Schedule of Investments (unaudited)
September 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
(Percentages shown are based on Net Assets)

 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 5.6%
Axon Enterprise, Inc.(a)
 
155,040
$ 61,953,984
HEICO Corp.
 
165,622
43,306,841
 
 
105,260,825
Air Freight & Logistics — 0.5%
GXO Logistics, Inc.(a)
 
185,360
9,651,695
Automobile Components — 0.8%
Fox Factory Holding Corp.(a)
 
337,802
14,018,783
Biotechnology — 0.6%
Halozyme Therapeutics, Inc.(a)
 
194,227
11,117,553
Building Products — 1.7%
AZEK Co., Inc., Class A(a)(b)
 
684,472
32,033,290
Capital Markets — 4.8%
TPG, Inc., Class A
 
773,914
44,546,490
Tradeweb Markets, Inc., Class A
 
370,582
45,829,876
 
 
90,376,366
Construction & Engineering — 2.6%
Comfort Systems USA, Inc.
 
126,028
49,195,030
Diversified Consumer Services(a) — 1.6%
Duolingo, Inc., Class A
 
53,331
15,040,409
Grammarly, Inc., (Acquired 11/17/21, Cost:
$26,250,012)(c)(d)
 
1,001,454
14,390,894
 
 
29,431,303
Electrical Equipment — 3.4%
Vertiv Holdings Co., Class A
 
628,763
62,555,631
Entertainment — 1.9%
Liberty Media Corp.-Liberty Formula One, Class C(a)(b)
 
456,291
35,330,612
Food Products — 1.0%
Freshpet, Inc.(a)
 
132,491
18,120,794
Ground Transportation — 2.3%
Saia, Inc.(a)
 
96,911
42,375,304
Health Care Equipment & Supplies(a) — 4.6%
Align Technology, Inc.
 
173,915
44,230,063
IDEXX Laboratories, Inc.
 
37,728
19,060,940
Inspire Medical Systems, Inc.
 
11,156
2,354,474
Masimo Corp.
 
153,741
20,498,287
 
 
86,143,764
Health Care Providers & Services — 0.8%
Surgery Partners, Inc.(a)
 
472,394
15,229,983
Hotels, Restaurants & Leisure(a) — 4.1%
DraftKings, Inc., Class A
 
1,126,204
44,147,197
Planet Fitness, Inc., Class A
 
407,170
33,070,347
 
 
77,217,544
Industrial REITs — 0.1%
Innovative Industrial Properties, Inc.
 
12,458
1,676,847
Rexford Industrial Realty, Inc.
 
12,900
648,999
 
 
2,325,846
Interactive Media & Services — 2.3%
Pinterest, Inc., Class A(a)
 
1,319,007
42,696,257
Security
 
 
Shares
Value
IT Services(a) — 3.5%
Globant SA
 
153,252
$ 30,365,351
MongoDB, Inc., Class A
 
86,612
23,415,554
Patreon, Inc., (Acquired 08/19/21, Cost:
$11,732,736)(c)(d)
 
208,333
4,939,575
Teya Services Ltd., (Acquired 11/16/21, Cost:
$49,999,974)(c)(d)
 
25,742
7,279,838
 
 
66,000,318
Life Sciences Tools & Services — 2.6%
Bio-Techne Corp.
 
17,589
1,405,889
Charles River Laboratories International, Inc.(a)
 
1,412
278,122
Repligen Corp.(a)
 
145,659
21,676,972
West Pharmaceutical Services, Inc.
 
83,906
25,185,225
 
 
48,546,208
Machinery — 0.5%
AutoStore Holdings Ltd.(a)(b)(e)
 
9,284,294
9,449,366
Pharmaceuticals — 1.3%
Galderma Group AG(a)
 
252,416
23,441,717
Real Estate Management & Development — 2.5%
CoStar Group, Inc.(a)
 
627,877
47,367,041
Semiconductors & Semiconductor Equipment — 9.5%
ASM International NV
 
59,875
39,503,077
BE Semiconductor Industries NV
 
207,299
26,439,018
Entegris, Inc.
 
417,035
46,928,949
Monolithic Power Systems, Inc.
 
70,024
64,737,188
 
 
177,608,232
Software — 11.9%
ANSYS, Inc.(a)
 
58,992
18,796,621
Aspen Technology, Inc.(a)
 
105,664
25,234,677
Bentley Systems, Inc., Class B
 
745,132
37,860,157
Confluent, Inc., Class A(a)(b)
 
1,245,519
25,383,677
CyberArk Software Ltd.(a)
 
48,271
14,076,306
JFrog Ltd.(a)
 
125,828
3,654,045
Manhattan Associates, Inc.(a)
 
117,522
33,068,340
PTC, Inc.(a)
 
177,643
32,092,985
SiteMinder Ltd.(a)
 
3,479,760
15,162,888
Snorkel AI, Inc., (Acquired 06/30/21, Cost:
$2,999,997)(a)(c)(d)
 
199,738
1,284,315
Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost:
$25,961,537)(a)(c)(d)
 
1,809,860
15,021,838
 
 
221,635,849
Specialty Retail(a) — 2.7%
Carvana Co., Class A
 
109,366
19,041,714
Floor & Decor Holdings, Inc., Class A
 
245,301
30,459,025
 
 
49,500,739
Technology Hardware, Storage & Peripherals — 1.6%
Pure Storage, Inc., Class A(a)
 
600,035
30,145,758
Textiles, Apparel & Luxury Goods — 2.6%
Brunello Cucinelli SpA
 
225,773
24,374,450
On Holding AG, Class A(a)
 
494,360
24,792,154
 
 
49,166,604
Schedule of Investments
1
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Trading Companies & Distributors — 0.7%
Core & Main, Inc., Class A(a)
 
278,148
$    12,349,771
Total Common Stocks — 78.1%
(Cost: $1,290,664,419)
1,458,292,183
Preferred Securities
Preferred Stocks — 22.6%(c)(d)
Aerospace & Defense — 0.1%
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost:
$4,999,999)(a)
 
909,438
1,082,231
Automobile Components — 2.5%
Relativity Space, Inc., Series E, (Acquired 05/27/21,
Cost: $50,000,009)(a)
 
2,189,612
46,660,632
Capital Markets(a) — 2.5%
Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost:
$9,999,995)
 
428,785
2,516,968
The Production Board LLC, Series A3, (Acquired
06/04/21, Cost: $50,000,001)
 
16,666,667
28,333,334
Varo Money, Inc., Series E, (Acquired 08/27/21, Cost:
$40,000,001)
 
4,316,904
16,188,390
 
 
47,038,692
Diversified Consumer Services — 0.2%
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost:
$8,750,004)(a)
 
333,818
4,796,965
Diversified Telecommunication Services — 0.4%
Discord, Inc., Series I, (Acquired 09/13/21, Cost:
$17,999,912)(a)
 
32,690
8,008,396
Entertainment — 0.9%
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost:
$49,999,983)(a)
 
2,172,486
17,075,740
Food Products — 0.6%
Motif Food Works, Inc., Series B, (Acquired 06/08/21,
Cost: $39,999,986)(a)
 
1,972,240
11,616,494
Hotels, Restaurants & Leisure(a) — 1.7%
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost:
$29,999,946)
 
191,067
1,952,705
Underdog Sports, Inc., Series B, (Acquired 01/11/22,
Cost: $14,999,974)
 
291,061
29,149,759
 
 
31,102,464
IT Services(a) — 2.8%
Patreon, Inc., Series D, (Acquired 07/14/21, Cost:
$23,333,352)
 
416,667
9,879,175
Via Transportation, Inc., Series G, (Acquired 11/05/21,
Cost: $24,999,974)
 
549,357
33,565,713
Wagestream Holdings Ltd., Series C Private, (Acquired
02/11/22, Cost: $10,024,684)
 
762,746
9,412,324
 
 
52,857,212
Semiconductors & Semiconductor Equipment(a) — 2.8%
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost:
$39,999,990)
 
1,525,192
44,764,385
Rivos, Inc., Series A1, (Acquired 12/03/21, Cost:
$7,996,292)
 
2,997,684
6,804,743
 
 
51,569,128
Software — 6.3%
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost:
$14,999,995)(a)
 
2,745,894
9,226,204
Security
 
 
Shares
Value
Software (continued)
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost:
$44,999,983)(a)
 
898,024
$ 10,866,090
Deepgram, Inc., Series B, (Acquired 10/22/21, Cost:
$11,999,997)(a)
 
2,165,400
15,136,146
Dragos, Inc., Series D, (Acquired 09/28/21, Cost:
$39,999,959)(a)
 
900,760
26,797,610
Genesys Cloud Services, Inc., (Acquired 11/24/21,
Cost: $30,000,101)
 
4,651,163
14,744,187
Open Space Labs, Inc., Series D, (Acquired 01/31/22,
Cost: $15,000,003)(a)
 
1,687,916
12,828,162
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost:
$10,999,993)(a)
 
732,373
4,709,158
Snyk Ltd., Series F, (Acquired 09/02/21, Cost:
$24,038,470)(a)
 
1,685,092
13,986,264
Validere Technologies, Inc., Series B, (Acquired
10/21/21, Cost: $10,000,000)(a)
 
4,684,060
8,665,511
 
 
116,959,332
Specialty Retail — 0.2%
Super73, Inc., Series C-1, (Acquired 10/25/22, Cost:
$12,000,000)(a)
 
1,400,669
3,823,826
Wireless Telecommunication Services — 1.6%
Loft Orbital Solutions, Inc., Series B, (Acquired
10/14/21, Cost: $24,999,992)(a)
 
1,365,305
29,763,649
 
422,354,761
Total Preferred Securities — 22.6%
(Cost: $662,142,595)
422,354,761
Total Long-Term Investments — 100.7%
(Cost: $1,952,807,014)
1,880,646,944
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.05%(f)(g)(h)
 
2,294,175
2,296,240
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 4.83%(f)(g)
 
3,712,207
3,712,207
Total Short-Term Securities — 0.3%
(Cost: $6,007,088)
6,008,447
Total Investments Before Options Written — 101.0%
(Cost: $1,958,814,102)
1,886,655,391
Options Written — (0.6)%
(Premiums Received: $(9,411,310))
(11,339,000
)
Total Investments, Net of Options Written — 100.4%
(Cost: $1,949,402,792)
1,875,316,391
Liabilities in Excess of Other Assets — (0.4)%
(7,717,444
)
Net Assets — 100.0%
$ 1,867,598,947
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(d)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $465,271,221, representing 24.9% of its net assets as of
period end, and an original cost of $779,086,851.
(e)
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.
(f)
Affiliate of the Trust.
2
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
 
(g)
Annualized 7-day yield as of period end.
(h)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/23
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/24
Shares
Held at
09/30/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ —
$ 2,286,394
(a)
$ —
$ 8,487
$ 1,359
$ 2,296,240
2,294,175
$ 16,519
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional
Shares
326,227
3,385,980
(a)
—
—
—
3,712,207
3,712,207
196,647
—
SL Liquidity Series, LLC, Money Market Series(c)
20,505,005
—
(20,506,863
)(a)
3,019
(1,161
)
—
—
28,333
(b)
—
 
$ 11,506
$ 198
$ 6,008,447
$ 241,499
$ —
 
(a)
Represents net amount purchased (sold).
(b)
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.
(c)
As of period end, the entity is no longer held.
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 
 
 
DraftKings, Inc., Class A
500
10/04/24
USD
38.00
USD
1,960
$ (77,750
)
MongoDB, Inc., Class A
19
10/04/24
USD
295.00
USD
514
(485
)
On Holding AG, Class A
116
10/04/24
USD
48.00
USD
582
(29,290
)
On Holding AG, Class A
198
10/11/24
USD
45.00
USD
993
(102,465
)
Vertiv Holdings Co., Class A
187
10/11/24
USD
90.00
USD
1,860
(194,480
)
Align Technology, Inc.
176
10/18/24
USD
260.00
USD
4,476
(125,840
)
ANSYS, Inc.
48
10/18/24
USD
340.00
USD
1,529
(24,240
)
Aspen Technology, Inc.
34
10/18/24
USD
220.00
USD
812
(67,830
)
Axon Enterprise, Inc.
191
10/18/24
USD
391.13
USD
7,632
(278,539
)
AZEK Co., Inc., Class A
570
10/18/24
USD
43.00
USD
2,668
(258,302
)
Carvana Co., Class A
87
10/18/24
USD
185.00
USD
1,515
(32,842
)
Comfort Systems USA, Inc.
82
10/18/24
USD
350.00
USD
3,201
(356,700
)
Confluent, Inc., Class A
1,251
10/18/24
USD
23.00
USD
2,550
(21,893
)
Core & Main, Inc., Class A
505
10/18/24
USD
54.01
USD
2,242
(3,107
)
CoStar Group, Inc.
570
10/18/24
USD
80.00
USD
4,300
(31,350
)
DraftKings, Inc., Class A
500
10/18/24
USD
39.00
USD
1,960
(84,750
)
Duolingo, Inc., Class A
43
10/18/24
USD
250.00
USD
1,213
(150,285
)
Entegris, Inc.
440
10/18/24
USD
114.50
USD
4,951
(150,968
)
Floor & Decor Holdings, Inc., Class A
197
10/18/24
USD
110.00
USD
2,446
(299,440
)
Fox Factory Holding Corp.
312
10/18/24
USD
45.00
USD
1,295
(28,080
)
Globant SA
110
10/18/24
USD
201.18
USD
2,180
(47,199
)
GXO Logistics, Inc.
131
10/18/24
USD
50.00
USD
682
(36,025
)
HEICO Corp.
143
10/18/24
USD
260.00
USD
3,739
(94,380
)
IDEXX Laboratories, Inc.
31
10/18/24
USD
520.00
USD
1,566
(19,065
)
Inspire Medical Systems, Inc.
17
10/18/24
USD
210.00
USD
359
(17,680
)
JFrog Ltd.
307
10/18/24
USD
27.99
USD
892
(51,631
)
JFrog Ltd.
60
10/18/24
USD
30.00
USD
174
(3,750
)
Liberty Media Corp.-Liberty Formula One, Class C
281
10/18/24
USD
80.00
USD
2,176
(50,580
)
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Manhattan Associates, Inc.
102
10/18/24
USD
270.00
USD
2,870
$ (155,040
)
Masimo Corp.
132
10/18/24
USD
125.00
USD
1,760
(127,380
)
Monolithic Power Systems, Inc.
93
10/18/24
USD
900.00
USD
8,598
(472,905
)
On Holding AG, Class A
171
10/18/24
USD
45.00
USD
858
(96,187
)
Pinterest, Inc., Class A
184
10/18/24
USD
33.00
USD
596
(14,076
)
Planet Fitness, Inc., Class A
350
10/18/24
USD
82.50
USD
2,843
(50,750
)
PTC, Inc.
167
10/18/24
USD
180.00
USD
3,017
(73,480
)
Pure Storage, Inc., Class A
99
10/18/24
USD
67.26
USD
497
(8
)
Repligen Corp.
280
10/18/24
USD
166.00
USD
4,167
(45,523
)
Saia, Inc.
96
10/18/24
USD
405.93
USD
4,198
(376,469
)
Surgery Partners, Inc.
440
10/18/24
USD
35.00
USD
1,419
(44,000
)
TPG, Inc., Class A
529
10/18/24
USD
52.19
USD
3,045
(336,470
)
Tradeweb Markets, Inc., Class A
300
10/18/24
USD
120.00
USD
3,710
(162,000
)
Vertiv Holdings Co., Class A
142
10/18/24
USD
95.00
USD
1,413
(101,530
)
West Pharmaceutical Services, Inc.
46
10/18/24
USD
308.00
USD
1,381
(24,432
)
Carvana Co., Class A
87
10/25/24
USD
190.00
USD
1,515
(31,146
)
DraftKings, Inc., Class A
435
10/25/24
USD
38.00
USD
1,705
(110,490
)
MongoDB, Inc., Class A
102
10/25/24
USD
290.00
USD
2,758
(62,220
)
Pinterest, Inc., Class A
350
10/25/24
USD
31.00
USD
1,133
(75,600
)
Align Technology, Inc.
21
11/01/24
USD
270.00
USD
534
(25,515
)
MongoDB, Inc., Class A
42
11/01/24
USD
285.00
USD
1,135
(33,180
)
On Holding AG, Class A
160
11/01/24
USD
50.00
USD
802
(42,720
)
Pinterest, Inc., Class A
792
11/01/24
USD
31.00
USD
2,564
(232,452
)
Vertiv Holdings Co., Class A
695
11/01/24
USD
100.00
USD
6,915
(597,700
)
Align Technology, Inc.
81
11/15/24
USD
260.00
USD
2,060
(148,635
)
ANSYS, Inc.
48
11/15/24
USD
330.00
USD
1,529
(45,840
)
Aspen Technology, Inc.
135
11/15/24
USD
250.00
USD
3,224
(126,900
)
Axon Enterprise, Inc.
80
11/15/24
USD
380.00
USD
3,197
(286,400
)
AZEK Co., Inc., Class A
545
11/15/24
USD
47.33
USD
2,551
(117,659
)
Comfort Systems USA, Inc.
123
11/15/24
USD
390.00
USD
4,801
(348,705
)
Confluent, Inc., Class A
778
11/15/24
USD
25.00
USD
1,586
(62,240
)
CoStar Group, Inc.
453
11/15/24
USD
85.00
USD
3,417
(50,962
)
CyberArk Software Ltd.
105
11/15/24
USD
290.00
USD
3,062
(183,225
)
DraftKings, Inc., Class A
400
11/15/24
USD
40.00
USD
1,568
(110,200
)
Duolingo, Inc., Class A
43
11/15/24
USD
250.00
USD
1,213
(192,855
)
Entegris, Inc.
240
11/15/24
USD
125.00
USD
2,701
(63,000
)
Floor & Decor Holdings, Inc., Class A
210
11/15/24
USD
120.00
USD
2,608
(223,650
)
Fox Factory Holding Corp.
240
11/15/24
USD
43.50
USD
996
(79,781
)
Freshpet, Inc.
50
11/15/24
USD
145.00
USD
684
(31,000
)
Freshpet, Inc.
161
11/15/24
USD
155.00
USD
2,202
(54,740
)
Globant SA
139
11/15/24
USD
200.00
USD
2,754
(146,645
)
GXO Logistics, Inc.
171
11/15/24
USD
55.00
USD
890
(25,223
)
HEICO Corp.
143
11/15/24
USD
270.00
USD
3,739
(82,940
)
IDEXX Laboratories, Inc.
30
11/15/24
USD
530.00
USD
1,516
(41,850
)
Innovative Industrial Properties, Inc.
20
11/15/24
USD
135.28
USD
269
(10,930
)
Inspire Medical Systems, Inc.
17
11/15/24
USD
220.00
USD
359
(27,370
)
Liberty Media Corp.-Liberty Formula One, Class C
143
11/15/24
USD
80.00
USD
1,107
(32,175
)
Manhattan Associates, Inc.
89
11/15/24
USD
280.00
USD
2,504
(149,520
)
Masimo Corp.
118
11/15/24
USD
125.00
USD
1,573
(159,890
)
Monolithic Power Systems, Inc.
21
11/15/24
USD
915.00
USD
1,941
(151,692
)
On Holding AG, Class A
170
11/15/24
USD
52.50
USD
853
(48,365
)
Pinterest, Inc., Class A
784
11/15/24
USD
35.00
USD
2,538
(119,560
)
Planet Fitness, Inc., Class A
320
11/15/24
USD
85.00
USD
2,599
(104,000
)
PTC, Inc.
122
11/15/24
USD
185.00
USD
2,204
(70,760
)
Pure Storage, Inc., Class A
401
11/15/24
USD
55.00
USD
2,015
(44,110
)
Saia, Inc.
62
11/15/24
USD
460.00
USD
2,711
(152,210
)
TPG, Inc., Class A
340
11/15/24
USD
60.00
USD
1,957
(69,700
)
Tradeweb Markets, Inc., Class A
305
11/15/24
USD
120.00
USD
3,772
(218,075
)
West Pharmaceutical Services, Inc.
90
11/15/24
USD
340.00
USD
2,701
(50,400
)
 
 
 
$ (9,761,426
)
4
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
 
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
BE Semiconductor Industries NV
UBS AG
22,900
10/02/24
EUR
129.26
EUR
2,624
$ (4
)
Galderma Group AG
Goldman Sachs International
17,100
10/02/24
CHF
84.24
CHF
1,344
(1
)
SiteMinder Ltd.
JPMorgan Chase Bank N.A.
58,300
10/02/24
AUD
5.28
AUD
367
(42,018
)
AutoStore Holdings Ltd.
Citibank N.A.
280,000
10/03/24
NOK
11.96
NOK
3,007
(102
)
Pure Storage, Inc., Class A
JPMorgan Chase Bank N.A.
46,000
10/07/24
USD
66.64
USD
2,311
—
ASM International NV
Morgan Stanley & Co. International PLC
5,100
10/08/24
EUR
596.35
EUR
3,023
(63,287
)
AutoStore Holdings Ltd.
UBS AG
254,700
10/08/24
NOK
13.35
NOK
2,736
(49
)
Brunello Cucinelli SpA
Citibank N.A.
23,400
10/08/24
EUR
86.12
EUR
2,269
(278,927
)
Rexford Industrial Realty, Inc.
UBS AG
1,100
10/08/24
USD
51.39
USD
55
(349
)
Bentley Systems, Inc., Class B
Bank of America N.A.
73,200
10/15/24
USD
51.78
USD
3,719
(98,517
)
Halozyme Therapeutics, Inc.
Citibank N.A.
18,000
10/18/24
USD
62.73
USD
1,030
(4,342
)
AutoStore Holdings Ltd.
Citibank N.A.
79,600
10/22/24
NOK
10.22
NOK
855
(7,181
)
AutoStore Holdings Ltd.
Goldman Sachs International
317,100
10/22/24
NOK
10.59
NOK
3,406
(21,110
)
Brunello Cucinelli SpA
UBS AG
8,350
10/22/24
EUR
91.34
EUR
810
(59,513
)
SiteMinder Ltd.
JPMorgan Chase Bank N.A.
89,000
10/22/24
AUD
5.19
AUD
561
(70,416
)
Galderma Group AG
Goldman Sachs International
9,400
10/23/24
CHF
83.49
CHF
739
(4,829
)
SiteMinder Ltd.
UBS AG
115,400
10/29/24
AUD
5.12
AUD
727
(97,188
)
Liberty Media Corp.-Liberty Formula One, Class C
Citibank N.A.
31,900
10/30/24
USD
78.72
USD
2,470
(70,155
)
Bentley Systems, Inc., Class B
Morgan Stanley & Co. International PLC
48,200
10/31/24
USD
49.48
USD
2,449
(127,118
)
Halozyme Therapeutics, Inc.
Citibank N.A.
17,900
11/01/24
USD
63.35
USD
1,025
(8,856
)
Galderma Group AG
Citibank N.A.
13,800
11/05/24
CHF
82.22
CHF
1,085
(17,978
)
SiteMinder Ltd.
UBS AG
106,500
11/05/24
AUD
5.15
AUD
671
(87,821
)
AutoStore Holdings Ltd.
UBS AG
321,500
11/12/24
NOK
10.77
NOK
3,453
(24,379
)
SiteMinder Ltd.
JPMorgan Chase Bank N.A.
150,000
11/12/24
AUD
5.40
AUD
945
(100,129
)
SiteMinder Ltd.
UBS AG
35,500
11/12/24
AUD
5.76
AUD
224
(15,818
)
Rexford Industrial Realty, Inc.
UBS AG
1,100
11/13/24
USD
51.34
USD
55
(1,501
)
ASM International NV
Morgan Stanley & Co. International PLC
5,700
11/14/24
EUR
608.82
EUR
3,378
(190,061
)
AutoStore Holdings Ltd.
Citibank N.A.
260,000
11/14/24
NOK
11.83
NOK
2,793
(8,831
)
Surgery Partners, Inc.
Morgan Stanley & Co. International PLC
32,000
11/14/24
USD
31.92
USD
1,032
(80,720
)
TPG, Inc., Class A
Bank of America N.A.
37,000
11/25/24
USD
58.01
USD
2,130
(96,374
)
 
 
 
 
 
 
$ (1,577,574
)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical, unrestricted assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. 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.
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Innovation and Growth Term 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
$ 105,260,825
$ —
$ —
$ 105,260,825
Air Freight & Logistics
9,651,695
—
—
9,651,695
Automobile Components
14,018,783
—
—
14,018,783
Biotechnology
11,117,553
—
—
11,117,553
Building Products
32,033,290
—
—
32,033,290
Capital Markets
90,376,366
—
—
90,376,366
Construction & Engineering
49,195,030
—
—
49,195,030
Diversified Consumer Services
15,040,409
—
14,390,894
29,431,303
Electrical Equipment
62,555,631
—
—
62,555,631
Entertainment
35,330,612
—
—
35,330,612
Food Products
18,120,794
—
—
18,120,794
Ground Transportation
42,375,304
—
—
42,375,304
Health Care Equipment & Supplies
86,143,764
—
—
86,143,764
Health Care Providers & Services
15,229,983
—
—
15,229,983
Hotels, Restaurants & Leisure
77,217,544
—
—
77,217,544
Industrial REITs
2,325,846
—
—
2,325,846
Interactive Media & Services
42,696,257
—
—
42,696,257
IT Services
53,780,905
—
12,219,413
66,000,318
Life Sciences Tools & Services
48,546,208
—
—
48,546,208
Machinery
—
9,449,366
—
9,449,366
Pharmaceuticals
23,441,717
—
—
23,441,717
Real Estate Management & Development
47,367,041
—
—
47,367,041
Semiconductors & Semiconductor Equipment
111,666,137
65,942,095
—
177,608,232
Software
190,166,808
15,162,888
16,306,153
221,635,849
Specialty Retail
49,500,739
—
—
49,500,739
Technology Hardware, Storage & Peripherals
30,145,758
—
—
30,145,758
Textiles, Apparel & Luxury Goods
24,792,154
24,374,450
—
49,166,604
Trading Companies & Distributors
12,349,771
—
—
12,349,771
Preferred Securities
Preferred Stocks
—
—
422,354,761
422,354,761
Short-Term Securities 
Money Market Funds
6,008,447
—
—
6,008,447
 
$1,306,455,371
$114,928,799
$465,271,221
$1,886,655,391
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (7,828,716
)
$ (3,510,284
)
$ —
$ (11,339,000
)
 
(a)
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 and derivative financial instruments 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
Preferred
Stocks
Total
Assets
Opening balance, as of December 31, 2023
$ 71,905,711
$ 441,207,138
$ 513,112,849
Transfers into Level 3
—
—
—
Transfers out of Level 3
—
—
—
Accrued discounts/premiums
—
—
—
Net realized gain (loss)
(50,000,000
)
—
(50,000,000
)
Net change in unrealized appreciation (depreciation)(a)
21,010,749
(18,852,377
)
2,158,372
6
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
 
 
Common
Stocks
Preferred
Stocks
Total
Purchases
$ —
$ —
$ —
Sales
—
—
—
Closing balance, as of September 30, 2024
$ 42,916,460
$ 422,354,761
$ 465,271,221
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2024(a)
$ (12,749,996
)
$ (18,852,377
)
$ (31,602,373
)
 
(a)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2024 is
generally due to investments no longer held or categorized as Level 3 at period end.
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “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
$42,916,460
Market
Revenue Multiple
6.50x - 19.00x
12.52x
 
 
 
 
 
Preferred Stocks
422,354,761
Market
Revenue Multiple
1.05x - 19.00x
8.81x
 
 
Time to Exit
0.5 - 5.0 years
3.1 years
 
 
Volatility
40% - 95%
71%
 
 
Market Adjustment Multiple
0.50x - 1.30x
1.00x
 
$465,271,221
 
 
 
 
 
(a)
A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.
 
Currency Abbreviation 
AUD
Australian Dollar
CHF
Swiss Franc
EUR
Euro
NOK
Norwegian Krone
USD
United States Dollar
 
Portfolio Abbreviation 
REIT
 Real Estate Investment Trust
Schedule of Investments
7
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