assets:
Investments:
Common Stocks:
Building Products		$	14,165,281			$	4,497,623			$	—			$	18,662,904
Chemicals			—				19,757,164				—				19,757,164
Commercial Services & Supplies			5,943,200				—				—				5,943,200
Construction & Engineering			4,458,888				18,296,272				—				22,755,160
Electric Utilities			88,198,710				30,370,694				—				118,569,404
Electrical Equipment			5,425,537				28,571,781				—				33,997,318
Electronic Equipment, Instruments & Components			—				3,841,563				—				3,841,563
Machinery			—				2,568,479				—				2,568,479

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Schedule of Investments  (unaudited) (continued) September 30, 2019 BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Fair Value Hierarchy as of Period End (continued)

		Level 1				Level 2				Level 3				Total
Independent Power and Renewable Electricity Producers		$	15,856,805			$	7,234,195			$	—			$	23,091,000
Multi-Utilities			34,385,631				21,717,010				—				56,102,641
Oil, Gas & Consumable Fuels			42,467,119				—				—				42,467,119
Semiconductors & Semiconductor Equipment			8,493,683				—				—				8,493,683
Short-Term Securities			8,505,354				—				—				8,505,354
		$	227,900,208			$	136,854,781			$	—			$	364,754,989
Derivative Financial Instruments(a)
Liabilities:
Equity contracts		$	(966,358	)		$	(3,310,986	)		$	—			$	(4,277,344	)

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

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