Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 30 November 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	1.4%	5.2%	10.8%	51.3%	59.8%	57.6%
	Net asset value	2.1%	5.0%	10.2%	39.9%	49.7%	63.0%
	FTSE All-Share Total Return	0.6%	2.4%	0.6%	26.2%	32.3%	45.2%
	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:	186.69p
Net asset value - cum income*:	191.45p
Share price:	186.75p
Total assets (including income):	£52.2m
Discount to cum-income NAV:	2.5%
Net Cash:	0.9%
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 4.76 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	11.7
Support Services	9.2
Travel & Leisure	8.1
Tobacco	7.7
Pharmaceuticals & Biotechnology	7.6
Life Insurance	7.1
Media	6.9
Oil & Gas Producers	6.4
Financial Services	6.0
General Retailers	4.6
Fixed Line Telecommunication	4.3
Non Life Insurance	3.9
Mining	2.9
Food Producers	2.9
Technology & Hardware Equipment	1.9
Industrial Engineering	1.4
General Industrials	1.1
Software & Computer Services	0.9
Real Estate Investment Trusts	0.7
Net Current Assets	4.7
Total	100.0

Ten Largest Equity Investments
Company	Total assets (%)
British American Tobacco	5.5
AstraZeneca	5.2
HSBC Holdings	4.7
Lloyds Banking Group	4.6
BT Group	4.3
RELX	4.2
Wolseley	3.9
Legal & General Group	3.6
Aviva	3.5
Royal Dutch Shell ‘B’	3.4

Commenting on the markets, Adam Avigdori and Mark Wharrier representing the Investment Manager noted: The Company’s NAV rose by 2.1%* in November 2015, outperforming the benchmark, the FTSE All-Share Index which rose by 0.6%. In the calendar year to date, the NAV has returned 11.0%*, significantly outperforming the FTSE All-Share Index which returned 2.3%. Company Portfolio The portfolio produced strong positive outperformance from a mixture of holdings. The largest contributor to performance came from our holding in AstraZeneca, which surged after receiving FDA approval for its cancer treatment drug Tagrisso. Shares in BT group rose as regulatory fears eased during the month and speciality chemicals company, Bodycote, released a robust trading update despite a deteriorating environment. John Laing Group, the infrastructure fund manager, and a recent purchase, performed strongly as a technical overhang of shares began to fall. RELX held an investor day which highlighted the long term potential of the group’s databases and technologies. Other positive returns came from our holdings in Aviva, ARM Holdings, Legal and General Group and Hays. Over the month, the largest detractors to relative performance came from not holding positions in Vodafone or BAE which rebounded over the month. Our holding in Rio Tinto detracted during the month, falling with the other names in the sector. However, our underweight position in the mining sector continued to add value. During the month we opened a new position in Softcat, a leading provider of IT infrastructure, and added to our current holdings in John Laing Group, Intercontinental Hotels Group and Unilever. We have reduced our holding in Carnival and sold positions in BHP Billiton and Worldpay. 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. 18 December 2015