Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc All information is at31 March 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	2.7%	3.0%	13.4%	4.0%	47.7%
Share price	0.5%	6.2%	17.6%	4.8%	35.7%
Russell 1000 Value Index	3.9%	4.2%	13.2%	1.7%	66.4%
Source: BlackRock

At month end
Net asset value – capital only:	128.08p
Net asset value – cum income:	129.40p
Share price:	120.50p
Discount to cum income NAV:	6.9%
Net yield*:	3.7%
Total assets including current year revenue:	£92.9m
Target yield:	4.0p
Gearing:	0.1%
Options overwrite:	18.49%
Ordinary shares in issue**:	71,799,044
Ongoing charges***:	1.2%

* Based on dividends of 1.10p per share declared on 18 February 2016, 4 November 2015, 5 August 2015 and 6 May 2015. ** excluding 28,562,261 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	24.3
Health Care	14.4
Industrials	12.9
Information Technology	10.3
Energy	10.3
Consumer Staples	8.1
Consumer Discretionary	8.0
Utilities	6.0
Materials	3.4
Telecommunication Services	2.4
Net current liabilities	(0.1)
	-----
	100.0
	=====

Country Analysis	Total Assets (%)
USA	96.2
France	1.5
United Kingdom	1.5
China	0.4
Canada	0.3
Netherlands	0.2
Australia	0.0
Net current liabilities	(0.1)
	-----
	100.0
	=====

Ten Largest Investments
Company	Country of Risk	Total Assets (%)
JPMorgan Chase	USA	3.6
General Electric	USA	3.5
Wells Fargo	USA	3.4
Pfizer	USA	3.1
Citigroup	USA	2.6
Intel	USA	2.5
Home Depot	USA	2.3
Exxon Mobil	USA	2.3
Microsoft	USA	2.2
Dollar General	USA	2.2

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

Performance For the period ended 31 March 2016, the Company’s NAV increased by 2.7% while the share price increased by 0.5% (all in sterling). The Company’s benchmark, the Russell 1000 Value Index, increased by 3.9% in the period.  The largest contributor to relative performance during the month was stock selection in the consumer discretionary sector.  Notably, our position in non-benchmark holding Dollar General proved to be beneficial as the Company exceeded consensus estimates for quarterly earnings and same store sales growth. Stock selection in health care also contributed to relative returns for the period. The largest detractor from relative performance was stock selection in the energy sector, with notable detractors including overweight positions in Occidental Petroleum and Total SA. Stock selection in industrials also hurt relative returns as aerospace & defence holdings Raytheon Company and Northrop Grumman lagged sector peers. Lastly, stock selection in consumer staples and information technology also dampened relative performance for the month. Transactions/Options Transactions: Notable portfolio transactions in March included increasing our allocation to financials and decreasing our exposure to the materials and utilities sectors.  In financials, we added to existing positions in Bank of America, Invesco and Morgan Stanley. In materials, we decreased our exposure to International Paper Company and BHP Billiton Limited; in utilities, we reduced our exposure to water utility operator American Water Works Company. Options:  As at 31 March 2016, the Company’s options exposure was 18.49% and the delta of the options was 90.03%.  Positioning The Company is currently overweight to the health care, consumer discretionary, industrials, consumer staples, and materials sectors.  We are underweight to the financials, energy, utilities, information technology, and telecom services sectors.

15 April 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.