<PAGE> PAGE 1
000 B000000 10/31/94
000 C000000 0000880280
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE BLACKROCK NORTH AMERICAN GOVT INC. TRUST
001 B000000 811-6443
001 C000000 2122141250
002 A000000 199 WATER STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10292
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 BLACKROCK FINANCIAL MANAGEMENT L.P.
008 B000001 A
008 C000001 801-32183
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10154
010 A000001 PRUDENTIAL MUTUAL FUND MANAGEMENT, INC.
010 B000001 811-31104
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10292
011 A000001 PRUDENTIAL SECURITIES INCORPORATED
011 B000001 8-27154
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10292
011 A000002 A.G. EDWARDS & SONS, INC.
011 B000002 8-13580
011 C010002 ST. LOUIS
<PAGE> PAGE 2
011 C020002 MO
011 C030002 63103
011 A000003 KIDDER, PEABODY & CO., INC.
011 B000003 8-4831
011 C010003 NEW YORK
011 C020003 NY
011 C030003 10005
011 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
011 B000004 8-7221
011 C010004 NEW YORK
011 C020004 NY
011 C030004 10281
011 A000005 PAINEWEBBER, INC.
011 B000005 8-16267
011 C010005 NEW YORK
011 C020005 NY
011 C030005 10019
011 A000006 ADVEST, INC.
011 B000006 8-21409
011 C010006 HARTFORD
011 C020006 CT
011 C030006 06103
011 A000007 GRUNTAL & CO., INC.
011 B000007 8-31022
011 C010007 NEW YORK
011 C020007 NY
011 C030007 10005
011 A000008 MORGAN KEEGAN & CO., INC.
011 B000008 8-15001
011 C010008 MEMPHIS
011 C020008 TN
011 C030008 38103
011 A000009 RAYMOND JAMES & ASSOCIATES, INC.
011 B000009 8-10999
011 C010009 ST. PETERSBURG
011 C020009 FL
011 C030009 33716
011 A000010 CROWELL, WEEDON & CO.
011 B000010 8-3710
011 C010010 LOS ANGELES
011 C020010 CA
011 C030010 90017
012 A000001 STATE STREET BANK & TRUST COMPANY
012 B000001 84-
012 C010001 NORTH QUINCY
012 C020001 MA
012 C030001 02171
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10048
<PAGE> PAGE 3
014 A000001 DELETE
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02255
015 E010001 X
015 A000002 CANADA TRUSTCO MORTGAGE COMPANY
015 B000002 S
015 C010002 ONTARIO
015 D010002 CANADA
015 D020002 M5J2T2
015 E040002 X
018 000000 Y
019 A000000 Y
019 B000000 21
019 C000000 BLACKROCK_
020 A000001 SMITH BARNEY, INC.
020 B000001 13-1912900
020 C000001 25
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000002 13-5674085
020 C000002 18
020 A000003 PAINEWEBBER, INC.
020 B000003 13-2638166
020 C000003 8
020 A000004 SALOMON BROTHERS, INC.
020 B000004 13-3082694
020 C000004 2
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 53
022 A000001 SMITH BARNEY, INC.
022 B000001 13-1912900
022 C000001 801315
022 D000001 232042
022 A000002 BEAR, STEARNS & CO., INC.
022 B000002 13-3299429
022 C000002 1007720
022 D000002 0
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 190580
022 D000003 64529
022 A000004 CHASE SECURITIES, INC.
022 B000004 13-3112953
022 C000004 253558
<PAGE> PAGE 4
022 D000004 0
022 A000005 NIKKO SECURITIES CO.
022 B000005 94-1302123
022 C000005 231258
022 D000005 2831
022 A000006 SALOMON BROTHERS, INC.
022 B000006 13-3082694
022 C000006 86880
022 D000006 108675
022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000007 13-5674085
022 C000007 31433
022 D000007 147928
022 A000008 PAINEWEBBER, INC.
022 B000008 13-2638166
022 C000008 72559
022 D000008 57928
022 A000009 RBC DOMINION SECURITIES LTD.
022 C000009 55126
022 D000009 66020
022 A000010 LANSTON (AUBREY G.) & CO., INC.
022 B000010 13-5552129
022 C000010 91743
022 D000010 0
023 C000000 3154012
023 D000000 832876
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
<PAGE> PAGE 5
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.600
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
<PAGE> PAGE 6
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 N
054 N000000 N
054 O000000 N
055 A000000 Y
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
<PAGE> PAGE 7
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 1.5
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 22.8
062 O000000 0.0
062 P000000 0.0
062 Q000000 116.5
062 R000000 0.0
063 A000000 0
063 B000000 11.2
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 Y
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 Y
070 H010000 N
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
<PAGE> PAGE 8
070 O010000 Y
070 O020000 Y
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 Y
071 A000000 403268
071 B000000 451542
071 C000000 577206
071 D000000 70
072 A000000 12
072 B000000 43461
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 2390
072 G000000 398
072 H000000 0
072 I000000 72
072 J000000 524
072 K000000 0
072 L000000 230
072 M000000 60
072 N000000 32
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 64
072 S000000 15
072 T000000 0
072 U000000 14
072 V000000 0
072 W000000 204
072 X000000 4003
072 Y000000 0
072 Z000000 39458
072AA000000 4947
072BB000000 31206
072CC010000 0
072CC020000 56142
072DD010000 36918
072DD020000 0
072EE000000 0
073 A010000 1.0228
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0522
074 A000000 129
074 B000000 0
<PAGE> PAGE 9
074 C000000 5408
074 D000000 508142
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 8658
074 K000000 0
074 L000000 8706
074 M000000 40
074 N000000 531083
074 O000000 12776
074 P000000 220
074 Q000000 0
074 R010000 142450
074 R020000 0
074 R030000 0
074 R040000 10888
074 S000000 0
074 T000000 364749
074 U010000 36207
074 U020000 0
074 V010000 10.07
074 V020000 0.00
074 W000000 0.0000
074 X000000 3072
074 Y000000 135829
075 A000000 0
075 B000000 397651
076 000000 9.13
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 Y
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
<PAGE> PAGE 10
080 A000000 VIGILANT INSURANCE CO. - MEMBER OF CHUBB GRP.
080 C000000 16500
081 A000000 Y
081 B000000 23
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 092517101
087 A030000 BNA
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE HENRY GABBAY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000880280
<NAME> THE BLACKROCK NORTH AMERICAN GOV'T INCOME TRUST
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1994
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 567,579,471
<INVESTMENTS-AT-VALUE> 513,550,273
<RECEIVABLES> 17,359,364
<ASSETS-OTHER> 173,362
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 531,082,999
<PAYABLE-FOR-SECURITIES> 12,776,321
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 153,557,262
<TOTAL-LIABILITIES> 166,333,583
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 500,925,133
<SHARES-COMMON-STOCK> 36,207,093
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (107,585,605)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (28,590,112)
<NET-ASSETS> 364,749,416
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 43,461,340
<OTHER-INCOME> 0
<EXPENSES-NET> 4,003,300
<NET-INVESTMENT-INCOME> 39,458,040
<REALIZED-GAINS-CURRENT> (26,259,212)
<APPREC-INCREASE-CURRENT> (56,141,556)
<NET-CHANGE-FROM-OPS> (42,942,728)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (36,918,359)
<DISTRIBUTIONS-OF-GAINS> (112,913)
<DISTRIBUTIONS-OTHER> (1,891,079)
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (81,865,079)
<ACCUMULATED-NII-PRIOR> 1,934,234
<ACCUMULATED-GAINS-PRIOR> (97,751,422)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,390,127
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,003,300
<AVERAGE-NET-ASSETS> 397,651,000
<PER-SHARE-NAV-BEGIN> 12.34
<PER-SHARE-NII> 1.09
<PER-SHARE-GAIN-APPREC> (2.28)
<PER-SHARE-DIVIDEND> (1.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> (0.05)
<PER-SHARE-NAV-END> 10.07
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
For fiscal year ended (a) October 31, 1994
File number (c) 811-6443
SUB-ITEM 77J
Restatement of Capital Share Account
Effective November 1, 1993, the Trust began accounting and
reporting for distributions to shareholders in accordance with
Statement of Position 93-2: Determination, Disclosure, and
Financial Statement Presentation of Income, Capital Gain, and
Return of Capital Distributions by Investment Companies. As a
result of this statement, the Trust changed the classification of
certain distributions to shareholders for financial reporting
purposes. The cumulative effect of adopting the statement was to
decrease paid-in-capital in excess of par by $6,563,886, decrease
undistributed net investment income by $1,934,234, increase
accumulated net realized losses on investments by $216,400 and
decrease accumulated net realized foreign currency losses by
$8,714,520 compared to amounts previously reported. For the year
ended October 31, 1994 the Trust decreased paid-in capital in
excess of par by $2,003,992, decreased undistributed net investment
income by $535,689, decrease accumulated net realized losses on
investments by $79,403 and decrease accumulated net realized and
unrealized foreign currency losses by $2,460,278. Net investment
income, net realized gains and net assets were not affected by this
change.
The Board of Directors of
The BlackRock North American Government Income Trust Inc.:
In planning and performing our audit of the financial statements of
The BlackRock North American Government Income Trust Inc. for the
year ended October 31, 1994, we considered its internal control
structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on
the internal control structure.
The management of The BlackRock North American Government Income
Trust Inc. is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal
control structure are to provide management with a reasonable, but
not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operations of the
specific internal control structure elements does not reduce to a
relatively low level risk that errors or irregularities in amounts
that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period
by employees in the normal course of performing their assigned
functions. However, we noted no matters involving the internal
control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of October 31, 1994.
This report is intended solely for the information and use of
management, the Board of Directors and the Securities and Exchange
Commission.
Deloitte & Touche LLP
New York, New York
December 19, 1994
