Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc All information is at31 July 2015 and unaudited. Performance at month end with net income reinvested

	One Month	Three Months	Six Months	Since Launch (24 Oct 2012)
Net asset value	2.5%	-0.7%	1.2%	37.3%
Share price	5.5%	-1.2%	-0.3%	25.8%
Russell 1000 Value Index	1.2%	-1.9%	0.1%	56.5%
Source: BlackRock

At month end
Net asset value – capital only:	122.04p
Net asset value – cum income:	123.58p
Share price:	115.00p
Discount to cum income NAV:	6.9%
Net yield*:	3.7%
Total assets including current year revenue:	£99.7m
Target yield:	4.3p
Gearing:	Nil
Options overwrite:	14.82%
Ordinary shares in issue:	80,039,044
Ordinary shares held in treasury	20,322,261
Ongoing charges**:	1.3%

* Based on dividends of 1.10p per share each declared on 6 May 2015 and 5 August 2015 and 1.00p per share each declared on 6 November 2014 and 12 February 2015.

** Ongoing charges represent the management fee and all other operating expenses excluding interest as a % of average shareholders’ funds for the year ended 31 October 2014.

Benchmark
Sector Analysis	Total Assets (%)
Financials	27.0
Industrials	14.1
Health Care	14.0
Consumer Discretionary	8.2
Energy	8.1
Consumer Staples	7.5
Information Technology	7.3
Utilities	5.7
Materials	4.0
Telecommunication Services	2.4
Net current assets	1.7
	-----
	100.0
	=====

Country Analysis	Total Assets (%)
USA	95.2
France	1.5
United Kingdom	0.7
Australia	0.4
Canada	0.3
Netherlands	0.2
Net current assets	1.7
	-----
	100.0
	=====

Ten Largest Investments
Company	Country of Risk	Total Assets (%)
JPMorgan Chase	USA	4.2
Wells Fargo	USA	4.0
Citigroup	USA	3.3
Home Depot	USA	2.7
Pfizer	USA	2.7
General Electric	USA	2.6
Merck	USA	2.3
Exxon Mobil	USA	2.2
United Health	USA	2.2
Microsoft	USA	2.2

Bob Shearer and Tony DeSpirito, representing the Investment Manager, noted:

Performance

For the one month period ended 31 July 2015, the Company’s NAV increased by 2.5% whilst the share price increased by 5.5% (all in sterling).  The Company’s benchmark, the Russell 1000 Value Index, gained 1.2% for the period.

The largest contributor to relative returns was a combination of stock selection and an underweight to the energy sector.  Notably, our underweight to the exploration & production and equipment & services industries contributed positively, as did our position in non-benchmark holding Marathon Petroleum.  Stock selection in industrials also added to relative performance as our aerospace & defence holdings Raytheon, Lockheed Martin and Northrup Grumman benefited from better than expected quarterly earnings reports and improving guidance.  Stock selection in consumer discretionary and consumer staples also contributed to relative performance for the month.

The largest detractor from relative performance in July was our allocation and stock selection decisions in the financials sector.  Notably, not owning benchmark holding Berkshire Hathaway, a non-dividend payer, and our underweight to the real estate investment trusts industry proved to be costly.  Stock selection in health care and information technology, as well as our overweight to materials, also modestly hurt relative returns for the month.

Transactions/Options

Transactions:  Relatively few changes were made to the portfolio during the month.  Notably, within energy, we increased our allocation to Exxon Mobil and decreased our exposure to Chevron.  We also trimmed our exposure to pharmaceuticals manufacturer, Bristol-Myers Squibb, during the month.

As at 31 July 2015, the Company’s options exposure was 14.82% and the delta of the options was 90.76%.

Positioning

The Company is currently overweight to the industrials, health care, consumer discretionary, materials and consumer staples sectors.  We maintain a neutral weighting in telecommunication services and are underweight to the energy, financials, information technology and utilities sectors.

20 August 2015

Latest information is available by typing blackrock.co.uk/brna 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 the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.