Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc All information is at30 September 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	-1.3%	-2.8%	-8.3%	2.6%	30.2%
Share price	-4.7%	-3.3%	-10.9%	-0.7%	15.4%
Russell 1000 Value Index	-1.5%	-4.9%	-10.1%	2.3%	47.1%
Source: BlackRock

At month end
Net asset value – capital only:	114.83p
Net asset value – cum income:	116.13p
Share price:	104.38p
Discount to cum income NAV:	10.1%
Net yield*:	4.0%
Total assets including current year revenue:	£92.9m
Target yield:	4.0p
Gearing:	Nil
Options overwrite:	16.31%
Ordinary shares in issue**:	80,039,044
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. ** Excluding 20,322,261 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.

Sector Analysis	Total Assets (%)
Financials	25.9
Industrials	14.5
Health Care	13.3
Information Technology	9.0
Energy	8.9
Consumer Staples	7.9
Consumer Discretionary	7.3
Utilities	6.1
Materials	3.8
Telecommunication Services	2.6
Net current assets	0.7
	-----
	100.0
	=====

Country Analysis	Total Assets (%)
USA	95.7
France	1.5
United Kingdom	1.0
Australia	0.4
Canada	0.3
China	0.2
Netherlands	0.2
Net current assets	0.7
	-----
	100.0
	=====

Ten Largest Investments
Company	Country of Risk	Total Assets (%)
JPMorgan Chase	USA	4.1
Wells Fargo	USA	3.9
Citigroup	USA	3.1
General Electric	USA	2.9
Pfizer	USA	2.7
Exxon Mobil	USA	2.5
Home Depot	USA	2.4
United Health	USA	2.3
Intel	USA	2.3
Microsoft	USA	2.3

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

Performance   For the one month period ended 30 September 2015 the Company’s NAV decreased by 1.3% while the share price decreased by 4.7% (all in sterling terms).  The Company’s benchmark, the Russell 1000 Value Index, fell by 1.5% for the period.  The largest contributor to relative returns was stock selection in industrials; in particular, our overweight to the aerospace & defence industry contributed positively.  A combination of stock selection and an underweight to the energy sector also added to relative returns as our selective exposure to independent oil & gas operators proved to be beneficial.  Stock selection in consumer staples, health care and information technology also added positively to relative returns. The largest detractor from relative performance for the month was stock selection in the financials sector.  Notably, our underweight to the real estate investment trust industry proved to be costly, as did stock selection within the banks and insurance industries.  An overweight to materials also modestly hurt relative returns for the period. Transactions/Options Transactions: During the month, we increased our exposure to the information technology sector by initiating a position in Lenovo Group.  We also increased our utilities exposure by initiating positions in electric utilities Exelon Corp and Public Service Enterprise Group. Conversely, we reduced our allocation within consumer discretionary by trimming our position in The Home Depot. Options:  As of 30 September 2015, the Company’s options exposure is 16.31% and the delta of the options is 93.56%.  Positioning We are 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.

16 October 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.