NPORT-EX 2 NPORT_89BZ_10376097_0922.htm BlackRock Innovation and Growth Trust

Schedule of Investments (unaudited)

September 30, 2022

    

   

BlackRock Innovation and Growth Trust (BIGZ)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

    
Aerospace & Defense — 5.9%            

Axon Enterprise, Inc.(a)(b)

    651,666     $        75,430,340  

HEICO Corp.

     336,633       48,468,419  
   

 

 

  
      123,898,759  
Auto Components — 1.9%            

Fox Factory Holding Corp.(b)

    493,110       38,995,139  
   

 

 

  
Biotechnology — 1.6%            

Halozyme Therapeutics, Inc.(b)

    862,374       34,098,268  
   

 

 

  
Building Products — 0.6%            

AZEK Co., Inc.(b)

    725,567       12,058,924  
   

 

 

  
Capital Markets — 2.2%            

Tradeweb Markets, Inc., Class A(c)

    804,964       45,416,069  
   

 

 

  
Diversified Consumer Services — 3.7%            

Duolingo, Inc.(b)

    424,673       40,441,610  

Ideal Image, Class A, (Acquired 05/05/21, Cost: $50,000,000)(d)(e)

    6,224       37,583,931  
   

 

 

  
      78,025,541  
Electronic Equipment, Instruments & Components — 0.3%  

908 Devices, Inc.(b)

    446,012       7,336,897  
   

 

 

  
Entertainment — 1.1%            

Kahoot! ASA(b)

    12,223,339       22,763,850  
   

 

 

  
Equity Real Estate Investment Trusts (REITs) — 0.7%  

Innovative Industrial Properties, Inc.

     53,319       4,718,732  

Rexford Industrial Realty, Inc.

     203,708       10,592,816  
   

 

 

  
      15,311,548  
Food Products — 0.4%            

Freshpet, Inc.(b)

    160,887       8,058,830  
   

 

 

  
Health Care Equipment & Supplies(b) — 1.4%  

Figs, Inc., Class A

     2,000,216       16,501,782  

Inmode Ltd.

     407,065       11,849,662  
   

 

 

  
      28,351,444  
Health Care Technology(b) — 3.0%            

Certara, Inc.

     878,045       11,660,438  

Doximity, Inc., Class A

     1,251,172       37,810,418  

Phreesia, Inc.(a)

    491,519       12,523,904  
   

 

 

  
      61,994,760  
Hotels, Restaurants & Leisure — 4.9%            

Evolution AB(f)

    591,128       46,727,222  

Penn Entertainment, Inc.(b)

    369,706       10,170,612  

Planet Fitness, Inc., Class A(b)(c)

    813,885       46,928,609  
   

 

 

  
      103,826,443  
Interactive Media & Services — 1.8%            

Match Group, Inc.(b)

    794,668       37,945,397  
   

 

 

  
Internet & Direct Marketing Retail(b) — 2.1%  

Etsy, Inc.

     284,635       28,500,502  

Fiverr International Ltd.

     518,976       15,875,476  
   

 

 

  
      44,375,978  
IT Services — 4.7%            

DigitalOcean Holdings, Inc.(b)

    529,706       19,159,466  
Security   Shares     Value  
IT Services (continued)            

Globant SA(b)

    245,707     $        45,966,866  

Salt Pay Co. Ltd., Series C, (Acquired 11/16/21, Cost: $49,999,974)(d)(e)

    25,742       33,815,463  
   

 

 

  
      98,941,795  
Life Sciences Tools & Services — 9.8%            

10X Genomics, Inc., Class A(b)(c)

    133,858       3,812,276  

Azenta, Inc.

     611,504       26,209,061  

Bio-Techne Corp.(a)(c)

    185,128       52,576,352  

Charles River Laboratories International, Inc.(b)

    130,796       25,740,653  

Olink Holding AB, ADR(b)(g)

    519,151       6,302,493  

Repligen Corp.(b)

    307,574       57,550,171  

West Pharmaceutical Services, Inc.

     138,373       34,050,828  
   

 

 

  
      206,241,834  
Machinery — 2.9%            

Chart Industries, Inc.(b)

    326,858       60,256,272  
   

 

 

  
Road & Rail — 2.0%            

Saia, Inc.(b)

    219,693       41,741,670  
   

 

 

  
Semiconductors & Semiconductor Equipment — 7.7%  

Ambarella, Inc.(b)

    476,770       26,784,939  

Entegris, Inc.(c)

    683,028       56,704,984  

Lattice Semiconductor Corp.(b)

    702,518       34,570,911  

Monolithic Power Systems, Inc.(a)(c)

    119,025       43,253,685  
   

 

 

  
      161,314,519  
Software — 14.7%            

Bill.com Holdings, Inc.(b)

    339,000       44,873,430  

Confluent, Inc., Class A(b)

    1,634,976       38,863,380  

Five9, Inc.(b)

    576,450       43,222,221  

Gitlab, Inc., Class A(b)

    678,865       34,771,465  

Grammarly, Inc., (Acquired 11/17/21,
Cost: $26,250,012)(d)(e)

    1,001,454       18,306,579  

HubSpot, Inc.(b)

    43,732       11,812,888  

Patreon, Inc., (Acquired 08/19/21,
Cost: $11,732,736)(d)(e)

    208,333       5,777,074  

Paylocity Holding Corp.(a)(b)(c)

    279,273       67,466,771  

SiteMinder Ltd.(b)

    10,336,222       20,361,476  

Snorkel AI, Inc., (Acquired 06/30/21,
Cost: $2,999,997)(d)(e)

    199,738       1,847,577  

Snyk Ltd., (Acquired 09/02/21,
Cost: $25,961,537)(d)(e)

    1,809,860       20,795,291  
   

 

 

  
      308,098,152  
   

 

 

  

Total Common Stocks — 73.4%
(Cost: $2,164,817,957)

       1,539,052,089  
   

 

 

  
    

Par

(000)

         

Convertible Notes

    
Specialty Retail — 0.6%            

Super73, Inc., (Acquired: 12/21/21,
Cost: $12,000,000), 0.00%(d)(e)

  $ 12,000       12,720,000  
   

 

 

  

Total Convertible Notes — 0.6%
(Cost: $12,000,000)

       12,720,000  
   

 

 

  
 

 

 

1  

    

Schedule of Investments (unaudited) (continued)

September 30, 2022

    

   

BlackRock Innovation and Growth Trust (BIGZ)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Preferred Securities

    

Preferred Stocks — 23.1%(d)(e)

   
Aerospace & Defense — 1.8%            

Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $50,000,009)

     2,189,612     $        38,033,561  
   

 

 

  
Banks — 0.7%            

Varo Money Inc., Series E, (Acquired 08/27/21, Cost: $40,000,001)

     4,316,904       14,763,812  
   

 

 

  
Capital Markets — 2.4%            

The Production Board LLC, Series A3, (Acquired 06/04/21, Cost: $50,000,001)

     16,666,667       49,833,334  
   

 

 

  
Entertainment — 0.6%            

Discord, Inc., Series I, (Acquired 09/13/21, Cost: $17,999,912)

     32,690       12,634,031  
   

 

 

  
Food Products — 1.1%            

Motif Food Works, Inc., (Acquired 06/08/21, Cost: $39,999,986)

     1,972,240       23,509,101  
   

 

 

  
Hotels, Restaurants & Leisure — 1.4%            

Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: $29,999,946)

     191,067       10,596,576  

Underdog Sports, Inc., Series B, (Acquired 01/11/22, Cost: $14,999,974)

     291,061       18,243,703  
   

 

 

  
      28,840,279  
Internet Software & Services — 1.1%            

Via Transportation, Inc., Series G, (Acquired 11/05/21, Cost: $24,999,974)

     549,357       22,303,894  
   

 

 

  
IT Services — 1.1%            

Open Space Labs Inc., Series D, (Acquired 01/31/22, Cost: $15,000,003)

     1,687,916       15,005,573  

Wagestream Holdings Ltd., Series C, (Acquired 02/11/22, Cost: $10,024,684)

     762,746       7,698,862  
   

 

 

  
      22,704,435  
Leisure Products — 1.6%            

Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: $49,999,982)

     2,172,486       34,868,400  
   

 

 

  
Semiconductors & Semiconductor Equipment — 2.2%  

PsiQuantum Corp., Series C, (Acquired 05/21/21, Cost: $39,999,990)

     1,525,192       38,755,129  

Rivos, Inc., Series A, (Acquired 12/03/21, Cost: $7,996,292)

     2,997,684       7,164,465  
   

 

 

  
      45,919,594  
Software — 7.9%            

Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost: $9,999,995)

     428,785       3,524,613  

AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: $14,999,995)

     2,745,894       11,972,098  

Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $44,999,983)

     898,024       28,979,234  

Deepgram, Inc., Series B, (Acquired 10/22/21, Cost: $11,999,997)

     2,165,400       10,545,498  

Dragos, Inc., Series D, (Acquired 09/28/21, Cost: $39,999,959)

     900,760       31,409,501  

Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: $30,000,101)

     4,651,163       21,162,792  

Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $8,750,004)

     333,818       6,102,193  
Security   Shares     Value  
Software (continued)            

Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $23,333,352)

     416,667     $ 11,554,176  

SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: $4,999,999)

     909,438       4,410,774  

Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,994)

     732,373       6,774,450  

Snyk Ltd., Series B, (Acquired 09/02/21, Cost: $24,038,470)

     1,675,797       19,254,908  

Validere Technologies, Inc., Series B, (Acquired 10/21/21, Cost: $10,000,000)

     4,684,060       9,555,482  
   

 

 

  
      165,245,719  
Wireless Telecommunication Services — 1.2%  

Loft Orbital Solutions, Inc., Series B, (Acquired 10/14/21, Cost: $24,999,992)

     1,365,305       24,589,143  
   

 

 

  
      483,245,303  
   

 

 

  

Total Preferred Securities — 23.1%
(Cost: $650,142,595)

       483,245,303  
   

 

 

  

Total Long-Term Investments — 97.1%
(Cost: $2,826,960,552)

       2,035,017,392  
   

 

 

  

Short-Term Securities

    

Money Market Funds — 3.5%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.79%(h)(i)

    72,501,297       72,501,297  

SL Liquidity Series, LLC, Money Market Series, 3.29%(h)(i)(j)

    1,308,608       1,308,608  
   

 

 

  

Total Short-Term Securities — 3.5%
(Cost: $73,809,643)

 

     73,809,905  
   

 

 

  

Total Investments Before Options Written — 100.6%
(Cost: $2,900,770,195)

 

     2,108,827,297  
   

 

 

  

Options Written — (0.2)%
(Premiums Received: $(14,000,593))

 

     (4,074,327 ) 
   

 

 

  

Total Investments, Net of Options Written — 100.4%
(Cost: $2,886,769,602)

 

     2,104,752,970  

Liabilities in Excess of Other Assets — (0.4)%

 

     (8,026,699 ) 
   

 

 

  

Net Assets — 100.0%

     $   2,096,726,271  
   

 

 

  

 

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) 

Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $614,091,218, representing 29.3% of its net assets as of period end, and an original cost of $829,086,851.

(f) 

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.

(g) 

All or a portion of this security is on loan.

(h) 

Affiliate of the Trust.

(i) 

Annualized 7-day yield as of period end.

(j) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

 

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

   2

Schedule of Investments (unaudited) (continued)

September 30, 2022

    

   

BlackRock Innovation and Growth Trust (BIGZ)

 

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
12/31/21		     Purchases
at Cost		     Proceeds
from Sales		    

Net

Realized
Gain (Loss)

     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
09/30/22		     Shares
Held at
09/30/22		     Income     Capital Gain
Distributions
from
Underlying
Funds		  

908 Devices, Inc.(a)

  $  59,749,533     $ —     $ (28,051,803 )    $ (61,964,665 )    $ 37,603,832     $ N/A       N/A     $ —     $ —  

BlackRock Liquidity Funds, T-Fund, Institutional Class

     1,836,203       70,665,094 (b)      —       —       —       72,501,297       72,501,297       180,357       —  

SL Liquidity Series, LLC, Money Market Series

     5,204,477       —       (3,895,421 )(b)      (1,014 )      566       1,308,608       1,308,608       50,886 (c)       —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  
        $ (61,965,679 )    $ 37,604,398     $ 73,809,905       $ 231,243     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

As of period end, the entity is no longer an affiliate.

 
  (b) 

Represents net amount purchased (sold).

 
  (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                                                   

Ambarella, Inc.

      223          10/07/22        USD     95.00        USD     1,253        $        (2,230 ) 

Bill.Com Holdings, Inc.

      186          10/07/22        USD     165.00        USD     2,462          (8,370 ) 

Etsy, Inc.

      106          10/07/22        USD     115.00        USD     1,061          (2,650 ) 

Match Group, Inc.

      338          10/07/22        USD     66.00        USD     1,614          (3,549 ) 

Penn Entertainment, Inc.

      277          10/07/22        USD     37.00        USD     762          (554 ) 

Bill.Com Holdings, Inc.

      138          10/14/22        USD     177.50        USD     1,827          (20,700 ) 

Match Group, Inc.

      415          10/14/22        USD     64.00        USD     1,982          (8,093 ) 

10X Genomics, Inc., Class A

      155          10/21/22        USD     45.00        USD     441          (17,050 ) 

908 Devices, Inc.

      187          10/21/22        USD     18.75        USD     308          (10,138 ) 

Ambarella, Inc.

      123          10/21/22        USD     70.00        USD     691          (4,305 ) 

Axon Enterprise, Inc.

      220          10/21/22        USD     126.00        USD     2,547          (49,314 ) 

Axon Enterprise, Inc.

      238          10/21/22        USD     141.05        USD     2,755          (9,406 ) 

Axon Enterprise, Inc.

      239          10/21/22        USD     130.00        USD     2,766          (31,070 ) 

AZEK Co., Inc.

      544          10/21/22        USD     20.00        USD     904          (8,160 ) 

Azenta, Inc.

      347          10/21/22        USD     70.00        USD     1,487          (166,560 ) 

Bio-Techne Corp.

      133          10/21/22        USD     400.00        USD     3,777          (63,840 ) 

Charles River Laboratories International, Inc.

      153          10/21/22        USD     220.00        USD     3,011          (37,485 ) 

Confluent, Inc., Class A

      1,415          10/21/22        USD     30.60        USD     3,363          (45,809 ) 

DigitalOcean Holdings, Inc.

      506          10/21/22        USD     52.00        USD     1,830          (6,641 ) 

Doximity, Inc., Class A

      609          10/21/22        USD     37.50        USD     1,840          (19,792 ) 

Duolingo, Inc.

      189          10/21/22        USD     110.00        USD     1,800          (24,570 ) 

Entegris, Inc.

      512          10/21/22        USD     110.00        USD     4,251          (12,800 ) 

Etsy, Inc.

      200          10/21/22        USD     115.00        USD     2,003          (35,100 ) 

Figs, Inc., Class A

      1,500          10/21/22        USD     12.50        USD     1,238          (7,500 ) 

Five9, Inc.

      550          10/21/22        USD     115.00        USD     4,124          (41,250 ) 

Fiverr International Ltd.

      466          10/21/22        USD     45.00        USD     1,425          (6,990 ) 

Fox Factory Holding Corp.

      300          10/21/22        USD     111.50        USD     2,372          (16,352 ) 

Freshpet, Inc.

      121          10/21/22        USD     50.00        USD     606          (35,392 ) 

Gitlab, Inc., Class A

      744          10/21/22        USD     75.00        USD     3,811          (9,300 ) 

Globant SA

      194          10/21/22        USD     240.00        USD     3,629          (93,120 ) 

Halozyme Therapeutics, Inc.

      298          10/21/22        USD     45.00        USD     1,178          (14,900 ) 

HEICO Corp.

      252          10/21/22        USD     155.00        USD     3,628          (43,470 ) 

HubSpot, Inc.

      73          10/21/22        USD     380.00        USD     1,972          (15,330 ) 

 

 

3  

    

Schedule of Investments (unaudited) (continued)

September 30, 2022

    

   

BlackRock Innovation and Growth Trust (BIGZ)

 

Exchange-Traded Options Written (continued)

 

Description    Number of
Contracts		        Expiration
Date		        Exercise Price       

Notional

Amount (000)

        Value  
Call (continued)                                                   

Inmode Ltd.

      305          10/21/22        USD     37.50        USD     888        $ (7,625 ) 

Innovative Industrial Properties, Inc.

      80          10/21/22        USD     115.00        USD     708          (3,200 ) 

Lattice Semiconductor Corp.

      311          10/21/22        USD     65.00        USD     1,530          (31,100 ) 

Lattice Semiconductor Corp.

      250          10/21/22        USD     63.75        USD     1,230          (1,831 ) 

Monolithic Power Systems, Inc.

      78          10/21/22        USD     530.00        USD     2,835          (37,440 ) 

Monolithic Power Systems, Inc.

      39          10/21/22        USD     440.00        USD     1,417          (13,650 ) 

Olink Holding AB, ADR

      226          10/21/22        USD     20.00        USD     274          (47,460 ) 

Olink Holding AB, ADR

      62          10/21/22        USD     15.00        USD     75          (5,890 ) 

Paylocity Holding Corp.

      261          10/21/22        USD     271.50        USD     6,305          (64,403 ) 

Phreesia, Inc.

      180          10/21/22        USD     25.85        USD     459          (29,312 ) 

Planet Fitness, Inc., Class A

      278          10/21/22        USD     80.00        USD     1,603          (5,560 ) 

Planet Fitness, Inc., Class A

      279          10/21/22        USD     82.50        USD     1,609          (6,975 ) 

Repligen Corp.

      161          10/21/22        USD     254.00        USD     3,012          (8,703 ) 

Rexford Industrial Realty, Inc.

      37          10/21/22        USD     70.00        USD     192          (740 ) 

Saia, Inc.

      117          10/21/22        USD     239.50        USD     2,223          (4,668 ) 

Tradeweb Markets, Inc., Class A

      576          10/21/22        USD     75.00        USD     3,250          (15,840 ) 

West Pharmaceutical Services, Inc.

      55          10/21/22        USD     340.00        USD     1,353          (26,400 ) 

Ambarella, Inc.

      108          10/28/22        USD     64.00        USD     607          (15,930 ) 

Bill.Com Holdings, Inc.

      184          10/28/22        USD     150.00        USD     2,436          (103,960 ) 

Match Group, Inc.

      159          10/28/22        USD     58.00        USD     759          (8,904 ) 

Doximity, Inc., Class A

      634          10/31/22        USD     39.00        USD     1,916          (31,884 ) 

Phreesia, Inc.

      980          11/03/22        USD     29.25        USD     2,497          (96,798 ) 

Ambarella, Inc.

      104          11/04/22        USD     65.00        USD     584          (17,368 ) 

Match Group, Inc.

      280          11/04/22        USD     56.00        USD     1,337          (41,720 ) 

Penn Entertainment, Inc.

      277          11/04/22        USD     31.00        USD     762          (31,855 ) 

Figs, Inc., Class A

      1,500          11/08/22        USD     11.50        USD     1,238          (18,575 ) 

Etsy, Inc.

      120          11/11/22        USD     115.00        USD     1,202          (63,900 ) 

Lattice Semiconductor Corp.

      317          11/11/22        USD     57.00        USD     1,560          (39,638 ) 

10X Genomics, Inc., Class A

      155          11/18/22        USD     40.00        USD     441          (18,988 ) 

908 Devices, Inc.

      250          11/18/22        USD     22.50        USD     411          (11,250 ) 

Ambarella, Inc.

      157          11/18/22        USD     82.50        USD     882          (5,103 ) 

AZEK Co., Inc.

      544          11/18/22        USD     20.05        USD     904          (24,633 ) 

Azenta, Inc.

      297          11/18/22        USD     60.50        USD     1,273          (6,605 ) 

Bio-Techne Corp.

      144          11/18/22        USD     343.00        USD     4,090          (42,137 ) 

Chart Industries, Inc.

      173          11/18/22        USD     210.00        USD     3,189          (129,750 ) 

Confluent, Inc., Class A

      555          11/18/22        USD     35.00        USD     1,319          (33,300 ) 

Doximity, Inc., Class A

      633          11/18/22        USD     37.50        USD     1,913          (82,290 ) 

Duolingo, Inc.

      160          11/18/22        USD     105.00        USD     1,524          (108,800 ) 

Entegris, Inc.

      512          11/18/22        USD     105.00        USD     4,251          (55,040 ) 

Five9, Inc.

      320          11/18/22        USD     95.00        USD     2,399          (51,200 ) 

Freshpet, Inc.

      121          11/18/22        USD     50.00        USD     606          (62,315 ) 

Gitlab, Inc., Class A

      512          11/18/22        USD     65.00        USD     2,622          (81,920 ) 

Halozyme Therapeutics, Inc.

      373          11/18/22        USD     44.75        USD     1,475          (36,115 ) 

HEICO Corp.

      252          11/18/22        USD     155.00        USD     3,628          (69,930 ) 

HubSpot, Inc.

      36          11/18/22        USD     370.00        USD     972          (23,220 ) 

Inmode Ltd.

      305          11/18/22        USD     40.00        USD     888          (14,488 ) 

Monolithic Power Systems, Inc.

      78          11/18/22        USD     450.00        USD     2,835          (54,600 ) 

Paylocity Holding Corp.

      200          11/18/22        USD     260.00        USD     4,832          (228,000 ) 

Planet Fitness, Inc., Class A

      663          11/18/22        USD     75.00        USD     3,823          (33,150 ) 

Repligen Corp.

      300          11/18/22        USD     240.00        USD     5,613          (100,500 ) 

Rexford Industrial Realty, Inc.

      36          11/18/22        USD     60.00        USD     187          (2,250 ) 

Saia, Inc.

      117          11/18/22        USD     240.00        USD     2,223          (28,372 ) 

Saia, Inc.

      95          11/18/22        USD     210.00        USD     1,805          (82,175 ) 

Tradeweb Markets, Inc., Class A

      316          11/18/22        USD     70.00        USD     1,783          (20,540 ) 

Tradeweb Markets, Inc., Class A

      315          11/18/22        USD     65.00        USD     1,777          (63,787 ) 

West Pharmaceutical Services, Inc.

      120          11/18/22        USD     320.00        USD     2,953          (7,800 ) 

Azenta, Inc.

      273          12/09/22        USD     50.00        USD     1,170          (49,228 ) 
                          

 

 

  
                           $  (3,180,605 ) 
                          

 

 

  

 

 

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

   4

Schedule of Investments (unaudited) (continued)

September 30, 2022

    

   

BlackRock Innovation and Growth Trust (BIGZ)

 

OTC Options Written

 

Description    Counterparty    Number of
Contracts		      Expiration
Date		      Exercise Price     

Notional

Amount (000)

      Value  
Call                                                

Certara, Inc.

    Citibank N.A.      74,200        10/03/22      USD     17.73      USD     985      $ (3 ) 

Evolution AB

    Goldman Sachs International      79,800        10/04/22      SEK     1,014.42      SEK     70,767        (375 ) 

Kahoot! ASA

    Goldman Sachs International      520,000        10/04/22      NOK     24.51      NOK     10,660        (324 ) 

Rexford Industrial Realty, Inc.

    JPMorgan Chase Bank N.A.      31,500        10/07/22      USD     67.25      USD     1,638        (201 ) 

Chart Industries, Inc.

    Barclays Bank PLC      8,650        10/12/22      USD     198.68      USD     1,595        (22,412 ) 

Chart Industries, Inc.

    Barclays Bank PLC      8,650        10/12/22      USD     200.84      USD     1,595        (18,968 ) 

Confluent, Inc., Class A

    Citibank N.A.      102,500        10/12/22      USD     28.59      USD     2,436        (23,774 ) 

Lattice Semiconductor Corp.

    Barclays Bank PLC      8,800        10/13/22      USD     53.86      USD     433        (4,316 ) 

Kahoot! ASA

    Barclays Bank PLC      475,000        10/14/22      NOK     23.99      NOK     9,738        (10,694 ) 

Certara, Inc.

    Citibank N.A.      74,200        10/17/22      USD     17.89      USD     985        (6,022 ) 

Chart Industries, Inc.

    Citibank N.A.      14,400        10/17/22      USD     200.08      USD     2,655        (49,862 ) 

Lattice Semiconductor Corp.

    JPMorgan Chase Bank N.A.      8,700        10/18/22      USD     54.32      USD     428        (5,666 ) 

Kahoot! ASA

    Royal Bank of Canada      240,600        10/19/22      NOK     18.60      NOK     4,932        (57,516 ) 

DigitalOcean Holdings, Inc.

    Barclays Bank PLC      78,400        10/27/22      USD     43.94      USD     2,836        (64,950 ) 

Duolingo, Inc.

    Bank of America N.A.      29,000        10/27/22      USD     107.45      USD     2,762        (73,755 ) 

Halozyme Therapeutics, Inc.

    JPMorgan Chase Bank N.A.      31,100        10/27/22      USD     43.85      USD     1,230        (18,244 ) 

Certara, Inc.

    Citibank N.A.      74,200        10/31/22      USD     18.05      USD     985        (18,246 ) 

Halozyme Therapeutics, Inc.

    Bank of America N.A.      31,100        11/01/22      USD     43.75      USD     1,230        (22,550 ) 

Fiverr International Ltd.

    JPMorgan Chase Bank N.A.      31,200        11/02/22      USD     39.53      USD     954        (32,876 ) 

Fox Factory Holding Corp.

    Goldman Sachs International      43,900        11/02/22      USD     91.28      USD     3,472        (102,093 ) 

Olink Holding AB, ADR

    Citibank N.A.      49,000        11/02/22      USD     15.00      USD     595        (32,769 ) 

SiteMinder Ltd.

    UBS AG      36,000        11/02/22      AUD     3.62      AUD     111        (1,696 ) 

Axon Enterprise, Inc.

    Bank of America N.A.      28,000        11/03/22      USD     122.22      USD     3,241        (140,966 ) 

Globant SA

    Citibank N.A.      20,700        11/03/22      USD     226.74      USD     3,873        (56,854 ) 

SiteMinder Ltd.

    UBS AG      30,000        11/10/22      AUD     3.52      AUD     93        (2,230 ) 

SiteMinder Ltd.

    Societe Generale      74,000        11/15/22      AUD     3.13      AUD     229        (12,312 ) 

Kahoot! ASA

    Morgan Stanley & Co. International PLC      598,000        11/17/22      NOK     21.10      NOK     12,259        (114,048 ) 
                     

 

 

  
                      $  (893,722 ) 
                     

 

 

  

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.

Certain investments of the Trust were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

 

 

5  

    

Schedule of Investments (unaudited) (continued)

September 30, 2022

    

   

BlackRock Innovation and Growth Trust (BIGZ)

 

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

                  

Aerospace & Defense

    $ 123,898,759        $ —        $ —        $ 123,898,759  

Auto Components

      38,995,139          —          —          38,995,139  

Biotechnology

      34,098,268          —          —          34,098,268  

Building Products

      12,058,924          —          —          12,058,924  

Capital Markets

      45,416,069          —          —          45,416,069  

Diversified Consumer Services

      40,441,610          —          37,583,931          78,025,541  

Electronic Equipment, Instruments & Components

      7,336,897          —          —          7,336,897  

Entertainment

      —          22,763,850          —          22,763,850  

Equity Real Estate Investment Trusts (REITs)

      15,311,548          —          —          15,311,548  

Food Products

      8,058,830          —          —          8,058,830  

Health Care Equipment & Supplies

      28,351,444          —          —          28,351,444  

Health Care Technology

      61,994,760          —          —          61,994,760  

Hotels, Restaurants & Leisure

      57,099,221          46,727,222          —          103,826,443  

Interactive Media & Services

      37,945,397          —          —          37,945,397  

Internet & Direct Marketing Retail

      44,375,978          —          —          44,375,978  

IT Services

      65,126,332          —          33,815,463          98,941,795  

Life Sciences Tools & Services

      206,241,834          —          —          206,241,834  

Machinery

      60,256,272          —          —          60,256,272  

Road & Rail

      41,741,670          —          —          41,741,670  

Semiconductors & Semiconductor Equipment

      161,314,519          —          —          161,314,519  

Software

      241,010,155          20,361,476          46,726,521          308,098,152  

Convertible Notes

      —          —          12,720,000          12,720,000  

Preferred Securities

                  

Preferred Stocks

      —          —          483,245,303          483,245,303  

Short-Term Securities

                  

Money Market Funds

      72,501,297          —          —          72,501,297  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 1,403,574,923        $      89,852,548        $    614,091,218          2,107,518,689  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

                    1,308,608  
                 

 

 

  
                  $ 2,108,827,297  
                 

 

 

  

Derivative Financial Instruments(b)

                 

Liabilities

                  

Equity Contracts

    $ (2,588,415 )       $  (1,485,912 )       $ —        $ (4,074,327 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Certain investments of the Trust were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

 
  (b) 

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

 

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

 

    

Common

Stocks

     Convertible
Notes		    

Preferred

Stocks

     Total  

Assets

        

Opening balance, as of December 31, 2021

   $ 167,039,627     $ 12,000,000     $ 544,568,505     $ 723,608,132  

Transfers into Level 3

     —       —       —       —  

Transfers out of Level 3

     —       —       —       —  

Accrued discounts/premiums

     —       —       —       —  

Net change in unrealized appreciation (depreciation) (a)

    (48,913,712 )      720,000       (146,347,846 )      (194,541,558 ) 

Net realized gain (loss)

     —       —       —       —  

Purchases

     —       —       85,024,644       85,024,644  

Sales

     —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

Closing balance, as of September 30, 2022

   $  118,125,915     $  12,720,000     $ 483,245,303     $ 614,091,218  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022 (a)

  $ (48,913,712 )    $ 720,000     $ (146,347,846 )    $ (194,541,558 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

  (a) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

 

 

 

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

   6

Schedule of Investments (unaudited) (continued)

September 30, 2022

    

   

BlackRock Innovation and Growth Trust (BIGZ)

 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee to determine the value of certain of the Trust’s Level 3 financial instruments as of period end.

 

       Value       
 Valuation
Approach		  
 		     

 Unobservable

Inputs

  

 

     

Range of
Unobservable
Inputs

Utilized

  
 
 

(a)  

     



 Weighted
Average of
Unobservable
Inputs Based
on Fair Value		  
 
 
 
 

Assets

               

Common Stocks

    $ 118,125,915        Market        Revenue Multiple        8.50x - 28.00x        16.66x  
           EBITDA Multiple        20.50x        —  

Convertible Notes

      12,720,000        Income        Discount Rate        23%        —  
        Market        Revenue Multiple        2.30x        —  
           Volatility        40%        —  

Preferred Stocks

      483,245,303        Market        Revenue Multiple        1.20x - 28.00x        11.30x  
           Time to Exit        2.0 years - 5.0 years        3.2 years  
           Volatility        50% - 90%        69%  
           Market Adjustment Multiple        0.90x - 1.00x        0.99x  
  

 

 

              
   $   614,091,218              
  

 

 

              

 

  (a) 

A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

 

The fund valued certain of its Level 3 investments using recent prior transaction prices as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable, is $15,005,573 as of September 30, 2022.

 

Currency Abbreviation
AUD   Australian Dollar
NOK   Norwegian Krone
SEK   Swedish Krona
USD   United States Dollar
Portfolio Abbreviation
ADR   American Depositary Receipt
REIT   Real Estate Investment Trust

 

 

7