Portfolio Update

BLACKROCK NORTH AMERICAN INCOME TRUST plc All information is at31 May 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	1.8%	5.1%	6.3%	7.4%	51.0%
Share price	2.8%	5.7%	14.4%	13.1%	42.7%
Russell 1000 Value Index	2.2%	6.4%	6.6%	4.8%	70.4%
Source: BlackRock

At month end
Net asset value – capital only:	130.01p
Net asset value – cum income:	130.10p
Share price:	125.50p
Discount to cum income NAV:	3.5%
Net yield*:	3.6%
Total assets including current year revenue:	£91.2m
Gearing:	Nil
Options overwrite:	18.85%
Ordinary shares in issue**:	69,549,044
Ongoing charges***:	1.24%

* Based on dividends of 1.20p per share declared on 4 May 2016 and 1.10p per share declared on 18 February 2016, 4 November 2015 and 5 August 2015. ** Excluding 30,812,261 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	25.7
Health Care	14.
Industrials	12.0
Energy	10.9
Information Technology	10.0
Consumer Staples	7.8
Consumer Discretionary	7.3
Utilities	5.8
Materials	3.4
Telecommunication Services	2.3
Net current liabilities	(0.1)
	-----
	100.0
	=====

Country Analysis	Total Assets (%)
USA	95.4
United Kingdom	1.9
France	1.6
Canada	0.6
China	0.4
Netherlands	0.2
Net current liabilities	(0.1)
	-----
	100.0
	=====

Ten Largest Investments
Company	Country of Risk	Total Assets (%)
JPMorgan Chase	USA	3.9
Pfizer	USA	3.7
Wells Fargo	USA	3.5
General Electric	USA	3.2
Bank of America	USA	2.4
Intel Corporation	USA	2.4
ExxonMobil	USA	2.4
Dollar General	USA	2.2
Home Depot	USA	2.1
Occidental Petroleum	USA	2.1

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

Performance

For the one month period ended 31 May 2016, the Company’s NAV increased by 1.8% while the share price increased by 2.8% (all in sterling).  The Company’s benchmark, the Russell 1000 Value Index, increased by 2.2% for the period. The largest contributor to relative performance during the month was stock selection in the industrials sector.  Notably, our underweight to the machinery industry and stock selection in the aerospace & defence industry proved to be beneficial.  Stock selection in consumer discretionary also added to relative performance as non-benchmark holding, Dollar General Corporation, outperformed after beating consensus earnings estimates. An underweight to the energy sector and stock selection in materials and financials also added modestly to relative returns for the month. The largest detractor from relative performance was stock selection in the information technology sector, with notable detractors including our non-benchmark positions in Lenovo Group and Motorola Solutions. In regards to Lenovo, the company reported weaker than consensus quarterly earnings, primarily due to weakness in its smartphone business segment.  Stock selection in the consumer staples and health care sectors also modestly dampened relative performance for the month. Transactions/Options Transactions: During the month of May, we initiated multiple transactions within the energy and health care sectors.  In energy, we reduced our allocation to Pioneer Natural Resources and initiated new positions in Suncor Energy and Anadarko Petroleum. In health care, we exited our position in AbbVie and increased our allocation to Pfizer and AstraZeneca.  Notably, the Pfizer and AstraZeneca transactions were partially funded by reducing the Company’s cash allocation during the month. Options: As at 31 May 2016, the Company’s options exposure was 18.85% and the delta of the options was 90.89%. Positioning The Company is currently overweight to the health care, consumer discretionary, industrials, materials and consumer staples sectors.  We are underweight to the financials, energy, utilities, information technology and telecommunication services sectors.

16 June 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.