Title: 242384029.pdf URL Source: https://documentscdn.financialexpress.net/Literature/41430926DA650CD2F1B151554FB346DA/242384029.pdf Number of Pages: 6 Markdown Content: # Company overview Objective The Company aims to provide investors with above average dividend income and long -term capital growth through active management of a portfolio consisting predominantly of S&P 500 US equities. Highlights Seeks to provide income with the potential for growth, offering UK investors diversification through exposure to the US. # Company information NAV (cum income) 421.9p NAV (ex income) 415.1p Share price 408.0p Discount( -)/premium(+) -3.3% Yield 3.1% Net gearing 7% Net cash - Total assets Net assets £517m £484m Market capitalisation £468m Total voting rights 114,710,516 Total number of holdings 69 Ongoing charges (year end 31 Jan 2026) 0.7 3%Reference Index Russell 1000 ® Value Index Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the methodology used. Please note that the total voting rights in the Company do not include shares held in Treasury. The Compa ny has no benchmark but uses the Russell 1000 Value Index (in sterling terms) and, for the purposes of the conditional tender, the S&P High Yield Dividend Aristocrats Index (in sterling terms) as reference indices. # THE NORTH AMERICAN INCOME TRUST P LC (NAIT) ISIN: GB00BJ00Z303 Factsheet - at 30 April 2026 Marketing Communication Performance over (%) 1m 3m 6m 1y 3y 5y 10y Share price (Total return) 8.5 7.4 15.2 36.4 63.9 84.6 226.0 NAV (Total return) 2.9 5.0 9.4 29.0 49.0 67.6 194.0 Reference Index (Total return) 5.0 6.6 10.3 27.1 47.2 66.3 212.2 Relative NAV (Total return) -2. 1 -1.6 -0.9 1.9 1.8 1.3 -18.2 Find out more Go to www.northamericanincome.com How to invest Go to www.janushenderson.com/howtoinvest Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. Plea se refer to the glossary for the definition of share price total return. The NAV total return above and the NAVs published in this Factsheet are calculated using NAV with debt at fair value. The Company also publishes the NAV Cum Income and NAV Ex Income with debt calculated at par daily via the London Stock Exchchange. Discrete year performance (%) Share price (total return) NAV (total return) 31/3/2025 to 31/3/2026 21.7 17.3 31/3/2024 to 31/3/2025 13.5 8.7 31/3/2023 to 31/3/2024 9.0 13.5 31/3/2022 to 31/3/2023 -3.0 -1.6 31/3/2021 to 31/3/2022 21.8 18.0 Source: at 31/03/26. © 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not predict future returns. All performance, cumulative growth and annual growth data is sourced from Morningstar. Please note that this chart could include dividends that have been declared but not yet paid. 0.0 2.0 4.0 6.0 8.0 # Dividend history # (pence/share) 14.0 12.0 10.0 13 15 17 19 21 23 25 Income # Share price performance # (total return) 50 100 150 200 Apr 21 Apr 22 Apr 23 Apr 24 Apr 25 Apr 26 Price (rebased) Reference Index NAV (cum income) Key information Stock code NAIT AIC sector AIC North America Reference Index Russell 1000 ® Value Index Company type Conventional (Ords) Launch date 1902 Financial year 31 -Jan Dividend payment Feb / Jun / Aug / Oct Management fee 0.55% of NAV up to £500m and 0.45% of NAV in excess thereof Performance fee No (See Annual Report & Key Information Document for more information) Regional focus North America Fund manager appointment Fran Radano 2024 Jeremiah Buckley 2024 Fran Radano, CFA Portfolio Manager Jeremiah Buckley, CFA Portfolio Manager Customer services 0800 832 832 How to invest Go to www.janushenderson.com/howtoinvest # THE NORTH AMERICAN INCOME TRUST PLC (NAIT) ISIN: GB00BJ00Z303 Factsheet - at 30 April 2026 Marketing Communication # Top 10 holdings (%) Chevron 4.7 CVS Health 3.6 Philip Morris International 3.3 PNC Financial Services Group 3.2 Enbridge 3.2 Lamar Advertising 3.2 Morgan Stanley 3.0 Johnson & Johnson 3.0 Gaming and Leisure Properties 2.8 Verizon Communications 2.8 References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its emplo yees, may have a position in the securities mentioned. # Sector breakdown (%) ##  Financials 22.3% ##  Health Care 15.3% ##  Information Technology 12.7% ##  Industrials 10.0% ##  Energy 7.9% ##  Communication Services 7.5% ##  Utilities 6.5% ##  Consumer Discretionary 6.4% ##  Real Estate 6.0% ##  Consumer Staples 5.5% The above sector breakdown may not add up to 100% due to rounding. # 10 year total return of £1,000 All performance, cumulative growth and annual growth data is sourced from Morningstar. Share price total return is calculated using mid -market share price with dividends reinvested. 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Apr 16 Apr 18 Apr 20 Apr 22 Apr 24 Apr 26 Share price total return Reference Index # Geographical focus (%) #  United States 94.5% #  Canada 5.5% # Premium/(discount) of share price # to NAV at fair value (%) -20 -15 -10 -5 0 5 10 15 20 Apr 23 Apr 24 Apr 25 Apr 26 Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. Plea se refer to the glossary for the definition of share price total return. THE NORTH AMERICAN INCOME TRUST PLC (NAIT) ISIN: GB00BJ00Z303 Factsheet - at 30 April 2026 Marketing Communication # Fund Manager commentary Investment environment US equities rallied in April. Optimism about a potential US/Iran truce, renewed interest in artificial intelligence (AI) and some solid corporate results drove the S&P 500 Index to an all -time high. The technology -heavy Nasdaq Composite Index also hit a record high. The US Federal Reserve (Fed) kept interest rates unchanged at 3.75%, although the vote showed a continued split among policymakers. The economic news was somewhat positive. First -quarter GDP expansion was revised down to an annualised 2.0% from a previous estimate of 2.3%, although the level of growth suggested the economy remained resilient. However, the impact of the Middle East conflict was evident elsewhere, with US inflation accelerating to a near two -year high of 3.3% year on year in March from 2.4% in the previous two months, mostly due to higher energy costs. The US dollar weakened against a basket of major currencies as the Middle East truce appeared to reduce demand for perceived safe -haven investments such as the dollar. Portfolio review In the month under review the Company’s NAV total return was 2. 9% and the Russell 1000® Value Index total return was 5.0% in sterling terms and the S&P High Yield Dividend Aristocrats® total return was -0.3% in sterling terms. Stock selection in the technology sector detracted from performance. Not holding positions in Intel, Micron Technology and technology giants Alphabet and Amazon hurt performance relative to the benchmark index. Sentiment around AI investment improved, particularly towards companies linked to AI infrastructure and semiconductors, and stronger earnings guidance (forecasts) lifted shares in the sector overall. The holding in energy company Chevron also detracted, as oil prices remained volatile, falling sharply early on due to initial optimism around a resolution to the conflict in the Middle East, before rebounding as negotiations stalled. Sportswear manufacturer Nike also hurt performance, as its share price was affected by slowing consumer spending and weakness in China. Conversely, the position in Texas Instruments contributed to performance, as its share price was supported by better -than -expected earnings and rebounding demand for its products. Semiconductor manufacturer Broadcom also contributed, amid increased AI infrastructure demand and after it announced extensions of its deals with Google and Anthropic. CVS Health also added value, after its share price was supported by an improving outlook for Medicare reimbursement following the Centers for Medicare and Medicaid Services (CMS) announcement that a higher rate is to be paid to companies in the Medicare programme. In terms of activity, we opened a new holding in consumer staples giant Target. We closed the position in fitness technology company Garmin. Manager outlook Given the dynamic nature of events in the Middle East, we think volatility is likely to remain elevated, and markets are likely to continue to be driven by news headlines. We will continue to monitor the situation closely, as well as any signs of escalation or de - escalation. The labour market has remained firm despite modest job growth, as redundancy levels appear to be modest. That said, once people are out of the workforce, they are finding it much more difficult to rejoin. On the corporate side, we do not believe current fundamentals and the outlook are as negative as they may be perceived externally. That said, we consider share price valuations to remain broadly elevated, so we remain selective, diligent and disciplined. First -quarter earnings season has been well above expectations, with earnings growth exceeding 25% and revenues over 10%. Consumers are starting to feel the benefits from the One Big Beautiful Bill, although some of this is mitigated by higher fuel prices and the subsequent uptick in inflation that disproportionately impacts lower income households. THE NORTH AMERICAN INCOME TRUST PLC (NAIT) ISIN: GB00BJ00Z303 Factsheet - at 30 April 2026 Marketing Communication We believe the companies we hold are well positioned to manage through periods of volatility. We also feel comfortable with the current valuations of these companies, which in aggregate were trading at a discount to market multiples at the time of writing. We believe the high-quality nature of these holdings may help insulate them against some of the macroeconomic forces at play. From a revenue perspective, we think the historically predictable cash generation and robust balance sheets could support dividend growth prospects for the year ahead. We continue to seek resilient companies, where macroeconomic tailwinds are not needed for growth and that have the cash and ability to invest in themselves for the future. > References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned. # THE NORTH AMERICAN INCOME TRUST PLC (NAIT) ISIN: GB00BJ00Z303 Factsheet - at 30 April 2026 Marketing Communication # Glossary Discount/Premium The amount by which the price per share of an investment company is either lower (at a discount) or higher (at a premium) than the net asset value per share (cum income), expressed as a percentage of the net asset value per share. Gearing The effect of bo rrowing money for investment purposes (financial gearing). The amount a company can “gear ” is the amount it can borrow in order to invest. Gearing is used in the expectation that the returns on the investments bought will exceed the costs of the borrowings that funded the purchase. This Company can also use synthetic gearing through derivatives and foreign exchange hedging and/or other non -fully funded instruments or techniques. Leverage The Company ’s leverage is the sum of financial gearing and synthetic gearing. Details of the Company ’s leverage limits can be found in both the Key Information Document and Annual Report. Where a company utilises leverage, the profits and losses incurred by the company can be greater than those of a company that does not us e leverage. Market capitalisation Share price multiplied by the number of shares in issue, excluding treasury shares, at month end. Shares typically priced mid -market at month -end closing. Net Asset Value (NAV) The total value of a Company's assets less its liabilities. NAV (Cum Income) The value of investments and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value). NAV (Ex Income) The value of investments and cash, e xcluding current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value). NAV total return The theoretical total return on shareholders' funds per share reflecting the change in Net Asset Value (NAV) assuming that dividends paid to shareholders were reinvested at NAV at the time the shares were quoted ex -dividend. A way of measuring investment m anagement performance of investment trusts which is not affected by movements in discounts/premiums. Net assets Total assets minus any liabilities such as bank loans or creditors. Net cash A company ’s net exposure to cash/cash equivalents expressed as a percentage of shareholders ’ funds, after any offset against its gearing. This is only shown for companies that have gearing in place. Net gearing A company ’s total assets (less cash/cash equivalents) divided by shareholders ’ funds expressed as a percent age. Ongoing charges The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100. Share price Closing mid -market share price at month end. Share price total return The theoretical total return to the investor assuming that all dividends received were reinvested in the shares of the company at the time the shares were quoted ex -dividend. Transaction costs are not taken into account. Total assets Cum Income NAV multip lied by the number of shares, plus prior charges at fair value. Yield Calculated by dividing the current financial year's dividends per share (this will include prospective dividends) by the current price per share, then multiplying by 100 to arrive at a percentage figure. For a full list of terms please visit: https://www.janushenderson.com/en - gb/investor/glossary/ THE NORTH AMERICAN INCOME TRUST PLC (NAIT) ISIN: GB00BJ00Z303 Factsheet - at 30 April 2026 Marketing Communication Source for fund ratings/awards Overall Morningstar Rating™ is shown for an investment company achieving a rating of 4 or 5. Company specific risks - Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your i nvestment may fall as a result. - Active management techniques that have worked well in normal market conditions could prove ineff ective or negative for performance at other times. - A persistent reduction in dividend income from investee companies could adversely affect the Company’s ability to maintain it s record of paying a growing dividend each year. - Using derivatives exposes the Company to risks different from - and potentially greater than - the risks associated with investing directly in securities. It may therefore result in additional loss, which could be signif icantly greater than the cost of the derivative. - This Company is suitable to be used as one component of several within a diversified investment portfolio. Investors should c onsider carefully the proportion of their portfolio invested in this Company. - The Company could lose money if a counterparty wit h which it trades becomes unwilling or unable to meet its obligations to the Company. - The return on your investment is directly related to the prevailing market price of the Company's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the Company. As a result, losses (or gains) may be higher or lower than those of the Company's assets. - Where the Company invests in assets that are denominated in currencies other than the base currency, the curr ency exchange rate movements may cause the value of investments to fall as well as rise. - The Company may use gearing (borrowing to invest) as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incurred b y the Company can be greater than those of a Company that does not use gearing. - All or part of the Company's management fee is taken from its capital. While this allows more income to be paid, it may also restrict capital growth or even result in capita l erosion over time. Janus Henderson Fund Managers UK Limited was appointed as the AIFM of the North American Income Trust with effect from 1 Augu st 2024. Prior to that date, the North American Income Trust’s AIFM was abrdn Fund Managers Limited and all information cont ained in this document should be considered accordingly. Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yoursel f as to its suitability and the risks involved, you may wish to consult a financ ial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the in come from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor’s particular circums tances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any c ontract for the sale or purchase of any investment. We may record telephone calls for our mutual protec tion, to improve customer service and for regulatory record keeping purposes. Issued in the UK by Janus Henderson Investors. 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