BlackRock Utilities, Infrastructure & Power Opportunities Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-22606

Name of Fund: BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Utilities, Infrastructure and Power Opportunities Trust, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2018

Date of reporting period: 09/30/2018

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited) 

September 30, 2018

   

BlackRock Utilities, Infrastructure & Power
Opportunities Trust (BUI)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Common Stocks — 99.5%  

Auto Components — 1.5%

 

Continental AG

     14,450     $ 2,510,611  

Valeo SA

     58,550       2,535,266  
   

 

 

  
    5,045,877  
Building Products — 1.0%  

Kingspan Group PLC

     71,966       3,355,615  
   

 

 

  
Chemicals — 3.1%  

Air Liquide SA

     40,900       5,371,078  

Linde AG

     21,250       5,018,339  
   

 

 

  
    10,389,417  
Electric Utilities — 36.8%  

American Electric Power Co., Inc.(a)

     96,220       6,820,074  

Duke Energy Corp.(a)

     155,468       12,440,549  

Edison International

     91,290       6,178,507  

Enel SpA

     3,107,517       15,884,150  

Eversource Energy

     80,420       4,941,005  

Exelon Corp.(a)(b)

     269,310       11,758,074  

FirstEnergy Corp.(a)

     202,980       7,544,767  

Fortis, Inc.

     144,250       4,676,585  

Iberdrola SA

     211,877       1,556,205  

NextEra Energy, Inc.(a)(b)

     220,300       36,922,280  

PG&E Corp.(c)

     80,000       3,680,800  

Pinnacle West Capital Corp.(a)

     46,720       3,699,290  

PPL Corp.(a)

     114,710       3,356,415  

Xcel Energy, Inc.

     71,400       3,370,794  
   

 

 

  
    122,829,495  
Electrical Equipment — 5.2%  

ABB Ltd., Registered Shares

     154,650       3,658,210  

OSRAM Licht AG

     27,050       1,074,075  

Schneider Electric SE

     76,750       6,162,793  

Vestas Wind Systems A/S

     94,150       6,360,420  
   

 

 

  
    17,255,498  
Independent Power and Renewable Electricity Producers — 8.4%  

China Longyuan Power Group Corp. Ltd., Class H

     10,432,000       8,784,697  

Clearway Energy, Inc.

     172,160       3,314,080  

EDP Renovaveis SA

     1,566,700       15,898,216  
   

 

 

  
    27,996,993  
Multi-Utilities — 19.6%  

CMS Energy Corp.(a)

     127,700       6,257,300  

Dominion Energy, Inc.(a)

     180,060       12,654,617  

DTE Energy Co.(a)

     46,120       5,033,075  

National Grid PLC

     1,241,374       12,821,863  

NiSource, Inc.(a)

     133,100       3,316,852  

Public Service Enterprise Group, Inc.(a)

     239,616       12,649,329  

Sempra Energy(a)

     70,350       8,002,312  
Security   Shares     Value  
Multi-Utilities (continued)  

WEC Energy Group, Inc.(a)

     70,180     $ 4,685,217  
   

 

 

  
    65,420,565  
Oil, Gas & Consumable Fuels — 12.3%  

Enbridge, Inc.

     252,040       8,138,372  

Energy Transfer Partners LP(a)

     139,769       3,111,258  

Enterprise Products Partners LP(a)

     94,614       2,718,260  

MPLX LP

     74,489       2,583,279  

ONEOK, Inc.(a)

     59,551       4,036,962  

Targa Resources Corp.(a)

     33,630       1,893,705  

TransCanada Corp.

     241,750       9,781,175  

Williams Cos., Inc.(a)

     323,650       8,800,044  
   

 

 

  
    41,063,055  
Semiconductors & Semiconductor Equipment — 0.9%  

Infineon Technologies AG

     133,000       3,026,530  
   

 

 

  
Transportation Infrastructure — 9.9%  

Aeroports de Paris

     20,170       4,541,298  

Atlantia SpA

     397,024       8,236,940  

Flughafen Zuerich AG

     11,710       2,366,126  

Fraport AG Frankfurt Airport Services Worldwide

     22,880       2,019,892  

Getlink SE, Registered Shares

     287,850       3,677,259  

Sydney Airport

     677,826       3,373,870  

Transurban Group

     1,112,890       9,019,223  
   

 

 

  
    33,234,608  
Water Utilities — 0.8%  

American Water Works Co., Inc.(a)

     32,220       2,834,393  
   

 

 

  

Total Long-Term Investments — 99.5%
(Cost — $270,805,834)

 

     332,452,046  
   

 

 

  

Short-Term Securities — 0.9%

 

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.97%(d)(e)

  $ 2,972,552       2,972,552  
   

 

 

  

Total Short-Term Securities — 0.9%
(Cost — $2,972,552)

 

     2,972,552  
   

 

 

  

Total Investments Before Options Written — 100.4%
(Cost — $273,778,386)

 

     335,424,598  
   

 

 

  

Options Written — (0.5)%
(Premiums Received — $2,143,573)

 

     (1,584,155 ) 
   

 

 

  

Total Investments, Net of Options Written — 99.9%
(Cost — $271,634,813)

 

     333,840,443  

Other Assets Less Liabilities — 0.1%

 

     241,558  
   

 

 

  

Net Assets — 100.0%

 

   $ 334,082,001  
   

 

 

  
 

 

(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.

 

 

     1  

Schedule of Investments  (unaudited) (continued)

September 30, 2018

   

BlackRock Utilities, Infrastructure & Power

Opportunities Trust (BUI)

(Percentages shown are based on Net Assets)

 

(c) 

Non-income producing security.

(d) 

Annualized 7-day yield as of period end.

(e) 

During the period ended September 30, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Trust were as follows:

 

Affiliate    Shares
Held at
12/31/17		      Net
Activity		      Shares
Held at
09/30/18		      Value at
09/30/18		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      6,376,831        (3,404,279 )       2,972,552      $ 2,972,552      $ 55,547      $ —      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector 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 sector sub-classifications for reporting ease.

Currency Abbreviations

 

AUD    Australian Dollar
CAD    Canadian Dollar
CHF    Swiss Franc
DKK    Danish Krone
EUR    Euro
GBP    British Pound
HKD    Hong Kong Dollar
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

                           

FirstEnergy Corp.

      110          10/03/18        USD   $ 37.08        USD     409        $ (4,035 ) 

NextEra Energy, Inc.

      293          10/03/18        USD     168.90        USD     4,911          (15,859 ) 

Enterprise Products Partners LP

      46          10/05/18        USD     29.00        USD     132          (575 ) 

Williams Cos., Inc.

      192          10/05/18        USD     30.50        USD     522          (384 ) 

ONEOK, Inc.

      124          10/12/18        USD     67.00        USD     841          (18,910 ) 

Williams Cos., Inc.

      62          10/12/18        USD     29.00        USD     169          (248 ) 

American Water Works Co., Inc.

      112          10/19/18        USD     90.00        USD     985          (4,480 ) 

CMS Energy Corp.

      446          10/19/18        USD     50.00        USD     2,185          (14,495 ) 

Dominion Energy, Inc.

      630          10/19/18        USD     72.50        USD     4,428          (12,600 ) 

Duke Energy Corp.

      272          10/19/18        USD     82.50        USD     2,177          (6,800 ) 

Energy Transfer Partners LP

      489          10/19/18        USD     23.00        USD     1,089          (11,003 ) 

Enterprise Products Partners LP

      193          10/19/18        USD     30.00        USD     554          (1,448 ) 

Exelon Corp.

      471          10/19/18        USD     44.00        USD     2,056          (21,195 ) 

FirstEnergy Corp.

      74          10/19/18        USD     38.00        USD     275          (2,220 ) 

NextEra Energy, Inc.

      292          10/19/18        USD     177.00        USD     4,894          (3,264 ) 

NiSource, Inc.

      95          10/19/18        USD     27.25        USD     237          (269 ) 

ONEOK, Inc.

      84          10/19/18        USD     70.00        USD     569          (3,150 ) 

 

 

2   

Schedule of Investments  (unaudited) (continued)

September 30, 2018

   

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)

 

PPL Corp.

      401          10/19/18        USD   $ 31.00        USD   1,173      $ (2,005 ) 

Pinnacle West Capital Corp.

      163          10/19/18        USD     80.00        USD   1,291        (12,225 ) 

Sempra Energy

      101          10/19/18        USD     116.00        USD   1,149        (8,476 ) 

WEC Energy Group, Inc.

      245          10/19/18        USD     70.00        USD   1,636        (2,450 ) 

Williams Cos., Inc.

      98          10/19/18        USD     29.00        USD   266        (392 ) 

Williams Cos., Inc.

      68          10/19/18        USD     28.50        USD   185        (646 ) 

FirstEnergy Corp.

      111          10/23/18        USD     38.02        USD   413        (3,837 ) 

Public Service Enterprise Group, Inc.

      363          10/23/18        USD     52.90        USD   1,916        (36,874 ) 

Enterprise Products Partners LP

      23          10/26/18        USD     29.00        USD   66        (977 ) 

FirstEnergy Corp.

      37          10/26/18        USD     37.95        USD   138        (1,490 ) 

Williams Cos., Inc.

      39          10/26/18        USD     29.50        USD   106        (156 ) 

Williams Cos., Inc.

      68          10/26/18        USD     28.50        USD   185        (680 ) 

Williams Cos., Inc.

      50          11/02/18        USD     29.00        USD   136        (575 ) 

Enterprise Products Partners LP

      23          11/09/18        USD     29.00        USD   66        (1,093 ) 

FirstEnergy Corp.

      73          11/12/18        USD     38.00        USD   271        (3,302 ) 

FirstEnergy Corp.

      74          11/12/18        USD     37.85        USD   275        (3,678 ) 

American Electric Power Co., Inc.

      336          11/16/18        USD     72.50        USD   2,382        (26,880 ) 

DTE Energy Co.

      161          11/16/18        USD     110.10        USD   1,757        (34,312 ) 

Duke Energy Corp.

      272          11/16/18        USD     83.00        USD   2,177        (14,717 ) 

FirstEnergy Corp.

      96          11/16/18        USD     37.00        USD   357        (10,560 ) 

Targa Resources Corp.

      117          11/16/18        USD     55.40        USD   659        (24,536 ) 

TransCanada Corp.

      846          11/16/18        CAD     54.00        CAD   4,421        (39,626 ) 

Williams Cos., Inc.

      62          11/16/18        USD     30.00        USD   169        (682 ) 

Public Service Enterprise Group, Inc.

      250          11/19/18        USD     53.30        USD   1,320        (25,317 ) 
                          

 

 

  
     $ (376,421 ) 
    

 

 

  

OTC Options Written

 

Description    Counterparty    Number of
Contracts		      Expiration
Date		     

Exercise
Price

      Notional
Amount (000)		      Value  

Call

 

EDP Renovaveis SA

    Morgan Stanley & Co. International PLC      20,000        10/03/18      EUR   $ 8.62      EUR     175      $ (3,220 ) 

NiSource, Inc.

    Bank of America N.A.      37,000        10/03/18      USD     27.19      USD     922        (1 ) 

Sydney Airport

    Goldman Sachs International      132,000        10/03/18      AUD     7.33      AUD     909        (110 ) 

EDP Renovaveis SA

    Morgan Stanley & Co. International PLC      28,400        10/05/18      EUR     8.86      EUR     248        (1,081 ) 

Sydney Airport

    Morgan Stanley & Co. International PLC      105,300        10/10/18      AUD     7.46      AUD     726        (40 ) 

EDP Renovaveis SA

    UBS AG      30,000        10/11/18      EUR     8.89      EUR     262        (1,684 ) 

Eversource Energy

    Citibank N.A.      13,900        10/11/18      USD     64.02      USD     854        (787 ) 

FirstEnergy Corp.

    JPMorgan Chase Bank N.A.      13,500        10/11/18      USD     37.50      USD     502        (4,940 ) 

EDP Renovaveis SA

    Morgan Stanley & Co. International PLC      20,000        10/16/18      EUR     8.74      EUR     175        (2,805 ) 

Eversource Energy

    Barclays Bank PLC      14,200        10/16/18      USD     63.12      USD     872        (2,010 ) 

EDP Renovaveis SA

    Credit Suisse International      40,000        10/17/18      EUR     8.39      EUR     350        (17,070 ) 

National Grid PLC

    Credit Suisse International      9,100        10/17/18      GBP     8.07      GBP     72        (806 ) 

Public Service Enterprise Group, Inc.

    Citibank N.A.      22,500        10/18/18      USD     53.06      USD     1,188        (18,713 ) 

Clearway Energy, Inc.

    Barclays Bank PLC      43,400        10/19/18      USD     20.02      USD     835        (4,580 ) 

ABB Ltd., Registered Shares

    Goldman Sachs International      54,100        10/23/18      CHF     23.22      CHF     1,256        (22,229 ) 

China Longyuan Power Group Corp. Ltd., Class H

    JPMorgan Chase Bank N.A.      1,074,000        10/23/18      HKD     6.93      HKD     7,078        (16,064 ) 

Air Liquide SA

    Credit Suisse International      11,100        10/24/18      EUR     106.44      EUR     1,256        (91,530 ) 

EDP Renovaveis SA

    UBS AG      40,000        10/24/18      EUR     8.79      EUR     350        (5,877 ) 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

September 30, 2018

   

BlackRock Utilities, Infrastructure & Power

Opportunities Trust (BUI)

(Percentages shown are based on Net Assets)

 

OTC Options Written (continued)

 

Description    Counterparty    Number of
Contracts		      Expiration
Date		     

Exercise
Price

      Notional
Amount (000)		      Value  

Call (continued)

 

Fraport AG Frankfurt Airport Services Worldwide

    Goldman Sachs International      8,100        10/24/18      EUR   $ 76.54      EUR     616      $ (10,536 ) 

National Grid PLC

    UBS AG      106,100        10/24/18      GBP     8.02      GBP     840        (14,758 ) 

TransCanada Corp.

    UBS AG      242,400        10/24/18      AUD     11.34      AUD     2,717        (22,799 ) 

Fortis, Inc.

    Bank of America N.A.      25,400        10/25/18      USD     32.55      USD     823        (47,530 ) 

Aeroports de Paris

    Credit Suisse International      7,100        10/26/18      EUR     191.25      EUR     1,377        (54,533 ) 

Atlantia SpA

    Goldman Sachs International      17,300        10/26/18      EUR     18.43      EUR     309        (7,305 ) 

Enbridge, Inc.

    Barclays Bank PLC      26,400        10/26/18      USD     35.07      USD     852        (2,015 ) 

Enel SpA

    Credit Suisse International      199,700        10/26/18      EUR     4.45      EUR     879        (20,251 ) 

Fortis, Inc.

    Bank of America N.A.      25,000        10/26/18      USD     32.72      USD     811        (45,988 ) 

Iberdrola SA

    Credit Suisse International      36,000        10/26/18      EUR     6.36      EUR     228        (3,690 ) 

Schneider Electric SE

    Credit Suisse International      15,100        10/26/18      EUR     69.20      EUR     1,044        (24,793 ) 

China Longyuan Power Group Corp. Ltd., Class H

    JPMorgan Chase Bank N.A.      1,310,000        10/30/18      HKD     6.56      HKD     8,633        (48,206 ) 

EDP Renovaveis SA

    Barclays Bank PLC      50,000        10/30/18      EUR     8.58      EUR     437        (14,697 ) 

Enel SpA

    Credit Suisse International      158,500        10/30/18      EUR     4.56      EUR     697        (9,781 ) 

Exelon Corp.

    JPMorgan Chase Bank N.A.      47,100        10/30/18      USD     44.31      USD     2,056        (21,782 ) 

Valeo SA

    Barclays Bank PLC      20,400        10/30/18      EUR     38.29      EUR     761        (24,711 ) 

Vestas Wind Systems A/S

    UBS AG      33,000        10/30/18      DKK     443.70      DKK     14,319        (54,614 ) 

Atlantia SpA

    UBS AG      43,200        10/31/18      EUR     19.03      EUR     772        (10,822 ) 

Clearway Energy, Inc.

    Bank of America N.A.      16,800        10/31/18      USD     20.40      USD     323        (1,705 ) 

EDP Renovaveis SA

    Credit Suisse International      109,900        10/31/18      EUR     8.67      EUR     961        (25,983 ) 

Enterprise Products Partners LP

    Citibank N.A.      4,600        10/31/18      USD     29.27      USD     132        (1,005 ) 

Getlink SE, Registered Shares

    Credit Suisse International      47,500        10/31/18      EUR     11.21      EUR     523        (5,979 ) 

Sempra Energy

    UBS AG      14,500        10/31/18      USD     117.25      USD     1,649        (12,594 ) 

Schneider Electric SE

    Morgan Stanley & Co. International PLC      11,800        11/01/18      EUR     70.94      EUR     816        (14,149 ) 

EDP Renovaveis SA

    UBS AG      50,000        11/02/18      EUR     8.89      EUR     437        (5,527 ) 

China Longyuan Power Group Corp. Ltd., Class H

    Citibank N.A.      1,267,000        11/06/18      HKD     6.55      HKD     8,350        (52,034 ) 

EDP Renovaveis SA

    Credit Suisse International      40,000        11/06/18      EUR     8.51      EUR     350        (14,600 ) 

Enbridge, Inc.

    Bank of America N.A.      61,800        11/06/18      USD     34.95      USD     1,996        (8,894 ) 

Getlink SE, Registered Shares

    Goldman Sachs International      53,300        11/06/18      EUR     11.05      EUR     586        (14,461 ) 

Xcel Energy, Inc.

    Bank of America N.A.      24,900        11/06/18      USD     49.29      USD     1,176        (7,468 ) 

Atlantia SpA

    Goldman Sachs International      78,500        11/07/18      EUR     19.75      EUR     1,403        (15,673 ) 

Flughafen Zuerich AG

    Credit Suisse International      4,100        11/07/18      CHF     192.30      CHF     813        (33,929 ) 

Infineon Technologies AG

    Morgan Stanley & Co. International PLC      23,000        11/07/18      EUR     20.50      EUR     451        (11,458 ) 

National Grid PLC

    Credit Suisse International      193,900        11/07/18      GBP     7.85      GBP     1,536        (59,721 ) 

NextEra Energy, Inc.

    Barclays Bank PLC      18,700        11/12/18      USD     171.77      USD     3,134        (34,463 ) 

Continental AG

    Barclays Bank PLC      5,000        11/14/18      EUR     154.81      EUR     748        (18,779 ) 

EDP Renovaveis SA

    Morgan Stanley & Co. International PLC      40,000        11/14/18      EUR     8.55      EUR     350        (14,205 ) 

 

 

4   

Schedule of Investments  (unaudited) (continued)

September 30, 2018

   

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)

                      

Enel SpA

    Deutsche Bank AG      729,400        11/20/18        EUR     $ 4.72        EUR       3,209      $ (37,601 ) 

Kingspan Group PLC

    Morgan Stanley & Co. International PLC      25,200        11/20/18        EUR       41.72        EUR       1,012        (26,081 ) 

Linde AG

    Credit Suisse International      7,500        11/20/18        EUR       213.21        EUR       1,526        (47,689 ) 

OSRAM Licht AG

    Deutsche Bank AG      9,400        11/20/18        EUR       35.08        EUR       321        (18,275 ) 

EDP Renovaveis SA

    UBS AG      40,000        11/21/18        EUR       8.83        EUR       350        (8,003 ) 

Air Liquide SA

    Deutsche Bank AG      3,300        11/27/18        EUR       114.64        EUR       373        (9,498 ) 

Iberdrola SA

    Credit Suisse International      38,100        11/27/18        EUR       6.48        EUR       241        (3,858 ) 

Infineon Technologies AG

    Morgan Stanley & Co. International PLC      23,400        11/27/18        EUR       20.41        EUR       459        (17,082 ) 

National Grid PLC

    Credit Suisse International      125,300        11/27/18        GBP       7.83        GBP       992        (32,464 ) 

Transurban Group

    Morgan Stanley & Co. International PLC      147,100        11/27/18        AUD       11.28        AUD       1,649        (22,198 ) 
                     

 

 

  
                      $ (1,207,734 ) 
                     

 

 

  

 

 

     5  

Schedule of Investments  (unaudited) (continued)

September 30, 2018

   

BlackRock Utilities, Infrastructure & Power

Opportunities Trust (BUI)

(Percentages shown are based on Net Assets)

 

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 quoted prices in active markets/exchanges for identical assets or liabilities that 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 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. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 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:

                  

Auto Components

   $ —        $ 5,045,877        $             —        $ 5,045,877  

Building Products

     3,355,615          —          —          3,355,615  

Chemicals

     —          10,389,417          —          10,389,417  

Electric Utilities

     105,389,140          17,440,355          —          122,829,495  

Electrical Equipment

     —          17,255,498          —          17,255,498  

Independent Power and Renewable Electricity Producers

     19,212,296          8,784,697          —          27,996,993  

Multi-Utilities

     52,598,702          12,821,863          —          65,420,565  

Oil, Gas & Consumable Fuels

     41,063,055          —          —          41,063,055  

Semiconductors & Semiconductor Equipment

     —          3,026,530          —          3,026,530  

Transportation Infrastructure

     —          33,234,608          —          33,234,608  

Water Utilities

     2,834,393          —          —          2,834,393  

Short-Term Securities

     2,972,552          —          —          2,972,552  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 227,425,753        $ 107,998,845        $ —        $ 335,424,598  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

6   

Schedule of Investments  (unaudited) (continued)

September 30, 2018

   

BlackRock Utilities, Infrastructure & Power

Opportunities Trust (BUI)

 

 

      Level 1        Level 2        Level 3        Total  

Derivative Financial Instruments(a)

                  

Liabilities:

                 

Equity contracts

   $ (196,455 )       $ (1,387,700 )       $ —        $ (1,584,155 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Derivative financial instruments are options written, which are shown at value.

 

Transfers between Level 1 and Level 2 were as follows:

 

      Transfers into
Level 1		        Transfers out of
Level 1 (a)		        Transfers into
Level 2 (a)		        Transfers out of
Level 2		  

Assets:

 

Long-Term Investments:

 

Common Stocks

    $ —        $ 3,858,072        $ 3,858,072        $ —  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

External pricing service used to reflect any significant market movements between the time the Trust valued such foreign securities and the earlier closing of foreign markets.

 

 

 

     7  

Item 2 – Controls and Procedures

 

2(a) –

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

2(b) –

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

BlackRock Utilities, Infrastructure and Power Opportunities Trust
By:      /s/ John M. Perlowski                        
     John M. Perlowski
     Chief Executive Officer (principal executive officer) of
     BlackRock Utilities, Infrastructure and Power Opportunities Trust
Date: November 19, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:      /s/ John M. Perlowski                        
     John M. Perlowski
     Chief Executive Officer (principal executive officer) of
     BlackRock Utilities, Infrastructure and Power Opportunities Trust
Date: November 19, 2018
By:      /s/ Neal J. Andrews                          
     Neal J. Andrews
     Chief Financial Officer (principal financial officer) of
     BlackRock Utilities, Infrastructure and Power Opportunities Trust
Date: November 19, 2018