Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc All information is at31 December 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	0.9%	10.1%	7.0%	5.0%	43.3%
Share price	2.5%	10.8%	7.1%	1.4%	27.8%
Russell 1000 Value Index	-0.1%	8.6%	3.3%	1.7%	59.7%
Source: BlackRock

At month end
Net asset value – capital only:	125.18p
Net asset value – cum income:	126.68p
Share price:	114.50p
Discount to cum income NAV:	9.6%
Net yield*:	3.8%
Total assets including current year revenue:	£97.5m
Target yield:	4.4p
Gearing:	0.7%
Options overwrite:	15.83%
Ordinary shares in issue**:	76,989,044
Ongoing charges***:	1.24%

* 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 23,372,261 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 2015.

Sector Analysis	Total Assets (%)
Financials	26.1
Health Care	14.2
Industrials	13.1
Information Technology	9.8
Energy	9.4
Consumer Staples	8.0
Consumer Discretionary	7.7
Utilities	5.9
Materials	4.0
Telecommunication Services	2.5
Net current liabilities	(0.7)
	-----
	100.0
	=====

Country Analysis	Total Assets (%)
USA	96.8
France	1.5
United Kingdom	1.3
China	0.3
Canada	0.3
Australia	0.3
Netherlands	0.2
Net current liabilities	(0.7)
	-----
	100.0
	=====

Ten Largest Investments
Company	Country of Risk	Total Assets (%)
JPMorgan Chase	USA	4.3
Wells Fargo	USA	4.0
General Electric	USA	3.4
Citigroup	USA	3.2
Pfizer	USA	3.1
Home Depot	USA	2.6
Exxon Mobil	USA	2.5
Intel	USA	2.5
Microsoft	USA	2.4
Merck	USA	2.2

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

Performance For the one month period ended 31 December 2015, the Company’s NAV increased by 0.9% while the share price increased by 2.5% (all in sterling).  The Company’s benchmark, the Russell 1000 Value Index, declined by -0.1% for the period.  The largest contributor to relative performance was a combination of stock selection and an underweight to the energy sector; in particular, not owning benchmark holding Kinder Morgan proved to be beneficial. Stock selection in industrials also contributed positively, led by overweight positions in aerospace & defence operators Raytheon and Northrop Grumman.  A combination of stock selection and an overweight to health care and stock selection in consumer discretionary also added to relative returns for the month. The largest detractor from relative performance was an underweight to the real estate investment trusts industry.  A combination of stock selection and an underweight to information technology also hurt relative returns, as did stock selection in telecommunication services.  An overweight to materials also modestly detracted from relative performance for the period. Transactions/Options Transactions: During the month, we increased our exposure to the health care sector by initiating a new position in Aetna and increasing our allocation to Anthem.  These trades were sourced with cash as well as through trimming our exposure to health care holding UnitedHealth Group.  We also initiated a new position in Pioneer Natural Resources, an energy exploration and production operator, and eliminated our position in insurer ACE Limited. Options:  As of 31 December 2015, the Company’s options exposure is 15.83% and the delta of the options is 94.01%.  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.

19 January 2016

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.