Portfolio Update

BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

All information is at 30 April 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	-0.9%	3.4%	-3.0%	26.2%	54.0%	44.0%
Net asset value	-0.8%	0.2%	-2.4%	25.3%	42.8%	39.7%
FTSE All-Share Total Return	1.1%	3.9%	-5.7%	12.0%	31.6%	29.4%
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:	175.26p
Net asset value - cum income*:	178.56p
Share price:	176.00p
Total assets (including income):	£48.8m
Discount to cum-income NAV:	1.4%
Net Cash:	2.0%
Net yield**:	3.4%
Ordinary shares in issue***:	26,229,268
Gearing range (as a % of net assets)	0-20%
Ongoing charges****:	1.2%

* includes net revenue of 3.30 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 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 2015.

Benchmark
Sector Analysis	Total assets (%)
Banks Pharmaceuticals & Biotechnology Travel & Leisure Support Services	10.0 9.9 9.3 8.5
Tobacco	8.0
Media	7.7
Financial Services	6.0
Oil & Gas Producers	5.8
Life Insurance	4.8
Food Producers	4.4
Fixed Line Telecommunications	4.2
Non-Life Insurance	3.4
General Retailers	3.0
General Industrials	2.6
Technology & Hardware Equipment	2.0
Real Estate Investment Trusts	1.9
Real Estate Investment & Services Construction & Materials	1.0 0.9
Software & Computer Services	0.6
Net Current Assets	6.0
Total	100.0

Ten Largest Equity Investments
Company	Total assets (%)
British American Tobacco	5.6
Lloyds Banking Group	5.3
AstraZeneca	4.6
Unilever	4.5
BT Group	4.2
Royal Dutch Shell ‘B’	3.6
RELX	3.3
GlaxoSmithKline	3.0
Wolseley	2.9
Sky	2.7

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

In April, the UK stock market rose, driven by continued outperformance of resources companies, particularly the mining sector. Supportive trade data from China helped sentiment: China reported a rise in exports reversing the recent negative trend. Expectations for interest rate rises by the US Federal Reserve were dampened following communications by Janet Yellen at the end of March and a dovish Federal Reserve statement at the end of April. Weakness in the US dollar continued whilst the Japanese Yen strengthened as the Bank of Japan surprised by not taking further monetary easing policy action. Over the month, the NAV fell by 0.8%* whilst the FTSE All Share Index returned +1.1%. The IA Income Sector returned -0.1% over the same period. In April, the miners continued to retrace their losses of the fourth quarter of 2015 and the Oil sector rallied from its lows.  As the Portfolio is positioned away from companies that rely on a continuing high commodity price environment, this acted as a material drag on relative performance. Carnival saw a higher oil price impact shares, whilst the company continues to point to improving revenue and a confident earnings outlook and the Company’s holding in RELX fell though no company specific news was announced. Over the month, the Company’s top performer was our turnaround company Barclays Group, where first quarter revenues exceeded expectations. Shire saw a recovery in the share price, with first quarter earnings towards the top of market expectations. Earlier this year the shares had been weak on its proposed acquisition of Baxalta, and we used that as an opportunity to re-open a position in the company. During the month we opened new positions in Foxtons and ITV and added to our current holdings in John Laing Group and Next whilst reducing our holdings in Aviva and AstraZeneca. Eurozone economic activity is showing signs of improvement as the European Central Bank starts quantitative easing, whilst in the US the ending of quantitative easing is contributing to uncertainty. Given the overall economic environment continues to be fragile, 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. 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 May 2016