Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc All information is at30 June 2015 and unaudited. Performance at month end with net income reinvested

	One Month	Three Months	Six Months	Since Launch (24 Oct 2012)
Net asset value	-4.8%	-5.6%	-1.9%	33.9%
Share price	-5.4%	-7.9%	-5.3%	19.3%
Russell 1000 Value Index	-4.9%	-5.5%	-1.5%	54.6%
Source: BlackRock

At month end
Net asset value – capital only:	119.24p
Net asset value – cum income:	120.53p
Share price:	109.00p
Discount to cum income NAV:	9.6%
Net yield*:	3.8%
Total assets including current year revenue:	£96.5m
Target yield:	4.3p
Gearing:	Nil
Options overwrite:	16.24%
Ordinary shares in issue:	80,039,044
Ordinary shares held in treasury	20,322,261
Ongoing charges**:	1.3%

* Based on dividends of 1.10p per share declared on 6 May 2015 and 1.00p per share each declared on 13 August 2014, 6 November 2014 and 12 February 2015.

** 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	26.9
Health Care	14.3
Industrials	14.2
Energy	8.6
Consumer Discretionary	8.3
Consumer Staples	7.4
Information Technology	7.3
Utilities	5.5
Materials	4.3
Telecommunication Services	2.5
Net current assets	0.7
	-----
	100.0
	=====

Country Analysis	Total Assets (%)
USA	96.1
France	1.5
United Kingdom	0.8
Australia	0.4
Canada	0.3
Netherlands	0.2
Net current assets	0.7
	-----
	100.0
	=====

Ten Largest Investments
Company	Country of Risk	Total Assets (%)
JPMorgan Chase	USA	4.2
Wells Fargo	USA	4.0
Citigroup	USA	3.2
General Electric	USA	2.7
Home Depot	USA	2.7
Pfizer	USA	2.6
Merck	USA	2.2
United Health	USA	2.2
Microsoft	USA	2.1
Bristol-Myers Squibb	USA	2.0

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

Performance

For the one month period ended 30 June 2015, the Company’s NAV decreased by 4.8% while the share price fell by 5.4% (all in sterling).  The Company’s benchmark, the Russell 1000 Value Index, declined by 4.9% for the period.

The largest contributor to relative returns was stock selection in the financials sector.  Notably, our underweight to real estate investment trusts proved to be beneficial, as did our overweight to JPMorgan Chase.  Stock selection in consumer discretionary also added to relative performance as recent portfolio additions, Dollar General and Home Depot, outperformed benchmark peers.  Lastly, stock selection in energy and consumer staples added modestly to relative performance for the month.

The largest detractor from relative performance in June was stock selection in materials as portfolio overweight, E.I. du Pont de Nemours, lagged benchmark peers.  Stock selection in telecommunication services also hurt relative performance as portfolio overweight, Verizon Communications, underperformed relative to benchmark holding AT&T.  Stock selection in the health care and industrials sectors also modestly dampened relative returns for the month.

Transactions/Options

Transactions:  In June we increased our exposure to the financials sector by adding to existing positions in Citigroup, JPMorgan Chase and American International Group.  Conversely, we reduced our exposure to the consumer discretionary sector by eliminating our position in VF Corporation and trimming our exposure to Comcast and McDonald’s.

As at 30 June 2015, the Company’s options exposure was 16.24% and the delta of the options was 94.47%.

Positioning

The Company is currently overweight to the industrials, health care, consumer discretionary, materials and consumer staples sectors.  We maintain a neutral weighting in telecommunication services and are underweight to the energy, information technology, financials, and utilities sectors.

16 July 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.