Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc All information is at29 February 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	1.4%	1.2%	8.9%	3.5%	43.7%
Share price	6.6%	8.3%	11.6%	5.1%	35.0%
Russell 1000 Value Index	1.8%	0.2%	7.2%	0.5%	60.1%
Source: BlackRock

At month end
Net asset value – capital only:	125.08p
Net asset value – cum income:	127.03p
Share price:	121.00p
Discount to cum income NAV:	4.7%
Net yield*:	3.6%
Total assets including current year revenue:	£92.9m
Target yield:	4.4p
Gearing:	0.4%
Options overwrite:	18.14%
Ordinary shares in issue**:	73,149,044
Ongoing charges***:	1.2%

* Based on dividends of 1.10p per share each declared on 18 February 2016, 4 November 2015, 5 August 2015 and 6 May 2015. ** Excluding 27,212,261 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	23.6
Health Care	14.4
Industrials	13.0
Energy	10.3
Information Technology	9.9
Consumer Staples	8.4
Consumer Discretionary	8.0
Utilities	6.2
Materials	4.1
Telecommunication Services	2.5
Net current liabilities	(0.4)
	-----
	100.0
	=====

Country Analysis	Total Assets (%)
USA	96.3
France	1.6
United Kingdom	1.4
China	0.3
Canada	0.3
Australia	0.3
Netherlands	0.2
Net current liabilities	(0.4)
	-----
	100.0
	=====

Ten Largest Investments
Company	Country of Risk	Total Assets (%)
JPMorgan Chase	USA	3.6
Wells Fargo	USA	3.5
General Electric	USA	3.4
Pfizer	USA	3.1
Citigroup	USA	2.5
Home Depot	USA	2.5
Exxon Mobil	USA	2.4
Intel	USA	2.3
Occidental Petroleum	USA	2.2
Microsoft	USA	2.2

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

Performance

For the one month period ended 29 February 2016, the Company’s NAV increased by 1.4% while the share price increased by 6.6% (all in sterling).  The Company’s benchmark, the Russell 1000 Value Index, gained 1.8% for the period.

The largest contributor to relative performance was stock selection in the energy sector. Notably, not owning benchmark holdings Valero Energy, a refiner, and Devon Energy, an independent oil & gas operator, proved to be beneficial.  An overweight to the materials sector and stock selection in health care also contributed positively to relative returns for the month.

The largest detractor from relative performance was stock selection and allocation decisions within financials.  Notably, our overweight to the U.S. banks industry proved to be costly.  Stock selection in the insurance industry also detracted from relative returns, as our overweight to life insurers MetLife and Prudential Financial were negatively impacted by a flattening of the yield curve. American International Group, a property and casualty insurer, also underperformed after announcing weaker than expected quarterly earnings.  Lastly, stock selection in the information technology and industrials sectors dampened relative returns for the month.

Transactions/Options

Transactions: Notable portfolio transactions in February included increasing our allocation to the financials, health care and energy sectors. In financials, we initiated a new position in Allstate, a property and casualty insurer. In health care, we increased our allocation to existing holdings including Aetna, Anthem and AstraZeneca. In energy, we initiated a new position in Hess. Conversely, we reduced our allocation to the industrials and utilities sectors by eliminating our positions in Tyco International and ITC Holdings respectively.

Options:  As at 29 February 2016, the Company’s options exposure was 18.14% and the delta of the options is 91.94%.

Positioning

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

16 March 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.