Schedule of Investments (unaudited)  September 30, 2023 BlackRock Innovation and Growth Term Trust (BIGZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 5.7%
Axon Enterprise, Inc.(a)(b)		347,424	$	69,133,902
HEICO Corp.		251,100		40,660,623
				109,794,525
Air Freight & Logistics — 1.3%
GXO Logistics, Inc.(b)		410,887		24,098,523
Automobile Components — 1.6%
Fox Factory Holding Corp.(b)(c)		317,209		31,429,068
Biotechnology — 1.1%
Halozyme Therapeutics, Inc.(b)		534,864		20,431,805
Broadline Retail — 0.4%
Etsy, Inc.(b)		108,525		7,008,545
Building Products — 1.3%
AZEK Co., Inc., Class A(b)		832,420		24,756,171
Capital Markets — 4.2%
MarketAxess Holdings, Inc.		47,585		10,166,059
TPG, Inc., Class A		913,473		27,513,807
Tradeweb Markets, Inc., Class A(d)		540,143		43,319,469
				80,999,335
Construction & Engineering — 1.8%
Comfort Systems USA, Inc.		206,599		35,206,536
Diversified Consumer Services — 3.7%
Duolingo, Inc., Class A(b)		177,070		29,370,601
Grammarly, Inc., (Acquired 11/17/21, Cost: $26,250,012)(e)(f)		1,001,454		17,505,416
Ideal Image, Class A, (Acquired 05/05/21, Cost: $50,000,000)(e)(f)		6,224		24,085,297
				70,961,314
Food Products — 0.3%
Freshpet, Inc.(b)		90,230		5,944,352
Ground Transportation — 3.0%
Saia, Inc.(b)		146,268		58,309,738
Health Care Equipment & Supplies(b) — 3.2%
Align Technology, Inc.		86,008		26,259,962
Inmode Ltd.		148,982		4,537,992
Inspire Medical Systems, Inc.		152,805		30,322,624
				61,120,578
Health Care Providers & Services — 1.2%
Surgery Partners, Inc.(b)(c)		771,352		22,562,046
Health Care Technology(b) — 0.7%
Certara, Inc.		396,935		5,771,435
Phreesia, Inc.		419,312		7,832,748
				13,604,183
Hotels, Restaurants & Leisure — 3.8%
Domino’s Pizza, Inc.		14,476		5,483,364
Evolution AB(g)		300,297		30,302,740
Penn Entertainment, Inc.(b)		170,486		3,912,654
Planet Fitness, Inc., Class A(b)(d)		676,683		33,279,270
				72,978,028

Security	Shares		Value
Industrial REITs — 0.4%
Innovative Industrial Properties, Inc.		33,866	$	2,562,302
Rexford Industrial Realty, Inc.		88,153		4,350,350
				6,912,652
Interactive Media & Services — 1.7%
Match Group, Inc.(b)		679,110		26,604,134
Patreon, Inc., (Acquired 08/19/21, Cost: $11,732,736)(e)(f)		208,333		5,341,658
				31,945,792
IT Services — 5.4%
DigitalOcean Holdings, Inc.(b)		334,161		8,029,889
Globant SA(b)		197,420		39,059,547
MongoDB, Inc., Class A(b)		121,848		42,142,349
Teya Services Ltd., Series C, (Acquired 11/16/21, Cost: $49,999,974)(e)(f)		25,742		13,508,115
				102,739,900
Life Sciences Tools & Services — 9.3%
10X Genomics, Inc., Class A(b)(d)		43,019		1,774,534
Azenta, Inc.(b)		86,925		4,362,765
Bio-Techne Corp.		605,614		41,224,145
Charles River Laboratories International, Inc.(b)		168,807		33,082,796
Olink Holding AB, ADR(b)		65,984		973,264
Repligen Corp.(b)		282,819		44,971,049
West Pharmaceutical Services, Inc.		139,666		52,404,080
				178,792,633
Machinery(b) — 1.6%
AutoStore Holdings Ltd.(c)(g)		9,492,782		13,342,964
Chart Industries, Inc.		99,138		16,766,218
				30,109,182
Personal Care Products — 0.4%
Beauty Health Co., Class A(b)		1,307,473		7,870,987
Professional Services(b) — 0.9%
Fiverr International Ltd.		278,377		6,811,885
Paylocity Holding Corp.(d)		54,086		9,827,426
				16,639,311
Semiconductors & Semiconductor Equipment — 9.5%
Ambarella, Inc.(b)		55,513		2,943,855
ASM International NV		93,198		38,918,784
Entegris, Inc.(d)		521,309		48,956,128
Lattice Semiconductor Corp.(b)(c)		503,092		43,230,696
Monolithic Power Systems, Inc.(a)(d)		97,279		44,942,898
SolarEdge Technologies, Inc.(b)		16,083		2,082,909
				181,075,270
Software — 15.2%
Aspen Technology, Inc.(b)(c)		179,709		36,707,360
Bentley Systems, Inc., Class B		853,256		42,799,321
Bill Holdings, Inc.(b)		155,470		16,879,378
Confluent, Inc., Class A(b)		1,134,927		33,605,188
Five9, Inc.(b)		100,667		6,472,888
HubSpot, Inc.(b)		95,070		46,821,975
JFrog Ltd.(b)		847,689		21,497,393
PagerDuty, Inc.(b)		334,226		7,516,743
SiteMinder Ltd.(b)		7,706,868		22,846,516
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $2,999,997)(e)(f)		199,738		1,737,721

1

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock Innovation and Growth Term Trust (BIGZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Snyk Ltd., (Acquired 09/02/21, Cost: $25,961,537)(e)(f)		1,809,860	$	20,795,291
Zscaler, Inc.(b)(c)		213,972		33,291,904
				290,971,678
Textiles, Apparel & Luxury Goods — 0.3%
Figs, Inc., Class A(b)		840,769		4,960,537
Total Common Stocks — 78.0% (Cost: $1,593,161,995)				1,491,222,689
Preferred Securities
Preferred Stocks — 22.7%(e)
Aerospace & Defense — 0.1%
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: $4,999,999)(f)		909,438		1,591,516
Automobile Components — 1.8%
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $50,000,009)(f)		2,189,612		34,749,142
Capital Markets(f) — 2.8%
Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost: $9,999,995)		428,785		2,765,663
The Production Board LLC, Series A3, (Acquired 06/04/21, Cost: $50,000,001)		16,666,667		32,833,334
Varo Money, Inc., Series E, (Acquired 08/27/21, Cost: $40,000,001)		4,316,904		17,915,152
				53,514,149
Diversified Consumer Services — 0.3%
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $8,750,004)(f)		333,818		5,835,139
Diversified Telecommunication Services — 0.6%
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $17,999,912)(f)		32,690		11,253,206
Entertainment — 1.1%
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: $49,999,982)(f)		2,172,486		21,377,262
Food Products — 0.7%
Motif Food Works, Inc., Series B, (Acquired 06/08/21, Cost: $39,999,986)(f)		1,972,240		13,647,901
Hotels, Restaurants & Leisure(f) — 1.3%
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: $29,999,946)		191,067		5,472,159
Underdog Sports, Inc., Series B, (Acquired 01/11/22, Cost: $14,999,974)		291,061		19,113,976
				24,586,135
Interactive Media & Services — 0.6%
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $23,333,352)(f)		416,667		10,683,342

Security	Shares		Value
IT Services(f) — 1.8%
Via Transportation, Inc., Series G, (Acquired 11/05/21, Cost: $24,999,974)		549,357	$	28,528,109
Wagestream Holdings Ltd., Series C, (Acquired 02/11/22, Cost: $10,024,684)		762,746		5,034,688
				33,562,797
Semiconductors & Semiconductor Equipment — 2.6%
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $39,999,990)(f)		1,525,192		42,751,132
Rivos, Inc., Series A1		2,997,684		6,594,905
				49,346,037
Software(f) — 7.3%
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: $14,999,995)		2,745,894		10,901,199
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $44,999,983)		898,024		17,233,081
Deepgram, Inc., Series B, (Acquired 10/22/21, Cost: $11,999,997)		2,165,400		13,208,940
Dragos, Inc., Series D, (Acquired 09/28/21, Cost: $39,999,959)		900,760		31,508,585
Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: $30,000,101)		4,651,163		17,209,303
Open Space Labs, Inc., Series D, (Acquired 01/31/22, Cost: $15,000,003)		1,687,916		14,988,694
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,994)		732,373		6,371,645
Snyk Ltd., Series F, (Acquired 09/02/21, Cost: $24,038,470)		1,685,092		19,361,707
Validere Technologies, Inc., Series B, (Acquired 10/21/21, Cost: $10,000,000)		4,684,060		9,602,323
				140,385,477
Specialty Retail — 0.5%
Super73, Inc., Series C-1, (Acquired 10/25/22, Cost: $12,000,000)(f)		1,400,669		9,804,683
Wireless Telecommunication Services — 1.2%
Loft Orbital Solutions, Inc., Series B, (Acquired 10/14/21, Cost: $24,999,992)(f)		1,365,305		23,824,572
				434,161,358
Total Preferred Securities — 22.7% (Cost: $662,142,595)				434,161,358
Total Long-Term Investments — 100.7% (Cost: $2,255,304,590)				1,925,384,047

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, 2023 BlackRock Innovation and Growth Term Trust (BIGZ) (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.3%
SL Liquidity Series, LLC, Money Market Series, 5.52%(h)(i)(j)		24,052,427	$	24,059,643
Total Short-Term Securities — 1.3% (Cost: $24,053,841)				24,059,643
Total Investments Before Options Written — 102.0% (Cost: $2,279,358,431)				1,949,443,690
Options Written — (0.3)% (Premiums Received: $(8,427,177))				(4,867,577	)
Total Investments, Net of Options Written — 101.7% (Cost: $2,270,931,254)				1,944,576,113
Liabilities in Excess of Other Assets — (1.7)%				(32,874,905	)
Net Assets — 100.0%			$	1,911,701,208

^(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.

^(f)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $510,539,951, representing 26.7% of its net assets as of period end, and an original cost of $821,090,559.

^(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 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class(a)	$	20,778,628	$	—		$	(20,778,628	)(b)	$	—		$	—	$	—		—	$	345,677		$	—
SL Liquidity Series, LLC, Money Market Series		184,600		23,872,851	(b)		—			(3,610	)		5,802		24,059,643		24,052,427		52,233	(c)		—
									$	(3,610	)	$	5,802	$	24,059,643			$	397,910		$	—

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

^(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.		12		10/06/23		USD	68.00		USD	64	$	(180	)
Domino’s Pizza, Inc.		13		10/06/23		USD	395.00		USD	492		(910	)
MongoDB, Inc., Class A		80		10/06/23		USD	420.00		USD	2,767		(640	)
Penn Entertainment, Inc.		136		10/06/23		USD	26.00		USD	312		(544	)
Zscaler, Inc.		180		10/06/23		USD	155.00		USD	2,801		(68,400	)
Saia, Inc.		119		10/11/23		USD	437.00		USD	4,744		(8,786	)
Tradeweb Markets, Inc., Class A		360		10/11/23		USD	84.00		USD	2,887		(12,905	)
Bill Holdings, Inc.		92		10/13/23		USD	125.00		USD	999		(2,990	)
Match Group, Inc.		434		10/13/23		USD	48.00		USD	1,700		(6,727	)
10X Genomics, Inc., Class A		35		10/20/23		USD	50.00		USD	144		(1,138	)
Aspen Technology, Inc.		198		10/20/23		USD	200.00		USD	4,044		(153,450	)
Axon Enterprise, Inc.		290		10/20/23		USD	210.00		USD	5,771		(56,550	)
AZEK Co., Inc., Class A		714		10/20/23		USD	35.23		USD	2,123		(18,540	)
Azenta, Inc.		24		10/20/23		USD	60.00		USD	120		(2,400	)

3

Schedule of Investments (unaudited) (continued) September 30, 2023 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)
Beauty Health Co.		1,046		10/20/23		USD	7.00		USD	630	$	(13,075	)
Bio-Techne Corp.		643		10/20/23		USD	85.00		USD	4,377		(12,860	)
Certara, Inc.		385		10/20/23		USD	18.10		USD	560		(6,562	)
Charles River Laboratories International, Inc.		270		10/20/23		USD	210.00		USD	5,291		(31,725	)
Chart Industries, Inc.		64		10/20/23		USD	165.00		USD	1,082		(59,200	)
Comfort Systems USA, Inc.		141		10/20/23		USD	190.00		USD	2,403		(16,920	)
Confluent, Inc., Class A		980		10/20/23		USD	36.00		USD	2,902		(9,800	)
DigitalOcean Holdings, Inc.		110		10/20/23		USD	30.00		USD	264		(825	)
Duolingo, Inc.		130		10/20/23		USD	145.00		USD	2,156		(302,900	)
Entegris, Inc.		479		10/20/23		USD	100.00		USD	4,498		(56,282	)
Etsy, Inc.		173		10/20/23		USD	69.00		USD	1,117		(19,981	)
Figs, Inc., Class A		1,020		10/20/23		USD	7.50		USD	602		(5,100	)
Five9, Inc.		254		10/20/23		USD	80.00		USD	1,633		(3,810	)
Fiverr International Ltd.		221		10/20/23		USD	33.00		USD	541		(526	)
Fox Factory Holding Corp.		313		10/20/23		USD	110.00		USD	3,101		(28,170	)
Freshpet, Inc.		72		10/20/23		USD	85.00		USD	474		(34,560	)
Globant SA		220		10/20/23		USD	180.00		USD	4,353		(435,600	)
GXO Logistics, Inc.		297		10/20/23		USD	70.00		USD	1,742		(31,185	)
Halozyme Therapeutics, Inc.		482		10/20/23		USD	45.00		USD	1,841		(4,820	)
HEICO Corp.		170		10/20/23		USD	170.00		USD	2,753		(15,725	)
HubSpot, Inc.		75		10/20/23		USD	550.00		USD	3,694		(15,375	)
Inmode Ltd.		119		10/20/23		USD	42.50		USD	362		(1,190	)
Inspire Medical Systems, Inc.		173		10/20/23		USD	240.00		USD	3,433		(11,245	)
JFrog Ltd.		264		10/20/23		USD	28.45		USD	670		(3,564	)
Lattice Semiconductor Corp.		108		10/20/23		USD	95.50		USD	928		(7,432	)
MarketAxess Holdings, Inc.		71		10/20/23		USD	260.00		USD	1,517		(17,218	)
MongoDB, Inc., Class A		40		10/20/23		USD	410.00		USD	1,383		(3,420	)
Monolithic Power Systems, Inc.		101		10/20/23		USD	550.00		USD	4,666		(6,565	)
Olink Holding AB, ADR		105		10/20/23		USD	20.00		USD	155		(11,025	)
PagerDuty, Inc.		534		10/20/23		USD	25.00		USD	1,201		(9,345	)
Phreesia, Inc.		444		10/20/23		USD	30.00		USD	829		(4,440	)
Planet Fitness, Inc., Class A		600		10/20/23		USD	65.00		USD	2,951		(3,000	)
Repligen Corp.		357		10/20/23		USD	175.00		USD	5,677		(83,895	)
Rexford Industrial Realty, Inc.		71		10/20/23		USD	52.09		USD	350		(5,416	)
Surgery Partners, Inc.		700		10/20/23		USD	35.90		USD	2,048		(3,964	)
TPG, Inc.		400		10/20/23		USD	30.00		USD	1,205		(41,000	)
Tradeweb Markets, Inc., Class A		330		10/20/23		USD	90.00		USD	2,647		(13,200	)
Tradeweb Markets, Inc., Class A		230		10/20/23		USD	82.00		USD	1,845		(27,046	)
West Pharmaceutical Services, Inc.		119		10/20/23		USD	390.00		USD	4,465		(48,492	)
Bill Holdings, Inc.		184		10/27/23		USD	115.00		USD	1,998		(58,880	)
Domino’s Pizza, Inc.		18		10/27/23		USD	415.00		USD	682		(5,760	)
Match Group, Inc.		266		10/27/23		USD	43.00		USD	1,042		(12,369	)
MongoDB, Inc., Class A		24		10/27/23		USD	375.00		USD	830		(16,980	)
Zscaler, Inc.		162		10/27/23		USD	162.50		USD	2,521		(70,065	)
Ambarella, Inc.		76		11/03/23		USD	55.00		USD	403		(14,820	)
Fiverr International Ltd.		350		11/03/23		USD	32.00		USD	856		(5,523	)
Match Group, Inc.		386		11/03/23		USD	45.00		USD	1,512		(21,037	)
MongoDB, Inc., Class A		18		11/03/23		USD	370.00		USD	623		(19,215	)
Penn Entertainment, Inc.		136		11/03/23		USD	23.50		USD	312		(17,544	)
SolarEdge Technologies, Inc.		25		11/03/23		USD	155.00		USD	324		(6,875	)
Rexford Industrial Realty, Inc.		70		11/08/23		USD	53.00		USD	345		(6,216	)
Align Technology, Inc.		61		11/10/23		USD	340.00		USD	1,862		(52,155	)
Saia, Inc.		115		11/10/23		USD	461.00		USD	4,584		(44,921	)
10X Genomics, Inc., Class A		70		11/17/23		USD	60.00		USD	289		(10,500	)
10X Genomics, Inc., Class A		35		11/17/23		USD	55.00		USD	144		(1,138	)
Axon Enterprise, Inc.		265		11/17/23		USD	230.00		USD	5,273		(80,825	)
AZEK Co., Inc., Class A		617		11/17/23		USD	34.75		USD	1,835		(55,245	)
Azenta, Inc.		270		11/17/23		USD	55.00		USD	1,355		(51,300	)
Beauty Health Co.		1,045		11/17/23		USD	7.00		USD	629		(33,962	)
Bio-Techne Corp.		259		11/17/23		USD	77.00		USD	1,763		(36,020	)
Chart Industries, Inc.		54		11/17/23		USD	175.00		USD	913		(54,270	)
Comfort Systems USA, Inc.		189		11/17/23		USD	190.00		USD	3,221		(90,720	)

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, 2023 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)
Confluent, Inc., Class A		630		11/17/23		USD	37.00		USD	1,865	$	(40,950	)
Confluent, Inc., Class A		205		11/17/23		USD	35.00		USD	607		(20,500	)
DigitalOcean Holdings, Inc.		424		11/17/23		USD	30.00		USD	1,019		(27,560	)
Duolingo, Inc.		153		11/17/23		USD	170.00		USD	2,538		(203,490	)
Entegris, Inc.		355		11/17/23		USD	100.00		USD	3,334		(129,575	)
Figs, Inc., Class A		1,700		11/17/23		USD	6.30		USD	1,003		(66,269	)
Fox Factory Holding Corp.		194		11/17/23		USD	115.00		USD	1,922		(40,255	)
Freshpet, Inc.		72		11/17/23		USD	75.00		USD	474		(10,980	)
Globant SA		134		11/17/23		USD	210.00		USD	2,651		(99,160	)
GXO Logistics, Inc.		360		11/17/23		USD	64.50		USD	2,111		(41,520	)
Halozyme Therapeutics, Inc.		373		11/17/23		USD	45.00		USD	1,425		(26,110	)
HEICO Corp.		231		11/17/23		USD	175.00		USD	3,741		(20,790	)
HubSpot, Inc.		77		11/17/23		USD	540.00		USD	3,792		(118,580	)
Inmode Ltd.		119		11/17/23		USD	40.00		USD	362		(3,868	)
Innovative Industrial Properties, Inc.		54		11/17/23		USD	95.00		USD	409		(1,890	)
Inspire Medical Systems, Inc.		71		11/17/23		USD	210.00		USD	1,409		(70,290	)
Lattice Semiconductor Corp.		560		11/17/23		USD	95.00		USD	4,812		(148,400	)
MarketAxess Holdings, Inc.		55		11/17/23		USD	240.00		USD	1,175		(18,838	)
MongoDB, Inc., Class A		23		11/17/23		USD	370.00		USD	795		(33,235	)
Monolithic Power Systems, Inc.		93		11/17/23		USD	530.00		USD	4,297		(69,285	)
Paylocity Holding Corp.		130		11/17/23		USD	210.00		USD	2,362		(29,250	)
Phreesia, Inc.		226		11/17/23		USD	22.50		USD	422		(8,475	)
Planet Fitness, Inc., Class A		482		11/17/23		USD	65.00		USD	2,370		(8,435	)
Repligen Corp.		95		11/17/23		USD	180.00		USD	1,511		(32,775	)
Surgery Partners, Inc.		534		11/17/23		USD	35.00		USD	1,562		(21,360	)
TPG, Inc.		661		11/17/23		USD	32.50		USD	1,991		(34,702	)
West Pharmaceutical Services, Inc.		104		11/17/23		USD	410.00		USD	3,902		(55,120	)
											$	(3,888,620	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)		Value
Call
AutoStore Holdings Ltd.	Goldman Sachs International		125,000		10/03/23		NOK	24.78	NOK	1,879	$	—
Evolution AB	UBS AG		48,100		10/05/23		SEK	1,298.98	SEK	53,030		(5	)
AutoStore Holdings Ltd.	Barclays Bank PLC		250,000		10/10/23		NOK	27.49	NOK	3,759		—
JFrog Ltd.	Morgan Stanley & Co. International PLC		62,200		10/12/23		USD	28.84	USD	1,577		(1,865	)
AutoStore Holdings Ltd.	Goldman Sachs International		267,000		10/13/23		NOK	20.44	NOK	4,014		(45	)
ASM International NV	Goldman Sachs International		4,000		10/17/23		EUR	449.71	EUR	1,580		(4,851	)
SiteMinder Ltd.	Goldman Sachs International		54,000		10/17/23		AUD	4.68	AUD	249		(7,111	)
AutoStore Holdings Ltd.	Goldman Sachs International		250,000		10/19/23		NOK	19.48	NOK	3,759		(271	)
Chart Industries, Inc.	Citibank N.A.		4,000		10/24/23		USD	181.94	USD	676		(12,487	)
SiteMinder Ltd.	Goldman Sachs International		54,000		10/24/23		AUD	4.68	AUD	249		(8,544	)
SiteMinder Ltd.	UBS AG		33,200		10/24/23		AUD	4.87	AUD	153		(3,603	)
Lattice Semiconductor Corp.	Citibank N.A.		5,100		10/25/23		USD	93.43	USD	438		(6,896	)
Bentley Systems, Inc., Class B	Morgan Stanley & Co. International PLC		51,000		10/30/23		USD	51.71	USD	2,558		(50,927	)
SiteMinder Ltd.	Goldman Sachs International		54,000		10/31/23		AUD	4.68	AUD	249		(9,794	)
Certara, Inc.	BNP Paribas SA		25,000		11/02/23		USD	15.42	USD	364		(46,278	)
SiteMinder Ltd.	UBS AG		33,200		11/07/23		AUD	4.92	AUD	153		(4,663	)
AutoStore Holdings Ltd.	Goldman Sachs International		250,000		11/08/23		NOK	17.24	NOK	3,759		(8,420	)
Aspen Technology, Inc.	Citibank N.A.		8,900		11/09/23		USD	205.02	USD	1,818		(87,980	)
AutoStore Holdings Ltd.	Barclays Bank PLC		250,900		11/09/23		NOK	15.53	NOK	3,772		(22,837	)
JFrog Ltd.	UBS AG		47,000		11/10/23		USD	29.21	USD	1,192		(18,248	)
TPG, Inc.	UBS AG		40,000		11/13/23		USD	31.79	USD	1,205		(33,784	)
ASM International NV	Morgan Stanley & Co. International PLC		9,800		11/14/23		EUR	391.24	EUR	3,871		(279,152	)
AutoStore Holdings Ltd.	Barclays Bank PLC		125,900		11/14/23		NOK	15.30	NOK	1,893		(13,941	)
SiteMinder Ltd.	Goldman Sachs International		56,800		11/15/23		AUD	5.00	AUD	262		(8,214	)

5

Schedule of Investments (unaudited) (continued) September 30, 2023 BlackRock Innovation and Growth Term Trust (BIGZ)

OTC Options Written (continued)

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)		Value
Call (continued)
Bentley Systems, Inc., Class B	JPMorgan Chase Bank N.A.		85,700		11/29/23		USD	49.40	USD	4,299	$	(298,342	)
Lattice Semiconductor Corp	JPMorgan Chase Bank N.A.		8,500		12/06/23		USD	88.58	USD	730		(50,699	)
											$	(978,957	)

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”) as a practical expedient 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	$	109,794,525	$	—	$	—	$	109,794,525
Air Freight & Logistics		24,098,523		—		—		24,098,523
Automobile Components		31,429,068		—		—		31,429,068
Biotechnology		20,431,805		—		—		20,431,805
Broadline Retail		7,008,545		—		—		7,008,545
Building Products		24,756,171		—		—		24,756,171
Capital Markets		80,999,335		—		—		80,999,335
Construction & Engineering		35,206,536		—		—		35,206,536
Diversified Consumer Services		29,370,601		—		41,590,713		70,961,314
Food Products		5,944,352		—		—		5,944,352
Ground Transportation		58,309,738		—		—		58,309,738
Health Care Equipment & Supplies		61,120,578		—		—		61,120,578
Health Care Providers & Services		22,562,046		—		—		22,562,046
Health Care Technology		13,604,183		—		—		13,604,183
Hotels, Restaurants & Leisure		42,675,288		30,302,740		—		72,978,028
Industrial REITs		6,912,652		—		—		6,912,652
Interactive Media & Services		26,604,134		—		5,341,658		31,945,792
IT Services		89,231,785		—		13,508,115		102,739,900
Life Sciences Tools & Services		178,792,633		—		—		178,792,633
Machinery		16,766,218		13,342,964		—		30,109,182
Personal Care Products		7,870,987		—		—		7,870,987

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, 2023 BlackRock Innovation and Growth Term Trust (BIGZ)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Common Stocks (continued)
Professional Services	$	16,639,311		$	—		$	—	$	16,639,311
Semiconductors & Semiconductor Equipment		142,156,486			38,918,784			—		181,075,270
Software		245,592,150			22,846,516			22,533,012		290,971,678
Textiles, Apparel & Luxury Goods		4,960,537			—			—		4,960,537
Preferred Securities
Preferred Stocks		—			—			434,161,358		434,161,358
	$	1,302,838,187		$	105,411,004		$	517,134,856		1,925,384,047
Investments Valued at NAV(a)										24,059,643
									$	1,949,443,690
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(3,538,165	)	$	(1,329,412	)	$	—	$	(4,867,577	)

^(a)  Certain investments of the Trust were fair valued using NAV as a practical expedient 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 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, 2022	$	102,169,910		$	471,282,347		$	573,452,257
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Accrued discounts/premiums		—			—			—
Net realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)(a)		(19,196,412	)		(37,120,989	)		(56,317,401	)
Purchases		—			—			—
Sales		—			—			—
Closing balance, as of September 30, 2023	$	82,973,498		$	434,161,358		$	517,134,856
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2023(a)	$	(19,196,412	)	$	(37,120,989	)	$	(56,317,401	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2023 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	$	82,973,498	Market	Revenue Multiple	1.50x - 25.09x	12.22x
				Time to Exit	2.0 years	—
				Volatility	90%	—
				Gross Profit Multiple	14.25x	—
Preferred Stocks		434,161,358	Market	Revenue Multiple	1.05x - 25.09x	9.53x
				Time to Exit	1.0 year - 5.0 years	3.1 years
				Volatility	45% - 100%	68%
				Market Adjustment Multiple	0.60x - 1.20x	0.94x
	$	517,134,856

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

7

Schedule of Investments (unaudited) (continued) September 30, 2023      BlackRock Innovation and Growth Term Trust (BIGZ)

Currency Abbreviation
AUD	Australian Dollar
EUR	Euro
NOK	Norwegian Krone
SEK	Swedish Krona
USD	United States Dollar
Portfolio Abbreviation
ADR	American Depositary Receipt

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