Schedule of Investments (unaudited) March 31, 2024 BlackRock Innovation and Growth Term Trust (BIGZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 5.4%
Axon Enterprise, Inc.(a)(b)		213,849	$	66,909,075
HEICO Corp.		233,779		44,651,789
				111,560,864
Air Freight & Logistics — 0.7%
GXO Logistics, Inc.(b)		273,731		14,715,779
Automobile Components — 0.9%
Fox Factory Holding Corp.(b)(c)		363,790		18,942,545
Biotechnology — 0.6%
Halozyme Therapeutics, Inc.(b)		302,304		12,297,727
Building Products — 1.8%
AZEK Co., Inc., Class A(b)		737,130		37,018,669
Capital Markets — 4.4%
TPG, Inc., Class A		911,268		40,733,680
Tradeweb Markets, Inc., Class A(c)(d)		476,497		49,636,692
				90,370,372
Construction & Engineering — 1.7%
Comfort Systems USA, Inc.		110,055		34,965,574
Diversified Consumer Services(b) — 2.0%
Duolingo, Inc., Class A(c)		111,847		24,671,211
Grammarly, Inc., (Acquired 11/17/21, Cost: $26,250,012)(e)(f)		1,001,454		16,183,497
Ideal Image, Class A, (Acquired 05/05/21, Cost: $50,000,000)(e)(f)		6,224		—
				40,854,708
Electrical Equipment — 1.8%
Vertiv Holdings Co., Class A		449,269		36,691,799
Entertainment — 1.4%
Liberty Media Corp.-Liberty Formula One, Class C(b)		440,710		28,910,576
Food Products — 0.3%
Freshpet, Inc.(b)		62,788		7,274,618
Ground Transportation — 3.0%
Saia, Inc.(a)(b)(c)		107,688		62,997,480
Health Care Equipment & Supplies(b) — 4.7%
Align Technology, Inc.		187,295		61,417,775
IDEXX Laboratories, Inc.		54,263		29,298,222
Inspire Medical Systems, Inc.		34,487		7,407,463
				98,123,460
Health Care Providers & Services — 0.7%
Surgery Partners, Inc.(b)		508,736		15,175,595
Hotels, Restaurants & Leisure — 2.8%
Planet Fitness, Inc., Class A(b)(d)		634,922		39,765,165
Vail Resorts, Inc.		78,889		17,578,836
				57,344,001
Industrial REITs — 0.1%
Innovative Industrial Properties, Inc.		13,416		1,389,092
Rexford Industrial Realty, Inc.		13,893		698,818
				2,087,910

Security	Shares		Value
Interactive Media & Services(b) — 2.3%
Patreon, Inc., (Acquired 08/19/21, Cost: $11,732,736)(e)(f)		208,333	$	5,699,991
Pinterest, Inc., Class A		1,179,053		40,877,767
				46,577,758
IT Services(b) — 4.1%
DigitalOcean Holdings, Inc.		333,354		12,727,456
Globant SA		165,042		33,321,980
MongoDB, Inc., Class A		107,082		38,403,888
				84,453,324
Life Sciences Tools & Services — 6.8%
Azenta, Inc.(b)		22,421		1,351,538
Bio-Techne Corp.		404,128		28,446,570
Charles River Laboratories International, Inc.(b)		113,318		30,703,512
Repligen Corp.(b)		183,528		33,754,470
West Pharmaceutical Services, Inc.		118,040		46,709,608
				140,965,698
Machinery — 1.2%
AutoStore Holdings Ltd.(b)(c)(g)		13,757,639		25,447,061
Professional Services — 0.1%
Paylocity Holding Corp.(b)		6,588		1,132,214
Real Estate Management & Development — 3.3%
CoStar Group, Inc.(b)		713,381		68,912,605
Semiconductors & Semiconductor Equipment — 10.0%
ASM International NV		81,580		49,959,769
Astera Labs, Inc.(b)(c)		50,327		3,733,760
Entegris, Inc.(d)		406,756		57,165,488
Lattice Semiconductor Corp.(b)		501,878		39,261,916
Monolithic Power Systems, Inc.(a)(d)		84,444		57,204,055
				207,324,988
Software — 14.9%
ANSYS, Inc.(b)		123,517		42,880,162
Aspen Technology, Inc.(b)		103,144		21,998,552
Bentley Systems, Inc., Class B		839,640		43,846,001
Confluent, Inc., Class A(b)(c)		1,244,322		37,976,707
HubSpot, Inc.(b)(c)		66,059		41,389,927
JFrog Ltd.(b)		358,489		15,852,384
Monday.com Ltd.(b)		82,332		18,596,329
PTC, Inc.(b)		179,252		33,867,873
SiteMinder Ltd.(b)		4,279,606		15,699,700
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $2,999,997)(b)(e)(f)		199,738		1,522,004
Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost: $25,961,537)(b)(e)(f)		1,809,860		17,881,417
Teya Services Ltd., (Acquired 11/16/21, Cost: $49,999,974)(b)(e)(f)		25,742		11,671,423
Zscaler, Inc.(b)		28,824		5,552,367
				308,734,846
Specialty Retail — 1.8%
Floor & Decor Holdings, Inc., Class A(b)		280,908		36,411,295
Textiles, Apparel & Luxury Goods — 2.5%
Brunello Cucinelli SpA		198,440		22,679,240
On Holding AG, Class A(b)		793,857		28,086,661
				50,765,901

S C H E D U L E  O F  I N V E S T M E N T S 1

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Innovation and Growth Term Trust (BIGZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors — 1.4%
Core & Main, Inc., Class A(b)		506,793	$	29,013,899
Total Common Stocks — 80.7% (Cost: $1,453,757,566)				1,669,071,266
Preferred Securities
Preferred Stocks — 20.1%(e)(f)
Aerospace & Defense — 0.0%
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: $4,999,999)(b)		909,438		1,054,948
Automobile Components — 2.2%
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $50,000,009)(b)		2,189,612		46,354,086
Capital Markets(b) — 2.2%
Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost: $9,999,995)		428,785		2,821,405
The Production Board LLC, Series A3, (Acquired 06/04/21, Cost: $50,000,001)		16,666,667		28,166,667
Varo Money, Inc., Series E, (Acquired 08/27/21, Cost: $40,000,001)		4,316,904		14,073,107
				45,061,179
Diversified Consumer Services — 0.3%
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $8,750,004)(b)		333,818		5,394,499
Diversified Telecommunication Services — 0.5%
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $17,999,912)(b)		32,690		9,659,568
Entertainment — 0.9%
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: $49,999,983)(b)		2,172,486		18,705,104
Food Products — 0.6%
Motif Food Works, Inc., Series B, (Acquired 06/08/21, Cost: $39,999,986)(b)		1,972,240		11,801,292
Hotels, Restaurants & Leisure(b) — 1.4%
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: $29,999,946)		191,067		3,897,767
Underdog Sports, Inc., Series B, (Acquired 01/11/22, Cost: $14,999,974)		291,061		24,064,923
				27,962,690
Interactive Media & Services — 0.5%
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $23,333,352)(b)		416,667		11,400,009
IT Services(b) — 1.6%
Via Transportation, Inc., Series G, (Acquired 11/05/21, Cost: $24,999,974)		549,357		27,489,824
Wagestream Holdings Ltd., Series C, (Acquired 02/11/22, Cost: $10,024,684)		762,746		5,497,015
				32,986,839
Semiconductors & Semiconductor Equipment(b) — 2.5%
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $39,999,990)		1,525,192		45,557,485
Rivos, Inc., Series A1, (Acquired 12/03/21, Cost: $7,996,292)		2,997,684		7,134,488
				52,691,973

Security	Shares		Value
Software — 6.0%
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: $14,999,995)(b)		2,745,894	$	9,967,595
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $44,999,983)(b)		898,024		11,180,399
Deepgram, Inc., Series B, (Acquired 10/22/21, Cost: $11,999,997)(b)		2,165,400		13,187,286
Dragos, Inc., Series D, (Acquired 09/28/21, Cost: $39,999,959)(b)		900,760		28,905,388
Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: $30,000,101)		4,651,163		15,720,931
Open Space Labs, Inc., Series D, (Acquired 01/31/22, Cost: $15,000,003)(b)		1,687,916		14,212,253
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,993)(b)		732,373		5,580,682
Snyk Ltd., Series F, (Acquired 09/02/21, Cost: $24,038,470)(b)		1,685,092		16,648,709
Validere Technologies, Inc., Series B, (Acquired 10/21/21, Cost: $10,000,000)(b)		4,684,060		8,431,308
				123,834,551
Specialty Retail — 0.3%
Super73, Inc., Series C-1, (Acquired 10/25/22, Cost: $12,000,000)(b)		1,400,669		5,476,616
Wireless Telecommunication Services — 1.1%
Loft Orbital Solutions, Inc., Series B, (Acquired 10/14/21, Cost: $24,999,992)(b)		1,365,305		23,237,491
				415,620,845
Total Preferred Securities — 20.1% (Cost: $662,142,595)				415,620,845
Total Long-Term Investments — 100.8% (Cost: $2,115,900,161)				2,084,692,111
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(h)(i)(j)		9,903,160		9,907,121
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.19%(h)(i)		4,800,320		4,800,320
Total Short-Term Securities — 0.7% (Cost: $14,708,313)				14,707,441
Total Investments Before Options Written — 101.5% (Cost: $2,130,608,474)				2,099,399,552
Options Written — (0.6)% (Premiums Received: $(10,639,030))				(12,957,623	)
Total Investments, Net of Options Written — 100.9% (Cost: $2,119,969,444)				2,086,441,929
Liabilities in Excess of Other Assets — (0.9)%				(19,151,692	)
Net Assets — 100.0%			$	2,067,290,237

^(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 this security is on loan.

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

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

2

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Innovation and Growth Term Trust (BIGZ)

^(f)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $468,579,177, representing 22.7% of its net assets as of period end, and an original cost of $829,086,851.

^(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)  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.

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 March 31, 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 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	9,907,993	(a)	$	—		$	—	$	(872	)	$	9,907,121		9,903,160	$	—		$	—
BlackRock Liquidity Funds, T-Fund, Institutional Class		326,227		4,474,093	(a)		—			—		—			4,800,320		4,800,320		76,738			—
SL Liquidity Series, LLC, Money Market Series(b)		20,505,005		—			(20,506,509	)(a)		2,665		(1,161	)		—		—		12,963	(c)		—
									$	2,665	$	(2,033	)	$	14,707,441			$	89,701		$	—

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

^(b)  As of period end, the entity is no longer held.

^(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
Align Technology, Inc.		37		04/05/24	USD	320.00	USD	1,213		$ (39,590	)
On Holding AG		252		04/05/24	USD	34.00	USD	892		(40,446	)
Pinterest, Inc., Class A		392		04/05/24	USD	38.00	USD	1,359		(1,372	)
Vertiv Holdings Co.		141		04/05/24	USD	81.00	USD	1,152		(34,897	)
Align Technology, Inc.		88		04/12/24	USD	310.00	USD	2,886		(175,120	)
On Holding AG		285		04/12/24	USD	37.15	USD	1,008		(12,004	)
Pinterest, Inc., Class A		392		04/12/24	USD	38.00	USD	1,359		(3,136	)
Vertiv Holdings Co.		141		04/12/24	USD	83.00	USD	1,152		(35,955	)
Align Technology, Inc.		86		04/19/24	USD	310.00	USD	2,820		(183,180	)
ANSYS, Inc.		104		04/19/24	USD	340.00	USD	3,610		(100,360	)
Aspen Technology, Inc.		60		04/19/24	USD	190.00	USD	1,280		(147,000	)
Astera Labs, Inc.		40		04/19/24	USD	100.00	USD	297		(5,400	)
Axon Enterprise, Inc.		141		04/19/24	USD	330.00	USD	4,412		(26,085	)
AZEK Co., Inc., Class A		630		04/19/24	USD	45.00	USD	3,164		(362,250	)
Azenta, Inc.		69		04/19/24	USD	70.00	USD	416		(7,590	)
Bentley Systems, Inc., Class B		503		04/19/24	USD	50.00	USD	2,627		(147,127	)
Bio-Techne Corp.		274		04/19/24	USD	75.00	USD	1,929		(73,295	)
Charles River Laboratories International, Inc.		117		04/19/24	USD	260.00	USD	3,170		(166,140	)
Comfort Systems USA, Inc.		79		04/19/24	USD	250.00	USD	2,510		(543,520	)
Confluent, Inc., Class A		1,262		04/19/24	USD	28.00	USD	3,852		(492,180	)
Core & Main, Inc., Class A		376		04/19/24	USD	60.00	USD	2,153		(19,740	)
CoStar Group, Inc.		570		04/19/24	USD	85.00	USD	5,506		(701,100	)
DigitalOcean Holdings, Inc.		212		04/19/24	USD	47.77	USD	809		(1,477	)
Duolingo, Inc.		89		04/19/24	USD	203.61	USD	1,963		(183,104	)
Entegris, Inc.		438		04/19/24	USD	130.00	USD	6,156		(512,460	)
Floor & Decor Holdings, Inc., Class A		126		04/19/24	USD	115.00	USD	1,633		(197,190	)
Floor & Decor Holdings, Inc., Class A		98		04/19/24	USD	125.00	USD	1,270		(76,930	)

S C H E D U L E  O F  I N V E S T M E N T S 3

Schedule of Investments (unaudited) (continued) March 31, 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)
Fox Factory Holding Corp.		312		04/19/24	USD	75.00	USD	1,625		$ (149,760	)
Freshpet, Inc.		28		04/19/24	USD	95.00	USD	324		(60,200	)
Globant SA		110		04/19/24	USD	240.00	USD	2,221		(7,700	)
GXO Logistics, Inc.		218		04/19/24	USD	52.50	USD	1,172		(46,870	)
Halozyme Therapeutics, Inc.		270		04/19/24	USD	47.00	USD	1,098		(5,520	)
Halozyme Therapeutics, Inc.		292		04/19/24	USD	45.00	USD	1,188		(5,840	)
HEICO Corp.		197		04/19/24	USD	200.00	USD	3,763		(17,730	)
HubSpot, Inc.		69		04/19/24	USD	640.00	USD	4,323		(138,690	)
JFrog Ltd.		229		04/19/24	USD	47.50	USD	1,013		(20,610	)
JFrog Ltd.		186		04/19/24	USD	45.00	USD	822		(31,620	)
Liberty Media Corp.-Liberty Formula One, Class C		562		04/19/24	USD	70.00	USD	3,687		(23,885	)
Monday.Com Ltd.		73		04/19/24	USD	230.00	USD	1,649		(56,210	)
MongoDB, Inc., Class A		18		04/19/24	USD	410.00	USD	646		(2,961	)
Monolithic Power Systems, Inc.		93		04/19/24	USD	740.00	USD	6,300		(79,050	)
On Holding AG		285		04/19/24	USD	37.50	USD	1,008		(14,963	)
Paylocity Holding Corp.		10		04/19/24	USD	175.00	USD	172		(3,450	)
Pinterest, Inc., Class A		393		04/19/24	USD	39.00	USD	1,363		(3,734	)
Pinterest, Inc., Class A		384		04/19/24	USD	36.00	USD	1,331		(21,312	)
PTC Inc.		200		04/19/24	USD	195.00	USD	3,779		(35,500	)
Repligen Corp.		61		04/19/24	USD	206.00	USD	1,122		(4,845	)
Rexford Industrial Realty, Inc.		22		04/19/24	USD	55.00	USD	111		(385	)
Saia, Inc.		80		04/19/24	USD	560.00	USD	4,680		(274,800	)
Surgery Partners, Inc.		602		04/19/24	USD	35.00	USD	1,796		(10,535	)
Tradeweb Markets, Inc., Class A		762		04/19/24	USD	105.00	USD	7,938		(165,735	)
Vail Resorts, Inc.		92		04/19/24	USD	220.00	USD	2,050		(61,180	)
Vertiv Holdings Co.		142		04/19/24	USD	80.00	USD	1,160		(71,710	)
West Pharmaceutical Services, Inc.		106		04/19/24	USD	380.00	USD	4,195		(209,350	)
Zscaler, Inc.		146		04/19/24	USD	250.00	USD	2,812		(876	)
Align Technology, Inc.		88		04/26/24	USD	330.00	USD	2,886		(180,400	)
MongoDB, Inc., Class A		95		04/26/24	USD	440.00	USD	3,407		(8,360	)
On Holding AG		174		04/26/24	USD	35.00	USD	616		(30,537	)
MongoDB, Inc., Class A		18		05/03/24	USD	390.00	USD	646		(14,535	)
On Holding AG		274		05/03/24	USD	36.00	USD	969		(39,867	)
Pinterest, Inc., Class A		184		05/03/24	USD	40.00	USD	638		(12,144	)
ANSYS, Inc.		93		05/17/24	USD	340.00	USD	3,229		(152,985	)
Aspen Technology, Inc.		105		05/17/24	USD	210.00	USD	2,239		(147,525	)
AZEK Co., Inc., Class A		615		05/17/24	USD	55.00	USD	3,089		(64,575	)
Bentley Systems, Inc., Class B		840		05/17/24	USD	55.00	USD	4,386		(132,300	)
Charles River Laboratories International, Inc.		83		05/17/24	USD	263.00	USD	2,249		(158,942	)
Comfort Systems USA, Inc.		97		05/17/24	USD	320.00	USD	3,082		(189,635	)
Confluent, Inc., Class A		362		05/17/24	USD	34.00	USD	1,105		(65,160	)
CoStar Group, Inc.		143		05/17/24	USD	90.00	USD	1,381		(127,985	)
CoStar Group, Inc.		428		05/17/24	USD	95.00	USD	4,134		(241,820	)
DigitalOcean Holdings, Inc.		109		05/17/24	USD	40.00	USD	416		(28,885	)
Entegris, Inc.		240		05/17/24	USD	140.00	USD	3,373		(213,600	)
Floor & Decor Holdings, Inc., Class A		225		05/17/24	USD	125.00	USD	2,916		(250,875	)
Fox Factory Holding Corp.		270		05/17/24	USD	55.00	USD	1,406		(95,175	)
Freshpet, Inc.		72		05/17/24	USD	115.00	USD	834		(60,120	)
Globant SA		154		05/17/24	USD	230.00	USD	3,109		(57,750	)
GXO Logistics, Inc.		218		05/17/24	USD	52.50	USD	1,172		(71,940	)
HEICO Corp.		177		05/17/24	USD	187.00	USD	3,381		(161,485	)
HubSpot, Inc.		36		05/17/24	USD	680.00	USD	2,256		(77,580	)
IDEXX Laboratories, Inc.		96		05/17/24	USD	560.00	USD	5,183		(145,440	)
Innovative Industrial Properties, Inc.		21		05/17/24	USD	105.00	USD	217		(8,295	)
Inspire Medical Systems, Inc.		39		05/17/24	USD	210.00	USD	838		(103,740	)
Lattice Semiconductor Corp.		125		05/17/24	USD	85.00	USD	978		(45,000	)
Lattice Semiconductor Corp.		600		05/17/24	USD	80.00	USD	4,694		(324,000	)
Monday.Com Ltd.		59		05/17/24	USD	240.00	USD	1,333		(79,060	)
MongoDB, Inc., Class A		40		05/17/24	USD	390.00	USD	1,435		(48,600	)
Pinterest, Inc., Class A		141		05/17/24	USD	35.00	USD	489		(35,179	)
Planet Fitness, Inc., Class A		540		05/17/24	USD	70.00	USD	3,382		(70,200	)
PTC Inc.		51		05/17/24	USD	200.00	USD	964		(20,655	)

4

Schedule of Investments (unaudited) (continued) March 31, 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)
Saia, Inc.		97		05/17/24	USD	620.00	USD	5,675	$	(202,245	)
Surgery Partners, Inc.		440		05/17/24	USD	31.65	USD	1,313		(66,198	)
TPG, Inc.		529		05/17/24	USD	45.00	USD	2,365		(113,735	)
Vail Resorts, Inc.		64		05/17/24	USD	230.00	USD	1,426		(31,360	)
West Pharmaceutical Services, Inc.		95		05/17/24	USD	400.00	USD	3,759		(164,825	)
Zscaler, Inc.		77		05/17/24	USD	230.00	USD	1,483		(13,437	)
DigitalOcean Holdings, Inc.		212		06/21/24	USD	47.50	USD	809		(27,560	)
									$	(9,897,378	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
AutoStore Holdings Ltd.	Morgan Stanley & Co. International PLC		267,000		04/02/24	NOK	21.39	NOK	5,362	$	(1,301	)
SiteMinder Ltd.	Morgan Stanley & Co. International PLC		67,000		04/02/24	AUD	5.57	AUD	377		(4,519	)
AutoStore Holdings Ltd.	UBS AG		260,000		04/03/24	NOK	19.27	NOK	5,221		(21,982	)
SiteMinder Ltd.	JPMorgan Chase Bank N.A.		32,500		04/03/24	AUD	5.61	AUD	183		(1,778	)
Axon Enterprise, Inc.	Bank of America N.A.		23,200		04/08/24	USD	255.00	USD	7,259		(1,352,780	)
JFrog Ltd.	Citibank N.A.		47,000		04/08/24	USD	33.50	USD	2,078		(506,489	)
AutoStore Holdings Ltd.	Goldman Sachs International		260,000		04/09/24	NOK	20.02	NOK	5,221		(15,853	)
SiteMinder Ltd.	UBS AG		58,300		04/09/24	AUD	5.54	AUD	328		(6,080	)
TPG, Inc.	JPMorgan Chase Bank N.A.		52,900		04/10/24	USD	43.83	USD	2,365		(78,229	)
AutoStore Holdings Ltd.	UBS AG		260,000		04/16/24	NOK	18.32	NOK	5,221		(46,543	)
Brunello Cucinelli SpA	Goldman Sachs International		8,350		04/16/24	EUR	109.32	EUR	885		(3,331	)
SiteMinder Ltd.	UBS AG		58,300		04/16/24	AUD	5.54	AUD	328		(7,139	)
SiteMinder Ltd.	UBS AG		58,300		04/23/24	AUD	5.54	AUD	328		(8,043	)
AutoStore Holdings Ltd.	Goldman Sachs International		254,700		04/24/24	NOK	17.65	NOK	5,115		(61,677	)
Lattice Semiconductor Corp.	Barclays Bank PLC		7,800		04/24/24	USD	77.85	USD	610		(29,846	)
ASM International NV	Morgan Stanley & Co. International PLC		8,000		04/25/24	EUR	585.90	EUR	4,541		(126,314	)
AutoStore Holdings Ltd.	UBS AG		260,000		04/25/24	NOK	19.26	NOK	5,221		(35,654	)
Duolingo, Inc.	Barclays Bank PLC		8,900		04/30/24	USD	231.23	USD	1,963		(85,723	)
Inspire Medical Systems, Inc.	Citibank N.A.		4,000		04/30/24	USD	201.57	USD	859		(107,785	)
Liberty Media Corp.-Liberty Formula One, Class C	BNP Paribas SA		14,300		04/30/24	USD	70.47	USD	938		(14,408	)
Repligen Corp.	Barclays Bank PLC		26,700		04/30/24	USD	202.58	USD	4,911		(64,214	)
SiteMinder Ltd.	Goldman Sachs International		32,500		04/30/24	AUD	5.48	AUD	183		(5,684	)
SiteMinder Ltd.	UBS AG		67,000		04/30/24	AUD	5.54	AUD	377		(10,209	)
ASM International NV	Bank of America N.A.		5,100		05/02/24	EUR	580.61	EUR	2,895		(112,216	)
Brunello Cucinelli SpA	Morgan Stanley & Co. International PLC		23,400		05/02/24	EUR	116.97	EUR	2,479		(419	)
SiteMinder Ltd.	JPMorgan Chase Bank N.A.		82,000		05/07/24	AUD	5.33	AUD	462		(20,868	)
SiteMinder Ltd.	JPMorgan Chase Bank N.A.		67,000		05/07/24	AUD	5.34	AUD	377		(16,734	)
AutoStore Holdings Ltd.	Morgan Stanley & Co. International PLC		280,000		05/10/24	NOK	20.57	NOK	5,623		(31,297	)
Bio-Techne Corp.	JPMorgan Chase Bank N.A.		44,700		05/13/24	USD	71.95	USD	3,146		(137,402	)
AutoStore Holdings Ltd.	Goldman Sachs International		359,500		05/14/24	NOK	20.79	NOK	7,219		(40,474	)
SiteMinder Ltd.	JPMorgan Chase Bank N.A.		67,000		05/14/24	AUD	5.69	AUD	377		(8,457	)
SiteMinder Ltd.	UBS AG		62,400		05/21/24	AUD	5.85	AUD	351		(5,881	)
SiteMinder Ltd.	JPMorgan Chase Bank N.A.		94,800		05/28/24	AUD	5.86	AUD	534		(8,661	)
TPG, Inc.	UBS AG		40,000		06/10/24	USD	46.00	USD	1,788		(82,255	)
										$	(3,060,245	)

S C H E D U L E  O F  I N V E S T M E N T S 5

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Innovation and Growth Term Trust (BIGZ)

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.

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	$	111,560,864	$	—	$	—	$	111,560,864
Air Freight & Logistics		14,715,779		—		—		14,715,779
Automobile Components		18,942,545		—		—		18,942,545
Biotechnology		12,297,727		—		—		12,297,727
Building Products		37,018,669		—		—		37,018,669
Capital Markets		90,370,372		—		—		90,370,372
Construction & Engineering		34,965,574		—		—		34,965,574
Diversified Consumer Services		24,671,211		—		16,183,497		40,854,708
Electrical Equipment		36,691,799		—		—		36,691,799
Entertainment		28,910,576		—		—		28,910,576
Food Products		7,274,618		—		—		7,274,618
Ground Transportation		62,997,480		—		—		62,997,480
Health Care Equipment & Supplies		98,123,460		—		—		98,123,460
Health Care Providers & Services		15,175,595		—		—		15,175,595
Hotels, Restaurants & Leisure		57,344,001		—		—		57,344,001
Industrial REITs		2,087,910		—		—		2,087,910
Interactive Media & Services		40,877,767		—		5,699,991		46,577,758
IT Services		84,453,324		—		—		84,453,324
Life Sciences Tools & Services		140,965,698		—		—		140,965,698
Machinery		—		25,447,061		—		25,447,061
Professional Services		1,132,214		—		—		1,132,214
Real Estate Management & Development		68,912,605		—		—		68,912,605
Semiconductors & Semiconductor Equipment		157,365,219		49,959,769		—		207,324,988
Software		261,960,302		15,699,700		31,074,844		308,734,846
Specialty Retail		36,411,295		—		—		36,411,295
Textiles, Apparel & Luxury Goods		28,086,661		22,679,240		—		50,765,901
Trading Companies & Distributors		29,013,899		—		—		29,013,899
Preferred Securities
Preferred Stocks		—		—		415,620,845		415,620,845
Short-Term Securities
Money Market Funds		14,707,441		—		—		14,707,441
	$	1,517,034,605	$	113,785,770	$	468,579,177	$	2,099,399,552

6

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Innovation and Growth Term Trust (BIGZ)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(9,303,803	)	$	(3,653,820	)	$	—	$	(12,957,623	)

^(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)		—			—			—
Net change in unrealized appreciation (depreciation)(a)		(18,947,379	)		(25,586,293	)		(44,533,672	)
Purchases		—			—			—
Sales		—			—			—
Closing balance, as of March 31, 2024	$	52,958,332		$	415,620,845		$	468,579,177
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2024(a)	$	(18,947,379	)	$	(25,586,293	)	$	(44,533,672	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 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	$	52,958,332	Market	Revenue Multiple	9.00x - 22.00x		15.60x
				Gross Profit Multiple	15.75x		—
Preferred Stocks		415,620,845	Market	Revenue Multiple	1.00x - 24.00x		9.39x
				Time to Exit	0.8 - 5.0 years		3.2 years
				Volatility	40% - 100%		70%
				Market Adjustment Multiple	0.50x - 1.30x		0.99x
	$	468,579,177

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

Currency Abbreviation
AUD	Australian Dollar
EUR	Euro
NOK	Norwegian Krone
USD	United States Dollar

S C H E D U L E  O F  I N V E S T M E N T S 7