Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc All information is at31 October 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	5.5%	0.0%	-0.7%	4.9%	37.3%
Share price	8.3%	-0.8%	-1.9%	4.7%	24.9%
Russell 1000 Value Index	5.5%	-0.9%	-2.8%	4.1%	55.1%
Source: BlackRock

At month end
Net asset value – capital only:	120.89p
Net asset value – cum income:	122.48p
Share price:	113.00p
Discount to cum income NAV:	7.7%
Net yield*:	3.8%
Total assets including current year revenue:	£98.0m
Target yield:	4.3p
Gearing:	Nil
Options overwrite:	15.18%
Ordinary shares in issue**:	80,039,044
Ongoing charges***:	1.3%

* Based on dividends of 1.10p per share declared on 4 November 2015, 5 August 2015 and 6 May 2015 and 1.00p per share each declared on 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.

Benchmark
Sector Analysis	Total Assets (%)
Financials	25.5
Health Care	13.9
Industrials	13.1
Information Technology	9.4
Energy	9.2
Consumer Staples	7.7
Consumer Discretionary	7.2
Utilities	5.8
Materials	4.3
Telecommunication Services	2.5
Net current assets	1.4
	-----
	100.0
	=====

Country Analysis	Total Assets (%)
USA	94.7
France	1.5
United Kingdom	1.3
Australia	0.3
Canada	0.3
China	0.3
Netherlands	0.2
Net current assets	1.4
	-----
	100.0
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Ten Largest Investments
Company	Country of Risk	Total Assets (%)
JPMorgan Chase	USA	4.0
Wells Fargo	USA	3.8
Pfizer	USA	3.1
Citigroup	USA	3.1
General Electric	USA	3.0
Exxon Mobil	USA	2.5
Intel	USA	2.3
Home Depot	USA	2.3
Microsoft	USA	2.2
United Health	USA	2.2

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

Performance For the one month period ended 31 October 2015, the Company’s NAV increased by 5.5% while the share price increased by 8.3% (all in sterling). The Company’s benchmark, the Russell 1000 Value Index, gained 5.5% for the period.  The largest contributor to relative returns was stock selection in financials; in particular, our overweight to insurer Travelers Companies and our underweight to real estate investment trusts proved to be beneficial.  Stock selection in materials also contributed positively, led by E.I. du Pont de Nemours and Dow Chemical.  Lastly, stock selection in consumer staples and information technology added to relative performance for the month. The largest detractor from relative performance for the month was stock selection in the consumer discretionary sector. Laggards within the portfolio included non-benchmark holdings Dollar General Corporation (-8.2%) and Gap, Inc. (-5.6%).  A combination of stock selection and an underweight to energy also hurt relative returns, as did stock selection in the industrials and health care sectors. Transactions/Options Transactions: During the month, we increased our exposure to the information technology sector by initiating a position in NVIDIA Corporation and increasing our allocation to Samsung Electronics.  Conversely, we reduced our allocation within industrials by trimming our positions in United Technologies Corp, 3M Company and Union Pacific Corp. Also notably, within the utilities sector, we eliminated our positions in Sempra Energy and Eversource Energy and used the proceeds to increase our allocation to Public Service Enterprise Group and Exelon Corporation. Options:  As of 31 October 2015, the Company’s options exposure is 15.18% and the delta of the options is 87.66%.  Positioning The Company is currently overweight to the industrials, consumer discretionary, healthcare, 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.

25 November 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.