Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc All information is at30 November 2015 and unaudited. Performance at month end with net income reinvested

	One Month	Three Months	Six Months	One Year	Since Launch (24 Oct 2012)
Net asset value	3.4%	7.6%	1.0%	4.9%	42.0%
Share price	-0.1%	3.0%	-1.1%	-1.0%	24.7%
Russell 1000 Value Index	3.0%	7.0%	-1.8%	2.9%	59.8%
Source: BlackRock

At month end
Net asset value – capital only:	124.45p
Net asset value – cum income:	125.52p
Share price:	111.75p
Discount to cum income NAV:	11.0%
Net yield*:	3.9%
Total assets including current year revenue:	£98.8m
Target yield:	4.3p
Gearing:	Nil
Options overwrite:	16.14%
Ordinary shares in issue**:	78,739,044
Ongoing charges***:	1.3%

* Based on dividends of 1.10p per share each declared on 4 November 2015, 5 August 2015 and 6 May 2015 and 1.00p per share declared on 12 February 2015. ** Excluding 21,622,261 ordinary shares held in treasury.

*** 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	26.4
Health Care	13.9
Industrials	13.3
Information Technology	9.6
Energy	9.5
Consumer Discretionary	7.9
Consumer Staples	7.7
Utilities	5.6
Materials	4.2
Telecommunication Services	2.5
Net current liabilities	(0.6)
	-----
	100.0
	=====

Country Analysis	Total Assets (%)
USA	96.6
France	1.6
United Kingdom	1.3
Australia	0.3
Canada	0.3
China	0.3
Netherlands	0.2
Net current liabilities	(0.6)
	-----
	100.0
	=====

Ten Largest Investments
Company	Country of Risk	Total Assets (%)
JPMorgan Chase	USA	4.3
Wells Fargo	USA	3.9
Citigroup	USA	3.2
General Electric	USA	3.2
Pfizer	USA	3.1
Home Depot	USA	3.0
Exxon Mobil	USA	2.5
Intel	USA	2.4
Microsoft	USA	2.3
UnitedHealth Group	USA	2.1

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

Performance

Performance For the one month period ended 30 November 2015 the Company’s NAV increased by 3.4% while the share price declined by -0.1% (all in sterling). The Company’s benchmark, the Russell 1000 Value Index, gained 3.0% for the period.  The largest contributor to relative returns was stock selection in the energy sector; in particular, our overweight to refiner Marathon Petroleum (+16.4%) proved to be beneficial.  Stock selection in consumer discretionary also added to relative performance as non-benchmark holding Home Depot outperformed after exceeding quarterly earnings estimates.  Lastly, stock selection in the financials sector added to relative performance for the month. The largest detractor from relative performance was stock selection in health care.  Notably, our overweight to the health care providers & services industry and underweight to the life sciences tools & services industry hurt relative returns within the sector.  Stock selection in industrials also dampened relative returns, particularly in the road & rail industry.  Lastly, stock selection in telecom services detracted from relative returns for the month. Transactions/Options Transactions: There were no notable changes made to the portfolio during the month. Options:  As of 30 November 2015, the Company’s options exposure was 16.14% and the delta of the options was 91.43%.  Positioning The Company is currently overweight to the industrials, consumer discretionary, health care, materials and consumer staples sectors.  We maintain a neutral weighting in telecom services and are underweight to the financials, energy, information technology, and utilities sectors.

14 December 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.