NORTH AMERICAN INCOME TST (THE) PLC

Fund Information / Factsheet • Jul 21, 2025

Factsheet - at 30 June 2025 Marketing Communication

Share price performance (total return) Dividend history (pence/share) 0 50 100 150 200 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 Price (rebased) Reference Index NAV (cum income) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Income Performance over (%) 6m 1y 3y 5y 10y Share price (Total return) 3.0 13.9 30.1 68.3 193.3 NAV (Total return) -0.5 9.5 26.3 64.1 181.4 Reference Index (Total return) -3.1 4.9 27.1 73.1 176.4 Relative NAV (Total return) 2.⁶ 4.6 -0.⁸ -9.0 5.0 Discrete year performance (%) Share price (total return) NAV (total return) 30/6/2024 to 30/6/2025 13.9 9.5 30/6/2023 to 30/6/2024 14.5 12.2 30/6/2022 to 30/6/2023 -0.2 2.8 30/6/2021 to 30/6/2022 5.1 8.5 30/6/2020 to 30/6/2021 23.1 19.8 n/a n/a n/a All performance, cumulative growth and annual growth data is

Please note that this chart could include dividends that have been declared but not yet paid. 12 14 16 18 20 22 24

sourced from Morningstar.

Source: at 30/06/25. © 2025 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.

Commentary at a glance

The Investment management and administration transferred to Janus Henderson Investors on 1 August 2024.

Performance

In the month under review the Company's NAV total return was 2.6% and the Russell 1000® Value Index total return was 1.8%.

Contributors/detractors (for the quarter) The overweight position and stock selection in the technology sector contributed positively, while energy holdings detracted from performance.

Outlook

We believe the companies held in the portfolio are well positioned for periods of volatility. Their highquality nature should help insulate them against some of the macroeconomic forces at play.

See full commentary on page 3.

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.

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)	354.4p
NAV (ex income)	352.3p
Share price	325.5p
Discount(-)/premium(+)	-8.2%
Yield	3.8%
Net gearing	7%
Net cash	-
Total assets Net assets	£462m £429m
Market capitalisation	£394m
Total voting rights	120,911,864
Total number of holdings	58
Ongoing charges (year end 31 Jan 2025)	0.77%
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 Company has no benchmark, but the most relevant reference index for the Company is the Russell 1000 Value Index (in sterling terms) and most of the holdings in the portfolio are likely to be drawn from its constituents.

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. Please refer to the glossary for the definition of share price total return.

How to invest Go to www.janushenderson.com/howtoinvest Find out more Go to www.northamericanincome.com

Factsheet - at 30 June 2025 Marketing Communication

Top 10 holdings	(%)
Philip Morris International	4.4
Chevron	4.1
CVS Health	3.3
Gaming and Leisure Properties	3.2
Lamar Advertising	3.1
PNC Financial Services Group	3.0
Enbridge	2.9
US Bancorp	2.9
Morgan Stanley	2.8
Medtronic	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 employees, may have a position in the securities mentioned.

Premium/(discount) of share price to NAV at fair value (%)

Sector breakdown (%)

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.

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. Please refer to the glossary for the definition of share price total return.

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	2024 Fran Radano Jeremiah Buckley 2024

Portfolio Manager

How to invest Go to www.janushenderson.com/howtoinvest Customer services 0800 832 832

Factsheet - at 30 June 2025 Marketing Communication

Fund Manager commentary

Investment environment

US equities strengthened over the month as progress on some trade negotiations, a truce between Israel and Iran and hopes of further interest rate cuts supported the gains. The US Federal Reserve (Fed), which held interest rates at 4.5%, reaffirmed its expectation that it would cut interest rates twice more this year.

US GDP shrank by a worse-than-expected 0.5% in the first quarter (on an annualised basis) which compared with an initial estimate of a 0.2% contraction, led by a slowdown in consumer spending on services. Consumer price rises rose to 2.4% year on year in May (from 2.3% in April), although the result was slightly lower than anticipated.

The US economy continued to add jobs, with May's increase in non-farm payrolls slightly higher than forecast. This assuaged some worries that the economy faced a rapid slowdown.

The US dollar hit a three-year low against a basket of other major currencies, given uncertainty about US trade policy and signs of economic weakness.

Portfolio review

Stock selection in both the financials and technology sectors, plus the overweight position in the technology sector, contributed positively to performance. Semiconductor companies Broadcom and Lam Research were both key positive contributors.

In the financials sector, holdings in Goldman Sachs and Citigroup were also positive. Eaton, an industrial electrical company, was another positive contributor.

Conversely, stock selection in the energy sector detracted, with natural gas company Enbridge a notable detractor. Other detractors included holdings in Restaurant Brands and animal health company Zoetis.

Manager outlook

We continue to see good fundamentals in our holdings. However, given the backdrop, most management teams of the companies we hold have introduced conservative guidance (forecasts) for 2025. Given the elevated volatility in the market, we were able to add to many positions in what we see as high-quality companies that we believe embedded a worse-case scenario (which we did not believe would occur).

Dividend growth remains strong and, perhaps more importantly, predictable. We expect this trend to continue throughout the year. We are currently expecting mid- to high-single digit dividend growth based on our current holdings and what the team has modelled.

As the new US administration attempts to more aggressively recalibrate global trade rules and regulations, there have been signs of a slowdown in economic activity. This pause in corporate activity may mute economic growth (and thus company earnings) in the near term. As a result, we expect to see continued volatility as trade negotiations begin in earnest.

Conversely, we think the benefits of deregulation should improve the operating environment for companies across multiple sectors, including financials and energy.

The consumer backdrop remains positive due to a strong labour market. However, both the reduction in corporate activity, and a volatile stock market impacting the net worth of consumers, have the potential to reduce spending, despite strong equity market performance in recent years and higher interest earnings on cash - both of which have supported the consumer. Debt service below long-term norms does provide a reduction in risk, especially when compared to prior periods of consumer weakness.

In addition, labour productivity trends remain positive, supporting wage growth and corporate profitability. Integration of artificial intelligence (AI) across sectors is enhancing efficiency and reducing costs, and we have recently seen practical examples in the healthcare, ecommerce, finance and energy sectors. While AI adoption is still early, its potential for significant impact on productivity and revenue growth seems clear.

We continue to be excited about the innovation and productivity gains that large US companies continue to drive through capital and research and development (R&D) spending. The investments required to stay relevant and prosper in the new digital economy are significant, and hence we favour the largest companies that lead their industries. Having large amounts of data that can inform strategy and execution has become critical.

Factsheet - at 30 June 2025 Marketing Communication

We have populated the portfolio with companies that have the scale to make these investments, which we believe should drive growth in earnings and dividends for years to come.

We believe the companies we hold are well positioned to manage through a period 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 feel the high-quality nature of these holdings should 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 should lead to continued dividend growth prospects for 2025. 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.

Factsheet - at 30 June 2025 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 borrowing 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 use 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, excluding 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 management 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 percentage.

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 multiplied 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/

Factsheet - at 30 June 2025 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

• This Company is suitable to be used as one component of several within a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested in this Company.
• Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times.
• The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Company.
• Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
• 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.
• 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 significantly greater than the cost of the derivative.
• Where the Company invests in assets that are denominated in currencies other than the base currency, the currency 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 by 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 capital erosion over time.

Janus Henderson Fund Managers UK Limited was appointed as the AIFM of the North American Income Trust with effect from 1 August 2024. Prior to that date, the North American Income Trust's AIFM was abrdn Fund Managers Limited and all information contained 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 yourself as to its suitability and the risks involved, you may wish to consult a financial 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 income 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 circumstances 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 contract for the sale or purchase of any investment. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.

Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which investment products and services are provided by Janus Henderson Investors International Limited (reg no. 3594615), Janus Henderson Investors UK Limited (reg. no. 906355), Janus Henderson Fund Management UK Limited (reg. no. 2678531), (each registered in England and Wales at 201 Bishopsgate, London EC2M 3AE and regulated by the Financial Conduct Authority), Tabula Investment Management Limited (reg. no. 11286661 at 10 Norwich Street, London, United Kingdom, EC4A 1BD and regulated by the Financial Conduct Authority) and Janus Henderson Investors Europe S.A. (reg no. B22848 at 78, Avenue de la Liberté, L-1930 Luxembourg, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier).

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