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, |
1,001,454 | 18,306,579 | ||||||
HubSpot, Inc.(b) |
43,732 | 11,812,888 | ||||||
Patreon, Inc., (Acquired 08/19/21, |
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, |
199,738 | 1,847,577 | ||||||
Snyk Ltd., (Acquired 09/02/21, |
1,809,860 | 20,795,291 | ||||||
|
|
|||||||
308,098,152 | ||||||||
|
|
|||||||
Total Common Stocks 73.4% |
1,539,052,089 | |||||||
|
|
|||||||
Par (000) |
||||||||
Convertible Notes |
||||||||
Specialty Retail 0.6% | ||||||||
Super73, Inc., (Acquired: 12/21/21, |
$ | 12,000 | 12,720,000 | |||||
|
|
|||||||
Total Convertible Notes 0.6% |
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% |
483,245,303 | |||||||
|
|
|||||||
Total Long-Term Investments 97.1% |
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% |
|
73,809,905 | ||||||
|
|
|||||||
Total Investments Before Options Written 100.6% |
|
2,108,827,297 | ||||||
|
|
|||||||
Options Written (0.2)% |
|
(4,074,327 | ) | |||||
|
|
|||||||
Total Investments, Net of Options Written 100.4% |
|
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 Trusts 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 |
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 marketcorroborated 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 Committees 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 Trusts 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 Trusts financial instruments categorized in the fair value hierarchy. The breakdown of the Trusts 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 Trusts 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 |
|