# BlackRock North American Income Trust six-month NAV returned 28.0%, outperforming benchmark

- Link: https://www.directorstalkinterviews.com/blackrock-north-american-income-trust-six-month-nav-returned-28.0-outperforming-benchmark/4121006327
- Published: 2021-07-01T07:28:56+01:00
- Author: Amilia Stone

**BlackRock North American Income Trust plc** ([LON:BRNA](https://www.directorstalkinterviews.com/company/blackrock-north-american-income-trust-plc/brsa.l))
has announced its half yearly Financial Report 30 April 2021.

**Discover more about the BlackRock North American Income Trust plc at [blackrock.com/uk/brna](https://www.blackrock.com/uk/individual/products/investment-trusts/our-range/blackrock-north-american-income-investment-trust/trust-information?siteEntryPassthrough=true&cid=aff:investmenttrusts2020:brna:directorstalk:link)**

**PERFORMANCE RECORD**

| 
  | As at 30 April 2021  | As at 31 October 2020  | 
| Net assets (£’000)^(1) | 158,870  | 126,410  | 
| Net asset value per ordinary share (pence) | 198.02  | 158.06  | 
| Ordinary share price (mid-market) (pence) | 198.00  | 145.50  | 
| Discount to cum income net asset value^(2) | 0.0%  | 7.9%  | 
| Russell 1000 Value Index | 1546.85  | 1215.24  | 
|  | ========  | ========  | 
| **Performance (with dividends reinvested)** |  |  | 
| Net asset value per share^(2) | 28.0%  | (8.9%) | 
| Ordinary share price^(2) | 39.2%  | (17.9%) | 
| Russell 1000 Value Index | 27.3%  | (7.5%) | 
|  | ========  | ========  |

| 
  | For the six months ended 30 April 2021  | For the six months ended 30 April 2020  | 
| **Revenue** |  |  | 
| Net profit after taxation (£’000) | 2,042  | 2,502  | 
| Revenue earnings per ordinary share (pence)^(3) | 2.56  | 3.10  | 
| **Interim dividends (pence)** |  |  | 
| 1st interim | 2.00  | 2.00  | 
| 2nd interim | 2.00  | 2.00  | 
|  | ————–  | ————–  | 
| Total dividends paid | 4.00  | 4.00  | 
|  | ========  | ========  |

^(1)     The change in net assets reflects market movements, shares issued, buy 
backs and dividends paid during the period.

^(2)     Alternative Performance Measures, see Glossary in the half yearly report
and financial statements.

^(3)     Further details are given in the Glossary in the half yearly report and
financial statements.

**CHAIRMAN’S STATEMENT**

**MARKET OVERVIEW**
The past six months have seen a recovery in the Company’s performance
and markets in general. In November 2020 markets rose significantly, primarily driven
by the results of the U.S. election and positive data on the effectiveness of vaccines
against the COVID-19 infection. At the same time, investors started to take advantage
of heavily discounted stocks, the attractive dividend yields on offer and the shift
away from growth stocks to value stocks. This has reversed a long period of underperformance
by value stocks relative to their faster-growing peers.

**PERFORMANCE**
Against this backdrop over the six months to 30 April 2021, the 
Company’s net asset value per share (NAV) returned 28.0% compared with a return 
of 27.3% in the Russell 1000 Value Index. The Company’s share price returned 39.2%
over the same period (all figures in sterling terms with dividends reinvested). 
Further information on investment performance is given in the Investment Manager’s
Report.

Since the period end and up to close of business on 25 June 2021, the Company’s 
NAV has increased by 0.3% and the share price has fallen by 5.3% (both percentages
in sterling with dividends reinvested).

**EARNINGS AND DIVIDENDS**
The Company’s earnings per share for the six months ended
30 April 2021 amounted to 2.56p compared with 3.10p for the corresponding period
in 2020. On 23 March 2021, the Board declared the first quarterly dividend of 2.00p
per share which was paid on 29 April 2021. A second quarterly dividend of 2.00p 
per share has been declared and will be paid on 2 July 2021 to shareholders on the
register on 21 May 2021. These are in line with payments made in 2020.

As we move through the earnings season, consensus expectations for stronger earnings
reports will go hand in hand with an expectation for recovering dividend levels.
Dividend projections for the year are already moving slightly higher in the U.S.
as companies begin to reinstate dividends following COVID-19 related cuts and suspensions.

**SHARE ISSUES AND BUYBACKS**
During the six months to 30 April 2021, the Company’s
share price to NAV ranged between a discount of 10.8% and a premium of 2.8%. At 
the end of 2020, the Company bought back and transferred 190,000 shares into treasury.
Since March 2021, the Company has reissued 445,000 ordinary shares from treasury
at a premium to NAV. Since the period end and up to the date of this report, no 
further ordinary shares have been reissued or bought back.

**CHANGES TO INVESTMENT OBJECTIVE AND POLICY**
On 5 March 2021, the Board announced
that it had taken the decision to implement a review of the Company’s investment
objective and policy, as the Board believes it should remain both relevant and attractive
to existing and new investors. Accordingly, following consultations with shareholders
and in conjunction with the Company’s brokers Cenkos Securities, the Board is proposing,
subject to shareholder approval, that the Company’s investment objective and policy
be changed.

Underlying these changes is the Board’s belief that evolving the mandate and investing
in companies which show a commitment to achieving sustainable business models will
deliver improved performance over the longer term. Over time it is hoped this should
attract new investors and help increase the size of the Company. It has been agreed
that Melanie Roberts will be appointed the non-executive Director with responsibility
for [sustainability](https://www.directorstalkinterviews.com/sustainability-green-stocks-news)
following the General Meeting, working alongside the Board and the Portfolio Managers.
Shareholders will be provided with an annual update on our portfolio companies’ 
progress and contribution towards positive social and environmental change.

More details on the changes to the investment objective and policy are set out in
the accompanying Circular and Notice of General Meeting with the main proposals 
being to: incorporate sustainable investing principles; maintain the Company’s North
American equity exposure; preserve the focus on value and dividend paying stocks;
invest across the spectrum of mid and large capitalisation companies; have a high
conviction portfolio of between 30 and 60 stocks; maintain the current dividend 
approach by using a mix of equity dividends and reserves; remove the systematic 
covered call writing policy but retain flexibility to use options on a selective
basis; and commit to gearing to take advantage of the Company’s investment trust
structure.

The proposals are subject to shareholder approval and the Board will be putting 
a resolution to shareholders at a General Meeting to be held on Thursday, 29 July
2021. Subject to the proposals being approved by shareholders at the General Meeting,
the Company’s annual management fee, which is payable quarterly in arrears, will
reduce from 0.75% to 0.70% per annum of net asset value. The Board believes that
the proposals are in the best interests of the Company and its shareholders as a
whole.

**CHANGE OF NAME**
The Board intends to change the name of the Company to ‘[BlackRock Sustainable American Income Trust plc](https://www.directorstalkinterviews.com/company/blackrock-north-american-income-trust-plc/brsa.l)’
following the General Meeting, as it believes that it better reflects the proposed
investment objective and policy of the Company. The change of name is subject to
the new investment objective and policy being approved by shareholders.

**PORTFOLIO MANAGEMENT TEAM**

Your Board believes that BlackRock’s portfolio management team is well qualified
to manage the Company under the proposed new investment objective and policy. Having
developed a sustainable investment philosophy and approach which will apply to a
range of funds, Co-Portfolio Manager Tony DeSpirito is an acknowledged expert in
the field of sustainable business practices and has guest-lectured on the topic 
at Cornell University’s (SC Johnson College of Business) Finance and Sustainability
Colloquium in recent years. 

Earlier this month, Franco Tapia informed BlackRock of his desire to pursue a new
opportunity and consequently he ceased to be a Co-Portfolio Manager of the Company
on 8 June. The Board would like to thank Franco for his contribution to the Company
since 2017. We are confident that, in Tony DeSpirito and David Zhao who remain Co-
Portfolio Managers, and who will now be joined by Lisa Yang from BlackRock’s Equity
Income and Value team, that the Company remains well served by a strong and well-
resourced team.

**OUTLOOK**
We expect the rotation into value stocks to continue as the U.S. economy
picks up and the easing of lockdown continues. The broad distribution of vaccines,
pent-up consumer demand and excess savings should help drive a normalisation of 
activity and spending. Continued monetary and fiscal support is also important and
an additional US$1.9 trillion economic stimulus bill was signed into law by Congress
in March to speed up the United States’ recovery from the pandemic.

The Portfolio Managers are positive on the outlook for U.S. stocks given the above
policy support, vaccine progress and pent-up demand. The wide valuation spreads 
between growth and value stocks creates opportunities for active managers. It is
key for the delivery of attractive investment returns over the long term. We encourage
shareholders actively to support the proposed changes to the Company’s investment
objective and policy and are confident that they will enhance further the Company’s
appeal in the years to come.

**SIMON MILLER**
29 June 2021

**INVESTMENT MANAGER’S REPORT**

**MARKET OVERVIEW**
For the six-month period ended 30 April 2021, U.S. large cap
stocks, as represented by the S&P 500^(®) Index, advanced by 20.3% in sterling terms.
Cyclical value stocks, those most beaten down in the COVID-19 crisis, assumed market
leadership during the period with the Russell 1000 Value Index returning +27.3% 
and the Russell 1000 Growth Index returning +16.1% (both in sterling terms with 
dividends reinvested). Positive market returns were persistent as the S&P 500^(®)
Index rose in five out of six months, with January 2021 being the lone exception.
Performance was especially strong in November 2020, as clarity from the U.S. election
results and the realisation of viable COVID-19 vaccines boosted expectations for
economic growth.

During the reporting period the U.S. economy was fuelled on multiple fronts, including
continued monetary policy support, where investors were encouraged by prospects 
for the Federal Reserve’s liquidity tailwind to remain in place. Investor sentiment
was also boosted by the signing into law of the American Rescue Plan, a US$1.9 trillion
fiscal stimulus package which included circa US$410 billion in new direct payments
to Americans and an allocation of circa US$246 billion to extend existing federal
unemployment programmes. Finally, further progress on vaccine supply and distribution
was a positive development.

**PORTFOLIO OVERVIEW**
The largest contributor to relative performance was stock
selection and allocation decisions in the financials sector. Notably, stock selection
and an overweight to the banks industry proved beneficial, as did stock selection
in capital markets and insurance. In health care, stock selection in the health 
care equipment & supplies and pharmaceuticals industries boosted relative results,
as did an underweight to the life sciences tools & services and biotechnology industries.
Other contributors during the period included an underweight to utilities and stock
selection in the consumer staples sector.

At the sector level, the largest detractor from relative performance was stock selection
in communication services. Notably, selection decisions in diversified telecom services
and a lack of exposure to the entertainment and interactive media & services industries
weighed on relative returns. In industrials, stock selection in aerospace and defence,
professional services and road and rail proved costly, as did a lack of exposure
to the airlines and machinery industries. At the industry level, other detractors
during the period included stock selection in personal products and information 
technology services. The portfolio’s cash position also meaningfully weighed on 
relative returns amid sharply rising U.S. stock prices.

The portfolio’s option overwriting strategy boosted portfolio income during the 
semi-annual period. However, it weighed on relative returns as writing and selling
call options limited the portfolio’s upside capture.

Below is a comprehensive overview of our allocations (in sterling) at the end of
the period.

**FINANCIALS: 6.4% OVERWEIGHT (27.5% OF THE PORTFOLIO)**
Financials represent the
Company’s largest sector allocation and we are overweight to the banks, insurance
and capital markets industries. We believe the U.S. banks are safer and sounder 
investments today than before the financial crisis. We prefer large-cap diversified
banks over regional banks, as they have a better revenue mix (i.e. higher fees as
a percentage of revenues), have higher reserves against potential credit losses 
and have stronger balance sheets (i.e. higher capital levels). Additionally, their
scale allows them to continue to invest in technology, which could lead to additional
revenue and efficiency opportunities over time. In our view, bank valuations are
compelling relative to other cyclical sectors (i.e. industrials) and investor-friendly
capital return policies (i.e. attractive dividends) should be restored as economic
activity continues to improve.

Regarding insurers and insurance brokers, we like these companies for their attractive
valuations and relatively stable business models. Over the last year, property and
casualty insurers and brokers have benefited from strong pricing power, which has
resulted in expanding profit margins. Pricing power is reflective of low U.S. interest
rates, three straight years of larger than expected catastrophe losses and large
institutions (i.e. AIG) taking capacity out of the market. Meanwhile, our exposure
to life insurers is concentrated in stocks with attractive valuations that stand
to benefit from business model shifts or large capital return plans.

Lastly, our investments in financials also diversify into areas such as wealth management
and consumer finance. We are particularly bullish on wealth management, as this 
segment is a growing pie within financial services. It offers us exposure to firms
with differentiated platforms that are closely aligned with end customers and capable
of delivering attractive organic growth and market share gains over time.

**HEALTH CARE: 3.9% OVERWEIGHT (16.5% OF THE PORTFOLIO)**
Secular growth opportunities
in health care are a byproduct of demographic trends, as older populations spend
more on health care than younger populations. In the United States, a combination
of greater demand for health care services and rising costs drive a need for increased
efficiency within the health care ecosystem. We believe innovation and strong cost
control can work together to address this need and companies that can contribute
in this regard are poised to benefit.

On the innovation front there is a need for newer and more effective medicines and
therapies. While many biotechnology companies offer cutting edge potential in this
regard, we prefer to invest in large-cap pharmaceuticals due to their dividend profiles
and better earnings stability. Within pharma we seek to invest in firms with attractive
drug pipelines, opportunities for self-help (i.e. cost cutting), or proven track
records in generating high research and development productivity. On the other hand,
we generally avoid companies with one or two key drugs that rely on raising prices
to drive growth. Outside of pharma, the portfolio also has an overweight allocation
to the health care equipment & supplies industry. Our positioning is stock specific,
but thematically we believe these companies could benefit as people go back to hospitals
for ailments that they delayed seeking treatment for during the pandemic (i.e. hip
and knee replacements, etc.).

From a cost perspective, health maintenance organisations (HMOs) have an economic
incentive to drive down costs as they provide health insurance coverage to constituents.
The HMOs have demonstrated a strong ability to manage costs by leveraging their 
scale and technology to drive efficiencies. Governments, in turn, are increasingly
outsourcing to HMOs to lower costs and balance their budgets. We prefer HMOs with
diversified business units, exposure to faster-growing areas of government including
Medicare and Medicaid and opportunities to enhance their profitability through controlling
costs.

**ENERGY: 2.0% OVERWEIGHT (6.9% OF THE PORTFOLIO)**
The portfolio has been overweight
to the energy sector. From a quality standpoint we seek to own companies with experienced
management teams, disciplined capital expenditure spending plans and exposure to
lower cost resource assets. From a valuation standpoint we seek to own companies
with free cash flow generation and margin capture stories that are underappreciated
by the market. These views tend to steer us towards attractively priced producers
with low operating costs and clearly defined capital return frameworks. During periods
of higher commodity prices, we prefer to see excess cash flows paid out via dividends
and/or buybacks with companies keeping their capital expenditure plans flat (i.e.
sticking to their long-term plans and not chasing growth). We also prefer companies
with low financial leverage (i.e. strong balance sheets), as they are better positioned
to endure down cycles and avoid dilutive actions that permanently impair shareholder
equity.

**INFORMATION TECHNOLOGY: 1.3% OVERWEIGHT (10.5% OF THE PORTFOLIO)**
An increasing
number of companies in the technology sector are what we refer to as ‘industrial
tech’. These firms are competitively insulated from disruptors, well-positioned 
to take advantage of long-term secular tailwinds, and exhibit growth in earnings
and free cash flow. Strong earnings growth and free cash flow generation is also
translating to an increasing number of companies paying growing dividends to shareholders.
This is in stark contrast to the dot-com era where growth was often prioritised 
over shareholder return. We believe this trend is poised to continue. Our preferred
exposures in the sector include IT services operators and equipment providers with
sticky revenue streams (i.e. Cognizant Technology Solutions, Visa, Cisco Systems
and Motorola Solutions). We also continue to invest in software companies with capital-
light business models (i.e. Microsoft and SS&C Technologies).

**CONSUMER STAPLES: 0.7% OVERWEIGHT (7.7% OF THE PORTFOLIO)**
The consumer staples
sector is a common destination for the conservative equity income investor. Historically,
many of these companies have offered investors recognisable brands, diverse revenue
streams, exposure to growing end markets and the ability to garner pricing power.
These characteristics, in turn, have translated into strong and often stable free
cash flow and growing dividends for shareholders. In recent years some of these 
secular advantages have become challenged, in our view, due to changing consumer
preferences, greater end market competition from local brands and disruption from
the rapid adoption of online shopping. These challenges, combined with higher than
historical valuations, have facilitated our modest overweight positioning in the
sector. Notably, we prefer ownership of companies with underappreciated growth profiles(
i.e. Unilever and Constellation Brands), sticky customer bases (i.e. Coca-Cola),
or trade at overly pessimistic valuations (i.e. Altria).

**UTILITIES: 0.9% UNDERWEIGHT (4.2% OF THE PORTFOLIO)**
Relative valuations for 
utilities have become more attractive over the last year and this shift has contributed
to our reduced underweight in the sector. We are finding pockets of investment opportunity
in U.S. regulated utilities such as Ameren, American Electric Power, Edison International,
Exelon, NiSource, Public Service Enterprise Group and Southern Company. These utilities
add a level of stability and defensiveness to the portfolio through their predictable
earnings and attractive dividend yields.

**CONSUMER DISCRETIONARY: 2.0% UNDERWEIGHT (5.9% OF THE PORTFOLIO)**
The portfolio
has an underweight to consumer discretionary. We remain cautious in the space due
to potential disruption risks and we seek to insulate the portfolio from competitive
threats by investing in stocks that either trade at discounted valuations or have
advantaged business models. Exposure to the sector is driven by bottom-up, company
specific investment opportunities in areas such as autos and retail. For example,
we believe companies such as General Motors (autos) and Lear (auto components) offer
investors exposure to underappreciated franchises at discounted valuations. Furthermore,
discount retailers such as Ross Stores and TJX Companies provide us with exposure
to companies that are more immune to e-commerce and its disruptive forces.

**MATERIALS: 3.2% UNDERWEIGHT (1.6% OF THE PORTFOLIO)**
The portfolio is underweight
to materials and our positioning in the sector consists of three chemicals stocks:
Corteva, PPG Industries and DuPont De Nemours. Longer-term secular trends in global
population growth can potentially benefit well-positioned companies in the agricultural
chemical space. Furthermore, we view PPG Industries, a coatings company, as a quality
business that can compound earnings over a full business cycle.

**COMMUNICATION SERVICES: 3.3% UNDERWEIGHT (5.9% OF THE PORTFOLIO)**
The portfolio
has an underweight to communication services. Our underweight is driven by expensive
valuations and a lack of dividend payers in the entertainment and interactive media&
services industries. Meanwhile, the portfolio is modestly overweight to the diversified
telecom services and media industries. Notable portfolio holdings include Verizon
Communications (telecoms), Comcast (media) and Fox Corp. (media). Both Verizon and
Comcast are long-term portfolio holdings. Verizon operates a stable, defensive business
and offers us an attractive dividend yield. We view Comcast as a steady earnings
compounder driven by a strong competitive position and structural growth in broadband
internet.

**REAL ESTATE: 4.5% UNDERWEIGHT (0.0% OF THE PORTFOLIO)**
The portfolio has no exposure
to real estate and the sector represents a significant underweight relative to the
benchmark index. The underweight is due to our view that valuations are unattractive
at current prices. While we continue to evaluate companies in the sector for potential
investment, we currently remain on the sidelines.

**INDUSTRIALS: 7.3% UNDERWEIGHT (6.5% OF THE PORTFOLIO)**
The portfolio is meaningfully
underweight to the industrials sector. Our selectivity is driven by relative valuations,
which we view as expensive in many cases, versus other cyclical segments of the 
U.S. equity market. Our positioning in the sector is stock specific, with core holdings
in industrial conglomerates (i.e. General Electric and Siemens) and in aerospace&
defence (i.e. BAE Systems).

**POSITIONING AND OUTLOOK**
Our constructive view on U.S. stocks is underpinned 
by several factors. These include continued monetary and fiscal policy support, 
vaccine progress, our belief that pent-up demand could drive a vigorous spending
cycle, and the potential for strong consumer balance sheets to drive deployment 
of excess cash via spending (i.e. good for the economy) or investment (i.e. good
for financial assets). This market perspective is largely consensus, yet we believe
investors may be underappreciating the magnitude of the budding economic restart.
The unprecedented nature of the global pandemic plays a role in this respect, as
it has resulted in an equally unique recovery so far, one which throws a twist into
the traditional post-recession playbook.

As we have discussed previously, COVID-19’s impact on employment and activity levels
is more akin to a large-scale natural disaster than a credit crisis or normal business
cycle recession. For example, initial pandemic lockdowns cratered economic activity,
but activity levels rebounded sharply as lockdown measures were lifted. This distinction
is important because we believe the economic restart is about turning the lights
back on and not about healing deep economic scars or rebuilding confidence, as it
was following the global financial crisis (GFC). To this point, consumer balance
sheets are meaningfully stronger today than when compared to similar stages in past
economic recoveries. Consumer savings, home prices and household net worth have 
all increased during the trailing twelve months as lockdown measures limited spending,
government stimulus helped to offset lost income and many asset classes (i.e. U.
S. stocks, residential real estate, etc.) appreciated in value. Additionally, there
is an intense desire to return to normal, especially for consumer spending on services.
Also unique to the COVID-19 economic shock is the size of fiscal policy support.
BlackRock’s Investment Institute (BII) estimates the annual impact to U.S. gross
domestic product from COVID-19 is roughly one-fourth the size of the impact suffered
during the GFC. Yet, BII estimates the fiscal policy response during COVID-19 is
six times larger. For these reasons, we believe a strong acceleration in economic
growth is possible and that it could ultimately surprise to the upside, as the vaccine
is rolled out more broadly in the months ahead.

As always, the strategy invests primarily in dividend paying companies and seeks
to deliver capital appreciation and current income over time. We are excited about
the proposed changes to the Company’s investment objective and policy. We strongly
believe in the long-term benefits of a sustainable investment approach and welcome
the opportunity to broaden the market capitalisation range to include more mid-cap
opportunities. We hope that shareholders will share this enthusiasm and vote in 
favour of the proposed changes.

**TONY DESPIRITO, DAVID ZHAO AND LISA YANG
BLACKROCK INVESTMENT MANAGEMENT LLC


29 June 2021

**TEN LARGEST INVESTMENTS**

**1** **+** **Wells Fargo** (2020: 9th)
**Sector: FinancialsMarket value: £5,690,000Share
of investments: 3.9% (2020: 2.3%)

A U.S. bank which operates in three segments including community banking, wholesale
banking and wealth & investment management. Wells Fargo has a strong deposit franchise
and we are encouraged by the company’s history of strong investment returns and 
prudent credit risk management. Wells Fargo’s expense growth has been a large problem
since the company’s cross-selling scandal in 2016 and, under new management, we 
are encouraged by organisational changes and the firm’s large cost-cutting opportunity.
The investment thesis requires patience, but we view shares of the company as offering
an attractive margin of safety relative to its capital base and valuation.

**2** **+** **Citigroup** (2020: 3rd)
**Sector: FinancialsMarket value: £5,485,000Share
of investments: 3.7% (2020: 2.8%)

Citigroup is a U.S. based money center bank with a global footprint. The company
offers investors an attractive relative valuation versus financials peers and the
broader market, as measured by forward price-to-earnings and price-to-tangible-book-
value. Citigroup’s low valuation, combined with the company’s strong capital base(
i.e. ample reserves and excess capital), create an attractive risk versus reward
setup for the stock.

**3** **+** **American International Group** (2020: 6th)
**Sector: FinancialsMarket
value: £4,289,000Share of investments: 2.9% (2020: 2.4%)

New management at American International Group (AIG) has spent the past three years
fixing a variety of operational issues at the firm. Notably, AIG has expanded margins,
increased reserves, lowered expenses and better managed catastrophe losses via improved
use of reinsurance. Despite these developments, the stock still trades meaningfully
below price-to-tangible-book value. We continue to like the stock and are also constructive
on management’s ability to unlock value via a planned IPO of the firm’s life insurance
business.

**4** **–** **Verizon Communications** (2020: 1st)
**Sector: Communication ServicesMarket
value: £4,034,000Share of investments: 2.7% (2020: 4.0%)

Verizon is one of the largest providers of wireline and wireless communications 
in the U.S. The company’s wireless customer base is very sizable and continues to
grow. Verizon remains in a strong financial position and exhibits a sustainable 
dividend yield above 4%. Going forward, we expect continued expansion in wireless,
long distance and high-speed services to drive company growth.

**5** **+** **Cisco Systems** (2020: 41st)
**Sector: Information TechnologyMarket
value: £4,019,000Share of investments: 2.7% (2020: 1.0%)

Cisco Systems is a global leader in networking equipment with key businesses in 
technology infrastructure (i.e. switching, routing, data center and wireless), applications(
i.e. software), security, and services (i.e. maintenance and advisory). Cisco is
a strong cash flow generator with sustainable growth potential given its diversified
portfolio and large installed base. We believe there is also potential for a further
rerating of the company’s valuation as it pivots to more software/recurring revenue
content over time.

**6** **–** **Anthem** (2020: 5th)
**Sector: Health CareMarket value: £3,679,000Share
of investments: 2.5% (2020: 2.5%)

Anthem is a leading company in the stable, high quality U.S. managed care industry(
i.e. health insurance). We believe the HMOs are positioned to benefit from new membership
growth, continued downward pressures on cost trend and consolidation. This can potentially
result in both accelerating earnings growth and higher valuation multiples for the
peer group over time. Anthem has a discounted valuation versus peers, which we find
attractive, and offers potential upside from its pharmacy benefits manager contract
and from utilisation of its balance sheet for share buybacks.

**7** **–** **Bank of America** (2020: 2nd)
**Sector: FinancialsMarket value: £3,453,000Share
of investments: 2.3% (2020: 3.2%)

Bank of America is one of the largest financial institutions in the U.S. with consumer,
small-business and corporate lending operations, as well as divisions in asset management
and investment banking. The company is focused on managing expenses and returning
excess capital back to shareholders, which we like, and has a history of delivering
consistent and responsible growth over time.

**8** **+** **General Motors** (2020: 16th)
**Sector: Consumer DiscretionaryMarket
value: £3,223,000Share of investments: 2.2% (2020: 2.0%)

General Motors (GM) went through bankruptcy during the global financial crisis and
over the past decade the company has radically transformed its business model and
cost structure. Some investors still think of GM as a sprawling global car manufacturer,
but this is no longer the case. At its core, today’s GM is a North American truck
manufacturer, a Chinese auto company and an electric vehicle/autonomous vehicle (
EV/AV) business. All three of these units are growth businesses and, in our view,
their EV/AV franchise is underappreciated by the broader market.

**9** **–** **Comcast** (2020: 7th)
**Sector: Communication ServicesMarket value:
£3,220,000Share of investments: 2.2% (2020: 2.4%)

Comcast is an American media conglomerate that provides video streaming, television
programming, highspeed internet, cable television and communication services to 
its worldwide customer base. The company is a steady compounder, driven by a strong
competitive position and structural growth in broadband internet. In our view, market
fears around cord-cutting and capital allocation are overdone, providing an attractive
opportunity.

**10** **+** **Sanofi** (2020: 13th)
**Sector: Health CareMarket value: £3,201,000Share
of investments: 2.2% (2020: 2.2%)

Sanofi checks a lot of boxes that we look for in a pharmaceutical investment. The
company has a strong commercial business and an under-appreciated pipeline that 
we believe is not fully reflected in the stock’s valuation. Sanofi recently hired
a new CEO who holds a wealth of turn-around experience and the new hire has already
begun to demonstrate a path to margin improvement. Additionally, we view the firm’s
relatively low U.S. revenue exposure as attractive given potential risks related
to U.S. drug pricing changes. Lastly, on a sum-of-the-parts basis, we believe the
company’s vaccine and consumer health segments are undervalued by the broader market.

Market value amounts include the liability for written covered call options.

All percentages reflect the value of the holding as a percentage of total investments.

Percentages in brackets represent the value of the holding as at 31 October 2020.

Together, the ten largest investments represent 27.3% of the Company’s portfolio(
31 October 2020: 26.8%).

**PORTFOLIO ANALYSIS AS AT 30 APRIL 2021**

| 
Sectors | % Canada  | % France  | % Germany  | % Ireland  | % Netherlands  | % Norway  | % Switzerland  | % United Kingdom  | % United States  | % Cash  | % Total 30.04.21  | % Total 31.10.20  | 
| Financials | –  | –  | –  | –  | –  | –  | –  | –  | 27.5  | –  | 27.5  | 24.7  | 
| Health Care | –  | 2.0  | 1.6  | 1.8  | 1.5  | –  | 0.9  | 1.2  | 7.5  | –  | 16.5  | 16.9  | 
| Information Technology | 0.5  | –  | –  | –  | 0.1  | –  | –  | –  | 9.9  | –  | 10.5  | 11.7  | 
| Energy | –  | –  | –  | –  | –  | 0.8  | –  | 0.9  | 5.2  | –  | 6.9  | 6.6  | 
| Consumer Staples | –  | 0.9  | 1.2  | –  | 1.9  | –  | –  | 0.1  | 3.6  | –  | 7.7  | 9.2  | 
| Industrials | –  | –  | 1.3  | –  | –  | –  | –  | 1.9  | 3.3  | –  | 6.5  | 6.4  | 
| Communication Services | –  | –  | –  | –  | –  | –  | –  | –  | 5.9  | –  | 5.9  | 7.1  | 
| Consumer Discretionary | –  | –  | –  | –  | –  | –  | –  | –  | 5.9  | –  | 5.9  | 4.9  | 
| Utilities | –  | –  | –  | –  | –  | –  | –  | –  | 4.2  | –  | 4.2  | 4.0  | 
| Materials | –  | –  | –  | –  | –  | –  | –  | –  | 1.6  | –  | 1.6  | 2.1  | 
| Cash | –  | –  | –  | –  | –  | –  | –  | –  | –  | 6.8  | 6.8  | 6.4  | 
|  | ———-  | ———-  | ———-  | ———-  | ———-  | ———-  | ———-  | ———-  | ———-  | ———-  | ———-  | ———-  | 
| **% Portfolio 30.04.21** | **0.5 ** | **2.9 ** | **4.1 ** | **1.8 ** | **3.5 ** | **0.8 ** | **0.9 ** | **4.1 ** | **74.6 ** | **6.8 ** | **100.0 ** |  | 
|  | ======  | ======  | ======  | ======  | ======  | ======  | ======  | ======  | ======  | ======  | ======  | ======  | 
| % Portfolio 31.10.20 | 0.4  | 2.3  | 3.7  | 2.2  | 4.9  | 0.8  | 1.7  | 4.2  | 73.4  | 6.4  |  | 100.0  | 
|  | ======  | ======  | ======  | ======  | ======  | ======  | ======  | ======  | ======  | ======  | ======  | ======  |

**INVESTMENTS AS AT 30 APRIL 2021**

| 
Company |   Country  |   Sector  |   Securities  | Market value £’000  |   |  % of total portfolio  | 
| Wells Fargo | United States  | Financials  | Ordinary shares  | 5,690  |  | 3.9  | 
| Citigroup | United States  | Financials  | Ordinary shares  | 5,485  |  | 3.7  | 
| American International Group | United States  | Financials  | Ordinary shares  | 4,325  | } | 2.9  | 
|  |  |  | Options  | (36) | 
| Verizon Communications | United States  | Communication Services  | Ordinary shares  | 4,041  | } | 2.7  | 
|  |  |  | Options  | (7) | 
| Cisco Systems | United States  | Information Technology  | Ordinary shares  | 4,024  | } | 2.7  | 
|  |  |  | Options  | (5) | 
| Anthem | United States  | Health Care  | Ordinary shares  | 3,679  |  | 2.5  | 
| Bank of America | United States  | Financials  | Ordinary shares  | 3,482  | } | 2.3  | 
|  |  |  | Options  | (29) | 
| General Motors | United States  | Consumer Discretionary  | Ordinary shares  | 3,234  | } | 2.2  | 
|  |  |  | Options  | (11) | 
| Comcast | United States  | Communication Services  | Ordinary shares  | 3,239  | } | 2.2  | 
|  |  |  | Options  | (19) | 
| Sanofi | France  | Health Care  | Ordinary shares  | 3,213  | } | 2.2  | 
|  |  |  | Options  | (12) | 
| Morgan Stanley | United States  | Financials  | Ordinary shares  | 3,151  | } | 2.1  | 
|  |  |  | Options  | (22) | 
| BAE Systems | United Kingdom  | Industrials  | Ordinary shares  | 3,079  |  | 2.1  | 
| Unilever | Netherlands  | Consumer Staples  | Ordinary shares  | 3,008  | } | 2.0  | 
|  |  |  | Options  | (27) | 
| Medtronic | Ireland  | Health Care  | Ordinary shares  | 2,946  | } | 2.0  | 
|  |  |  | Options  | (31) | 
| Berkshire Hathaway | United States  | Financials  | Ordinary shares  | 2,658  | } | 1.8  | 
|  |  |  | Options  | (22) | 
| Altria | United States  | Consumer Staples  | Ordinary shares  | 2,586  | } | 1.7  | 
|  |  |  | Options  | (13) | 
| General Electric | United States  | Industrials  | Ordinary shares  | 2,579  | } | 1.7  | 
|  |  |  | Options  | (7) | 
| Bayer | Germany  | Health Care  | Ordinary shares  | 2,456  |  | 1.7  | 
| Koninklijke Philips | Netherlands  | Health Care  | Ordinary shares  | 2,452  |  | 1.7  | 
| Marathon Petroleum | United States  | Energy  | Ordinary shares  | 2,464  | } | 1.7  | 
|  |  |  | Options  | (17) | 
| Arthur J. Gallagher & Co | United States  | Financials  | Ordinary shares  | 2,405  | } | 1.6  | 
|  |  |  | Options  | (52) | 
| Cognizant Technology Solutions | United States  | Information Technology  | Ordinary shares  | 2,336  | } | 1.6  | 
|  |  |  | Options  | (16) | 
| Schwab (Charles) | United States  | Financials  | Ordinary shares  | 2,310  | } | 1.6  | 
|  |  |  | Options  | (21) | 
| Zimmer Biomet | United States  | Health Care  | Ordinary shares  | 2,158  | } | 1.4  | 
|  |  |  | Options  | (27) | 
| Fox Corp. | United States  | Communication Services  | Ordinary shares  | 2,093  | } | 1.4  | 
|  |  |  | Options  | (15) | 
| Raymond James | United States  | Financials  | Ordinary shares  | 2,094  | } | 1.4  | 
|  |  |  | Options  | (25) | 
| JPMorgan Chase | United States  | Financials  | Ordinary shares  | 2,044  | } | 1.4  | 
|  |  |  | Options  | (9) | 
| Public Service Enterprise | United States  | Utilities  | Ordinary shares  | 2,002  | } | 1.4  | 
| Group |  |  | Options  | (9) | 
| MetLife | United States  | Financials  | Ordinary shares  | 2,004  | } | 1.3  | 
|  |  |  | Options  | (15) | 
| Siemens | Germany  | Industrials  | Ordinary shares  | 1,940  | } | 1.3  | 
|  |  |  | Options  | (8) | 
| Henkel | Germany  | Consumer Staples  | Ordinary shares  | 1,855  | } | 1.3  | 
|  |  |  | Options  | (4) | 
| AstraZeneca | United Kingdom  | Health Care  | Ordinary shares  | 1,866  | } | 1.3  | 
|  |  |  | Options  | (17) | 
| Williams | United States  | Energy  | Ordinary shares  | 1,829  | } | 1.2  | 
|  |  |  | Options  | (24) | 
| Ross Stores | United States  | Consumer Discretionary | Ordinary shares  | 1,804  | } | 1.2  | 
|  |  |  | Options  | (22) | 
| CVS Health | United States  | Health Care  | Ordinary shares  | 1,780  | } | 1.2  | 
|  |  |  | Options  | (10) | 
| Constellation Brands | United States  | Consumer Staples  | Ordinary shares  | 1,692  | } | 1.1  | 
|  |  |  | Options  | (13) | 
| ConocoPhillips | United States  | Energy  | Ordinary shares  | 1,634  | } | 1.1  | 
|  |  |  | Options  | (5) | 
| Visa | United States  | Information Technology  | Ordinary shares  | 1,615  | } | 1.1  | 
|  |  |  | Options  | (16) | 
| Cigna | United States  | Health Care  | Ordinary shares  | 1,532  | } | 1.0  | 
|  |  |  | Options  | (11) | 
| Danone | France  | Consumer Staples  | Ordinary shares  | 1,480  | } | 1.0  | 
|  |  |  | Options  | (1) | 
| Samsung Electronics | United States  | Information Technology  | Ordinary shares  | 1,479  | } | 1.0  | 
|  |  |  | Options  | (6) | 
| Coca-Cola | United States  | Consumer Staples  | Ordinary shares  | 1,439  | } | 1.0  | 
|  |  |  | Options  | (8) | 
| Alcon | Switzerland  | Health Care  | Ordinary shares  | 1,439  | } | 1.0  | 
|  |  |  | Options  | (9) | 
| BP | United Kingdom  | Energy  | Ordinary shares  | 1,415  | } | 1.0  | 
|  |  |  | Options  | (3) | 
| Equitable Holdings | United States  | Financials  | Ordinary shares  | 1,384  |  | 0.9  | 
| Pioneer Natural Resources | United States  | Energy  | Ordinary shares  | 1,390  | } | 0.9  | 
|  |  |  | Options  | (9) | 
| Fidelity National | United States  | Financials  | Ordinary shares  | 1,394  | } | 0.9  | 
|  |  |  | Options  | (15) | 
| Union Pacific | United States  | Industrials  | Ordinary shares  | 1,377  | } | 0.9  | 
|  |  |  | Options  | (6) | 
| SS&C Technologies Holdings | United States  | Information Technology  | Ordinary shares  | 1,353  | } | 0.9  | 
|  |  |  | Options  | (14) | 
| Equinor ASA | Norway  | Energy  | Ordinary shares  | 1,221  | } | 0.8  | 
|  |  |  | Options  | (8) | 
| UnitedHealth Group | United States  | Health Care  | Ordinary shares  | 1,202  | } | 0.8  | 
|  |  |  | Options  | (5) | 
| Edison International | United States  | Utilities  | Ordinary shares  | 1,182  | } | 0.8  | 
|  |  |  | Options  | (2) | 
| McKesson | United States  | Health Care  | Ordinary shares  | 1,151  |  | 0.8  | 
| Motorola Solutions | United States  | Information Technology  | Ordinary shares  | 1,155  | } | 0.8  | 
|  |  |  | Options  | (7) | 
| Microsoft | United States  | Information Technology  | Ordinary shares  | 1,140  | } | 0.8  | 
|  |  |  | Options  | (1) | 
| Kinder Morgan | United States  | Energy  | Ordinary shares  | 1,123  | } | 0.8  | 
|  |  |  | Options  | (8) | 
| Blackstone Group | United States  | Financials  | Ordinary shares  | 1,109  | } | 0.8  | 
|  |  |  | Options  | (8) | 
| Lear | United States  | Consumer Discretionary  | Ordinary shares  | 1,095  | } | 0.7  | 
|  |  |  | Options  | (9) | 
| Capital One Financial | United States  | Financials  | Ordinary shares  | 1,098  | } | 0.7  | 
|  |  |  | Options  | (20) | 
| PPG Industries | United States  | Materials  | Ordinary shares  | 1,090  | } | 0.7  | 
|  |  |  | Options  | (32) | 
| Allstate | United States  | Financials  | Ordinary shares  | 1,019  | } | 0.7  | 
|  |  |  | Options  | (17) | 
| Newell Brands | United States  | Consumer Discretionary  | Ordinary shares  | 951  | } | 0.6  | 
|  |  |  | Options  | (6) | 
| Corteva | United States  | Materials  | Ordinary shares  | 948  | } | 0.6  | 
|  |  |  | Options  | (15) | 
| American Express | United States  | Financials  | Ordinary shares  | 942  | } | 0.6  | 
|  |  |  | Options  | (11) | 
| Ameren | United States  | Utilities  | Ordinary shares  | 902  | } | 0.6  | 
|  |  |  | Options  | (8) | 
| [Dollar General](https://www.directorstalkinterviews.com/dollar-general-corporation) | United States  | Consumer Discretionary  | Ordinary shares  | 900  | } | 0.6  | 
|  |  |  | Options  | (6) | 
| CDK Global | United States  | Information  | Ordinary shares  | 889  | } | 0.6  | 
|  |  |  | Options  | (4) | 
| NiSource | United States  | Utilities  | Ordinary shares  | 884  | } | 0.6  | 
|  |  |  | Options  | (6) | 
| Huntington Ingalls Industries | United States  | Industrials  | Ordinary shares  | 865  | } | 0.6  | 
|  |  |  | Options  | (10) | 
| Open Text | Canada  | Information Technology  | Ordinary shares  | 822  | } | 0.6  | 
|  |  |  | Options  | (2) | 
| TJX Companies | United States  | Consumer Discretionary  | Ordinary shares  | 744  | } | 0.5  | 
|  |  |  | Options  | (3) | 
| Exelon | United States  | Utilities  | Ordinary shares  | 683  | } | 0.5  | 
|  |  |  | Options  | (2) | 
| Lowe’s Companies | United States  | Consumer Discretionary | Ordinary shares  | 626  | } | 0.4  | 
|  |  |  | Options  | (2) | 
| CDW | United States  | Information Technology  | Ordinary shares  | 570  | } | 0.4  | 
|  |  |  | Options  | (14) | 
| American Electric Power | United States  | Utilities  | Ordinary shares  | 497  | } | 0.3  | 
|  |  |  | Options  | (3) | 
| Southern | United States  | Utilities  | Ordinary shares  | 497  | } | 0.3  | 
|  |  |  | Options  | (3) | 
| Fidelity National Information Services | United States  | Information Technology  | Ordinary shares  | 492  | } | 0.3  | 
|  |  |  | Options  | (3) | 
| Intercontinental Exchange | United States  | Financials  | Ordinary shares  | 485  | } | 0.3  | 
|  |  |  | Options  | (2) | 
| Leidos Holdings | United States  | Information Technology  | Ordinary shares  | 484  | } | 0.3  | 
|  |  |  | Options  | (4) | 
| DuPont De Nemours | United States  | Materials  | Ordinary shares  | 458  | } | 0.3  | 
|  |  |  | Options  | (2) | 
| Raytheon Technologies | United States  | Industrials  | Ordinary shares  | 439  | } | 0.3  | 
|  |  |  | Options  | (3) | 
| Humana | United States  | Health Care  | Ordinary shares  | 425  | } | 0.3  | 
|  |  |  | Options  | (1) | 
| Applied Materials | United States  | Information Technology  | Ordinary shares  | 346  | } | 0.2  | 
|  |  |  | Options  | (2) | 
| First Citizens BancShares | United States  | Financials  | Ordinary shares  | 250  |  | 0.2  | 
| NXP Semiconductors | Netherlands  | Information Technology  | Ordinary shares  | 239  | } | 0.2  | 
|  |  |  | Options  | (2) | 
| First American | United States  | Financials  | Ordinary shares  | 240  | } | 0.2  | 
|  |  |  | Options  | (5) | 
| Siemens Energy | Germany  | Industrials  | Ordinary shares  | 194  | } | 0.1  | 
|  |  |  | Options  | (1) | 
| British American Tobacco | United Kingdom  | Consumer Staples  | Ordinary shares  | 141  |  | 0.1  | 
|  |  |  |  | ————  |  | ————  | 
| **Portfolio** |  |  |  | **147,547**  |  | **100.0 ** | 
|  |  |  |  | =======  |  | =======  | 
| **Comprising:** |  |  |  |  |  |  | 
| Equity investments |  |  |  | 148,432  |  | 100.6  | 
| Derivative financial instruments – written options |  |  |  | (885) |  | (0.6) | 
|  |  |  |  | ————  |  | ————  | 
|  |  |  |  | **147,547**  |  | **100.0 ** | 
|  |  |  |  | =======  |  | =======  |

All investments are in ordinary shares unless otherwise stated. The number of holdings
as at 30 April 2021 was 88 (31 October 2020: 78). The total number of individual
open options as at 30 April 2021 was 174 (31 October 2020: 171).

The negative valuation of £885,000 in respect of options held represents the notional
cost of repurchasing the contracts at market prices as at 30 April 2021 (31 October
2020: £348,000).

At 30 April 2021, the Company did not hold any equity interests comprising more 
than 3% of any company’s share capital.

**INTERIM MANAGEMENT REPORT AND RESPONSIBILITY STATEMENT**

The Chairman’s Statement and the Investment Manager’s Report above give details 
of the important events which have occurred during the period and their impact on
the financial statements.

**PRINCIPAL RISKS AND UNCERTAINTIES**
The principal risks faced by the Company can
be divided into various areas as follows:

 * Counterparty;
 * Investment performance;
 * Legal & Compliance;
 * Market;
 * Operational;
 * Financial; and
 * Marketing.

The Board reported on the principal risks and uncertainties faced by the Company
in the Annual Report and Financial Statements for the year ended 31 October 2020.
A detailed explanation can be found in the Strategic Report on pages 35 to 38 and
in note 14 on pages 92 to 100 of the Annual Report and Financial Statements which
are available on the website maintained by BlackRock at blackrock.com/uk/brna.

An outbreak of an infectious respiratory illness caused by a novel coronavirus known
as COVID-19 has developed into a global pandemic and has resulted in travel restrictions,
closed international borders, enhanced health screenings at ports of entry and elsewhere,
disruption of and delays in health care service preparation and delivery, prolonged
quarantines, cancellations, supply chain disruptions and lower consumer demand, 
as well as general concern and uncertainty. The impact of COVID-19 has adversely
affected the economies of many nations across the entire global economy, individual
issuers and capital markets, and could continue to an extent that cannot necessarily
be foreseen. In addition, the impact of infectious illnesses in emerging market 
countries may be greater due to generally less established health care systems. 
Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing
political, social and economic risks in certain countries or globally. The duration
of the COVID-19 outbreak and its effects cannot be determined with certainty.

**GOING CONCERN**
The Board is mindful of the uncertainty surrounding the potential
duration of the COVID-19 pandemic and its impact on the global economy, the Company’s
assets and the potential for the level of revenue derived from the portfolio to 
reduce versus the prior year. The Portfolio Managers will continue to review the
composition of the Company’s portfolio and to be pro-active in taking investment
decisions.

The Directors, having considered the nature and liquidity of the portfolio, the 
Company’s investment objective and the Company’s projected income and expenditure,
are satisfied that the Company has adequate resources to continue in operational
existence for the foreseeable future and is financially sound. The Board believes
that the Company and its key third party service providers have in place appropriate
business continuity plans and these services have continued to be supplied without
interruption throughout the COVID-19 pandemic.

The Company has a portfolio of investments which are predominantly readily realisable
and is able to meet all its liabilities from its assets and income generated from
these assets. Accounting revenue and expense forecasts are maintained and reported
to the Board regularly and it is expected that the Company will be able to meet 
all its obligations. Borrowings under the overdraft facility shall at no time exceed
20% of the Company’s net assets (calculated at the time of draw down), although 
the Board intends only to utilise borrowings representing 10% of net assets at the
time of draw down, and this covenant was complied with during the period.

Based on the above, the Board is satisfied that it is appropriate to continue to
adopt the going concern basis in preparing the financial statements. Ongoing charges
for the year ended 31 October 2020 were 1.06% of net assets and it is expected that
this is unlikely to change significantly going forward.

**RELATED PARTY DISCLOSURE AND TRANSACTIONS WITH THE MANAGER**
BlackRock Fund Managers
Limited (BFM) was appointed as the Company’s AIternative Investment Fund Manager(
AIFM) with effect from 2 July 2014. BFM has (with the Company’s consent) delegated
certain portfolio and risk management services, and other ancillary services, to
BlackRock Investment Management (UK) Limited (BIM (UK)). Both BFM and BIM (UK) are
regarded as related parties under the Listing Rules. Details of the fees payable
are set out in note 4 and note 11 below.

The related party transactions with the Directors are set out in note 12 below.

**DIRECTORS’ RESPONSIBILITY STATEMENT**
The Disclosure Guidance and Transparency
Rules (DTR) of the UK Listing Authority require the Directors to confirm their responsibilities
in relation to the preparation and publication of the Interim Management Report 
and Financial Statements.

The Directors confirm to the best of their knowledge that:

 * the condensed set of financial statements contained within the Half Yearly Financial
   Report has been prepared in accordance with applicable International Accounting
   Standard 34 – ‘Interim Financial Reporting’; and
 * the Interim Management Report, together with the Chairman’s Statement and Investment
   Manager’s Report, include a fair review of the information required by 4.2.7R
   and 4.2.8R of the FCA’s Disclosure Guidance and Transparency Rules.

This Half Yearly Financial Report has not been audited or reviewed by the Company’s
auditors.

The Half Yearly Financial Report was approved by the Board on 29 June 2021 and the
above responsibility statement was signed on its behalf by the Chairman.

**SIMON MILLER
FOR AND ON BEHALF OF THE BOARD

29 June 2021

**Discover more about the BlackRock North American Income Trust plc at [blackrock.com/uk/brna](https://www.blackrock.com/uk/individual/products/investment-trusts/our-range/blackrock-north-american-income-investment-trust/trust-information?siteEntryPassthrough=true&cid=aff:investmenttrusts2020:brna:directorstalk:link)**

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