NPORT-EX 2 NPORT_LCXJ_43333660_0325.htm EDGAR HTML
March 31, 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)
March 31, 2025
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
(Percentages shown are based on Net Assets)

 
Security
 
 
Shares
Value
Common Stocks
Air Freight & Logistics — 0.7%
DSV A/S
 
18,548
$ 3,586,832
Building Products — 8.8%
Cie de Saint-Gobain SA
 
127,548
12,705,917
Kingspan Group PLC
 
101,035
8,161,424
Owens Corning
 
56,694
8,097,037
Trane Technologies PLC
 
46,537
15,679,246
 
 
44,643,624
Chemicals — 3.0%
Air Liquide SA
 
38,523
7,317,254
Linde PLC
 
17,262
8,037,877
 
 
15,355,131
Commercial Services & Supplies — 5.0%
Republic Services, Inc.
 
57,525
13,930,254
Waste Management, Inc.
 
49,759
11,519,706
 
 
25,449,960
Construction & Engineering — 5.1%
Quanta Services, Inc.
 
43,200
10,980,576
Vinci SA
 
120,210
15,153,686
 
 
26,134,262
Construction Materials — 1.2%
Heidelberg Materials AG
 
34,326
5,917,031
Electric Utilities — 27.7%
American Electric Power Co., Inc.(a)
 
109,550
11,970,529
Constellation Energy Corp.(b)
 
52,718
10,629,530
Duke Energy Corp.(a)
 
95,692
11,671,553
EDP SA
 
1,497,322
5,038,495
Elia Group SA/NV
 
114,342
9,917,332
Enel SpA
 
1,991,619
16,145,067
Entergy Corp.
 
106,100
9,070,489
NextEra Energy, Inc.(a)(b)
 
414,410
29,377,525
PG&E Corp.
 
642,650
11,040,727
Southern Co.
 
135,898
12,495,821
SSE PLC
 
645,152
13,289,067
 
 
140,646,135
Electrical Equipment — 13.4%
Eaton Corp. PLC
 
17,778
4,832,594
GE Vernova, Inc.(a)(b)
 
52,592
16,055,286
Hubbell, Inc.
 
16,410
5,430,233
Nexans SA
 
50,514
4,959,118
NEXTracker, Inc., Class A(c)
 
114,758
4,835,902
nVent Electric PLC
 
102,492
5,372,631
Prysmian SpA
 
151,119
8,318,645
Schneider Electric SE
 
26,036
6,010,287
Vertiv Holdings Co., Class A
 
76,204
5,501,929
Vestas Wind Systems A/S(c)
 
482,391
6,673,635
 
 
67,990,260
Electronic Equipment, Instruments & Components — 1.2%
Hexagon AB, Class B
 
566,014
6,050,556
Ground Transportation — 2.3%
Canadian Pacific Kansas City Ltd.
 
96,172
6,749,182
Union Pacific Corp.
 
21,850
5,161,844
 
 
11,911,026
Security
 
 
Shares
Value
Independent Power and Renewable Electricity Producers — 2.8%
EDP Renovaveis SA
 
549,752
$ 4,580,277
Orron Energy AB(c)
 
3,401,100
1,563,211
Vistra Corp.
 
69,133
8,118,980
 
 
14,262,468
Machinery — 1.7%
Ingersoll Rand, Inc.
 
108,858
8,711,906
Multi-Utilities — 13.6%
CenterPoint Energy, Inc.
 
211,850
7,675,325
CMS Energy Corp.(a)
 
117,874
8,853,516
National Grid PLC
 
1,496,832
19,524,995
NiSource, Inc.
 
240,500
9,641,645
Public Service Enterprise Group, Inc.(b)
 
127,636
10,504,443
Sempra(b)
 
182,900
13,051,744
 
 
69,251,668
Oil, Gas & Consumable Fuels — 11.5%
Cheniere Energy, Inc.(b)
 
65,832
15,233,525
Hess Midstream LP, Class A
 
103,250
4,366,442
Pembina Pipeline Corp.
 
182,548
7,301,666
Targa Resources Corp.
 
68,174
13,666,842
Williams Cos., Inc.(b)
 
297,331
17,768,501
 
 
58,336,976
Semiconductors & Semiconductor Equipment(c) — 1.5%
First Solar, Inc.
 
37,232
4,707,241
ON Semiconductor Corp.
 
70,478
2,867,750
 
 
7,574,991
Total Long-Term Investments — 99.5%
(Cost: $352,776,247)
505,822,826
Short-Term Securities
Money Market Funds — 1.3%
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.22%(d)(e)
 
6,623,678
6,623,678
Total Short-Term Securities — 1.3%
(Cost: $6,623,678)
6,623,678
Total Investments Before Options Written — 100.8%
(Cost: $359,399,925)
512,446,504
Options Written — (0.8)%
(Premiums Received: $(4,426,619))
(4,081,733
)
Total Investments, Net of Options Written — 100.0%
(Cost: $354,973,306)
508,364,771
Liabilities in Excess of Other Assets — 0.0%
(154,369
)
Net Assets — 100.0%
$ 508,210,402
 
(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)
Affiliate of the Trust.
(e)
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.
1
Schedule of Investments (unaudited)(continued)
March 31, 2025
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, 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
03/31/25
Shares
Held at
03/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares(a)
$ —
$ 7,255,829
$ (7,255,829
)
$ —
$ —
$ —
—
$ 186
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
13,062,505
—
(6,438,827
)(c)
—
—
6,623,678
6,623,678
119,007
—
 
$ —
$ —
$ 6,623,678
$ 119,193
$ —
 
(a)
As of period end, the entity is no longer held.
(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.
(c)
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 
 
 
GE Vernova, Inc.
36
04/04/25
USD
370.00
USD
1,099
$ (900
)
NextEra Energy, Inc.
387
04/04/25
USD
72.00
USD
2,743
(20,704
)
ON Semiconductor Corp.
103
04/04/25
USD
55.00
USD
419
(1,545
)
PG&E Corp.
932
04/04/25
USD
17.00
USD
1,601
(29,824
)
Southern Co.
255
04/04/25
USD
91.00
USD
2,345
(36,975
)
Vistra Corp.
101
04/04/25
USD
165.00
USD
1,186
(2,071
)
Williams Cos., Inc.
608
04/04/25
USD
59.00
USD
3,633
(77,520
)
Vertiv Holdings Co., Class A
82
04/11/25
USD
92.00
USD
592
(1,927
)
Williams Cos., Inc.
432
04/11/25
USD
57.00
USD
2,582
(138,240
)
Canadian Pacific Kansas City Ltd.
169
04/17/25
CAD
115.00
CAD
1,707
(1,879
)
CenterPoint Energy, Inc.
741
04/17/25
USD
37.00
USD
2,685
(25,935
)
Cheniere Energy, Inc.
78
04/17/25
USD
240.00
USD
1,805
(31,590
)
Duke Energy Corp.
172
04/17/25
USD
115.00
USD
2,098
(118,680
)
Eaton Corp. PLC
17
04/17/25
USD
330.00
USD
462
(680
)
Hess Midstream LP, Class A
180
04/17/25
USD
45.00
USD
761
(2,250
)
Hubbell, Inc.
29
04/17/25
USD
360.00
USD
960
(5,873
)
Ingersoll Rand, Inc.
111
04/17/25
USD
90.00
USD
888
(8,325
)
Linde PLC
31
04/17/25
USD
470.00
USD
1,443
(19,375
)
NextEra Energy, Inc.
631
04/17/25
USD
72.50
USD
4,473
(63,415
)
NiSource, Inc.
454
04/17/25
USD
40.50
USD
1,820
(26,652
)
nVent Electric PLC
177
04/17/25
USD
71.15
USD
928
(22
)
Owens Corning
99
04/17/25
USD
155.00
USD
1,414
(9,405
)
Public Service Enterprise Group, Inc.
239
04/17/25
USD
87.50
USD
1,967
(4,183
)
Quanta Services, Inc.
60
04/17/25
USD
310.00
USD
1,525
(7,200
)
Republic Services, Inc.
96
04/17/25
USD
230.00
USD
2,325
(129,600
)
Sempra
320
04/17/25
USD
86.84
USD
2,284
(4
)
Targa Resources Corp.
94
04/17/25
USD
210.00
USD
1,884
(24,440
)
Trane Technologies PLC
97
04/17/25
USD
377.12
USD
3,268
(5,885
)
Union Pacific Corp.
29
04/17/25
USD
250.00
USD
685
(1,523
)
Vertiv Holdings Co., Class A
49
04/17/25
USD
95.00
USD
354
(1,054
)
Vistra Corp.
140
04/17/25
USD
140.00
USD
1,644
(14,210
)
Waste Management, Inc.
180
04/17/25
USD
230.00
USD
4,167
(81,000
)
GE Vernova, Inc.
148
04/25/25
USD
355.00
USD
4,518
(65,120
)
ON Semiconductor Corp.
143
04/25/25
USD
47.00
USD
582
(7,508
)
American Electric Power Co., Inc.
259
04/28/25
USD
103.50
USD
2,830
(177,660
)
Constellation Energy Corp.
92
05/02/25
USD
240.00
USD
1,855
(23,000
)
NextEra Energy, Inc.
432
05/02/25
USD
72.00
USD
3,062
(85,536
)
PG&E Corp.
80
05/02/25
USD
17.50
USD
137
(3,680
)
Southern Co.
220
05/02/25
USD
92.00
USD
2,023
(51,700
)
Schedule of Investments
2
Schedule of Investments (unaudited)(continued)
March 31, 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)
 
 
Union Pacific Corp.
22
05/02/25
USD
245.00
USD
520
$ (7,920
)
Vertiv Holdings Co., Class A
135
05/02/25
USD
105.00
USD
975
(5,940
)
Constellation Energy Corp.
92
05/09/25
USD
245.00
USD
1,855
(29,900
)
American Electric Power Co., Inc.
124
05/16/25
USD
106.00
USD
1,355
(60,082
)
Canadian Pacific Kansas City Ltd.
167
05/16/25
CAD
110.00
CAD
1,687
(10,212
)
Cheniere Energy, Inc.
82
05/16/25
USD
250.00
USD
1,897
(35,670
)
Duke Energy Corp.
170
05/16/25
USD
121.00
USD
2,073
(59,720
)
Eaton Corp. PLC
45
05/16/25
USD
300.00
USD
1,223
(20,700
)
Hess Midstream LP, Class A
180
05/16/25
USD
45.00
USD
761
(4,950
)
Hubbell, Inc.
29
05/16/25
USD
360.00
USD
960
(18,705
)
Ingersoll Rand, Inc.
270
05/16/25
USD
86.00
USD
2,161
(38,374
)
Linde PLC
30
05/16/25
USD
455.00
USD
1,397
(65,700
)
NiSource, Inc.
387
05/16/25
USD
40.00
USD
1,551
(47,407
)
nVent Electric PLC
181
05/16/25
USD
60.00
USD
949
(19,457
)
Owens Corning
99
05/16/25
USD
160.00
USD
1,414
(23,265
)
Public Service Enterprise Group, Inc.
207
05/16/25
USD
85.00
USD
1,704
(35,190
)
Quanta Services, Inc.
91
05/16/25
USD
290.00
USD
2,313
(41,405
)
Republic Services, Inc.
105
05/16/25
USD
240.00
USD
2,543
(89,250
)
Targa Resources Corp.
145
05/16/25
USD
210.00
USD
2,907
(87,000
)
Trane Technologies PLC
65
05/16/25
USD
370.00
USD
2,190
(24,212
)
Union Pacific Corp.
25
05/16/25
USD
250.00
USD
591
(7,625
)
 
 
 
$ (2,039,774
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
DSV A/S
Bank of America N.A.
3,400
04/01/25
DKK
1,460.54
DKK
4,536
$ —
CMS Energy Corp.
Bank of America N.A.
15,100
04/02/25
USD
72.27
USD
1,134
(43,613
)
Cie de Saint-Gobain SA
UBS AG
31,100
04/03/25
EUR
95.96
EUR
2,865
(2,417
)
Prysmian SpA
Barclays Bank PLC
22,700
04/03/25
EUR
70.76
EUR
1,156
—
Nexans SA
Citibank N.A.
6,200
04/08/25
EUR
110.56
EUR
563
(6
)
Pembina Pipeline Corp.
Citibank N.A.
31,900
04/08/25
CAD
53.49
CAD
1,836
(92,470
)
Entergy Corp.
Citibank N.A.
37,100
04/09/25
USD
88.47
USD
3,172
(12,806
)
Air Liquide SA
Bank of America N.A.
5,100
04/10/25
EUR
176.54
EUR
896
(8,278
)
Cie de Saint-Gobain SA
Morgan Stanley & Co. International PLC
21,700
04/10/25
EUR
101.62
EUR
1,999
(1,414
)
EDP SA
BNP Paribas SA
304,200
04/10/25
EUR
3.01
EUR
947
(38,001
)
Kingspan Group PLC
Bank of America N.A.
19,200
04/10/25
EUR
71.31
EUR
1,434
(66,385
)
Prysmian SpA
Citibank N.A.
33,700
04/10/25
EUR
70.78
EUR
1,716
—
Vinci SA
UBS AG
48,900
04/10/25
EUR
111.24
EUR
5,701
(292,579
)
CMS Energy Corp.
Bank of America N.A.
26,100
04/11/25
USD
73.15
USD
1,960
(71,819
)
EDP SA
Goldman Sachs International
46,200
04/15/25
EUR
3.09
EUR
144
(3,282
)
Nexans SA
Citibank N.A.
6,200
04/15/25
EUR
110.56
EUR
563
(186
)
Vestas Wind Systems A/S
Goldman Sachs International
25,000
04/15/25
DKK
107.82
DKK
2,386
(2,004
)
PG&E Corp.
Bank of America N.A.
15,400
04/17/25
USD
16.63
USD
265
(12,785
)
PG&E Corp.
Morgan Stanley & Co. International PLC
15,400
04/22/25
USD
16.95
USD
265
(9,945
)
Pembina Pipeline Corp.
Citibank N.A.
31,900
04/23/25
CAD
53.49
CAD
1,836
(100,280
)
Air Liquide SA
Citibank N.A.
8,700
04/25/25
EUR
186.35
EUR
1,528
(4,305
)
EDP SA
Bank of America N.A.
84,200
04/25/25
EUR
3.10
EUR
262
(7,784
)
Enel SpA
Morgan Stanley & Co. International PLC
609,900
04/25/25
EUR
6.91
EUR
4,572
(411,776
)
National Grid PLC
Bank of America N.A.
238,800
04/25/25
GBP
9.62
GBP
2,411
(183,358
)
PG&E Corp.
Bank of America N.A.
15,400
04/25/25
USD
16.95
USD
265
(10,464
)
Schneider Electric SE
Goldman Sachs International
5,300
04/25/25
EUR
241.41
EUR
1,131
(3,269
)
SSE PLC
Goldman Sachs International
56,000
04/25/25
GBP
15.42
GBP
893
(57,983
)
Cheniere Energy, Inc.
Morgan Stanley & Co. International PLC
7,000
04/28/25
USD
232.00
USD
1,620
(65,412
)
Enel SpA
Barclays Bank PLC
101,700
04/29/25
EUR
7.11
EUR
762
(49,471
)
Hexagon AB, Class B
BNP Paribas SA
87,700
04/29/25
SEK
119.63
SEK
9,423
(3,137
)
National Grid PLC
Goldman Sachs International
69,100
04/29/25
GBP
9.86
GBP
698
(35,664
)
EDP Renovaveis SA
Bank of America N.A.
96,200
04/30/25
EUR
8.77
EUR
741
(1,090
)
3
Schedule of Investments (unaudited)(continued)
March 31, 2025
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)
 
 
 
 
 
PG&E Corp.
Bank of America N.A.
15,400
05/05/25
USD
17.57
USD
265
$ (7,101
)
Hexagon AB, Class B
Barclays Bank PLC
110,400
05/06/25
SEK
117.72
SEK
11,863
(5,327
)
Kingspan Group PLC
UBS AG
16,200
05/06/25
EUR
84.31
EUR
1,210
(4,049
)
National Grid PLC
Barclays Bank PLC
215,900
05/06/25
GBP
9.84
GBP
2,180
(122,287
)
Vestas Wind Systems A/S
Bank of America N.A.
82,100
05/06/25
DKK
131.08
DKK
7,837
(3,027
)
EDP SA
UBS AG
89,500
05/08/25
EUR
3.15
EUR
279
(2,944
)
Nexans SA
Goldman Sachs International
5,200
05/08/25
EUR
102.96
EUR
472
(4,418
)
Schneider Electric SE
Bank of America N.A.
3,900
05/08/25
EUR
240.50
EUR
833
(6,382
)
DSV A/S
Barclays Bank PLC
3,100
05/13/25
DKK
1,391.41
DKK
4,136
(14,619
)
EDP Renovaveis SA
Bank of America N.A.
96,200
05/13/25
EUR
8.77
EUR
741
(1,771
)
Heidelberg Materials AG
Citibank N.A.
12,000
05/13/25
EUR
171.88
EUR
1,913
(38,638
)
PG&E Corp.
BNP Paribas SA
62,100
05/14/25
USD
17.67
USD
1,067
(28,288
)
SSE PLC
UBS AG
169,900
05/15/25
GBP
15.61
GBP
2,709
(181,851
)
Vestas Wind Systems A/S
Citibank N.A.
61,700
05/15/25
DKK
105.70
DKK
5,889
(29,274
)
 
 
 
 
 
 
$ (2,041,959
)
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
$ —
$ 3,586,832
$ —
$ 3,586,832
Building Products
23,776,283
20,867,341
—
44,643,624
Chemicals
8,037,877
7,317,254
—
15,355,131
Commercial Services & Supplies
25,449,960
—
—
25,449,960
Construction & Engineering
10,980,576
15,153,686
—
26,134,262
Construction Materials
—
5,917,031
—
5,917,031
Electric Utilities
117,439,736
23,206,399
—
140,646,135
Electrical Equipment
42,028,575
25,961,685
—
67,990,260
Electronic Equipment, Instruments & Components
—
6,050,556
—
6,050,556
Ground Transportation
11,911,026
—
—
11,911,026
Independent Power and Renewable Electricity Producers
9,682,191
4,580,277
—
14,262,468
Machinery
8,711,906
—
—
8,711,906
Multi-Utilities
49,726,673
19,524,995
—
69,251,668
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Common Stocks (continued)
Oil, Gas & Consumable Fuels
$ 58,336,976
$ —
$ —
$ 58,336,976
Semiconductors & Semiconductor Equipment
7,574,991
—
—
7,574,991
Short-Term Securities 
Money Market Funds
6,623,678
—
—
6,623,678
 
$380,280,448
$132,166,056
$—
$512,446,504
Derivative Financial Instruments(a)
Equity Contracts
$ —
$ —
$ —
$ —
Liabilities 
Equity Contracts
(1,671,375
)
(2,410,358
)
—
(4,081,733
)
 
$(1,671,375
)
$(2,410,358
)
$—
$(4,081,733
)
 
(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
 
Portfolio Abbreviation 
LP
 Limited Partnership
5