BlackRock Innovation and Growth Term Trust

BlackRock Innovation and Growth Term Trust (the Trust) is a closed-end management investment company. The Trust's investment objectives are to provide a total return through a combination of current income and long-term capital appreciation. The Trust invests primarily in equity securities issued by mid- and small-capitalization companies. The Trust may also invest in the securities of other open- or closed-end investment companies, including exchange-traded funds (ETFs) and business development companies. The Trust classifies its investments in such investment companies as equity securities for the purposes of its investment policies. Under normal market conditions, the Trust intends to invest up to 25% of its total assets, measured at the time of investment, in such securities. The Trust’s investment adviser is BlackRock Advisors, LLC (adviser). In selecting investments for the Trust, the Trust’s adviser focuses on mid- and small-capitalization growth companies that are innovative.