Schedule of Investments (unaudited) September 30, 2022      BlackRock Innovation and Growth Trust (BIGZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 5.9%
Axon Enterprise, Inc.(a)(b)		651,666	$	75,430,340
HEICO Corp.		336,633		48,468,419
				123,898,759
Auto Components — 1.9%
Fox Factory Holding Corp.(b)		493,110		38,995,139
Biotechnology — 1.6%
Halozyme Therapeutics, Inc.(b)		862,374		34,098,268
Building Products — 0.6%
AZEK Co., Inc.(b)		725,567		12,058,924
Capital Markets — 2.2%
Tradeweb Markets, Inc., Class A(c)		804,964		45,416,069
Diversified Consumer Services — 3.7%
Duolingo, Inc.(b)		424,673		40,441,610
Ideal Image, Class A, (Acquired 05/05/21, Cost: $50,000,000)(d)(e)		6,224		37,583,931
				78,025,541
Electronic Equipment, Instruments & Components — 0.3%
908 Devices, Inc.(b)		446,012		7,336,897
Entertainment — 1.1%
Kahoot! ASA(b)		12,223,339		22,763,850
Equity Real Estate Investment Trusts (REITs) — 0.7%
Innovative Industrial Properties, Inc.		53,319		4,718,732
Rexford Industrial Realty, Inc.		203,708		10,592,816
				15,311,548
Food Products — 0.4%
Freshpet, Inc.(b)		160,887		8,058,830
Health Care Equipment & Supplies(b) — 1.4%
Figs, Inc., Class A		2,000,216		16,501,782
Inmode Ltd.		407,065		11,849,662
				28,351,444
Health Care Technology(b) — 3.0%
Certara, Inc.		878,045		11,660,438
Doximity, Inc., Class A		1,251,172		37,810,418
Phreesia, Inc.(a)		491,519		12,523,904
				61,994,760
Hotels, Restaurants & Leisure — 4.9%
Evolution AB(f)		591,128		46,727,222
Penn Entertainment, Inc.(b)		369,706		10,170,612
Planet Fitness, Inc., Class A(b)(c)		813,885		46,928,609
				103,826,443
Interactive Media & Services — 1.8%
Match Group, Inc.(b)		794,668		37,945,397
Internet & Direct Marketing Retail(b) — 2.1%
Etsy, Inc.		284,635		28,500,502
Fiverr International Ltd.		518,976		15,875,476
				44,375,978
IT Services — 4.7%
DigitalOcean Holdings, Inc.(b)		529,706		19,159,466

Security	Shares		Value
IT Services (continued)
Globant SA(b)		245,707	$	45,966,866
Salt Pay Co. Ltd., Series C, (Acquired 11/16/21, Cost: $49,999,974)(d)(e)		25,742		33,815,463
				98,941,795
Life Sciences Tools & Services — 9.8%
10X Genomics, Inc., Class A(b)(c)		133,858		3,812,276
Azenta, Inc.		611,504		26,209,061
Bio-Techne Corp.(a)(c)		185,128		52,576,352
Charles River Laboratories International, Inc.(b)		130,796		25,740,653
Olink Holding AB, ADR(b)(g)		519,151		6,302,493
Repligen Corp.(b)		307,574		57,550,171
West Pharmaceutical Services, Inc.		138,373		34,050,828
				206,241,834
Machinery — 2.9%
Chart Industries, Inc.(b)		326,858		60,256,272
Road & Rail — 2.0%
Saia, Inc.(b)		219,693		41,741,670
Semiconductors & Semiconductor Equipment — 7.7%
Ambarella, Inc.(b)		476,770		26,784,939
Entegris, Inc.(c)		683,028		56,704,984
Lattice Semiconductor Corp.(b)		702,518		34,570,911
Monolithic Power Systems, Inc.(a)(c)		119,025		43,253,685
				161,314,519
Software — 14.7%
Bill.com Holdings, Inc.(b)		339,000		44,873,430
Confluent, Inc., Class A(b)		1,634,976		38,863,380
Five9, Inc.(b)		576,450		43,222,221
Gitlab, Inc., Class A(b)		678,865		34,771,465
Grammarly, Inc., (Acquired 11/17/21, Cost: $26,250,012)(d)(e)		1,001,454		18,306,579
HubSpot, Inc.(b)		43,732		11,812,888
Patreon, Inc., (Acquired 08/19/21, Cost: $11,732,736)(d)(e)		208,333		5,777,074
Paylocity Holding Corp.(a)(b)(c)		279,273		67,466,771
SiteMinder Ltd.(b)		10,336,222		20,361,476
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $2,999,997)(d)(e)		199,738		1,847,577
Snyk Ltd., (Acquired 09/02/21, Cost: $25,961,537)(d)(e)		1,809,860		20,795,291
				308,098,152
Total Common Stocks — 73.4% (Cost: $2,164,817,957)				1,539,052,089
	Par (000)
Convertible Notes
Specialty Retail — 0.6%
Super73, Inc., (Acquired: 12/21/21, Cost: $12,000,000), 0.00%(d)(e)	$	12,000		12,720,000
Total Convertible Notes — 0.6% (Cost: $12,000,000)				12,720,000

1

Schedule of Investments (unaudited) (continued) September 30, 2022      BlackRock Innovation and Growth Trust (BIGZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Securities
Preferred Stocks — 23.1%(d)(e)
Aerospace & Defense — 1.8%
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $50,000,009)		2,189,612	$	38,033,561
Banks — 0.7%
Varo Money Inc., Series E, (Acquired 08/27/21, Cost: $40,000,001)		4,316,904		14,763,812
Capital Markets — 2.4%
The Production Board LLC, Series A3, (Acquired 06/04/21, Cost: $50,000,001)		16,666,667		49,833,334
Entertainment — 0.6%
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $17,999,912)		32,690		12,634,031
Food Products — 1.1%
Motif Food Works, Inc., (Acquired 06/08/21, Cost: $39,999,986)		1,972,240		23,509,101
Hotels, Restaurants & Leisure — 1.4%
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: $29,999,946)		191,067		10,596,576
Underdog Sports, Inc., Series B, (Acquired 01/11/22, Cost: $14,999,974)		291,061		18,243,703
				28,840,279
Internet Software & Services — 1.1%
Via Transportation, Inc., Series G, (Acquired 11/05/21, Cost: $24,999,974)		549,357		22,303,894
IT Services — 1.1%
Open Space Labs Inc., Series D, (Acquired 01/31/22, Cost: $15,000,003)		1,687,916		15,005,573
Wagestream Holdings Ltd., Series C, (Acquired 02/11/22, Cost: $10,024,684)		762,746		7,698,862
				22,704,435
Leisure Products — 1.6%
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: $49,999,982)		2,172,486		34,868,400
Semiconductors & Semiconductor Equipment — 2.2%
PsiQuantum Corp., Series C, (Acquired 05/21/21, Cost: $39,999,990)		1,525,192		38,755,129
Rivos, Inc., Series A, (Acquired 12/03/21, Cost: $7,996,292)		2,997,684		7,164,465
				45,919,594
Software — 7.9%
Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost: $9,999,995)		428,785		3,524,613
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: $14,999,995)		2,745,894		11,972,098
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $44,999,983)		898,024		28,979,234
Deepgram, Inc., Series B, (Acquired 10/22/21, Cost: $11,999,997)		2,165,400		10,545,498
Dragos, Inc., Series D, (Acquired 09/28/21, Cost: $39,999,959)		900,760		31,409,501
Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: $30,000,101)		4,651,163		21,162,792
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $8,750,004)		333,818		6,102,193

Security	Shares		Value
Software (continued)
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $23,333,352)		416,667	$	11,554,176
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: $4,999,999)		909,438		4,410,774
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,994)		732,373		6,774,450
Snyk Ltd., Series B, (Acquired 09/02/21, Cost: $24,038,470)		1,675,797		19,254,908
Validere Technologies, Inc., Series B, (Acquired 10/21/21, Cost: $10,000,000)		4,684,060		9,555,482
				165,245,719
Wireless Telecommunication Services — 1.2%
Loft Orbital Solutions, Inc., Series B, (Acquired 10/14/21, Cost: $24,999,992)		1,365,305		24,589,143
				483,245,303
Total Preferred Securities — 23.1% (Cost: $650,142,595)				483,245,303
Total Long-Term Investments — 97.1% (Cost: $2,826,960,552)				2,035,017,392
Short-Term Securities
Money Market Funds — 3.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.79%(h)(i)		72,501,297		72,501,297
SL Liquidity Series, LLC, Money Market Series, 3.29%(h)(i)(j)		1,308,608		1,308,608
Total Short-Term Securities — 3.5% (Cost: $73,809,643)				73,809,905
Total Investments Before Options Written — 100.6% (Cost: $2,900,770,195)				2,108,827,297
Options Written — (0.2)% (Premiums Received: $(14,000,593))				(4,074,327	)
Total Investments, Net of Options Written — 100.4% (Cost: $2,886,769,602)				2,104,752,970
Liabilities in Excess of Other Assets — (0.4)%				(8,026,699	)
Net Assets — 100.0%			$	2,096,726,271

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

^(b)  Non-income producing security.

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

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

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

^(f)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(h)  Affiliate of the Trust.

⁽ⁱ⁾  Annualized 7-day yield as of period end.

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

S C H E D U L E  O F  I N V E S T M E N  T S 2

Schedule of Investments (unaudited) (continued) September 30, 2022      BlackRock Innovation and Growth Trust (BIGZ)

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Affiliates

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

Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
908 Devices, Inc.(a)	$	59,749,533	$	—		$	(28,051,803	)	$	(61,964,665	)	$	37,603,832	$	N/A		N/A	$	—		$	—
BlackRock Liquidity Funds, T-Fund, Institutional Class		1,836,203		70,665,094	(b)		—			—			—		72,501,297		72,501,297		180,357			—
SL Liquidity Series, LLC, Money Market Series		5,204,477		—			(3,895,421	)(b)		(1,014	)		566		1,308,608		1,308,608		50,886	(c)		—
									$	(61,965,679	)	$	37,604,398	$	73,809,905			$	231,243		$	—

^(a)  As of period end, the entity is no longer an affiliate.

^(b)  Represents net amount purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Ambarella, Inc.		223		10/07/22	USD	95.00	USD	1,253	$	(2,230	)
Bill.Com Holdings, Inc.		186		10/07/22	USD	165.00	USD	2,462		(8,370	)
Etsy, Inc.		106		10/07/22	USD	115.00	USD	1,061		(2,650	)
Match Group, Inc.		338		10/07/22	USD	66.00	USD	1,614		(3,549	)
Penn Entertainment, Inc.		277		10/07/22	USD	37.00	USD	762		(554	)
Bill.Com Holdings, Inc.		138		10/14/22	USD	177.50	USD	1,827		(20,700	)
Match Group, Inc.		415		10/14/22	USD	64.00	USD	1,982		(8,093	)
10X Genomics, Inc., Class A		155		10/21/22	USD	45.00	USD	441		(17,050	)
908 Devices, Inc.		187		10/21/22	USD	18.75	USD	308		(10,138	)
Ambarella, Inc.		123		10/21/22	USD	70.00	USD	691		(4,305	)
Axon Enterprise, Inc.		220		10/21/22	USD	126.00	USD	2,547		(49,314	)
Axon Enterprise, Inc.		238		10/21/22	USD	141.05	USD	2,755		(9,406	)
Axon Enterprise, Inc.		239		10/21/22	USD	130.00	USD	2,766		(31,070	)
AZEK Co., Inc.		544		10/21/22	USD	20.00	USD	904		(8,160	)
Azenta, Inc.		347		10/21/22	USD	70.00	USD	1,487		(166,560	)
Bio-Techne Corp.		133		10/21/22	USD	400.00	USD	3,777		(63,840	)
Charles River Laboratories International, Inc.		153		10/21/22	USD	220.00	USD	3,011		(37,485	)
Confluent, Inc., Class A		1,415		10/21/22	USD	30.60	USD	3,363		(45,809	)
DigitalOcean Holdings, Inc.		506		10/21/22	USD	52.00	USD	1,830		(6,641	)
Doximity, Inc., Class A		609		10/21/22	USD	37.50	USD	1,840		(19,792	)
Duolingo, Inc.		189		10/21/22	USD	110.00	USD	1,800		(24,570	)
Entegris, Inc.		512		10/21/22	USD	110.00	USD	4,251		(12,800	)
Etsy, Inc.		200		10/21/22	USD	115.00	USD	2,003		(35,100	)
Figs, Inc., Class A		1,500		10/21/22	USD	12.50	USD	1,238		(7,500	)
Five9, Inc.		550		10/21/22	USD	115.00	USD	4,124		(41,250	)
Fiverr International Ltd.		466		10/21/22	USD	45.00	USD	1,425		(6,990	)
Fox Factory Holding Corp.		300		10/21/22	USD	111.50	USD	2,372		(16,352	)
Freshpet, Inc.		121		10/21/22	USD	50.00	USD	606		(35,392	)
Gitlab, Inc., Class A		744		10/21/22	USD	75.00	USD	3,811		(9,300	)
Globant SA		194		10/21/22	USD	240.00	USD	3,629		(93,120	)
Halozyme Therapeutics, Inc.		298		10/21/22	USD	45.00	USD	1,178		(14,900	)
HEICO Corp.		252		10/21/22	USD	155.00	USD	3,628		(43,470	)
HubSpot, Inc.		73		10/21/22	USD	380.00	USD	1,972		(15,330	)

3

Schedule of Investments (unaudited) (continued) September 30, 2022      BlackRock Innovation and Growth Trust (BIGZ)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Inmode Ltd.		305		10/21/22	USD	37.50	USD	888	$	(7,625	)
Innovative Industrial Properties, Inc.		80		10/21/22	USD	115.00	USD	708		(3,200	)
Lattice Semiconductor Corp.		311		10/21/22	USD	65.00	USD	1,530		(31,100	)
Lattice Semiconductor Corp.		250		10/21/22	USD	63.75	USD	1,230		(1,831	)
Monolithic Power Systems, Inc.		78		10/21/22	USD	530.00	USD	2,835		(37,440	)
Monolithic Power Systems, Inc.		39		10/21/22	USD	440.00	USD	1,417		(13,650	)
Olink Holding AB, ADR		226		10/21/22	USD	20.00	USD	274		(47,460	)
Olink Holding AB, ADR		62		10/21/22	USD	15.00	USD	75		(5,890	)
Paylocity Holding Corp.		261		10/21/22	USD	271.50	USD	6,305		(64,403	)
Phreesia, Inc.		180		10/21/22	USD	25.85	USD	459		(29,312	)
Planet Fitness, Inc., Class A		278		10/21/22	USD	80.00	USD	1,603		(5,560	)
Planet Fitness, Inc., Class A		279		10/21/22	USD	82.50	USD	1,609		(6,975	)
Repligen Corp.		161		10/21/22	USD	254.00	USD	3,012		(8,703	)
Rexford Industrial Realty, Inc.		37		10/21/22	USD	70.00	USD	192		(740	)
Saia, Inc.		117		10/21/22	USD	239.50	USD	2,223		(4,668	)
Tradeweb Markets, Inc., Class A		576		10/21/22	USD	75.00	USD	3,250		(15,840	)
West Pharmaceutical Services, Inc.		55		10/21/22	USD	340.00	USD	1,353		(26,400	)
Ambarella, Inc.		108		10/28/22	USD	64.00	USD	607		(15,930	)
Bill.Com Holdings, Inc.		184		10/28/22	USD	150.00	USD	2,436		(103,960	)
Match Group, Inc.		159		10/28/22	USD	58.00	USD	759		(8,904	)
Doximity, Inc., Class A		634		10/31/22	USD	39.00	USD	1,916		(31,884	)
Phreesia, Inc.		980		11/03/22	USD	29.25	USD	2,497		(96,798	)
Ambarella, Inc.		104		11/04/22	USD	65.00	USD	584		(17,368	)
Match Group, Inc.		280		11/04/22	USD	56.00	USD	1,337		(41,720	)
Penn Entertainment, Inc.		277		11/04/22	USD	31.00	USD	762		(31,855	)
Figs, Inc., Class A		1,500		11/08/22	USD	11.50	USD	1,238		(18,575	)
Etsy, Inc.		120		11/11/22	USD	115.00	USD	1,202		(63,900	)
Lattice Semiconductor Corp.		317		11/11/22	USD	57.00	USD	1,560		(39,638	)
10X Genomics, Inc., Class A		155		11/18/22	USD	40.00	USD	441		(18,988	)
908 Devices, Inc.		250		11/18/22	USD	22.50	USD	411		(11,250	)
Ambarella, Inc.		157		11/18/22	USD	82.50	USD	882		(5,103	)
AZEK Co., Inc.		544		11/18/22	USD	20.05	USD	904		(24,633	)
Azenta, Inc.		297		11/18/22	USD	60.50	USD	1,273		(6,605	)
Bio-Techne Corp.		144		11/18/22	USD	343.00	USD	4,090		(42,137	)
Chart Industries, Inc.		173		11/18/22	USD	210.00	USD	3,189		(129,750	)
Confluent, Inc., Class A		555		11/18/22	USD	35.00	USD	1,319		(33,300	)
Doximity, Inc., Class A		633		11/18/22	USD	37.50	USD	1,913		(82,290	)
Duolingo, Inc.		160		11/18/22	USD	105.00	USD	1,524		(108,800	)
Entegris, Inc.		512		11/18/22	USD	105.00	USD	4,251		(55,040	)
Five9, Inc.		320		11/18/22	USD	95.00	USD	2,399		(51,200	)
Freshpet, Inc.		121		11/18/22	USD	50.00	USD	606		(62,315	)
Gitlab, Inc., Class A		512		11/18/22	USD	65.00	USD	2,622		(81,920	)
Halozyme Therapeutics, Inc.		373		11/18/22	USD	44.75	USD	1,475		(36,115	)
HEICO Corp.		252		11/18/22	USD	155.00	USD	3,628		(69,930	)
HubSpot, Inc.		36		11/18/22	USD	370.00	USD	972		(23,220	)
Inmode Ltd.		305		11/18/22	USD	40.00	USD	888		(14,488	)
Monolithic Power Systems, Inc.		78		11/18/22	USD	450.00	USD	2,835		(54,600	)
Paylocity Holding Corp.		200		11/18/22	USD	260.00	USD	4,832		(228,000	)
Planet Fitness, Inc., Class A		663		11/18/22	USD	75.00	USD	3,823		(33,150	)
Repligen Corp.		300		11/18/22	USD	240.00	USD	5,613		(100,500	)
Rexford Industrial Realty, Inc.		36		11/18/22	USD	60.00	USD	187		(2,250	)
Saia, Inc.		117		11/18/22	USD	240.00	USD	2,223		(28,372	)
Saia, Inc.		95		11/18/22	USD	210.00	USD	1,805		(82,175	)
Tradeweb Markets, Inc., Class A		316		11/18/22	USD	70.00	USD	1,783		(20,540	)
Tradeweb Markets, Inc., Class A		315		11/18/22	USD	65.00	USD	1,777		(63,787	)
West Pharmaceutical Services, Inc.		120		11/18/22	USD	320.00	USD	2,953		(7,800	)
Azenta, Inc.		273		12/09/22	USD	50.00	USD	1,170		(49,228	)
									$	(3,180,605	)

S C H E D U L E  O F  I N V E S T M E N  T S 4

Schedule of Investments (unaudited) (continued) September 30, 2022      BlackRock Innovation and Growth Trust (BIGZ)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Certara, Inc.	Citibank N.A.		74,200		10/03/22	USD	17.73	USD	985	$	(3	)
Evolution AB	Goldman Sachs International		79,800		10/04/22	SEK	1,014.42	SEK	70,767		(375	)
Kahoot! ASA	Goldman Sachs International		520,000		10/04/22	NOK	24.51	NOK	10,660		(324	)
Rexford Industrial Realty, Inc.	JPMorgan Chase Bank N.A.		31,500		10/07/22	USD	67.25	USD	1,638		(201	)
Chart Industries, Inc.	Barclays Bank PLC		8,650		10/12/22	USD	198.68	USD	1,595		(22,412	)
Chart Industries, Inc.	Barclays Bank PLC		8,650		10/12/22	USD	200.84	USD	1,595		(18,968	)
Confluent, Inc., Class A	Citibank N.A.		102,500		10/12/22	USD	28.59	USD	2,436		(23,774	)
Lattice Semiconductor Corp.	Barclays Bank PLC		8,800		10/13/22	USD	53.86	USD	433		(4,316	)
Kahoot! ASA	Barclays Bank PLC		475,000		10/14/22	NOK	23.99	NOK	9,738		(10,694	)
Certara, Inc.	Citibank N.A.		74,200		10/17/22	USD	17.89	USD	985		(6,022	)
Chart Industries, Inc.	Citibank N.A.		14,400		10/17/22	USD	200.08	USD	2,655		(49,862	)
Lattice Semiconductor Corp.	JPMorgan Chase Bank N.A.		8,700		10/18/22	USD	54.32	USD	428		(5,666	)
Kahoot! ASA	Royal Bank of Canada		240,600		10/19/22	NOK	18.60	NOK	4,932		(57,516	)
DigitalOcean Holdings, Inc.	Barclays Bank PLC		78,400		10/27/22	USD	43.94	USD	2,836		(64,950	)
Duolingo, Inc.	Bank of America N.A.		29,000		10/27/22	USD	107.45	USD	2,762		(73,755	)
Halozyme Therapeutics, Inc.	JPMorgan Chase Bank N.A.		31,100		10/27/22	USD	43.85	USD	1,230		(18,244	)
Certara, Inc.	Citibank N.A.		74,200		10/31/22	USD	18.05	USD	985		(18,246	)
Halozyme Therapeutics, Inc.	Bank of America N.A.		31,100		11/01/22	USD	43.75	USD	1,230		(22,550	)
Fiverr International Ltd.	JPMorgan Chase Bank N.A.		31,200		11/02/22	USD	39.53	USD	954		(32,876	)
Fox Factory Holding Corp.	Goldman Sachs International		43,900		11/02/22	USD	91.28	USD	3,472		(102,093	)
Olink Holding AB, ADR	Citibank N.A.		49,000		11/02/22	USD	15.00	USD	595		(32,769	)
SiteMinder Ltd.	UBS AG		36,000		11/02/22	AUD	3.62	AUD	111		(1,696	)
Axon Enterprise, Inc.	Bank of America N.A.		28,000		11/03/22	USD	122.22	USD	3,241		(140,966	)
Globant SA	Citibank N.A.		20,700		11/03/22	USD	226.74	USD	3,873		(56,854	)
SiteMinder Ltd.	UBS AG		30,000		11/10/22	AUD	3.52	AUD	93		(2,230	)
SiteMinder Ltd.	Societe Generale		74,000		11/15/22	AUD	3.13	AUD	229		(12,312	)
Kahoot! ASA	Morgan Stanley & Co. International PLC		598,000		11/17/22	NOK	21.10	NOK	12,259		(114,048	)
										$	(893,722	)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

5

Schedule of Investments (unaudited) (continued) September 30, 2022      BlackRock Innovation and Growth Trust (BIGZ)

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	123,898,759		$	—		$	—	$	123,898,759
Auto Components		38,995,139			—			—		38,995,139
Biotechnology		34,098,268			—			—		34,098,268
Building Products		12,058,924			—			—		12,058,924
Capital Markets		45,416,069			—			—		45,416,069
Diversified Consumer Services		40,441,610			—			37,583,931		78,025,541
Electronic Equipment, Instruments & Components		7,336,897			—			—		7,336,897
Entertainment		—			22,763,850			—		22,763,850
Equity Real Estate Investment Trusts (REITs)		15,311,548			—			—		15,311,548
Food Products		8,058,830			—			—		8,058,830
Health Care Equipment & Supplies		28,351,444			—			—		28,351,444
Health Care Technology		61,994,760			—			—		61,994,760
Hotels, Restaurants & Leisure		57,099,221			46,727,222			—		103,826,443
Interactive Media & Services		37,945,397			—			—		37,945,397
Internet & Direct Marketing Retail		44,375,978			—			—		44,375,978
IT Services		65,126,332			—			33,815,463		98,941,795
Life Sciences Tools & Services		206,241,834			—			—		206,241,834
Machinery		60,256,272			—			—		60,256,272
Road & Rail		41,741,670			—			—		41,741,670
Semiconductors & Semiconductor Equipment		161,314,519			—			—		161,314,519
Software		241,010,155			20,361,476			46,726,521		308,098,152
Convertible Notes		—			—			12,720,000		12,720,000
Preferred Securities
Preferred Stocks		—			—			483,245,303		483,245,303
Short-Term Securities
Money Market Funds		72,501,297			—			—		72,501,297
	$	1,403,574,923		$	89,852,548		$	614,091,218		2,107,518,689
Investments Valued at NAV(a)										1,308,608
									$	2,108,827,297
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(2,588,415	)	$	(1,485,912	)	$	—	$	(4,074,327	)

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

^(b)  Derivative financial instruments are options written. Options written are shown at value.

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

	Common Stocks			Convertible Notes		Preferred Stocks			Total
Assets
Opening balance, as of December 31, 2021	$	167,039,627		$	12,000,000	$	544,568,505		$	723,608,132
Transfers into Level 3		—			—		—			—
Transfers out of Level 3		—			—		—			—
Accrued discounts/premiums		—			—		—			—
Net change in unrealized appreciation (depreciation) (a)		(48,913,712	)		720,000		(146,347,846	)		(194,541,558	)
Net realized gain (loss)		—			—		—			—
Purchases		—			—		85,024,644			85,024,644
Sales		—			—		—			—
Closing balance, as of September 30, 2022	$	118,125,915		$	12,720,000	$	483,245,303		$	614,091,218
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022 (a)	$	(48,913,712	)	$	720,000	$	(146,347,846	)	$	(194,541,558	)

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

S C H E D U L E  O F  I N V E S T M E N  T S 6

Schedule of Investments (unaudited) (continued) September 30, 2022      BlackRock Innovation and Growth Trust (BIGZ)

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

		Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Common Stocks	$	118,125,915	Market	Revenue Multiple	8.50x - 28.00x		16.66x
				EBITDA Multiple	20.50x		—
Convertible Notes		12,720,000	Income	Discount Rate	23%		—
			Market	Revenue Multiple	2.30x		—
				Volatility	40%		—
Preferred Stocks		483,245,303	Market	Revenue Multiple	1.20x - 28.00x		11.30x
				Time to Exit	2.0 years - 5.0 years		3.2 years
				Volatility	50% - 90%		69%
				Market Adjustment Multiple	0.90x - 1.00x		0.99x
	$	614,091,218

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

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

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

7