Portfolio Update

BLACKROCK INCOME STRATEGIES TRUST PLC
All information is at 31 May 2015 and unaudited.
Performance at month end with net income reinvested
	One	Three	One	Three		Five	Since
	Month	months	year	years		years	Inception*
Share price	5.9%	3.7%	3.2%	44.6%		60.9%	3.7%
Net asset value	1.4%	-0.4%	2.5%	41.4%		50.0%	-0.4%
CPI	0.2%	0.7%	N/A	N/A		N/A	0.7%
Sources: BlackRock
*BlackRock took over the investment management of the Company with effect from 27 February 2015.
At month end
Net asset value incl. Income (debt at fair value):					143.06p
Share price:					139.00p
Discount to Cum Income NAV (debt at fair value):					2.8%
Total assets (including income):					£486.9m
Net Cash:					8.04%
Net yield**:					4.7%
2014 Ongoing charges ratio***:					0.65%
** yield calculations are based on dividends announced in the last 12 months as at the date of release of this announcement.
*** Calculated as a percentage of average net assets and using expenses excluding interest costs for the year ended 30 September 2014.

Asset Allocation	% of portfolio assets
Developed Market Equities	59.86
Emerging Market Equities	2.24
Government Bonds	7.26
Non-government Bonds	11.87
Other Derivatives	-0.34
Cash*	19.11
	------
	100.00
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Geographical Analysis	% of portfolio assets
Europe	15.70
United Kingdom	54.47
North America	2.53
Australasia	2.86
Emerging Markets	5.67
Other Derivatives	-0.34
Cash*	19.11
	------
	100.00
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* Cash of 19.11% includes cash held to back gross economic exposures obtained through options and other derivative instruments of approximately 12.19%.
Commenting on the markets, Adam Ryan, representing the Investment Manager noted:
During the month of May, the Company benefited from its broad exposure to UK equities, which outperformed many developed markets over the period. Whilst the start of the month was dominated by the General Election, post the surprising majority Conservative win, markets were predominantly driven by UK domestic stocks as a hung parliament was avoided. In addition, our exposure to European and Indian stocks contributed positively to performance over the period. Fixed income exposures had a negative impact on performance, as volatility across government bond and credit markets persisted throughout May. Currency positioning was profitable as the USD appreciated versus sterling.
29 June 2015
ENDS
Latest information is available by typing www.blackrock.co.uk/bist on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal). Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on BlackRock’s website (or any other website) is incorporated into, or forms part of, this announcement.