Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 31 October 2015 and unaudited.

Performance at month end with net income reinvested

	One Month	Three Months	One Year	Three Years	Since 1 April 2012	Five Years
Sterling
Share price	5.1%	-0.1%	13.8%	48.8%	57.7%	54.4%
Net asset value	5.1%	-1.2%	13.4%	40.2%	46.7%	54.0%
FTSE All-Share Total Return	4.7%	-3.6%	3.0%	27.7%	31.6%	41.1%
Source: BlackRock

BlackRock took over the investment management of the Company with effect from 1 April 2012.

At month end
Sterling:
Net asset value - capital only:	183.40p
Net asset value - cum income*:	187.59p
Share price:	184.25p
Total assets (including income):	£51.2m
Discount to cum-income NAV:	1.8%
Net Gearing:	2.4%
Net yield**:	3.2%
Ordinary shares in issue***:	26,229,268
Gearing range (as a % of net assets)	0-20%
Ongoing charges****:	1.2%

* includes net revenue of 4.19 pence per share

** based on an interim dividend of 2.40p per share in respect of the year ended 31 October 2015 and a final dividend of 3.50p per share in respect of the year ended 31 October 2014.

*** excludes 6,704,664 shares held in treasury

**** Calculated as a percentage of average net assets and using expenses, excluding performance fees and interest costs for the year ended 31 October 2014.

Benchmark
Sector Analysis	Total assets (%)
Banks	11.9
Support Services	10.3
Travel & Leisure	8.5
Tobacco	7.8
Pharmaceuticals & Biotechnology	7.4
Life Insurance	6.9
Media	6.9
Oil & Gas Producers	6.7
General Retailers	5.8
Financial Services	5.7
Mining	4.8
Fixed Line Telecommunication	4.1
Non Life Insurance	3.9
Food Producers	2.9
Technology & Hardware Equipment	1.7
Industrial Engineering	1.3
General Industrials	1.1
Real Estate Investment Trusts	0.7
Net Current Assets	1.6
Total	100.0

Ten Largest Equity Investments
Company	Total assets (%)
British American Tobacco	5.6
AstraZeneca	4.9
Lloyds Banking Group	4.7
HSBC Holdings	4.6
RELX	4.2
BT Group	4.1
Wolseley	3.9
Royal Dutch Shell ‘B’	3.5
Legal & General Group	3.5
Aviva	3.4

Commenting on the markets, Adam Avigdori and Mark Wharrier representing the Investment Manager noted: The Company’s NAV rose by 5.1%* in October 2015, outperforming its benchmark, the FTSE All-Share Index which rose by 4.7%. Year to date, the NAV has returned 8.8%*, significantly outperforming the FTSE All Share which returned 1.7%. Equities rebounded strongly during October with the FTSE All Share returning 4.7%, bringing the year to date market return back into positive territory (1.7%). Within the portfolio, the largest contributor to performance came from the holding in Hargreaves Lansdown, which reported strong third quarter results due to record new business inflows.  Intercontinental Hotels Group reported a confident outlook and the company finalised the disposal of Intercontinental Hong Kong. BT Group also announced positive quarterly results and was further boosted after being provisionally cleared for the takeover of EE Group. Other contributors to outperformance over the month came from the holdings in Provident Financial, Legal & General Group and Admiral Group. Over the month, the largest detractor to relative performance came from our position in recruitment company Hays, which fell on European weakness and economic uncertainty. Barclays fell after reporting weaker than expected third quarter profits, reflecting short term trends seen across European investment banks. Elsewhere RELX and Wolseley, despite producing positive returns, lagged the market rally. Over the month we have opened new positions in John Laing and Provident Financial and added to our current holdings in Intercontinental Hotels Group, BT Group and Wolseley. We have reduced our holdings in Imperial Tobacco, Next and BHP Billiton and sold smaller positions in IMI and Pearson. We continue to focus on the specific drivers of individual companies and the ability to determine their future rather than relying on a specific macro outcome. Given the outlook for both economic growth and interest rates remains uncertain, we seek those companies that can drive returns through self-help and have a clear strategy to deploy the cashflow they generate. The portfolio is primarily invested in high free cash flow companies that can sustain cash generation and pay a growing dividend yield, but also has exposure to companies with sustainable growth franchises and turnaround situations. * NAV - Inc. performance. 26 November 2015