Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc (LEI: 549300WWOCXSC241W468) All information is at28 February 2017 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	4.6%	6.3%	16.9%	41.8%	74.2%	103.8%
Share price	1.1%	4.6%	17.8%	41.2%	74.5%	90.6%
Russell 1000 Value Index	4.7%	7.4%	16.9%	44.6%	78.8%	131.5%
Source: BlackRock

At month end
Net asset value – capital only:	172.53p
Net asset value – cum income:	174.16p
Share price:	165.00p
Discount to cum income NAV:	5.3%
Net yield1:	2.9%
Total assets including current year revenue:	£120.1m
Gearing:	Nil
Options overwrite:	16.53%
Ordinary shares in issue2:	68,949,044
Ongoing charges3:	1.04%

1 Based on dividends of 1.20p per share declared on 21 February 2017, 3 November 2016, 3 August 2016 and 4 May 2016. 2 Excluding 31,412,261 ordinary shares held in treasury.

3 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 2016.

Benchmark
Sector Analysis	Total Assets (%)
Financials	28.0
Health Care	14.4
Industrials	10.9
Energy	10.6
Information Technology	9.7
Consumer Staples	6.5
Consumer Discretionary	5.5
Utilities	4.8
Materials	3.5
Telecommunication Services	2.0
Net current assets	4.1
	-----
	100.0
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Country Analysis	Total Assets (%)
USA	86.2
United Kingdom	2.6
Canada	2.2
France	2.1
Netherlands	1.7
Ireland	0.7
China	0.4
Net current assets	4.1
	-----
	100.0
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Ten Largest Investments
Company	Country of Risk	Total Assets (%)
Bank of America	USA	4.5
JPMorgan Chase	USA	4.3
Pfizer	USA	3.5
Citigroup	USA	2.9
Wells Fargo	USA	2.9
General Electric	USA	2.4
Oracle	USA	2.3
Microsoft	USA	2.2
Merck	USA	2.2
Dow Chemical	USA	2.1

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

Performance

For the one month period ended 28 February 2017, the Company’s NAV increased by 4.6%, whilst the share price increased by 1.1% (all in sterling). The Company’s benchmark, the Russell 1000 Value Index, returned 4.7% for the period.  The largest contributor to relative performance during the month was a combination of stock selection and allocation decisions in the energy sector.  Notably, our underweight position in the energy equipment & services industry proved to be beneficial.  Stock selection in industrials also added to relative returns, led by non-benchmark aerospace & defence holdings Northrop Grumman and Lockheed Martin Corporation. An overweight to the health care sector and stock selection in financials also added to relative returns during the month. The largest detractor from relative performance was stock selection in the information technology sector.  Notably, positions in non-benchmark holdings Microsoft and Samsung proved to be costly.  Within the sector, not owning benchmark holdings Cisco Systems and Apple also dragged on relative returns.  Lastly, stock selection in the consumer staples sector and media industry also dampened relative performance. Transactions/Options Transactions: Notable portfolio changes included increasing our exposure to the industrials sector by initiating a new position in Pentair and adding to our position in Koninklijke Philips. Conversely, we reduced our exposure to the energy and consumer staples sectors through exiting our positions in ConocoPhillips and Mead Johnson Nutrition respectively. Options:  As at 28 February 2017, the Company’s options exposure was 16.53% and the delta of the options was 87.85%.  Positioning As at the period end, the Company’s largest overweight positions relative to the benchmark were in the health care, consumer discretionary, industrials, financials and materials sectors.  The Company was approximately equal-weight in the information technology sector, and was underweight to the real estate, consumer staples, telecommunication services, energy, and utilities sectors.

15 March 2017

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.