BlackRock Innovation and Growth Trust is a newly organized, non-diversified, closed-end management investment company with no operating history. The Trust’s investment objectives are 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 BlackRock Advisors, LLC (the "Advisor") believes have above-average earnings growth potential. In selecting investments for the Trust, the Advisor 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 may invest up to 25% of its assets in securities of foreign companies, including companies located in emerging markets.