Portfolio Update

BLACKROCK INCOME STRATEGIES TRUST PLC
All information is at 31 March 2016 and unaudited.
Performance at month end with net income reinvested
	One	Three	Six	One		Since
	Month	months	months	year		27 February 2015*
Share price	2.4%	-9.2%	-4.8%	-3.0%		-5.0%
Net asset value	0.9%	-5.5%	-0.9%	-6.6%		-8.6%
Net asset value (before deduction of ongoing charges)	0.8%	-5.3%	-0.6%	-5.9%		-7.9%
CPI+4%**	0.7%	0.9%	2.0%	4.5%		5.0%
Sources: BlackRock, Office of National Statistics
*BlackRock took over the investment management of the Company and the Company’s investment policy and objective were changed with effect from 27 February 2015.  Consequently, performance data for the period preceding this is no longer relevant to the Company’s current mandate and has not been provided.
** The Company’s investment objective is, over the medium term (5 to 7 years), to aim to preserve capital in real terms and to grow the dividend at least in line with inflation. The Company targets a total portfolio return of UK Consumer Price Index (“CPI”) plus 4 per cent. per annum (before ongoing charges) over a 5 to 7 year cycle. The percentage calculations given for CPI+4% above are for information purposes.
At month end
Net asset value incl. Income (debt at fair value):					124.85p
Share price:					121.00p
Discount to Cum Income NAV (debt at fair value):					3.1%
Total assets (including income):					£416.3m
Net yield*:					5.5%
2015 Ongoing charges ratio**:					0.68%
* 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 finance costs and taxation for the year ended 30 September 2015.
Portfolio analysis (as a % of Gross assets)
Equities						35.3
UK Equities						26.7
Overseas Developed Market Equities						5.5
Emerging Markets Equities						3.1
Volatility Strategies						8.9
Fixed Income						33.4
International Government Bonds UK Government Bonds						12.0 3.9
Investment Grade Corporate Bonds						5.9
High Yield Bonds						11.6
Alternatives						11.5
Listed Alternatives Unlisted Alternatives Commodities						8.6 2.9 5.3
Cash Equivalents						5.6
Physical Cash*						9.3
Synthetic Cash (held to back derivative exposures)						-3.7
* Cash of 9.3% is before adjusting for cash held to back gross economic exposures obtained through derivative instruments of approximately -3.7%. The Company also has a 6.25% Bond 2031 in issue, which equates to 16.7% of the Company’s net assets.
Commenting on the markets, Adam Ryan, representing the Investment Manager noted:
In March, the elevated market volatility, which had been present since the beginning of the year, reduced somewhat. Exposure to developed market equities and credit supported performance during the period. We proceed with some caution, but we believe there are pockets of opportunity within developed markets to generate long-term income and capital growth.
19 April 2016
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.