Schedule of Investments  (unaudited) March 31, 2022 BlackRock Innovation and Growth Trust (BIGZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 4.4%
Axon Enterprise, Inc.(a)(b)		620,297	$	85,433,506
HEICO Corp.		339,811		52,174,581
				137,608,087
Auto Components — 1.6%
Fox Factory Holding Corp.(b)		497,765		48,756,082
Biotechnology(b) — 1.7%
Halozyme Therapeutics, Inc.		1,011,821		40,351,421
Natera, Inc.		285,939		11,631,999
				51,983,420
Building Products — 1.5%
AZEK Co., Inc.(b)		1,883,271		46,780,452
Chemicals — 1.3%
Amyris, Inc.(a)(b)		9,535,672		41,575,529
Diversified Consumer Services(b) — 3.6%
Bright Horizons Family Solutions, Inc.		42,067		5,581,870
Duolingo, Inc.		606,627		57,696,294
Ideal Image, Class A, (Acquired 05/05/21, Cost: $50,000,000)(c)(d)		6,224		47,080,248
				110,358,412
Electrical Equipment — 1.3%
Shoals Technologies Group, Inc., Class A(b)		2,459,009		41,901,513
Electronic Equipment, Instruments & Components — 1.8%
908 Devices, Inc.(b)(e)		2,180,936		41,459,593
Halma PLC		490,623		16,051,762
				57,511,355
Entertainment — 1.7%
Kahoot! ASA(b)		16,643,163		51,730,223
Equity Real Estate Investment Trusts (REITs) — 1.6%
Innovative Industrial Properties, Inc.		105,572		21,684,489
Rexford Industrial Realty, Inc.		364,316		27,174,330
				48,858,819
Food Products — 1.8%
Freshpet, Inc.(b)		537,055		55,123,325
Health Care Equipment & Supplies(b) — 3.7%
Figs, Inc., Class A		2,019,099		43,451,010
Inmode Ltd.		310,110		11,446,160
Outset Medical, Inc.		937,077		42,543,296
Pulmonx Corp.		710,943		17,638,496
				115,078,962
Health Care Technology(b) — 4.4%
Certara, Inc.		2,038,068		43,777,701
Health Catalyst, Inc.		1,078,326		28,176,658
Phreesia, Inc.(a)(f)		2,429,672		64,046,154
				136,000,513
Hotels, Restaurants & Leisure — 4.1%
Evolution AB(g)		180,937		18,407,501
Penn National Gaming, Inc.(a)(b)		1,079,647		45,798,626
Planet Fitness, Inc., Class A(b)(f)		683,153		57,712,765
Wingstop, Inc.		56,982		6,686,838
				128,605,730

Security	Shares		Value
Internet & Direct Marketing Retail — 2.0%
Fiverr International Ltd.(b)		816,242	$	62,091,529
IT Services(b) — 6.4%
DigitalOcean Holdings, Inc.		1,205,966		69,765,133
Globant SA		308,321		80,801,685
Salt Pay Co., Ltd., Series C, (Acquired 11/16/21, Cost: $49,999,974)(c)(d)		25,742		46,778,105
				197,344,923
Life Sciences Tools & Services — 8.6%
10X Genomics, Inc., Class A(b)(f)		825,102		62,765,509
Azenta, Inc.		617,277		51,159,918
Bio-Techne Corp.(f)		200,167		86,680,318
Olink Holding AB, ADR(b)		1,334,665		23,570,184
Repligen Corp.(b)		200,338		37,681,574
Seer, Inc., Class A(b)		270,191		4,117,711
				265,975,214
Machinery — 1.8%
Chart Industries, Inc.(b)		329,944		56,674,481
Road & Rail — 1.3%
Saia, Inc.(b)		170,928		41,675,665
Semiconductors & Semiconductor Equipment — 8.9%
Ambarella, Inc.(b)		632,200		66,330,424
Entegris, Inc.(f)		756,743		99,330,086
Lattice Semiconductor Corp.(b)		285,008		17,371,238
Monolithic Power Systems, Inc.(a)		189,263		91,921,254
				274,953,002
Software(b) — 17.6%
Avalara, Inc.(a)(f)		834,522		83,043,284
Bill.Com Holdings, Inc.		456,531		103,536,665
Blackline, Inc.		304,049		22,262,468
Five9, Inc.(a)		790,619		87,284,338
Gitlab, Inc., Class A(h)		909,791		49,538,120
Grammarly, Inc., (Acquired 11/17/21, Cost: $26,250,012)(c)(d)		1,001,454		26,438,386
nCino, Inc.		691,461		28,336,072
Patreon, Inc., (Acquired 08/19/21, Cost: $11,732,736)(c)(d)		208,333		9,939,567
Paylocity Holding Corp.(a)		338,353		69,622,897
SiteMinder Ltd.		11,802,990		40,161,540
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $2,999,997)(c)(d)		199,738		2,730,418
Snyk Ltd., (Acquired 09/02/21, Cost: $25,961,537)(c)(d)		1,809,860		22,804,236
				545,697,991
Specialty Retail — 0.2%
Leslie’s, Inc.(b)		274,132		5,307,196
Total Common Stocks — 81.3% (Cost: $3,349,762,357)				2,521,592,423

1

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Innovation and Growth Trust (BIGZ) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Convertible Notes
Specialty Retail — 0.4%
Super73, Inc. (Acquired: 12/21/21, Cost: $12,000,000), 0.00%(b)(c)(d)	$	12,000	$	12,000,000
Total Convertible Notes — 0.4% (Cost: $12,000,000)				12,000,000
	Shares
Preferred Securities
Preferred Stocks — 18.9%(b)(c)(d)
Aerospace & Defense — 1.5%
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $50,000,009)		2,189,612		45,631,514
Banks — 0.8%
Varo Money Inc., Series E, (Acquired 08/27/21, Cost: $40,000,001)		4,316,904		24,131,494
Capital Markets — 1.7%
The Production Board LLC, Series A3, (Acquired 06/04/21, Cost: $50,000,001)		16,666,667		52,000,001
Entertainment — 0.4%
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $17,999,912)		32,690		13,785,700
Food Products — 1.0%
Motif Food Works, Inc., (Acquired 06/08/21, Cost: $39,999,986)		1,972,240		31,023,335
Hotels, Restaurants & Leisure — 1.0%
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: $29,999,945)		191,067		26,185,732
Underdog Sports Inc., Series B, (Acquired 01/11/22, Cost: $4,109,441)		79,740		4,032,452
				30,218,184
Internet Software & Services — 0.8%
Via Transportation, Inc., Series G, (Acquired 11/05/21, Cost: $24,999,974)		549,357		23,875,055
IT Services — 0.8%
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		9,716,611
				24,722,184
Leisure Products — 1.5%
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: $49,999,982)		2,172,486		48,685,411
Semiconductors & Semiconductor Equipment — 1.5%
PsiQuantum Corp., Series C, (Acquired 05/21/21, Cost: $39,999,991)		1,525,192		39,304,198
Rivos, Series A, (Acquired 12/03/21, Cost: $7,996,292)		999,228		7,863,924
				47,168,122
Software — 7.1%
Anchor Labs, Inc. , Series D, (Acquired 11/24/21, Cost: $9,999,995)		428,785		9,351,801

Security	Shares		Value
Software (continued)
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: $14,999,995)		2,745,894	$	14,635,615
Bolt Financial Inc., Series E, (Acquired 01/18/22, Cost: $44,999,983)		898,024		44,999,983
Deepgram, Inc., Series B, (Acquired 10/22/21, Cost: $11,999,997)		2,165,400		11,714,814
Dragos, Inc., Series D, (Acquired 09/28/21, Cost: $39,999,959)		900,760		37,849,935
Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: $30,000,101)		4,651,163		26,837,210
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $8,750,004)		333,818		8,812,795
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $23,333,352)		416,667		19,879,183
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: $4,999,999)		909,438		5,238,363
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,994)		732,373		10,011,539
Snyk Ltd., Series B, (Acquired 09/02/21, Cost: $24,038,470)		1,675,797		21,115,042
Validere Technologies Inc., Series B, (Acquired 10/21/21, Cost: $10,000,000)		4,684,060		9,977,048
				220,423,328
Wireless Telecommunication Services — 0.8%
Loft Orbital Solutions, Inc., Series B, (Acquired 10/14/21, Cost: $24,999,992)		1,365,305		26,773,631
				588,437,959
Total Preferred Securities — 18.9% (Cost: $639,252,062)				588,437,959
Total Long-Term Investments — 100.6% (Cost: $4,001,014,419)				3,122,030,382
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21%(e)(i)		1,553,197		1,553,197
SL Liquidity Series, LLC, Money Market Series, 0.43%(e)(i)(j)		1,117,083		1,116,748
Total Short-Term Securities — 0.1% (Cost: $2,669,721)				2,669,945
Total Investments Before Options Written — 100.7% (Cost: $4,003,684,140)				3,124,700,327
Options Written — (0.5)% (Premiums Received: $(15,080,218))				(14,780,229	)
Total Investments, Net of Options Written — 100.2% (Cost: $3,988,603,922)				3,109,920,098
Liabilities in Excess of Other Assets — (0.2)%				(7,039,599	)
Net Assets — 100.0%			$	3,102,880,499

^(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)  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 $756,208,919, representing 24.4% of its net assets as of period end, and an original cost of $818,196,318.

^(e)  Affiliate of the Trust.

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) March 31, 2022 BlackRock Innovation and Growth Trust (BIGZ)

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

^(g)  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.

^(h)  All or a portion of this security is on loan.

⁽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.

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 March 31, 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 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds
908 Devices, Inc.	$	59,749,533	$	—	$	(2,016,034	)	$	(4,971,935	)	$	(11,301,971	)	$	41,459,593		2,180,936	$	—		$	—
BlackRock Liquidity Funds, T-Fund, Institutional Class		1,836,203		—		(283,006	)(a)		—			—			1,553,197		1,553,197		505			—
SL Liquidity Series, LLC, Money Market Series		5,204,477		—		(4,086,425	)(a)		(1,831	)		527			1,116,748		1,117,083		3,961	(b)		—
								$	(4,973,766	)	$	(11,301,444	)	$	44,129,538			$	4,466		$	—

^(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.

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.		117		04/01/22	USD	165.00	USD	1,228	$	(7,020	)
Axon Enterprise, Inc.		207		04/04/22	USD	161.00	USD	2,851		(7	)
Lattice Semiconductor Corp.		404		04/04/22	USD	58.50	USD	2,462		(118,462	)
Ambarella, Inc.		214		04/08/22	USD	115.00	USD	2,245		(19,795	)
Penn National Gaming, Inc.		453		04/08/22	USD	52.00	USD	1,922		(2,492	)
10X Genomics, Inc., Class A		235		04/14/22	USD	100.00	USD	1,788		(21,150	)
10X Genomics, Inc., Class A		114		04/14/22	USD	80.00	USD	867		(29,925	)
908 Devices, Inc.		825		04/14/22	USD	20.00	USD	1,568		(80,437	)
Ambarella, Inc.		76		04/14/22	USD	170.00	USD	797		(5,700	)
Avalara, Inc.		80		04/14/22	USD	115.00	USD	796		(4,200	)
Axon Enterprise, Inc.		205		04/14/22	USD	155.00	USD	2,823		(11,275	)
AZEK Co., Inc.		347		04/14/22	USD	35.00	USD	862		(1,735	)
AZEK Co., Inc.		1,037		04/14/22	USD	30.00	USD	2,576		(93,330	)
Bill.Com Holdings, Inc.		250		04/14/22	USD	254.00	USD	5,670		(128,283	)
Bio-Techne Corp.		90		04/14/22	USD	410.00	USD	3,897		(252,000	)
Blackline, Inc.		196		04/14/22	USD	85.00	USD	1,435		(4,900	)
Blackline, Inc.		160		04/14/22	USD	75.00	USD	1,172		(24,400	)
Bright Horizons Family Solutions, Inc.		50		04/14/22	USD	135.00	USD	663		(15,125	)
Brooks Automation, Inc.		358		04/14/22	USD	95.00	USD	2,967		(53,700	)
Chart Industries, Inc.		294		04/14/22	USD	125.00	USD	5,050		(1,389,150	)
DigitalOcean Holdings, Inc.		106		04/14/22	USD	70.00	USD	613		(3,710	)
DigitalOcean Holdings, Inc.		400		04/14/22	USD	75.00	USD	2,314		(7,000	)
DigitalOcean Holdings, Inc.		523		04/14/22	USD	55.00	USD	3,026		(261,500	)
Duolingo, Inc., Class A		150		04/14/22	USD	105.00	USD	1,427		(27,750	)
Duolingo, Inc., Class A		229		04/14/22	USD	90.00	USD	2,178		(200,375	)
Entegris, Inc.		573		04/14/22	USD	140.00	USD	7,521		(51,570	)
Figs, Inc., Class A		900		04/14/22	USD	22.50	USD	1,937		(72,000	)
Figs, Inc., Class A		305		04/14/22	USD	20.00	USD	656		(62,525	)

3

Schedule of Investments  (unaudited) (continued) March 31, 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)
Five9, Inc.		287		04/14/22	USD	140.00	USD	3,168	$	(6,458	)
Fiverr International Ltd.		147		04/14/22	USD	110.00	USD	1,118		(3,675	)
Fiverr International Ltd.		146		04/14/22	USD	85.00	USD	1,111		(20,440	)
Fiverr International Ltd.		322		04/14/22	USD	80.00	USD	2,449		(85,330	)
Fox Factory Holding Corp.		455		04/14/22	USD	135.00	USD	4,457		(218,400	)
Freshpet, Inc.		404		04/14/22	USD	110.00	USD	4,147		(54,540	)
Gitlab, Inc., Class A		370		04/14/22	USD	75.00	USD	2,015		(10,175	)
Gitlab, Inc., Class A		515		04/14/22	USD	50.00	USD	2,804		(332,175	)
Gitlab, Inc., Class A		301		04/14/22	USD	70.00	USD	1,639		(14,298	)
Globant SA		123		04/14/22	USD	290.00	USD	3,223		(33,210	)
Halozyme Therapeutics, Inc.		118		04/14/22	USD	36.00	USD	471		(47,495	)
Health Catalyst, Inc.		350		04/14/22	USD	35.00	USD	915		(61,250	)
HEICO Corp.		263		04/14/22	USD	150.00	USD	4,038		(149,910	)
Inmode Ltd.		161		04/14/22	USD	50.00	USD	594		(2,415	)
Lattice Semiconductor Corp.		10		04/14/22	USD	70.00	USD	61		(275	)
Monolithic Power Systems, Inc.		160		04/14/22	USD	510.00	USD	7,771		(112,000	)
Natera, Inc.		216		04/14/22	USD	80.00	USD	879		(1,080	)
Natera, Inc.		216		04/14/22	USD	40.00	USD	879		(65,340	)
Olink Holding AB, ADR		512		04/14/22	USD	25.00	USD	904		(140,800	)
Olink Holding AB, ADR		506		04/14/22	USD	20.00	USD	894		(20,240	)
Outset Medical, Inc.		513		04/14/22	USD	39.71	USD	2,329		(325,260	)
Paylocity Holding Corp.		261		04/14/22	USD	220.00	USD	5,371		(65,250	)
Phreesia, Inc.		750		04/14/22	USD	40.00	USD	1,977		(3,750	)
Phreesia, Inc.		811		04/14/22	USD	35.00	USD	2,138		(36,495	)
Planet Fitness, Inc., Class A		388		04/14/22	USD	97.50	USD	3,278		(4,850	)
Pulmonx Corp.		706		04/14/22	USD	30.00	USD	1,752		(240,040	)
Repligen Corp.		117		04/14/22	USD	200.00	USD	2,201		(42,120	)
Rexford Industrial Realty, Inc.		315		04/14/22	USD	75.00	USD	2,350		(44,888	)
Seer, Inc., Class A		209		04/14/22	USD	15.00	USD	319		(28,738	)
Shoals Technologies Group, Inc., Class A		870		04/14/22	USD	20.00	USD	1,482		(17,400	)
Shoals Technologies Group, Inc., Class A		1,140		04/14/22	USD	17.50	USD	1,943		(82,650	)
Shoals Technologies Group, Inc., Class A		298		04/14/22	USD	15.00	USD	508		(68,540	)
Wingstop, Inc.		61		04/14/22	USD	166.00	USD	716		(29,280	)
Halozyme Therapeutics, Inc.		416		04/21/22	USD	38.00	USD	1,659		(108,583	)
Ambarella, Inc.		157		04/22/22	USD	110.00	USD	1,647		(62,015	)
Penn National Gaming, Inc.		188		04/22/22	USD	54.00	USD	797		(3,290	)
Penn National Gaming, Inc.		417		04/22/22	USD	46.00	USD	1,769		(37,947	)
Ambarella, Inc.		123		04/29/22	USD	100.00	USD	1,291		(118,080	)
Penn National Gaming, Inc.		579		04/29/22	USD	46.00	USD	2,456		(70,348	)
Ambarella, Inc.		104		05/06/22	USD	110.00	USD	1,091		(57,720	)
10X Genomics, Inc., Class A		545		05/20/22	USD	85.00	USD	4,146		(288,850	)
10X Genomics, Inc., Class A		228		05/20/22	USD	90.00	USD	1,734		(126,540	)
908 Devices, Inc.		500		05/20/22	USD	22.50	USD	951		(45,000	)
Ambarella, Inc.		157		05/20/22	USD	110.00	USD	1,647		(105,975	)
Avalara, Inc.		400		05/20/22	USD	110.00	USD	3,980		(172,000	)
Avalara, Inc.		782		05/20/22	USD	90.00	USD	7,782		(1,110,440	)
Axon Enterprise, Inc.		290		05/20/22	USD	132.00	USD	3,994		(396,322	)
Bill.Com Holdings, Inc.		192		05/20/22	USD	240.00	USD	4,354		(420,480	)
Bio-Techne Corp.		70		05/20/22	USD	430.00	USD	3,031		(192,500	)
Blackline, Inc.		250		05/20/22	USD	85.00	USD	1,831		(26,875	)
Bright Horizons Family Solutions, Inc.		20		05/20/22	USD	145.00	USD	265		(4,700	)
Brooks Automation, Inc.		305		05/20/22	USD	100.00	USD	2,528		(62,525	)
Certara, Inc.		500		05/20/22	USD	25.00	USD	1,074		(40,000	)
Chart Industries, Inc.		206		05/20/22	USD	177.00	USD	3,538		(215,826	)
DigitalOcean Holdings, Inc.		800		05/20/22	USD	80.00	USD	4,628		(100,000	)
Duolingo, Inc., Class A		191		05/20/22	USD	100.00	USD	1,817		(169,035	)
Duolingo, Inc., Class A		229		05/20/22	USD	95.00	USD	2,178		(251,900	)
Entegris, Inc.		574		05/20/22	USD	150.00	USD	7,534		(123,410	)
Figs, Inc., Class A		1,223		05/20/22	USD	22.50	USD	2,632		(256,830	)
Five9, Inc.		400		05/20/22	USD	115.00	USD	4,416		(296,000	)
Fiverr International Ltd.		147		05/20/22	USD	95.00	USD	1,118		(45,202	)
Fox Factory Holding Corp.		300		05/20/22	USD	115.00	USD	2,939		(92,250	)

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) March 31, 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)
Freshpet, Inc.		410		05/20/22	USD	110.00	USD	4,208	$	(227,550	)
Globant SA		194		05/20/22	USD	280.00	USD	5,084		(241,530	)
Halozyme Therapeutics, Inc.		500		05/20/22	USD	40.00	USD	1,994		(112,500	)
Health Catalyst, Inc.		320		05/20/22	USD	30.00	USD	836		(22,400	)
HEICO Corp.		252		05/20/22	USD	150.00	USD	3,869		(228,060	)
Inmode Ltd.		309		05/20/22	USD	42.50	USD	1,141		(55,620	)
Innovative Industrial Properties, Inc.		74		05/20/22	USD	220.00	USD	1,520		(45,880	)
Innovative Industrial Properties, Inc.		86		05/20/22	USD	210.00	USD	1,766		(87,290	)
Lattice Semiconductor Corp.		18		05/20/22	USD	65.00	USD	110		(6,210	)
Leslie’s, Inc.		233		05/20/22	USD	23.00	USD	451		(9,903	)
Monolithic Power Systems, Inc.		127		05/20/22	USD	500.00	USD	6,168		(363,220	)
nCino, Inc.		565		05/20/22	USD	55.00	USD	2,315		(57,912	)
Olink Holding AB, ADR		503		05/20/22	USD	22.50	USD	888		(44,013	)
Olink Holding AB, ADR		503		05/20/22	USD	16.95	USD	888		(153,243	)
Outset Medical, Inc.		522		05/20/22	USD	45.00	USD	2,370		(258,390	)
Outset Medical, Inc.		386		05/20/22	USD	50.00	USD	1,752		(72,375	)
Paylocity Holding Corp.		117		05/20/22	USD	220.00	USD	2,408		(100,620	)
Phreesia, Inc.		600		05/20/22	USD	35.00	USD	1,582		(37,500	)
Planet Fitness, Inc., Class A		184		05/20/22	USD	92.50	USD	1,554		(40,940	)
Planet Fitness, Inc., Class A		452		05/20/22	USD	95.00	USD	3,818		(71,190	)
Pulmonx Corp.		300		05/20/22	USD	30.00	USD	744		(36,750	)
Repligen Corp.		186		05/20/22	USD	200.00	USD	3,498		(200,880	)
Saia, Inc.		111		05/20/22	USD	310.00	USD	2,706		(29,415	)
Seer, Inc., Class A		200		05/20/22	USD	20.00	USD	305		(18,500	)
Shoals Technologies Group, Inc., Class A		1,421		05/20/22	USD	22.50	USD	2,421		(88,812	)
Wingstop, Inc.		25		05/20/22	USD	131.00	USD	293		(9,375	)
Bill.Com Holdings, Inc.		240		06/06/22	USD	280.00	USD	5,443		(287,944	)
Bio-Techne Corp.		143		06/10/22	USD	450.00	USD	6,192		(294,792	)
Halozyme Therapeutics, Inc.		500		06/17/22	USD	40.00	USD	1,994		(87,500	)
nCino, Inc.		345		06/17/22	USD	55.00	USD	1,414		(64,688	)
									$	(13,673,928	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Rexford Industrial Realty, Inc.	Citibank N.A		24,000		04/01/22	USD	76.67	USD	1,790	$	(272	)
Paylocity Holding Corp.	Goldman Sachs International		13,500		04/04/22	USD	221.22	USD	2,778		(4,224	)
AZEK Co., Inc.	BNP Paribas SA		77,000		04/06/22	USD	33.13	USD	1,913		—
Kahoot! ASA	Morgan Stanley & Co. International PLC		480,500		04/06/22	NOK	35.07	NOK	13,281		(159	)
Saia, Inc.	Goldman Sachs International		14,800		04/06/22	USD	322.39	USD	3,609		—
Fiverr International Ltd.	Citibank N.A		14,600		04/07/22	USD	87.82	USD	1,111		(4,289	)
Kahoot! ASA	UBS AG		387,000		04/12/22	NOK	28.48	NOK	10,697		(43,686	)
nCino, Inc.	JPMorgan Chase Bank N.A		24,800		04/12/22	USD	50.98	USD	1,016		(15,923	)
Leslie’s, Inc.	Barclays Bank PLC		18,200		04/13/22	USD	22.63	USD	352		(3,256	)
Axon Enterprise, Inc.	Goldman Sachs International		23,800		04/21/22	USD	144.80	USD	3,278		(68,685	)
Kahoot! ASA	Goldman Sachs International		400,000		04/21/22	NOK	28.61	NOK	11,056		(62,011	)
Kahoot! ASA	UBS AG		331,000		04/26/22	NOK	26.18	NOK	9,149		(108,634	)
Halma PLC	Goldman Sachs International		16,100		04/27/22	GBP	24.49	GBP	404		(26,455	)
Brooks Automation, Inc.	Bank of America N.A		27,300		04/28/22	USD	92.66	USD	2,263		(43,640	)
Fiverr International Ltd.	JPMorgan Chase Bank N.A		33,000		04/28/22	USD	85.69	USD	2,510		(90,644	)
AZEK Co., Inc.	Goldman Sachs International		70,200		04/29/22	USD	30.07	USD	1,744		(11,878	)
Kahoot! ASA	Goldman Sachs International		300,000		05/03/22	NOK	29.92	NOK	8,292		(44,334	)
Evolution AB	Morgan Stanley & Co. International PLC		22,700		05/04/22	SEK	1,109.09	SEK	21,976		(62,033	)
Globant SA	Bank of America N.A		15,000		05/05/22	USD	278.24	USD	3,931		(149,227	)
Halma PLC	Goldman Sachs International		8,500		05/05/22	GBP	25.97	GBP	213		(7,584	)
Kahoot! ASA	Goldman Sachs International		598,000		05/13/22	NOK	31.93	NOK	16,529		(69,777	)

5

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Innovation and Growth Trust (BIGZ)

OTC Options Written (continued)

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Halma PLC	Barclays Bank PLC		49,900		05/24/22		GBP	26.13		GBP	1,252	$	(57,126	)
Five9, Inc.	JPMorgan Chase Bank N.A.		40,000		06/08/22		USD	120.62		USD	4,416		(232,464	)
												$	(1,106,301	)

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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. 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.

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	$	137,608,087	$	—	$	—	$	137,608,087
Auto Components		48,756,082		—		—		48,756,082
Biotechnology		51,983,420		—		—		51,983,420
Building Products		46,780,452		—		—		46,780,452
Chemicals		41,575,529		—		—		41,575,529
Diversified Consumer Services		63,278,164		—		47,080,248		110,358,412
Electrical Equipment		41,901,513		—		—		41,901,513
Electronic Equipment, Instruments & Components		41,459,593		16,051,762		—		57,511,355
Entertainment		—		51,730,223		—		51,730,223
Equity Real Estate Investment Trusts (REITs)		48,858,819		—		—		48,858,819
Food Products		55,123,325		—		—		55,123,325
Health Care Equipment & Supplies		115,078,962		—		—		115,078,962
Health Care Technology		136,000,513		—		—		136,000,513
Hotels, Restaurants & Leisure		110,198,229		18,407,501		—		128,605,730
Internet & Direct Marketing Retail		62,091,529		—		—		62,091,529
IT Services		150,566,818		—		46,778,105		197,344,923
Life Sciences Tools & Services		265,975,214		—		—		265,975,214
Machinery		56,674,481		—		—		56,674,481
Road & Rail		41,675,665		—		—		41,675,665
Semiconductors & Semiconductor Equipment		274,953,002		—		—		274,953,002

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) March 31, 2022 BlackRock Innovation and Growth Trust (BIGZ)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Common Stocks (continued)
Software	$	443,623,844		$	40,161,540		$	61,912,607	$	545,697,991
Specialty Retail		5,307,196			—			—		5,307,196
Convertible Notes		—			—			12,000,000		12,000,000
Preferred Securities
Preferred Stocks		—			—			588,437,959		588,437,959
Short-Term Securities
Money Market Funds		1,553,197			—			—		1,553,197
	$	2,241,023,634		$	126,351,026		$	756,208,919		3,123,583,579
Investments Valued at NAV(a)										1,116,748
									$	3,124,700,327
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(11,606,551	)	$	(3,173,678	)	$	—	$	(14,780,229	)

^(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 realized gain (loss)
Net change in unrealized appreciation (depreciation)(a)		(11,268,667	)		—		(30,264,657	)		(41,533,324	)
Purchases		—			—		74,134,111			74,134,111
Sales		—			—		—			—
Closing balance, as of March 31, 2022	$	155,770,960		$	12,000,000	$	588,437,959		$	756,208,919
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2022(a)	$	(11,268,667	)	$	—	$	(30,264,657	)	$	(41,533,324	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2022 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 Global Valuation Methodologies Committee (the “Global 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	$	155,770,960	Market	Revenue Multiple	12.25x - 30.00x		20.24x
				EBITDA Multiple	16.00x		—
Convertible Notes		12,000,000	Market	Discount Rate	23%		—
				Revenue Multiple	2.90x		—
				Volatility	47%		—
Preferred Stocks		588,437,959	Market	Revenue Multiple	1.50x - 30.00x		13.16x
				Time to Exit	2.0 - 5.0		3.3
				Volatility	43% - 90%		63%
				Recent Transactions	$ 2.13 - $12.74		$ 8.02

7

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Innovation and Growth Trust (BIGZ)

Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted Average of Unobservable Inputs Based on Fair Value
		Market Adjustment Multiple	1.00x - 1.05x		1.03x
$756,208,919

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

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

S C H E D U L E  O F  I N V E S T M  E N T S 8