BRNA.L Regulatory News (BRNA)

BLACKROCK NORTH AMERICAN INCOME TRUST PLC Interim Management Statement -3 months to 31 July 2014 To the members of BlackRock North American Income Trust plc This interim management statement has been produced solely to provideadditional information to shareholders as a body to meet the relevantrequirements of the UK Listing Authority's Disclosure and Transparency Rules.It should not be relied on by any other party for any other reason. This interim management statement relates to the period from 1 May 2014 to 31July 2014, and contains information that covers this period, and up to the dateof publication of this interim management statement. The Company will invest predominantly in a diversified portfolio of equitysecurities quoted in the U.S., with a focus on companies that pay and growtheir dividends. The Company may invest through an active options overlaystrategy utilising predominantly covered call options and may also hold othersecurities from time-to-time including, inter alia, convertible securities,fixed interest securities, preference shares, non-convertible preferred stock,and depositary receipts. Financial position as at 31 July 2014 Gross assets £111.7mNet asset value per share (capital only) 109.94pNet asset value per share (including income) 111.09pOrdinary share price 104.75pOrdinary shares in issue 100,361,305Options overwrite 17.85%Actual gearing 1.3%Discount to NAV (1) 5.7%Net yield (2) 3.8%Target annual dividend 4.0pOngoing charges (3) 1.4% 1. based on Net Asset Value per share (including income) 2. based on dividends of 1p per share each declared on 3 October 2013, 13 February 2014, 14 May 2014 and 6 August 2014 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 2013 Performance Cumulative Performance (%): One Three Six Since launch Month Months Months (24 October 2012) Net asset value -0.8% 0.2% 3.5% 19.4%Share price -3.9% -3.7% -3.2% 10.5%Russell 1000 Value Index -0.4% 2.4% 7.4% 36.0% Sources: BlackRock All performance figures are in sterling terms on a total return basis withincome reinvested. Country Analysis Total Assets (%) USA 93.9Canada 2.7France 1.5Australia 1.3United Kingdom 1.2Netherlands 0.5Net current liabilities (1.1) ------Total 100.0 ====== Benchmark Sector Analysis Total Assets (%) Financials 24.0Industrials 14.6Energy 13.4Consumer Discretionary 9.8Health Care 9.6Consumer Staples 8.8Information Technology 7.1Materials 6.4Utilities 5.2Telecommunication Services 2.2Net current liabilities (1.1) -----Total 100.0 ===== Ten Largest Investments (in alphabetical order) Company Country of Risk Chevron USAComcast USAExxon Mobil USAGeneral Electric USAHome Depot USAJPMorgan Chase USAMerck USAMicrosoft USAPfizer USAWells Fargo USA Material Events & Transactions Material events or transactions, during the three months to 31 July 2014 andfrom 1 August 2014 to the date of the publication of this report are set outbelow. The Company was not involved in any material transactions during theperiod other than the purchase and sale of securities undertaken in the normalcourse of its business. Share issues The Company has issued no further shares during the period to 31 July 2014. Fund Management Team It was announced on 5 August 2014, that Tony DeSpirito has been appointed withimmediate effect as a co-manager of the Company’s portfolio alongside Bob Shearerand Kathleen Anderson. The investment objective and philosophy of the Company will not change and it willcontinue to seek income growth and superior risk-adjusted returns. Tony DeSpirito joins BlackRock as Managing Director and, together with Bob Shearer,Co-Head of BlackRock’s Equity Dividend team. He will also be co-portfolio manager forthe BlackRock equity dividend strategies and related portfolios (with AUM of US$49.6 bn),responsible for portfolio construction and for oversight of investment team personnel.For the last 18 years, DeSpirito has been with Pzena Investment Management where he wasManaging Principal, Portfolio Manager and a member of the firm’s Executive Committee. Half Yearly Financial Report The Company announced its half yearly financial results for the six months to30 April 2014 on 12 June 2014. Dividend declaration It was announced on 14 May 2014 that the second quarterly interim dividend inrespect of the year to 31 October 2014 of 1.0p per ordinary share had beendeclared by the Directors, payable on 2 July 2014 to holders of ordinary shareson the register at the close of business on 23 May 2014 (ex-dividend date was21 May 2014). It was announced on 6 August 2014 that the third quarterlydividend in respect of the year to 31 October 2014 of 1.00p per ordinary sharehad been declared by the Directors, payable on 2 October 2014 to holders ofordinary shares on the register at the close of business on 15 August 2014(ex-dividend date was 13 August 2014). Alternative Investment Fund Managers Directive ("AIFMD") On 2 July 2014 the Company announced that with immediate effect it had enteredinto arrangements necessary to ensure compliance with the AIFMD. The Company's board of Directors ("the Board") approved the appointment ofBlackRock Fund Managers Ltd ("BFM") as the Company's alternative investmentfund manager (the "AIFM") on the terms of and subject to the conditions of anew investment management agreement between the Company and BFM. BFM wasapproved as an AIFM by the UK's Financial Conduct Authority on 1 May 2014. TheCompany's existing investment management agreement between the Company andBlackRock Investment Management (UK) Limited ("BIM UK"), which is notauthorised as an AIFM, has been terminated. The Board appointed BNY Mellon Trust & Depositary (UK) Limited (the"Depositary") to act as the Company's depositary (as required by the AIFMD) onthe terms and subject to the conditions of a depositary agreement between theCompany, BFM and the Depositary. BIM UK continues to act as Company Secretary to the Company and as theCompany's Investment Manager under a delegation agreement with BFM. Net Asset Value The Company announces its NAV on a daily basis, which can be accessed viablackrock.co.uk/brna, under the "News" tab. The unaudited net asset value for BlackRock North American Income Trust plc atclose of business on 9 September 2014 was: Capital only 117.82pIncluding current year income 118.52p XD The Board is not aware of any other significant events or transactions, exceptas disclosed herein, occurring between 1 August 2014 and the date ofpublication of this interim management statement which would have a materialimpact on the financial position of the Company. Contact details: Caroline DriscollCompany SecretaryBlackRock Investment Management (UK) Limited Tel: 020 7743 2427 10 September 2014 ENDS Please note that more detailed performance information is available on theManager's website: blackrock.co.uk/brna. Neither the contents of the Manager'swebsite nor the contents of any website accessible from hyperlinks on theManager's website (or any other website) is incorporated into, or forms partof, this announcement.