Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc All information is at30 November 2016 and unaudited. Performance at month end with net income reinvested

	One Month	Three Months	Six Months	One Year	Three Years	Since Launch (24 Oct 2012)
Net asset value	4.1%	9.9%	27.0%	35.0%	62.6%	91.7%
Share price	2.0%	12.6%	27.7%	46.1%	52.7%	82.2%
Russell 1000 Value Index	3.3%	8.9%	26.5%	35.0%	67.9%	115.6%
Source: BlackRock

At month end
Net asset value – capital only:	162.15p
Net asset value – cum income:	163.87p
Share price:	157.75p
Discount to cum income NAV:	3.7%
Net yield*:	3.0%
Total assets including current year revenue:	£113.0m
Gearing:	Nil
Options overwrite:	16.41%
Ordinary shares in issue**:	68,949,044
Ongoing charges***:	1.24%

* Based on dividends of 1.20p per share declared on 3 November 2016, 3 August 2016 and 4 May 2016 and 1.10p per share declared on 18 February 2016. ** Excluding 31,412,261 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	27.5
Health Care	14.4
Energy	11.5
Industrials	11.1
Information Technology	9.0
Consumer Staples	6.9
Consumer Discretionary	5.9
Utilities	5.2
Materials	3.4
Telecommunication Services	2.1
Net current assets	3.0
	-----
	100.0
	=====

Country Analysis	Total Assets (%)
USA	89.6
United Kingdom	2.1
France	1.9
Canada	1.7
Netherlands	0.8
Ireland	0.5
China	0.4
Net current assets	3.0
	-----
	100.0
	=====

Ten Largest Investments
Company	Country of Risk	Total Assets (%)
Bank of America	USA	4.4
JP Morgan Chase	USA	3.7
Pfizer	USA	3.5
General Electric	USA	2.9
Wells Fargo	USA	2.8
Citigroup	USA	2.7
Microsoft	USA	2.2
Merck	USA	2.1
Aetna	USA	1.9
Oracle	USA	1.9

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

Performance

For the one month period ended 30 November 2016, the Company’s NAV increased by 4.1% whilst the share price increased by 2.0% (all in sterling).  The Company’s benchmark, the Russell 1000 Value Index, gained 3.3% for the period.  The largest contributor to relative performance during the month was a combination of stock selection and allocation decisions in the health care sector.  Notably, strong stock selection and an overweight to the health care providers & services industry proved to be beneficial.  Our decision to be underweight the health care equipment & supplies industry also boosted relative returns.  Within financials, our decision to be overweight the banks industry contributed to relative performance.  Our significant overweight to Bank of America Corporation (+25% in GBP) was the largest relative contributor within the banks industry.  An underweight to real estate, and a combination of stock selection, and an underweight to consumer staples also contributed to relative returns. The largest detractor from relative performance was a combination of stock selection and allocation decisions in the energy sector.  Notably, our overweight positions in Occidental Petroleum Corporation and Total SA detracted from relative returns.  An underweight to the energy equipment & services industry also proved to be costly during the month.  Within industrials, our decision to be underweight the machinery industry also dampened relative returns, as did stock selection in the materials sector. Transactions/Options Transactions: During the month of November, new positions were initiated in Hilton Worldwide Holdings and Taiwan Semiconductor Manufacturing.  Further, we exited our position in NVIDIA Corporation during the month. Options:  As at 30 November 2016, the Company’s options exposure was 16.41% and the delta of the options was 88.23%.  Positioning The Company is currently overweight to the health care, consumer discretionary, industrials, financials and materials sectors.  We are underweight to real estate, energy, telecom, consumer staples, utilities, and information technology sectors.

15 December 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.