Blackrock Innovation & Growth Trust (BIGZ) N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-23625

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Innovation and Growth Trust, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2021

Date of reporting period: 12/31/2021

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

BlackRock Energy and Resources Trust (BGR)

BlackRock Enhanced Capital and Income Fund, Inc. (CII)

BlackRock Enhanced Equity Dividend Trust (BDJ)

BlackRock Enhanced Global Dividend Trust (BOE)

BlackRock Enhanced International Dividend Trust (BGY)

BlackRock Health Sciences Trust (BME)

BlackRock Health Sciences Trust II (BMEZ)

BlackRock Innovation and Growth Trust (BIGZ)

BlackRock Resources & Commodities Strategy Trust (BCX)

BlackRock Science and Technology Trust (BST)

BlackRock Science and Technology Trust II (BSTZ)

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Supplemental Information  (unaudited)

Section 19(a) Notices

BlackRock Energy and Resources Trust’s (BGR), BlackRock Enhanced Capital and Income Fund, Inc.’s (CII), BlackRock Enhanced Equity Dividend Trust’s (BDJ), BlackRock Enhanced Global Dividend Trust’s (BOE), BlackRock Enhanced International Dividend Trust’s (BGY), BlackRock Health Sciences Trust’s (BME), BlackRock Health Sciences Trust II’s (BMEZ), BlackRock Innovation and Growth Trust’s (BIGZ), BlackRock Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Trust’s (BST), BlackRock Science and Technology Trust II’s (BSTZ) and BlackRock Utilities, Infrastructure & Power Opportunities Trust’s (BUI) (collectively, the “Trusts”, or individually a “Trust”) amounts and sources of distributions reported are estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during its fiscal year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.

December 31, 2021

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at blackrock.com.

Section 19(b) Disclosure

The Trusts, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Trustees (the “Board”), each have adopted a managed distribution plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a monthly basis:

The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Under its Plan, each Trust will distribute all available net income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net income and short-term capital gains) is not earned on a monthly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, each Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the “1940 Act”).

Shareholders should not draw any conclusions about each Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance is presented in its financial highlights table.

Supplemental Information (unaudited) (continued)

The Board may amend, suspend or terminate a Trust’s Plan at any time without prior notice to the Trust’s shareholders if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust’s stock is trading at or above net asset value) or widening an existing trading discount. The Trusts are subject to risks that could have an adverse impact on their ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to BME, BST and BUI’s prospectuses for a more complete description of each Trust’s risks.

Table of Contents

Option Over-Writing Strategy

Overview

In general, the goal of each of the Trusts is to provide total return through a combination of current income and realized and unrealized gains (capital appreciation). The Trusts seek to pursue these goals primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options in an effort to generate current gains from option premiums and to enhance each Trust’s risk-adjusted return. Each Trust’s objectives cannot be achieved in all market conditions.

Each Trust primarily writes single stock covered call options and may also from time to time write single stock put options. When writing (selling) a covered call option, a Trust holds an underlying equity security and enters into an option transaction which allows the counterparty to purchase the equity security at an agreed-upon price (“strike price”) within an agreed-upon time period. The Trust receives cash premiums from the counterparties upon writing (selling) the option, which along with net investment income and net realized gains, if any, are generally available to support current or future distributions paid by the Trust. During the option term, the counterparty may elect to exercise the option if the market value of the equity security rises above the strike price, and the Trust is obligated to sell the equity security to the counterparty at the strike price, realizing a gain or loss. Premiums received increase gains or reduce losses realized on the sale of the equity security. If the option remains unexercised upon its expiration, the Trust realizes gains equal to the premiums received. Alternatively, an option may be closed out by an offsetting purchase or sale of an option prior to expiration. The Trust realizes a capital gain from a closing purchase or sale transaction if the premium paid is less than the premium received from writing the option. The Trust realizes a capital loss from a closing purchase or sale transaction if the premium received is less than the premium paid to purchase the option.

Writing covered call options entails certain risks, which include, but are not limited to, the following: an increase in the value of the underlying equity security above the strike price can result in the exercise of a written option (sale by a Trust to the counterparty) when the Trust might not otherwise have sold the security; exercise of the option by the counterparty may result in a sale below the current market value and a gain or loss being realized by the Trust; and limiting the potential appreciation that could be realized on the underlying equity security to the extent of the strike price of the option. The premium that a Trust receives from writing a covered call option may not be sufficient to offset the potential appreciation on the underlying equity security above the strike price of the option that could have otherwise been realized by the Trust. As such, an option over-writing strategy may outperform the general equity market in flat or falling markets but underperform in rising markets.

Option Over-Writing Strategy Illustration

To illustrate these concepts, assume the following: (1) a common stock purchased at and currently trading at $37.15 per share; (2) a three-month call option is written by a Trust with a strike price of $40 (i.e., 7.7% higher than the current market price); and (3) the Trust receives $2.45, or 6.6% of the common stock’s value, as a premium. If the stock price remains unchanged, the option expires and there would be a 6.6% return for the three-month period. If the stock were to decline in price by 6.6% (i.e., decline to $34.70 per share), the option strategy would “break-even” from an economic perspective resulting in neither a gain nor a loss. If the stock were to climb to a price of $40 or above, the option would be exercised and the stock would return 7.7% coupled with the option premium received of 6.6% for a total return of 14.3%. Under this scenario, the Trust loses the benefit of any appreciation of the stock above $40, and thus is limited to a 14.3% total return. The premium from writing the call option serves to offset some of the unrealized loss on the stock in the event that the price of the stock declines, but if the stock were to decline more than 6.6% under this scenario, the Trust’s downside protection is eliminated and the stock could eventually become worthless.

Each Trust intends to write covered call and other options to varying degrees depending upon market conditions. Please refer to each Trust’s Schedule of Investments and the Notes to Financial Statements for details of written options.

Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Trusts’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

Investment Objective

BlackRock Energy and Resources Trust’s (BGR) (the “Trust”) investment objective is to provide total return through a combination of current income and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information

Market Price and Net Asset Value Per Share Summary

TOTAL RETURN BASED ON A $10,000 INVESTMENT

Performance

Returns for the period ended December 31, 2021 were as follows:

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

Energy stocks performed very well in 2021, as the revival in economic growth boosted demand for crude oil and led to rising earnings for companies across the sector. Although the largest energy companies logged remarkable gains, small- to mid-sized exploration & production (“E&P”) companies generally performed even better due to their higher sensitivity to oil and natural gas prices.

The Trust’s holding in the refining & marketing sub-sector made the largest contribution to absolute returns, followed by the E&P sub-sector.

ConocoPhillips, Chevron Corp. and Royal Dutch Shell PLC were the leading individual contributors to performance, as rising oil prices were a tailwind for large, integrated energy companies.

An out-of-benchmark position in the Brazilian state-owned integrated oil producer Petroleo Brasileiro SA (Petrobras) was the largest detractor. The stock declined following an unexpected change in the company’s chief executive officer, which the market saw as the first step in deeper government influence in its longer-term strategy. Positions in Santos Ltd. and Schlumberger Ltd. detracted, as well.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed positively to relative performance for the 12-month period.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

The investment adviser increased the Trust’s weighting in companies positioned for the current environment of supply-and-demand tightness, particularly those with above-average exposure to natural gas. The investment adviser further increased the Trust’s weighting in Canada, and it rotated its holdings in Europe.

Describe portfolio positioning at period end.

The integrated energy sub-sector represented the Trust’s largest allocation, followed by the E&P, distribution, refining & marketing and oil services industries, respectively.

The investment adviser maintained a bias toward higher-quality oil producers it believes should gain the largest benefit from continued strength in oil and natural gas prices. The Trust tilted away from the oil services sub-sector, where many companies could continue to face headwinds from industry overcapacity.

As of December 31, 2021, the Trust had in place an option overwriting program whereby 35% of the underlying equities were overwritten with call options. These call options were typically written at levels above the prevailing market prices (estimated to be 3.9% out of the money) with an average time until expiration of 55 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments

Investment Objective

BlackRock Enhanced Capital and Income Fund, Inc.’s (CII) (the “Trust”) investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment objective by investing in a portfolio of equity securities of U.S. and foreign issuers. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information

Market Price and Net Asset Value Per Share Summary

TOTAL RETURN BASED ON A $10,000 INVESTMENT

Performance

Returns for the period ended December 31, 2021 were as follows:

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

The largest contribution to the Trust’s relative performance came from investment decisions in the communication services sector. Most notably, stock selection and an overweight allocation to the interactive media & services industry boosted relative returns, as did an underweight allocation to diversified telecommunication services and entertainment companies. Elsewhere, stock selection in the industrials sector proved beneficial, specifically within the professional services industry. In energy, overweight exposure to the oil, gas & consumable fuels industry added to performance. Lastly, investment decisions within financials were solid contributors.

Conversely, investment decisions in the consumer discretionary sector detracted the most from the Trust’s relative returns. Notably, stock selection and an overweight allocation to the internet & direct marketing retail industry proved detrimental, as did stock selection among specialty retail and hotels, restaurants & leisure companies. Within information technology (“IT”), stock selection detracted from performance, particularly in the IT services and semiconductors & semiconductor equipment industries. Other detractors included stock selection in the consumer staples and materials sectors.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed positively to relative performance for the 12-month period.

The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

During the period, a combination of portfolio trading activity and market price changes resulted in the Trust adding exposure to the consumer discretionary, materials, and health care sectors. The Trust reduced exposure to consumer staples, financials and energy.

Describe portfolio positioning at period end.

At period end, the Trust’s largest absolute allocations were in the IT, consumer discretionary, and communication services sectors. Relative to the benchmark, the Trust’s most significant overweight exposures were in the communication services, consumer discretionary, and financials sectors. The Trust maintained its most significant relative underweight sector exposures to consumer staples, utilities and health care.

As of December 31, 2021, the Trust had an options overwriting program in place whereby 46% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 3.6% out of the money) with an average time until expiration of 53 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments

Investment Objective

BlackRock Enhanced Equity Dividend Trust’s (BDJ) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing in common stocks that pay dividends and have the potential for capital appreciation and by employing a strategy of writing (selling) call and put options. The Trust invests, under normal market conditions, at least 80% of its total assets in dividend paying equities. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objectives will be achieved.

Trust Information

Market Price and Net Asset Value Per Share Summary

TOTAL RETURN BASED ON A $10,000 INVESTMENT

Performance

Returns for the period ended December 31, 2021 were as follows:

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

Stock selection and allocation decisions in the financial sector made the largest contribution to the Trust’s relative performance. Notably, investment decisions in the capital markets and insurance industries proved beneficial, and allocation decisions in the consumer finance and diversified financial services industries also boosted relative results. In energy, overweight exposure to the oil, gas & consumable fuels industry added to performance. Other modest contributors included an underweight allocation to utilities and stock selection in the materials sector.

Conversely, the largest detractor from relative returns was stock selection in the health care sector. Selection decisions in the health care equipment & supplies and pharmaceuticals industries detracted the most, while the Trust’s lack of exposure to the life sciences tools & services industry also weighed on relative return. Elsewhere, in the consumer discretionary sector, stock selection detracted from performance, specifically in the specialty retail industry. Other detractors during the period included stock selection in the information technology (“IT”) sector and the Trust’s lack of exposure to the real estate sector.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance for the 12-month period.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

During the period, a combination of portfolio trading activity and market price changes resulted in the Trust adding exposure to the health care, consumer discretionary, and communication services sectors. The Trust reduced exposure to financials, consumer staples and energy.

Describe portfolio positioning at period end.

At period end, the Trust’s largest absolute allocations were to the financials, health care and IT sectors. Relative to the benchmark, the Trust’s most significant overweight exposures were to the financials, energy, and health care sectors. The Trust maintained its most significant relative underweight sector exposures to real estate, industrials and consumer staples.

As of December 31, 2021, the Trust had an options overwriting program in place whereby 51% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 3.5% out of the money) with an average time until expiration of 55 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments

Investment Objective

BlackRock Enhanced Global Dividend Trust’s (BOE) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies located in countries throughout the world and by employing a strategy of writing (selling) call and put options. Under normal circumstances, the Trust invests at least 80% of its net assets in dividend-paying equity securities and at least 40% of its assets outside of the U.S. (unless market conditions are not deemed favorable by Trust management, in which case the Trust would invest at least 30% of its assets outside of the U.S.). The Trust may invest in securities of companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objectives will be achieved.

Trust Information

Market Price and Net Asset Value Per Share Summary

TOTAL RETURN BASED ON A $10,000 INVESTMENT

Performance

Returns for the period ended December 31, 2021 were as follows:

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

Stock selection within the consumer discretionary sector was the largest contributor to the Trust’s relative performance, particularly within the internet & direct marketing retail industry. Stock selection within the industrials and financials sectors also contributed. At the individual stock level, financial software company Intuit, Inc. was a top contributor, as the company reported strong financial results for the year. Danish pharmaceutical company Novo Nordisk A/S also contributed to performance. The company demonstrated significant growth in the GLP-1 drug market as well as in the more novel obesity drug market. In particular, Novo Nordisk’s new obesity drug Wegovy came to market in June 2021, with strong potential to help the company tap into this new market opportunity and to bring upgraded expectations for Novo Nordisk’s long-term growth. Plumbing and heating company Ferguson PLC also contributed, delivering strong performance over the year and demonstrating its ability to more than pass on price increases to its customers, protecting its margins in the prevailing inflationary environment.

The largest detractor from relative returns came from the Trust’s overweight positioning and stock selection in the consumer staples sector, most notably within the food products industry. Other detractors included stock selection in information technology (“IT”) and underweight positioning in energy. At the individual security level, China Feihe Ltd. was the top detractor from returns. The infant milk formula producer has been directly impacted by the pandemic through its having caused a material decline in the birth rate in China. Concerns that “greater prosperity” initiatives may focus on reducing the cost of having children have led to worries that the high cost of premium infant milk formula in comparison to developed markets might lead to regulation. More recently, the Chinese authorities announced a number of measures to promote breastfeeding, including further restrictions on advertising early-stage infant milk formula products. The Trust exited its position in China Feihe, seeing the possibility of regulatory intervention as a persistent headwind to the shares, with no obvious catalyst to bring a rebound. Elsewhere, Fidelity National Information Services, Inc. detracted from performance due to pressure in the payments space. Reckitt Benckiser Group PLC was also a significant detractor, as consumer staples stocks lagged generally. Investors also remained cautious of future sales of Reckitt’s health and nutrition divisions, which have repeatedly delivered falling results.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance for the 12-month period.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

During the period, the Trust added exposure to the financial sector, most notably within the insurance industry. Exposure to the consumer discretionary and IT sectors also increased. Conversely, the Trust reduced exposure to industrials, consumer staples, and health care.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector exposures were in IT and health care, driven by holdings in the IT services and pharmaceuticals industries respectively. The Trust had no exposure to the materials sector. Regionally, the majority of the portfolio was listed in the United States or Europe, with significant exposure in the United Kingdom.

As of December 31, 2021, the Trust had an options overwriting program in place whereby approximately 42% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.9% out of the money) with an average time until expiration of 54 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments

Investment Objective

BlackRock Enhanced International Dividend Trust’s (BGY) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and by employing a strategy of writing (selling) call and put options. The Trust invests, under normal circumstances, at least 80% of its net assets in dividend-paying equity securities issued by non-U.S. companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objectives will be achieved.

Trust Information

Market Price and Net Asset Value Per Share Summary

TOTAL RETURN BASED ON A $10,000 INVESTMENT

Performance

Returns for the period ended December 31, 2021 were as follows:

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

From a sector perspective, the Trust’s underweight positioning and stock selection in consumer discretionary stocks contributed the most to returns. Stock selection in industrials and health care also contributed to performance. At the individual security level, Danish pharmaceutical company Novo Nordisk A/S was the top contributor. The company demonstrated significant growth in the GLP-1 drug market as well as in the more novel obesity drug market. In particular, Novo Nordisk’s new obesity drug Wegovy came to market in June 2021, with strong potential to help the company tap into this new market opportunity and to bring upgraded expectations for Novo Nordisk’s long-term growth. Plumbing and heating company Ferguson PLC also contributed, delivering strong performance over the year and demonstrating its ability to more than pass on price increases to its customers, protecting its margins in the prevailing inflationary environment. Research consultant RELX PLC also contributed to returns, as shares performed well after it announced strong revenue over the course of the year.

By contrast, stock selection in financials was the largest detractor from relative performance at the sector level, particularly within the diversified financial services and capital markets subsectors. Stock selection and overweight positioning in consumer staples also detracted from returns, as did stock selection and underweight positioning in information technology. At the individual security level, China Feihe Ltd. was the top detractor from returns. The infant milk formula producer has been directly impacted by the pandemic through its having caused a material decline in the birth rate in China. Concerns that “greater prosperity” initiatives may focus on reducing the cost of having children have led to worries that the high cost of premium infant milk formula in comparison to developed markets might lead to regulation. More recently, the Chinese authorities announced a number of measures to promote breastfeeding, including further restrictions on advertising early-stage infant milk formula products. The Trust exited its position in China Feihe, seeing the possibility of regulatory intervention as a persistent headwind to the shares, with no obvious catalyst to bring a rebound. Consumer products giant Unilever plc also detracted as it has failed to execute its portfolio restructuring in a timely manner, which has resulted in low organic growth. Concerns remain about its margins given its need to invest in advertising and promotion, as well as a lack of innovation within the company. Koninklijke Philips NV also detracted following its Sleep product recall. The Trust exited its position during the year due to the potential legal liability from the recall, lacking insight and visibility on this material element of the investment case for the stock.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance for the 12-month period.

Describe recent portfolio activity.

During the period, the Trust increased its exposure to the consumer discretionary sector, particularly within the luxury space. It also added exposure to the utilities and energy sectors. Conversely, the Trust reduced exposure to consumer staples, industrials and health care.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector exposures were in consumer staples and industrials. Notable exposures at the subsector and industry level included pharmaceuticals, textiles, apparel and luxury goods, as well as personal products. The Trust had no exposure to real estate. Regionally, the majority of the portfolio’s securities were listed either in Europe ex U.K. or in the United Kingdom.

As of December 31, 2021, the Trust had an options overwriting program in place whereby 41% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.4% out of the money) with an average time until expiration of 54 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments

Investment Objective

BlackRock Health Sciences Trust’s (BME) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and by employing a strategy of writing (selling) call and put options.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information

Market Price and Net Asset Value Per Share Summary

TOTAL RETURN BASED ON A $10,000 INVESTMENT

Performance

Returns for the period ended December 31, 2021 were as follows:

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

Security selection and sector allocation both detracted from the Trust’s relative performance in 2021. At a sector level, security selection in the health care providers & services and biotechnology sub-sectors were the largest detractors.

An underweight position in Moderna, Inc. was the most significant detractor at the individual stock level. The COVID-19 vaccine producer benefited from strong demand as the highly transmissible disease spread globally. The Trust did not initiate a position in Moderna earlier in the pandemic due to concerns around the company’s ability to generate profits from the development and distribution of an effective vaccine. However, the investment adviser increased the Trust’s weighting in the stock in the second half of the year.

An underweight in Danaher Corp. also dampened the Trust’s performance. The U.S.-based medical device company beat earnings expectations, experienced profit margin expansion, and announced an acquisition that was well received by investors. The Trust’s investment adviser chose not to invest in the company earlier in the year on the belief that there were better ways to capitalize on the growth of the COVID-19 testing and diagnostics business. However, the company benefited from strong demand for its testing products throughout the pandemic, and the durability of demand for testing has been stronger than the investment adviser expected due to the emergence of new variants of the virus.

An out-of-benchmark position in the health care provider Amedisys, Inc. detracted due to weaker-than-expected earnings and reduced guidance. The company suffered a negative impact from COVID-19, particularly in its senior living facilities, where occupancy rates and average length of stay remained below pre-pandemic levels. The company, which is a leading player in the growing home health space, also announced a strategic acquisition.

Stock selection in the pharmaceuticals sub-sector contributed to relative performance in 2021.

An overweight in Thermo Fisher Scientific, Inc., which raised its long-term growth expectations due to strong demand in its COVID-19 testing business, was the top contributor. The Trust’s investment adviser favored the medical supplies company relative to its peers, as its more diversified product line afforded exposure to revenue streams that are independent of COVID-19.

A private investment in the biotechnology company Acumen Pharmaceuticals, Inc., which underwent a successful initial public offering, was also a top contributor.

An underweight position in the pharmaceutical giant Johnson & Johnson was an additional contributor of note. The company’s shares came under pressure due to concerns about product safety and the efficacy of its single-dose, viral protein-based COVID-19 vaccine.

The Trust made use of options, principally writing call options on individual stocks, to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The option overlay strategy contributed to results.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

The Trust increased its weightings in the pharmaceuticals and medical devices & supplies sub-sectors, while its allocations to biotechnology and healthcare providers & services remained the same.

Describe portfolio positioning at period end.

The emergence of the COVID-19 Omicron variant extended uncertainty about the duration of the pandemic and led to increased market volatility. The investment adviser remains very alert to shifts in COVID-19 outlook, and it continues to monitor developments on this front. The Trust closed the year with an above-average sensitivity to the performance of COVID-19 beneficiaries, primarily through investments in vaccine producers and diagnostic suppliers. The investment adviser will be watching for signs of herd immunity to assess the possible vulnerability of revenues related to the virus.

The investment adviser believes the key long-term drivers for the health care sector—an aging global population and innovation in medical technology—remain in place. In its view, the combination of these secular trends and favorable valuations creates a compelling long-term investment opportunity.

At year end, the Trust held overweight positions in the medical devices & supplies and biotechnology sub-sectors due to their attractive valuations and robust fundamentals.

As of December 31, 2021, the Trust had in place an option overwriting program whereby 33.5% of the underlying equities were overwritten with call options. These call options were typically written at levels above the prevailing market prices (estimated to be 6.7% out of the money) and with an average time until expiration of 56 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments

Investment Objective

BlackRock Health Sciences Trust II’s (BMEZ) (the “Trust”) investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities of companies principally engaged in the health sciences group of industries and equity derivatives with exposure to the health sciences group of industries. Equity derivatives in which the Trust invests include purchased and sold (written) call and put options on equity securities of companies in the health sciences group of industries.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information

Market Price and Net Asset Value Per Share Summary

TOTAL RETURN BASED ON A $10,000 INVESTMENT

Performance

Returns for the period ended December 31, 2021 were as follows:

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

The Trust focuses on innovative, small- and mid-sized healthcare companies. The listed benchmark, which incorporates all sectors of the market and emphasizes large-cap stocks, is therefore used for reference purposes only. Small-cap health care stocks lagged considerably in 2021, largely due to their weak showing in the fourth quarter of 2021.

Stock selection across the four sub-sectors of health care detracted from relative performance in 2021, led by weakness in the biotechnology industry. Rising interest rates had negative impact on many of the Trust’s holdings in high-growth companies during the period, particularly in smaller-cap biotechnology companies that had experienced a strong price appreciation in 2020. For instance, Mersana Therapeutics, Inc. was a key detractor in the past year.

Nevro Corp., a U.S.-based medical device company, was another notable detractor. The stock was hurt by litigation regarding patent infringement, as well as cancellations of neuro-stimulation surgeries due to COVID-19.

The healthcare provider Oak Street Health, Inc. which reported weaker-than-expected results, was also a key detractor. The company cited increased costs stemming from the effects of COVID-19 on its operations.

A position in the health care provider Amedisys, Inc., which reported disappointing earnings and reduced its guidance, also detracted. The company experienced a negative impact from COVID-19, particularly in its senior living facilities, where occupancy rates and average length of stay remained below pre-pandemic levels. The company, which is a leading player in the growing home health space, also announced a strategic acquisition.

On the positive side, overweight allocations to the medical devices & supplies and health care providers & services industries helped relative performance.

An overweight position in Straumann Holding AG, a global leader in tooth replacement solutions, was the leading contributor. The company benefited from the recovery in elective procedures.

Private investments also strongly contributed to the Trust’s relative performance, with four of the five largest relative contributors being private positions that went public. Design Therapeutics, Inc. was the most notable contributor in this area. The U.S.-based firm, which develops novel, small-molecule therapeutic candidates called gene targeted chimeras, went public in 2021. A private investment in a biotechnology company, Acumen Pharmaceuticals, Inc., also made a strong contribution to performance following a successful initial public offering.

Merger and acquisition activity in the small-cap health care universe continued to be a source of positive returns. Private positions in Amunix Pharmaceuticals, Inc., an immune-oncology company acquired by Sanofi for $1 billion, and Vividion Therapeutics, Inc., a biotech company acquired by Bayer, were among the top contributors.

The Trust utilizes an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. This strategy contributed to relative performance.

The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy did not result in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

The Trust’s allocations to the pharmaceuticals, biotechnology, and health care providers & services industries decreased, while its allocation to the medical devices & supplies sub-sector increased.

Describe portfolio positioning at period end.

The emergence of the Omicron variant of COVID-19 extended uncertainty about the duration of the pandemic and led to increased market volatility. The investment adviser remains very alert to shifts in the COVID-19 outlook, and it continues to monitor developments on this front. The Trust closed the year with an above-average sensitivity to the performance of COVID-19 beneficiaries, primarily through investments in vaccine producers and diagnostic suppliers. The investment adviser will be watching for signs of herd immunity to assess the possible vulnerability of revenues related to the virus.

The investment adviser believes the key long-term drivers for the health care sector—an aging global population and innovation in medical technology—remain in place. In its view, the combination of these secular trends and favorable valuations creates a compelling long-term investment opportunity.

At year end, the Trust held overweight positions in the medical devices & supplies and biotechnology sub-sectors due to their attractive valuations and robust fundamentals.

As of December 31, 2021, the Trust had in place an option overwriting program in place whereby 21.6% of the underlying equities were overwritten with call options. These call options were typically written at levels above the prevailing market prices (estimated to be 9.4% out of the money) with an average time until expiration of 59 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments

Investment Objective

BlackRock Innovation and Growth Trust’s (BIGZ) (the “Trust”) investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust will invest primarily in equity securities issued by mid- and small-capitalization companies that the Trust’s adviser believes have above-average earnings growth potential. In selecting investments for the Trust, the Trust’s adviser focuses on mid- and small-capitalization growth companies that are “innovative.” These are companies that have introduced, or are seeking to introduce, a new product or service that potentially changes the marketplace. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information

Market Price and Net Asset Value Per Share Summary

TOTAL RETURN BASED ON A $10,000 INVESTMENT

BIGZ commenced operations on March 29, 2021.

Performance

Returns for the period ended December 31, 2021 were as follows: