Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 31 May 2016 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	2.3%	4.8%	-2.9%	22.9%	57.5%	46.0%
Net asset value	2.6%	2.4%	-2.3%	24.7%	46.5%	43.9%
FTSE All-Share Total Return	0.7%	3.8%	-6.3%	9.6%	32.5%	31.2%
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:	179.26p
Net asset value - cum income*:	183.22p
Share price:	180.00p
Total assets (including income):	£49.4m
Discount to cum-income NAV:	1.8%
Net Cash:	0.8%
Net yield**:	3.3%
Ordinary shares in issue***:	25,879,268
Gearing range (as a % of net assets)	0-20%
Ongoing charges****:	1.2%

* includes net revenue of 3.96 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 3.60p per share in respect of the year ended 31 October 2015.

*** excludes 7,054,664 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 2015.

Benchmark
Sector Analysis	Total assets (%)
Banks Pharmaceuticals & Biotechnology Media Support Services	10.3 9.8 9.1 8.7
Travel & Leisure	8.7
Tobacco	8.0
Financial Services	6.2
Oil & Gas Producers	5.4
General Retailers	4.7
Food Producers	4.5
Fixed Line Telecommunications	4.2
Non-Life Insurance	3.6
General Industrials	2.9
Life Insurance	2.7
Technology & Hardware Equipment	2.0
Real Estate Investment Trusts	1.9
Real Estate Investment & Services Construction & Materials	1.6 0.9
Net Current Assets	4.8
Total	100.0

Ten Largest Equity Investments
Company	Total assets (%)
Lloyds Banking Group	5.6
British American Tobacco	5.6
AstraZeneca	4.6
Unilever	4.5
BT Group	4.2
RELX	3.4
Royal Dutch Shell ‘B’	3.3
Wolseley	3.1
Sky	3.0
GlaxoSmithKline	3.0

Commenting on the markets, Adam Avigdori and Mark Wharrier representing the Investment Manager noted:

The UK Equity market continued to strengthen during May, although the leadership within the stock market was notably different from Q1. The monthly US Federal Reserve minutes were more hawkish than expected which caused an increase in both short term US interest rate expectations and the US dollar.  This led to a reversal in commodity and oil related sectors which had been strong performers in 2016.  During the month the NAV rose by 2.6%* whilst the FTSE All Share Index returned +0.7%.  The IA Income Sector returned +1.5% over the same period. The mining sector was the weakest sector and consequently the strongest contributor to relative performance given the absence of holdings.  Financial companies were also strong contributors during the month including Lloyds Banking Group and Admiral Group.  There were also positive contributions from RPC (plastic packaging), Cineworld (cinema operator) and John Laing Group (infrastructure owner and operator). During the month we established a new position in Inchcape, added to holdings in ITV, Foxtons Group and Next and exited the holding in Aviva.  We continue to add to selected domestic cyclical companies where after a period of share price weakness, valuations do not reflect long term cash generation prospects. Markets continue to behave in a skittish manner on a month to month basis, with every macro data point subject to an unusually high degree of scrutiny.  While there are inflationary cost pressures starting to build up in some areas, the wider macroeconomic environment continues to be subdued and sovereign bond markets indicate these trends will continue for some time.  Our approach continues to focus on those companies that can generate cashflow growth from a robust business model, favourable industry characteristics or scope for management self-help.  Despite the unsettling degree of market volatility in the short term we continue to find opportunities in companies with these characteristics. * NAV - Inc. performance.

13 June 2016