NPORT-EX 2 NPORT_LCXJ_29792134_0324.htm BlackRock Utilities Infrastructure Power Opportunities Trust

Schedule of Investments (unaudited)

March 31, 2024

   

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

  

Common Stocks

    
Building Products — 9.5%            

A O Smith Corp.

     40,576     $ 3,629,929  

Carlisle Cos., Inc.

     22,950       8,992,957  

Cie de Saint-Gobain SA

     143,250       11,118,163  

Kingspan Group PLC(a)

    89,765       8,175,471  

Trane Technologies PLC

     52,150       15,655,430  
   

 

 

  
      47,571,950  
Chemicals — 3.0%            

Air Liquide SA

     35,768       7,441,480  

Linde PLC

     15,978       7,418,905  
   

 

 

  
      14,860,385  
Commercial Services & Supplies — 4.8%            

Republic Services, Inc.

     61,650       11,802,276  

Waste Management, Inc.

     57,650       12,288,098  
   

 

 

  
      24,090,374  
Construction & Engineering — 6.1%            

Quanta Services, Inc.

     44,710       11,615,658  

Vinci SA

     148,150       19,011,878  
   

 

 

  
      30,627,536  
Electric Utilities — 25.5%            

American Electric Power Co., Inc.(b)

    71,700       6,173,370  

Duke Energy Corp.(b)

    140,018       13,541,141  

EDP - Energias de Portugal SA

     1,972,500       7,695,966  

Enel SpA

     2,666,525       17,603,053  

Exelon Corp.(b)

    272,808       10,249,396  

Neoenergia SA

     854,650       3,467,745  

NextEra Energy, Inc.(b)(c)

    506,680       32,381,920  

PG&E Corp.

     682,650       11,441,214  

Southern Co.

     152,600       10,947,524  

SSE PLC

     481,500       10,038,304  

Xcel Energy, Inc.

     76,940       4,135,525  
   

 

 

  
       127,675,158  
Electrical Equipment — 7.6%            

Eaton Corp. PLC

     19,940       6,234,839  

Hubbell, Inc.

     12,150       5,042,858  

Prysmian SpA

     118,100       6,159,377  

Schneider Electric SE

     19,810       4,478,573  

Sunrun, Inc.(a)

    140,600       1,853,108  

Vestas Wind Systems A/S(a)

    500,371       13,957,148  
   

 

 

  
      37,725,903  
Electronic Equipment, Instruments & Components — 1.4%  

Rogers Corp.(a)

    27,250       3,234,302  

Samsung SDI Co. Ltd.

     10,750       3,812,529  
   

 

 

  
      7,046,831  
Ground Transportation — 3.0%            

Canadian Pacific Kansas City Ltd.

     83,750       7,384,196  

Union Pacific Corp.

     29,750       7,316,417  
   

 

 

  
      14,700,613  
Independent Power and Renewable Electricity Producers — 5.4%  

China Longyuan Power Group Corp. Ltd., Class H

     3,620,000       2,539,506  

EDP Renovaveis SA

     489,480       6,628,622  

Orron Energy AB(a)

    3,401,100       2,259,157  

RWE AG

     452,845       15,390,926  
   

 

 

  
      26,818,211  
Machinery — 6.6%            

Atlas Copco AB

     959,650       14,173,978  
Security   Shares     Value  

 

  

Machinery (continued)

    

Ingersoll Rand, Inc.

     121,950     $ 11,579,153  

Spirax-Sarco Engineering PLC

     57,050       7,238,275  
   

 

 

  
      32,991,406  
Multi-Utilities — 10.8%            

CenterPoint Energy, Inc.

     175,550       5,001,419  

CMS Energy Corp.(b)

    169,260       10,213,148  

Dominion Energy, Inc.(b)

    116,798       5,745,294  

National Grid PLC

     513,774       6,922,590  

Public Service Enterprise Group, Inc.(c)

    184,792       12,340,410  

Sempra(c)

    194,200       13,949,386  
   

 

 

  
      54,172,247  
Oil, Gas & Consumable Fuels — 10.8%            

Cheniere Energy, Inc.(c)

    70,350       11,346,048  

Hess Midstream LP, Class A

     110,400       3,988,752  

Pembina Pipeline Corp.

     191,600       6,762,686  

Targa Resources Corp.

     77,800       8,712,822  

TC Energy Corp.

     237,300       9,537,198  

Williams Cos., Inc.(c)

    352,805       13,748,811  
   

 

 

  
      54,096,317  
Semiconductors & Semiconductor Equipment — 5.0%        

Analog Devices, Inc.

     25,574       5,058,282  

ASML Holding NV

     6,300       6,107,604  

Canadian Solar, Inc.(a)(d)

    88,290       1,744,610  

First Solar, Inc.(a)

    16,434       2,774,059  

ON Semiconductor Corp.(a)(d)

    63,200       4,648,360  

STMicroelectronics NV

     110,850       4,770,793  
   

 

 

  
      25,103,708  
   

 

 

  

Total Long-Term Investments — 99.5%
(Cost: $350,961,176)

        497,480,639  
   

 

 

  

Short-Term Securities

    
Money Market Funds — 2.0%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(e)(f)(g)

    729,132       729,423  

BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.19%(e)(f)

    9,244,554       9,244,554  
   

 

 

  

Total Short-Term Securities — 2.0%
(Cost: $9,974,040)

       9,973,977  
   

 

 

  

Total Investments Before Options Written — 101.5%
(Cost: $360,935,216)

 

     507,454,616  
   

 

 

  

Options Written — (1.3)%

    

(Premiums Received: $(4,043,794))

       (6,321,936 ) 
   

 

 

  

Total Investments, Net of Options Written — 100.2%
(Cost: $356,891,422)

 

     501,132,680  

Liabilities in Excess of Other Assets — (0.2)%

 

     (959,837 ) 
   

 

 

  

Net Assets — 100.0%

     $ 500,172,843  
   

 

 

  

 

(a) 

Non-income producing security.

(b) 

All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

(c) 

All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

(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.

(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.

 

 

S C H E D U L E  O F  I N V E S T M E N T S

   1

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

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, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer  

Value at

12/31/23

   

Purchases

at Cost

   

Proceeds

from Sales

   

Net

Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

03/31/24

   

Shares

Held at

03/31/24

    Income    

Capital Gain

Distributions

from

Underlying

Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ —     $ 729,486 (a)    $ —     $ —     $ (63 )    $ 729,423       729,132     $ —     $ —  

BlackRock Liquidity Funds, T-Fund, Institutional Class

     5,318,307       3,926,247 (a)      —       —       —       9,244,554       9,244,554       95,850       —  

SL Liquidity Series, LLC, Money Market Series(b)

    1,297,977       —       (1,298,002 )(a)      25       —       —       —       925 (c)       —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  
        $ 25     $ (63 )    $  9,973,977       $  96,775     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

As of period end, the entity is no longer held.

 
  (c) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, 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                                  

First Solar, Inc.

     22        04/05/24      USD  155.00      USD  371      $ (31,845 ) 

PG&E Corp.

     136        04/05/24      USD 17.00      USD 228        (1,088 ) 

Waste Management, Inc.

     153        04/05/24      USD 210.00      USD 3,261        (61,200 ) 

Cheniere Energy, Inc.

     82        04/12/24      USD 160.00      USD 1,322        (26,650 ) 

Southern Co.

     280        04/12/24      USD 71.00      USD 2,009        (36,400 ) 

Williams Cos., Inc.

     603        04/12/24      USD 37.00      USD 2,350        (138,690 ) 

American Electric Power Co., Inc.

     136        04/19/24      USD 78.47      USD 1,171        (109,049 ) 

Canadian Pacific Kansas City, Ltd.

     197        04/19/24      CAD 118.00      CAD  2,353        (34,905 ) 

Carlisle Cos., Inc.

     24        04/19/24      USD 360.00      USD 940        (79,920 ) 

CenterPoint Energy, Inc.

     310        04/19/24      USD 27.61      USD 883        (34,408 ) 

Dominion Energy, Inc.

     127        04/19/24      USD 45.00      USD 625        (49,530 ) 

Duke Energy Corp.

     295        04/19/24      USD 100.00      USD 2,853        (7,375 ) 

Eaton Corp. PLC

     54        04/19/24      USD 310.00      USD 1,688        (43,200 ) 

Exelon Corp.

     170        04/19/24      USD 38.00      USD 639        (6,800 ) 

Exelon Corp.

     228        04/19/24      USD 35.00      USD 857        (71,820 ) 

Hess Midstream LP, Class A

     200        04/19/24      USD 36.00      USD 723        (14,000 ) 

Ingersoll Rand, Inc.

     150        04/19/24      USD 87.00      USD 1,424        (125,739 ) 

Linde PLC

     32        04/19/24      USD 450.00      USD 1,486        (52,480 ) 

ON Semiconductor Corp.

     134        04/19/24      USD 80.00      USD 986        (11,457 ) 

Quanta Services, Inc.

     74        04/19/24      USD 220.00      USD 1,923        (299,700 ) 

Rogers Corp.

     31        04/19/24      USD 115.00      USD 368        (17,205 ) 

Sempra

     316        04/19/24      USD 72.50      USD 2,270        (29,230 ) 

Targa Resources Corp.

     136        04/19/24      USD 110.00      USD 1,523        (45,560 ) 

Trane Technologies PLC

     100        04/19/24      USD 280.00      USD 3,002        (214,000 ) 

Trane Technologies PLC

     100        04/19/24      USD 290.00      USD 3,002        (125,500 ) 

Union Pacific Corp.

     34        04/19/24      USD 250.00      USD 836        (8,160 ) 

Williams Cos., Inc.

     28        04/19/24      USD 36.00      USD 109        (8,330 ) 

Analog Devices, Inc.

     42        04/26/24      USD 200.00      USD 831        (20,790 ) 

Cheniere Energy, Inc.

     82        04/26/24      USD 165.00      USD 1,322        (17,425 ) 

First Solar, Inc.

     35        04/26/24      USD 165.00      USD 591        (36,837 ) 

ON Semiconductor Corp.

     87        04/26/24      USD 80.00      USD 640        (10,484 ) 

PG&E Corp.

     693        04/26/24      USD 17.00      USD 1,161        (22,176 ) 

Union Pacific Corp.

     48        04/26/24      USD 250.00      USD 1,180        (20,640 ) 

Analog Devices, Inc.

     47        05/03/24      USD 195.00      USD 930        (35,955 ) 

Cheniere Energy, Inc.

     82        05/03/24      USD 165.00      USD 1,322        (25,830 ) 

PG&E Corp.

     846        05/03/24      USD 17.00      USD 1,418        (25,803 ) 

Southern Co.

     254        05/03/24      USD 71.00      USD 1,822        (54,610 ) 

Union Pacific Corp.

     22        05/10/24      USD 250.00      USD 541        (13,420 ) 

A O Smith Corp.

     197        05/17/24      USD 95.00      USD 1,762        (26,102 ) 

 

 

2  

 

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

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)                                  

American Electric Power Co., Inc.

     114        05/17/24      USD  87.50      USD 982      $ (19,665 ) 

Carlisle Cos., Inc.

     61        05/17/24      USD  370.00      USD 2,390        (185,440 ) 

CenterPoint Energy, Inc.

     304        05/17/24      USD 29.00      USD 866        (18,240 ) 

Dominion Energy, Inc.

     281        05/17/24      USD 50.00      USD 1,382        (40,745 ) 

Duke Energy Corp.

     195        05/17/24      USD 95.00      USD 1,886        (68,250 ) 

Exelon Corp.

     556        05/17/24      USD 37.76      USD 2,089        (51,151 ) 

Hess Midstream LP, Class A

     187        05/17/24      USD 34.00      USD 676        (50,490 ) 

Ingersoll Rand, Inc.

     328        05/17/24      USD 91.55      USD 3,114        (173,789 ) 

Linde PLC

     24        05/17/24      USD 475.00      USD 1,114        (20,280 ) 

Pembina Pipeline Corp.

     266        05/17/24      CAD 49.00      CAD 1,272        (9,524 ) 

PG&E Corp.

     714        05/17/24      USD 17.00      USD 1,197        (33,915 ) 

Quanta Services, Inc.

     86        05/17/24      USD 242.60      USD 2,234        (203,336 ) 

Republic Services, Inc.

     100        05/17/24      USD 186.00      USD 1,914        (84,772 ) 

Sempra

     363        05/17/24      USD 73.20      USD 2,607        (53,781 ) 

Waste Management, Inc.

     48        05/17/24      USD 210.00      USD 1,023        (37,920 ) 

Williams Cos., Inc.

     603        05/17/24      USD 37.00      USD 2,350        (149,242 ) 

Pembina Pipeline Corp.

     267        06/21/24      CAD 49.00      CAD 1,277        (13,207 ) 
             

 

 

  
              $  (3,208,060 ) 
             

 

 

  

OTC Options Written

 

             
Description   Counterparty   

Number of

Contracts

    

Expiration

Date

     Exercise Price     

Notional

Amount (000)

      Value  

Call

                 

Atlas Copco AB, B Shares

   Goldman Sachs International      250,000        04/02/24      SEK  149.22      SEK  39,524      $ (210,633 ) 

EDP - Energias de Portugal SA

   Bank of America N.A.      33,200        04/02/24      EUR 3.94      EUR 120        (1 ) 

EDP Renovaveis SA

   Bank of America N.A.      4,700        04/02/24      EUR 15.53      EUR 59        —  

Enel SpA

   Morgan Stanley & Co. International PLC      476,200        04/02/24      EUR 6.44      EUR 2,914        (113 ) 

Schneider Electric SE

   Morgan Stanley & Co. International PLC      5,800        04/02/24      EUR  190.03      EUR  1,215        (123,407 ) 

United Overseas Bank Ltd.

   Morgan Stanley & Co. International PLC      103,000        04/02/24      DKK  207.75      DKK 19,864        (282 ) 

Air Liquide SA

   UBS AG      7,150        04/03/24      EUR 172.93      EUR 1,379        (154,477 ) 

China Longyuan Power Group Corp. Ltd., Class H

   Bank of America N.A.      597,000        04/03/24      HKD 4.71      HKD 3,278        (60,889 ) 

Compagnie de Saint-Gobain S.A.

   UBS AG      21,800        04/03/24      EUR 69.31      EUR 1,568        (64,571 ) 

Kingspan Group PLC

   Bank of America N.A.      14,400        04/03/24      EUR 82.72      EUR 1,216        (32,822 ) 

National Grid PLC

   Goldman Sachs International      68,200        04/03/24      GBP 10.20      GBP 728        (40,479 ) 

Prysmian SpA

   UBS AG      12,600        04/03/24      EUR 42.10      EUR 609        (85,924 ) 

Vinci SA

   UBS AG      51,800        04/03/24      EUR 117.51      EUR 6,162        (92,477 ) 

NextEra Energy, Inc.

   JPMorgan Chase Bank N.A.      38,700        04/05/24      USD 58.00      USD 2,473        (235,283 ) 

Public Service Enterprise Group, Inc.

   JPMorgan Chase Bank N.A.      20,700        04/08/24      USD 59.77      USD 1,382        (147,264 ) 

EDP - Energias de Portugal SA

   Bank of America N.A.      89,000        04/09/24      EUR 4.28      EUR 322        —  

SSE PLC

   Morgan Stanley & Co. International PLC      147,500        04/09/24      GBP 17.34      GBP 2,436        (2,941 ) 

United Overseas Bank Ltd.

   Goldman Sachs International      82,100        04/09/24      DKK 195.55      DKK 15,833        (31,202 ) 

CMS Energy Corp.

   Barclays Bank PLC      29,600        04/10/24      USD 57.90      USD 1,786        (79,152 ) 

EDP - Energias de Portugal SA

   Morgan Stanley & Co. International PLC      282,000        04/10/24      EUR 3.92      EUR 1,020        (818 ) 

NextEra Energy, Inc.

   JPMorgan Chase Bank N.A.      38,700        04/12/24      USD 59.00      USD 2,473         (201,349 ) 

Atlas Copco AB, B Shares

   Goldman Sachs International      106,600        04/16/24      SEK 158.41      SEK 16,853        (29,402 ) 

China Longyuan Power Group Corp. Ltd., Class H

   Bank of America N.A.      670,000        04/16/24      HKD 6.01      HKD 3,679        (4,934 ) 

Kingspan Group PLC

   Bank of America N.A.      14,400        04/16/24      EUR 86.40      EUR 1,216        (13,267 ) 

EDP - Energias de Portugal SA

   Bank of America N.A.      193,000        04/17/24      EUR 3.77      EUR 698        (6,043 ) 

TC Energy Corp.

   Morgan Stanley & Co. International PLC      27,800        04/17/24      CAD 54.28      CAD 1,513        (13,031 ) 

Xcel Energy, Inc.

   Barclays Bank PLC      14,300        04/17/24      USD 60.78      USD 769        (1,299 ) 

NextEra Energy, Inc.

   Barclays Bank PLC      49,900        04/19/24      USD 59.82      USD 3,189        (227,915 ) 

EDP Renovaveis SA

   Bank of America N.A.      2,400        04/24/24      EUR 13.75      EUR 30        (254 ) 

Enel SpA

   Morgan Stanley & Co. International PLC      519,400        04/24/24      EUR 6.16      EUR 3,178        (51,110 ) 

National Grid PLC

   UBS AG      62,200        04/24/24      GBP 10.81      GBP 664        (9,848 ) 

Neoenergia SA

   Morgan Stanley & Co. International PLC      122,400        04/24/24      BRL 22.02      BRL 2,491        (427 ) 

Air Liquide SA

   Morgan Stanley & Co. International PLC      6,650        04/25/24      EUR 190.11      EUR 1,282        (36,568 ) 

Atlas Copco AB, B Shares

   UBS AG      16,000        04/25/24      SEK 157.46      SEK 2,530        (5,117 ) 

EDP - Energias de Portugal SA

   Bank of America N.A.      84,200        04/25/24      EUR 3.85      EUR 305        (2,396 ) 

Schneider Electric SE

   UBS AG      5,000        04/25/24      EUR 211.21      EUR 1,048        (22,371 ) 

 

 

S C H E D U L E  O F  I N V E S T M E N T S

   3

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

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)

                 

NextEra Energy, Inc.

   Barclays Bank PLC      50,000        04/26/24      USD  61.01      USD  3,196      $ (186,162 ) 

TC Energy Corp.

   Royal Bank of Canada      25,800        04/26/24      CAD 53.95      CAD 1,405        (21,669 ) 

CMS Energy Corp.

   Barclays Bank PLC      29,600        04/29/24      USD 57.90      USD 1,786        (93,840 ) 

ASML Holding NV

   Morgan Stanley & Co. International PLC      2,300        04/30/24      EUR  927.41      EUR 2,067        (58,922 ) 

Compagnie de Saint-Gobain S.A.

   Bank of America N.A.      28,300        04/30/24      EUR 71.23      EUR 2,036        (73,011 ) 

Spirax-Sarco Engineering PLC

   Morgan Stanley & Co. International PLC      19,900        04/30/24      GBP  109.19      GBP  2,000        (12,219 ) 

Targa Resources Corp.

   UBS AG      13,600        04/30/24      USD 108.04      USD 1,523        (63,867 ) 

RWE AG

   Bank of America N.A.      154,500        05/02/24      EUR 32.03      EUR 4,867        (117,034 ) 

RWE AG

   Bank of America N.A.      4,000        05/02/24      EUR 32.40      EUR 126        (2,474 ) 

SSE PLC

   Bank of America N.A.      21,100        05/02/24      GBP 16.74      GBP 349        (8,124 ) 

EDP - Energias de Portugal SA

   Bank of America N.A.      85,000        05/07/24      EUR 3.75      EUR 307        (1,863 ) 

Neoenergia SA

   JPMorgan Chase Bank N.A.      122,400        05/07/24      BRL 21.89      BRL 2,491        (1,558 ) 

Prysmian SpA

   UBS AG      20,700        05/07/24      EUR 46.24      EUR 1,001        (54,267 ) 

STMicroelectronics NV

   Bank of America N.A.      38,800        05/07/24      EUR 44.41      EUR 1,548        (14,810 ) 

EDP Renovaveis SA

   Bank of America N.A.      20,000        05/10/24      EUR 15.06      EUR 251        (552 ) 

National Grid PLC

   Goldman Sachs International      49,500        05/10/24      GBP 10.67      GBP 528        (16,622 ) 

Pembina Pipeline Corp.

   Morgan Stanley & Co. International PLC      13,700        05/13/24      CAD 47.15      CAD 655        (14,100 ) 

Public Service Enterprise Group, Inc.

   Morgan Stanley & Co. International PLC      23,200        05/13/24      USD 65.20      USD 1,549        (68,591 ) 

TC Energy Corp.

   Royal Bank of Canada      29,400        05/13/24      CAD 53.78      CAD 1,601        (35,891 ) 

Xcel Energy, Inc.

   Bank of America N.A.      12,600        05/13/24      USD 53.17      USD 677        (29,757 ) 

EDP Renovaveis SA

   Bank of America N.A.      60,900        05/14/24      EUR 13.28      EUR 764        (17,570 ) 

Neoenergia SA

   Morgan Stanley & Co. International PLC      54,200        05/16/24      BRL 21.04      BRL 1,103        (5,378 ) 

Hubbell Inc.

   Goldman Sachs International      4,200        05/20/24      USD 431.87      USD 1,743        (51,383 ) 

EDP Renovaveis SA

   Bank of America N.A.      83,400        05/21/24      EUR 13.09      EUR 1,047        (35,901 ) 

Public Service Enterprise Group, Inc.

   JPMorgan Chase Bank N.A.      20,700        06/03/24      USD 65.60      USD 1,382        (66,672 ) 

Republic Services, Inc.

   Bank of America N.A.      11,600        06/14/24      USD 191.60      USD 2,221        (73,573 ) 
                

 

 

  
                 $  (3,113,876 ) 
                

 

 

  

Fair Value Hierarchy as of Period End

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:

 

  •  

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); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (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. 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.

 

 

4  

 

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

 

Fair Value Hierarchy as of Period End (continued)

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

   $ 28,278,316              $ 19,293,634              $ —              $ 47,571,950  

Chemicals

     7,418,905          7,441,480          —          14,860,385  

Commercial Services & Supplies

     24,090,374          —          —          24,090,374  

Construction & Engineering

     11,615,658          19,011,878          —          30,627,536  

Electric Utilities

     92,337,835          35,337,323          —          127,675,158  

Electrical Equipment

     13,130,805          24,595,098          —          37,725,903  

Electronic Equipment, Instruments & Components

     3,234,302          3,812,529          —          7,046,831  

Ground Transportation

     14,700,613          —          —          14,700,613  

Independent Power and Renewable Electricity Producers

     —          26,818,211          —          26,818,211  

Machinery

     11,579,153          21,412,253          —          32,991,406  

Multi-Utilities

     47,249,657          6,922,590          —          54,172,247  

Oil, Gas & Consumable Fuels

     54,096,317          —          —          54,096,317  

Semiconductors & Semiconductor Equipment

     14,225,311          10,878,397          —          25,103,708  

Short-Term Securities

                 

Money Market Funds

     9,973,977          —          —          9,973,977  
 

 

 

       

 

 

       

 

 

       

 

 

  
  $  331,931,223        $ 175,523,393        $     —        $  507,454,616  
 

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                

Liabilities

                 

Equity Contracts

   $ (2,372,035 )       $ (3,949,901 )       $ —        $ (6,321,936 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Derivative financial instruments are options written. Options written are shown at value.

 

 

Currency Abbreviation
BRL    Brazilian Real
CAD    Canadian Dollar
DKK    Danish Krone
EUR    Euro
GBP    British Pound
HKD    Hong Kong Dollar
SEK    Swedish Krona
USD    United States Dollar
Portfolio Abbreviation
LP    Limited Partnership

 

 

S C H E D U L E  O F  I N V E S T M E N T S

   5