Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc All information is at30 June 2016 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	9.7%	12.2%	15.6%	23.7%	65.7%
Share price	4.4%	9.8%	16.6%	24.9%	48.9%
Russell 1000 Value Index	9.8%	12.4%	17.2%	21.0%	87.1%
Source: BlackRock

At month end
Net asset value – capital only:	142.22p
Net asset value – cum income:	143.84p
Share price:	131.00p
Discount to cum income NAV:	8.9%
Net yield*:	3.4%
Total assets including current year revenue:	£100.0m
Gearing:	Nil
Options overwrite:	18.72%
Ordinary shares in issue**:	69,549,044
Ongoing charges***:	1.24%

* Based on dividends of 1.20p per share declared on 4 May 2016 and 1.10p per share declared on 18 February 2016, 4 November 2015 and 5 August 2015. ** Excluding 30,812,261 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.

Benchmark
Sector Analysis	Total Assets (%)
Financials	23.9
Health Care	14.9
Industrials	12.1
Energy	11.4
Information Technology	10.1
Consumer Staples	7.6
Consumer Discretionary	7.3
Utilities	5.9
Materials	3.3
Telecommunication Services	2.4
Net current assets	1.1
	-----
	100.0
	=====

Country Analysis	Total Assets (%)
USA	93.2
United Kingdom	1.9
France	1.6
Canada	1.1
Netherlands	0.8
China	0.3
Net current assets	1.1
	-----
	100.0
	=====

Ten Largest Investments
Company	Country of Risk	Total Assets (%)
Pfizer	USA	3.7
JPMorgan Chase	USA	3.3
General Electric	USA	3.3
Wells Fargo	USA	3.1
Intel Corporation	USA	2.5
Exxon Mobil	USA	2.4
Dollar General	USA	2.2
Bank of America	USA	2.1
Occidental Petroleum	USA	2.1
Merck	USA	2.1

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

Performance For the one month period ended 30 June 2016, the Company’s NAV increased by 9.7% whilst the share price increased by 4.4% (all in sterling).  The Company’s benchmark, the Russell 1000 Value Index, gained 9.8% for the period.  The largest contributor to relative performance during the month was stock selection in the industrials sector.  Notably, stock selection in the aerospace & defence industry proved to be beneficial, as did ownership of non-benchmark holding United Parcel Service.  Stock selection in consumer discretionary also added to relative performance, led by non-benchmark holding Dollar General Corporation.  Lastly, stock selection in information technology, health care and energy also contributed positively to relative returns for the month. The largest detractor from relative performance was a combination of stock selection and allocation decisions in the financial sector.  Falling U.S. interest rates negatively impacted our overweight positions in life insurers MetLife and Prudential Financial, as well as our overweight to the banks, notably SunTrust Banks, Bank of America, and JPMorgan Chase & Co.  An underweight to real estate investment trusts also detracted from relative returns within the sector.  Lastly, stock selection in materials weighed on relative performance for the month. Transactions/Options Transactions: During June, we increased our allocation to the energy sector by adding to our position in Suncor Energy. Conversely, we reduced our industrials exposure by exiting our position in United Technologies Corporation. Other transactions during the month took place within sectors.  In consumer staples, we trimmed our allocation to Procter & Gamble and added to our position in Unilever. In utilities, we exited our position in WEC Energy Group and used the proceeds to initiate a new position in DTE Energy Corporation.  Lastly, within health care, we eliminated Bristol-Myers Squibb from the portfolio and increased our allocation to Aetna. Options:  As at 30 June 2016, the Company’s options exposure was 18.72% and the delta of the options was 88.90%.  Positioning The Company is currently overweight to the health care, consumer discretionary, industrials, information technology and materials sectors.  We are underweight to the financials, telecom, energy, utilities and consumer staples sectors.

20 July 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.