BlackRock Utilities Infrastructure Power Opportunities Trust


Security	Shares		Value

Common Stocks

Building Products — 5.4%
Johnson Controls International PLC^(a)		167,509	$	10,087,392
Kingspan Group PLC		107,115		7,340,085
Trane Technologies PLC^(a)		55,450		10,201,691

				27,629,168

Chemicals — 4.1%
Air Liquide SA		47,218		7,903,754
LG Chem Ltd.		9,200		5,052,581
Linde PLC		22,278		7,830,414

				20,786,749

Commercial Services & Supplies — 5.2%
Waste Connections, Inc.		77,750		10,812,692
Waste Management, Inc.^(a)(b)		98,600		16,088,562

				26,901,254

Construction & Engineering — 5.4%
MasTec, Inc.^(a)(c)		29,000		2,738,760
Quanta Services, Inc.^(a)		48,460		8,075,374
Vinci SA		148,150		16,984,260

				27,798,394

Electric Utilities — 29.9%
American Electric Power Co., Inc.^(a)		164,500		14,967,855
Duke Energy Corp.^(a)		121,218		11,693,900
EDP - Energias de Portugal SA		1,690,950		9,213,840
Enel SpA		3,654,975		22,291,497
Exelon Corp.^(a)		339,258		14,211,518
FirstEnergy Corp.^(a)		87,550		3,507,253
Iberdrola SA		993,813		12,380,721
Neoenergia SA		902,200		2,670,047
NextEra Energy, Inc.^(a)(b)		550,580		42,457,528
Orsted A/S^(d)		74,600		6,360,989
PG&E Corp.^(a)(c)		467,600		7,561,092
Xcel Energy, Inc.^(a)		87,390		5,893,582

				153,209,822

Electrical Equipment — 4.9%
Eaton Corp. PLC^(a)		21,990		3,767,767
Prysmian SpA		69,750		2,928,852
Schneider Electric SE		31,682		5,294,815
Sunrun, Inc.^(c)(e)		103,350		2,082,503
Vestas Wind Systems A/S		379,121		11,049,258

				25,123,195

Electronic Equipment, Instruments & Components — 1.7%
Rogers Corp.^(c)		21,600		3,530,088
Samsung SDI Co. Ltd.		9,150		5,197,554

				8,727,642

Ground Transportation — 1.0%
Union Pacific Corp.^(a)		25,500		5,132,130


Independent Power and Renewable Electricity Producers — 9.4%
AES Corp.^(a)		257,190		6,193,135
China Longyuan Power Group Corp. Ltd., Class H		3,472,000		3,960,904
EDP Renovaveis SA		496,806		11,379,804
Orron Energy AB		1,827,250		2,401,922
RWE AG		513,795		22,107,752
Sunnova Energy International, Inc.^(c)(e)		140,150		2,189,143

				48,232,660

Machinery — 5.0%
Atlas Copco AB, B Shares		1,064,300		12,242,362


Security	Shares		Value

Machinery (continued)
Ingersoll Rand, Inc.^(a)		130,750	$	7,607,035
Spirax-Sarco Engineering PLC		37,650		5,527,877

				25,377,274

Multi-Utilities — 11.3%
CMS Energy Corp.^(a)		130,410		8,004,566
Dominion Energy, Inc.^(a)(b)		176,898		9,890,367
National Grid PLC		898,474		12,153,655
Public Service Enterprise Group, Inc.^(a)		206,942		12,923,528
Sempra Energy^(a)(b)		100,350		15,168,906

				58,141,022

Oil, Gas & Consumable Fuels — 10.2%
Cheniere Energy, Inc.^(a)		79,550		12,537,080
Enterprise Products Partners LP^(a)		249,413		6,459,797
Kinder Morgan, Inc.^(a)		740,450		12,965,279
TC Energy Corp.		159,550		6,206,100
Williams Cos., Inc.^(a)(b)		469,105		14,007,475

				52,175,731

Semiconductors & Semiconductor Equipment — 4.6%
Analog Devices, Inc.^(a)		20,424		4,028,021
ASML Holding NV		5,950		4,054,616
Canadian Solar, Inc.^(c)		82,140		3,269,994
First Solar, Inc.^(a)(c)		17,934		3,900,645
Infineon Technologies AG		101,600		4,172,221
STMicroelectronics NV		78,250		4,169,447

				23,594,944


Total Long-Term Investments — 98.1% (Cost: $349,995,269)				502,829,985


Short-Term Securities

Money Market Funds — 2.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.70%^(f)(g)		13,260,943		13,260,943
SL Liquidity Series, LLC, Money Market Series, 5.01%^(f)(g)		962,993		962,993


Total Short-Term Securities — 2.8% (Cost: $14,223,893)				14,223,936


Total Investments Before Options Written — 100.9% (Cost: $364,219,162)				517,053,921


Options Written — (1.0)% (Premiums Received: $(4,019,892))				(4,887,123	)


Total Investments, Net of Options Written — 99.9% (Cost: $360,199,270)				512,166,798
Other Assets Less Liabilities — 0.1%				427,293

Net Assets — 100.0%			$	512,594,091

(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)	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)	All or a portion of this security is on loan.

(f)	Affiliate of the Trust.

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

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.

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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:

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. 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”) as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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.


Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	11,042,199	$	2,218,744	^(a)	$	—	$	—	$	—		$	13,260,943		13,260,943	$	122,397		$	—
SL Liquidity Series, LLC, Money Market Series		225,179		736,865	^(a)		—		1,028		(79	)		962,993		962,993		4,728	^(b)		—

								$	1,028	$	(79	)	$	14,223,936			$	127,125		$	—


Exchange-Traded Options Written Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Enterprise Products Partners LP		216		04/06/23	USD	26.00	USD	559	$	(3,564	)
First Solar, Inc.		26		04/06/23	USD	220.00	USD	566		(7,826	)
Kinder Morgan, Inc.		768		04/06/23	USD	18.00	USD	1,345		(1,920	)
AES Corp		574		04/12/23	USD	27.50	USD	1,382		(172	)
American Electric Power Co., Inc.		509		04/14/23	USD	92.75	USD	4,631		(45,391	)
Analog Devices, Inc.		24		04/14/23	USD	190.00	USD	473		(21,240	)
Cheniere Energy, Inc.		97		04/14/23	USD	160.00	USD	1,529		(23,037	)
Enterprise Products Partners LP		198		04/14/23	USD	26.50	USD	513		(1,980	)
Kinder Morgan, Inc.		1,055		04/14/23	USD	17.50	USD	1,847		(28,485	)
PG&E Corp.		815		04/14/23	USD	17.00	USD	1,318		(3,668	)
Williams Cos., Inc.		670		04/14/23	USD	31.00	USD	2,001		(6,700	)
AES Corp.		330		04/21/23	USD	25.00	USD	795		(9,075	)
American Electric Power Co., Inc.		66		04/21/23	USD	92.50	USD	601		(7,755	)
Analog Devices, Inc.		23		04/21/23	USD	192.50	USD	454		(18,055	)
Dominion Energy, Inc.		304		04/21/23	USD	60.00	USD	1,700		(3,040	)
Dominion Energy, Inc.		315		04/21/23	USD	57.50	USD	1,761		(18,900	)
Duke Energy Corp.		219		04/21/23	USD	100.00	USD	2,113		(8,760	)
Eaton Corp. PLC		48		04/21/23	USD	180.00	USD	822		(3,240	)
Eaton Corp. PLC		30		04/21/23	USD	170.00	USD	514		(13,650	)
Enterprise Products Partners LP		89		04/21/23	USD	26.00	USD	231		(3,293	)
Exelon Corp.		193		04/21/23	USD	42.00	USD	808		(15,923	)
Exelon Corp.		340		04/21/23	USD	41.00	USD	1,424		(50,150	)
FirstEnergy Corp.		156		04/21/23	USD	41.00	USD	625		(5,850	)
Ingersoll Rand, Inc.		265		04/21/23	USD	60.00	USD	1,542		(13,913	)
Johnson Controls International PLC		202		04/21/23	USD	67.50	USD	1,216		(1,515	)
MasTec, Inc.		101		04/21/23	USD	105.00	USD	954		(9,090	)
NextEra Energy, Inc.		1,298		04/21/23	USD	77.50	USD	10,005		(233,640	)
NextEra Energy, Inc.		629		04/21/23	USD	75.00	USD	4,848		(213,860	)
PG&E Corp.		815		04/21/23	USD	17.00	USD	1,318		(8,150	)
Public Service Enterprise Group, Inc.		299		04/21/23	USD	61.80	USD	1,867		(53,413	)
Sempra Energy		173		04/21/23	USD	165.00	USD	2,615		(5,190	)
Trane Technologies PLC		66		04/21/23	USD	185.00	USD	1,214		(26,730	)
Waste Management, Inc.		175		04/21/23	USD	155.00	USD	2,855		(159,250	)
Xcel Energy, Inc.		153		04/21/23	USD	66.72	USD	1,032		(30,570	)
Quanta Services, Inc.		85		04/24/23	USD	156.50	USD	1,416		(100,933	)
Analog Devices, Inc.		24		04/28/23	USD	195.00	USD	473		(17,400	)


Description	Number of Contracts		Expiration Date	Exercise Price			Notional Amount (000)			Value
Call (continued)
Cheniere Energy, Inc.		144	04/28/23		USD	157.50		USD	2,269	$	(79,200	)
Enterprise Products Partners LP		369	04/28/23		USD	25.50		USD	956		(28,044	)
Union Pacific Corp.		89	04/28/23		USD	195.00		USD	1,791		(89,890	)
Williams Cos., Inc.		478	04/28/23		USD	30.00		USD	1,427		(34,655	)
First Solar, Inc.		36	05/05/23		USD	232.50		USD	783		(27,000	)
Waste Management, Inc.		170	05/05/23		USD	160.00		USD	2,774		(104,550	)
Williams Cos., Inc.		493	05/05/23		USD	30.00		USD	1,472		(45,602	)
Johnson Controls International PLC		100	05/10/23		USD	62.75		USD	602		(10,668	)
Kinder Morgan, Inc.		768	05/12/23		USD	18.00		USD	1,345		(19,200	)
Public Service Enterprise Group, Inc.		207	05/12/23		USD	59.25		USD	1,293		(87,571	)
Cheniere Energy, Inc.		37	05/19/23		USD	165.00		USD	583		(16,280	)
CMS Energy Corp.		228	05/19/23		USD	60.00		USD	1,399		(60,990	)
Duke Energy Corp.		205	05/19/23		USD	99.00		USD	—		(30,810	)
Exelon Corp.		264	05/19/23		USD	43.00		USD	1,106		(24,420	)
FirstEnergy Corp.		150	05/19/23		USD	42.00		USD	601		(6,375	)
Ingersoll Rand, Inc.		192	05/19/23		USD	55.00		USD	1,117		(94,080	)
Johnson Controls International PLC		357	05/19/23		USD	65.79		USD	2,150		(16,239	)
Public Service Enterprise Group, Inc.		218	05/19/23		USD	59.75		USD	1,361		(87,634	)
Quanta Services, Inc.		84	05/19/23		USD	170.00		USD	1,400		(54,180	)
TC Energy Corp.		279	05/19/23		CAD	54.00		CAD	1,467		(21,882	)
Trane Technologies PLC		139	05/19/23		USD	186.00		USD	2,557		(94,739	)
TC Energy Corp.		279	06/16/23		CAD	54.00		CAD	1,467		(30,966	)

										$	(2,240,303	)


Description	Counterparty		Number of Contracts		Expiration Date	Exercise Price			Notional Amount (000)			Value
Call
Atlas Copco AB, B Shares		Goldman Sachs International		90,600	04/04/23		SEK	116.56		SEK	10,816	$	(28,019	)
LG Chem Ltd.		JPMorgan Chase Bank N.A.		3,400	04/04/23		KRW	703,040.00		KRW	2,430,890		(41,921	)
Neoenergia SA		JPMorgan Chase Bank N.A.		259,000	04/04/23		BRL	14.82		BRL	3,885		(13,489	)
Orsted A/S		Goldman Sachs International		19,200	04/04/23		DKK	648.68		DKK	11,246		—
RWE AG		Goldman Sachs International		41,000	04/04/23		EUR	40.83		EUR	1,627		(1,691	)
Spirax-Sarco Engineering PLC		Morgan Stanley & Co. International PLC		13,900	04/04/23		GBP	122.67		GBP	1,654		(2,799	)
STMicroelectronics NV		Goldman Sachs International		35,000	04/04/23		EUR	47.43		EUR	1,720		(63,775	)
EDP Renovaveis SA		Goldman Sachs International		63,200	04/05/23		EUR	19.90		EUR	1,335		(82,971	)
Enel SpA		Goldman Sachs International		570,700	04/05/23		EUR	5.36		EUR	3,209		(166,101	)
Iberdrola SA		Royal Bank of Canada		107,700	04/05/23		EUR	10.92		EUR	1,237		(66,540	)
Infineon Technologies AG		Royal Bank of Canada		6,200	04/05/23		EUR	35.19		EUR	235		(17,100	)
EDP - Energias de Portugal SA		Goldman Sachs International		183,500	04/11/23		EUR	4.83		EUR	922		(39,604	)
Xcel Energy, Inc.		Citibank N.A.		15,200	04/11/23		USD	70.85		USD	1,025		(1,621	)
China Longyuan Power Group Corp., Ltd., Class H		JPMorgan Chase Bank N.A.		670,000	04/12/23		HKD	11.15		HKD	6,000		(103	)
Kingspan Group PLC		Goldman Sachs International		20,600	04/12/23		EUR	64.74		EUR	1,302		(12,390	)
Vestas Wind Systems A/S		Morgan Stanley & Co. International PLC		81,700	04/12/23		DKK	203.96		DKK	16,357		(41,620	)
National Grid PLC		UBS AG		185,100	04/19/23		GBP	10.48		GBP	2,030		(126,932	)
CMS Energy Corp		BNP Paribas SA		22,800	04/24/23		USD	59.81		USD	1,399		(53,499	)
EDP Renovaveis SA		UBS AG		81,000	04/26/23		EUR	21.08		EUR	1,711		(57,442	)
Infineon Technologies AG		Citibank N.A.		25,000	04/26/23		EUR	37.28		EUR	947		(44,560	)
Air Liquide SA		UBS AG		16,600	04/27/23		EUR	153.85		EUR	2,562		(51,918	)
ASML Holding NV		Goldman Sachs International		2,100	04/27/23		EUR	621.10		EUR	1,320		(58,503	)
Exelon Corp.		Goldman Sachs International		39,000	04/27/23		USD	41.59		USD	1,634		(50,603	)
National Grid PLC		Goldman Sachs International		129,400	04/27/23		GBP	10.62		GBP	1,419		(75,156	)
RWE AG		UBS AG		138,800	04/27/23		EUR	40.17		EUR	5,507		(110,408	)
Waste Connections, Inc.		UBS AG		27,200	04/27/23		USD	136.45		USD	3,783		(128,732	)
EDP - Energias de Portugal SA		Morgan Stanley & Co. International PLC		164,700	05/02/23		EUR	4.89		EUR	828		(15,967	)
Iberdrola SA		Morgan Stanley & Co. International PLC		240,100	05/02/23		EUR	11.15		EUR	2,758		(115,756	)
Orron Energy AB		Goldman Sachs International		375,500	05/02/23		SEK	15.20		SEK	5,123		(12,025	)
Schneider Electric SE		Goldman Sachs International		5,900	05/02/23		EUR	160.08		EUR	909		(12,231	)


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Samsung SDI Co. Ltd.	JPMorgan Chase Bank N.A.		3,300		05/09/23		KRW	748,391.33		KRW	2,440,354	$	(64,553	)
China Longyuan Power Group Corp., Ltd., Class H	UBS AG		545,000		05/10/23		HKD	10.14		HKD	4,881		(13,054	)
Kingspan Group PLC	Morgan Stanley & Co. International PLC		16,900		05/10/23		EUR	63.69		EUR	1,068		(38,139	)
Prysmian SpA	Morgan Stanley & Co. International PLC		24,500		05/10/23		EUR	37.52		EUR	949		(44,993	)
Vinci SA	UBS AG		51,800		05/10/23		EUR	107.22		EUR	5,476		(55,653	)
Sempra Energy	BNP Paribas SA		17,800		05/12/23		USD	149.07		USD	2,691		(111,223	)
Atlas Copco AB, B Shares	Morgan Stanley & Co. International PLC		282,000		05/16/23		SEK	114.85		SEK	33,667		(371,464	)
EDP Renovaveis SA	Barclays Bank PLC		29,600		05/16/23		EUR	20.64		EUR	625		(34,222	)
Enel SpA	Goldman Sachs International		708,600		05/16/23		EUR	5.54		EUR	3,985		(168,558	)
Infineon Technologies AG	Goldman Sachs International		4,400		05/16/23		EUR	35.26		EUR	167		(16,700	)
Orron Energy AB	Morgan Stanley & Co. International PLC		264,000		05/16/23		SEK	14.02		SEK	3,602		(22,793	)
Orsted A/S	UBS AG		6,900		05/16/23		DKK	569.98		DKK	4,042		(30,681	)
Schneider Electric SE	UBS AG		5,200		05/16/23		EUR	149.10		EUR	801		(39,580	)
Vestas Wind Systems A/S	Morgan Stanley & Co. International PLC		51,000		05/16/23		DKK	194.43		DKK	10,210		(104,804	)
EDP - Energias de Portugal SA	Morgan Stanley & Co. International PLC		243,700		05/17/23		EUR	4.83		EUR	1,224		(36,927	)

												$	(2,646,820	)


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Building Products	$	20,289,083	$	7,340,085	$	—	$	27,629,168
Chemicals		7,830,414		12,956,335		—		20,786,749
Commercial Services & Supplies		26,901,254		—		—		26,901,254
Construction & Engineering		10,814,134		16,984,260		—		27,798,394
Electric Utilities		102,962,775		50,247,047		—		153,209,822
Electrical Equipment		5,850,270		19,272,925		—		25,123,195
Electronic Equipment, Instruments & Components		3,530,088		5,197,554		—		8,727,642


Currency Abbreviation

BRL		Brazilian Real

CAD		Canadian Dollar

DKK		Danish Krone

EUR		Euro

GBP		British Pound

HKD		Hong Kong Dollar

KRW		South Korean Won

SEK		Swedish Krona

USD		United States Dollar

Portfolio Abbreviation

LP		Limited Partnership