Portfolio Update

BLACKROCK INCOME STRATEGIES TRUST PLC
All information is at 31 July 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	2.2%	5.7%	6.9%	34.5%		47.6%	3.5%
Net asset value	2.4%	-0.1%	1.6%	31.5%		46.2%	-1.8%
CPI +4%	0.2%	1.1%	N/A	N/A		N/A	2.1%
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):					139.32p
Share price:					137.00p
Discount to Cum Income NAV (debt at fair value):					1.7%
Total assets (including income):					£456.5m
Net Cash*:					4.6%
Net yield**:					4.8%
2014 Ongoing charges ratio***:					0.65%
* Calculated per AIC guidelines as net current assets, plus cash funds less 6.25% Bond 2031.
** 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	64.44
Emerging Market Equities	1.14
Government Bonds	9.96
Non-government Bonds	8.09
Other Derivatives	-0.74
Cash* (net of derivative cover)	17.11
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	100.00
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Geographical Analysis	% of portfolio assets
Europe	15.14
United Kingdom	54.26
North America	5.17
Australasia	4.62
Emerging Markets	4.44
Other Derivatives	-0.74
Cash*	17.11
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	100.00
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* Cash of 17.11% is held predominantly to back gross economic exposures obtained through options and other derivative instruments.
Commenting on the markets, Adam Ryan, representing the Investment Manager noted:
During the month of July, the Company benefitted from exposure to developed market equities and currencies whilst portfolio exposure to emerging markets detracted. Within developed market equities, security selection within our UK equity income strategy was a notable contributor to performance. We continue to focus on maintaining income and growth strategies across multiple asset classes. Recently we have added to income seeking strategies within corporate bond markets and tactically reduced our equity exposure. After a volatile period, equities and bonds stabilized somewhat as tensions involving Greece and the composition of the Eurozone eased. While we see increased volatility across asset classes in the near-term, depressed yields and demographic factors should translate into continued demand for income yielding assets over the long-term.
27 August 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.