Portfolio Update

BLACKROCK INCOME STRATEGIES TRUST PLC
All information is at 31 March 2015 and unaudited.

Performance at month end with net income reinvested
                           One     Three     One     Three     Five             Since
                         Month    months    year     years    years    appointment of
                                                                            Incumbent
                                                                              Manager*
Share price              -2.5%      1.1%    1.0%     19.3%    40.2%             -2.1%
Net asset value          -2.1%      3.6%    3.0%     22.9%    35.7%             -2.1%
CPI                       0.2%      0.2%     n/a       n/a      n/a               n/a   
Composite index**          n/a      5.3%    9.2%     38.7%    52.5%               n/a

Source: BlackRock

*BlackRock took over the investment management of the Company with effect from
27 February 2015.
**A composite index of 80% FTSE All-Share Index and 20% FTSE World (ex UK)
Index was used as a benchmark for the Company up to 26 February 2015 and has
been shown above for periods in excess of one month performance for comparative
purposes.

At month end

Net asset value incl. Income (debt at fair value): 140.64p
Share price:                                       131.25p
Discount to Cum Income NAV (debt at fair value):      6.7%
Total assets (including income):                   £482.1m
Net Cash:                                           22.97%
Net yield***:                                         4.9%
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.

Commenting on the portfolio, Adam Ryan, representing the Investment Manager
noted:

Portfolio Structure:

Portfolio Structure as at 31st March 2015

Equities (Income & Growth) 52.5%
Equities (Tactical)        11.7%
Fixed Income               12.0%
Alternatives                6.4%
Cash Equivalents           17.4%

Source: BlackRock

Portfolio Strategy
We have adopted a multi-asset approach, designed to deliver consistent, long
term income to shareholders. The portfolio has been divided into equities (both
as core and tactical holdings), global fixed income and alternatives (which
are, at present, all listed or accessed via index strategies). The residual is
held in cash which is used to ensure appropriate liquidity for future
investment plans, as margin for derivatives and to manage risk.

Equities (Income & Growth)
Approximately 40% of the overall portfolio has been allocated to UK equities
which is actively managed by the BlackRock fundamental active UK equity team.
To complement this allocation, another 12.5% has been allocated to
international equities with a focus on dividend stocks. Regional tilts to Asia
have been added to enhance the long-term growth potential versus a purely
domestic/developed market exposure. To enhance yield and to provide some
protection the team has deployed options strategies across liquid, developed
markets.

Equities (Tactical)
Whilst Greece and the UK elections dominate the headlines, the European economy
is showing some improvement. The team has implemented tactical exposures to UK
domestic stocks and stocks that generate their revenues from the Eurozone. In
addition, with downward pressure on oil prices providing opportunities at the
regional and sector level, they have allocated some exposure to India, and a
basket of `oil beneficiaries', screened for their improved prospects in a world
where oil prices are set to remain relatively low.

Fixed Income
With yields at low levels across developed markets and little reward for taking
large amounts of credit risk, the portfolio has a small allocation to fixed
income with a bias towards global corporate bonds. Whilst the team appreciates
the long-term diversification benefits of fixed income, they believe that there
are downside risks in a year that could see the Federal Reserve in the US
increase interest rates. To enhance yield the portfolio has a small exposure to
Brazilian bonds.

Alternatives
The Company's alternative exposure, which is currently less than 10% of the
portfolio, includes listed alternatives with a bias towards those paying a
strong income yield. The portfolio also holds volatility-based strategies that
seek to exploit inefficiencies across derivatives markets.

Gearing and Cash
Gross gearing in the portfolio is 14.1% via the Company's 6.25% Bonds 2031.
Total borrowings (including the Bonds) would not normally be expected to exceed
20 per cent of shareholders' funds. The portfolio is not currently geared
through the use of derivatives but the team will consider increasing exposure
when suitable opportunities arise. Total gearing, including net derivative
exposure, would not normally be expected to result in a net economic equity
exposure in excess of 120 per cent.

The cash breakdown is set out below:

Cash Breakdown
FX -0.4%
Synthetic Cash (Shorts offset) -13.7%
Synthetic Cash (margin) 1.0%
Physical Cash 30.5%

Source: BlackRock

The allocation to cash reflects the cautious approach adopted since BlackRock
took over as investment manager. The recent episode of volatility should
present growth and income opportunities going forward and the portfolio is well
positioned to deploy capital when these opportunities arise.

Outlook
In summary, the portfolio management team are proceeding with cautious optimism
that income and growth opportunities are available to the multi-asset investor.
2015 is likely to continue to see greater episodes of volatility than previous
years. Interest rate rises, elections, the strong dollar and oil market price
falls will have an impact on the corporate sector and they are monitoring these
developments carefully. Whilst all of these dynamics require more tactical
positioning and careful monitoring, rising volatility and increased divergence
across central bank policy will present cross-asset opportunities.

30 April 2015