Portfolio Update

BlackRock North American Income Trust

Portfolio update as at 31 August 2013

Top ten positions (% of net assets)

Security                                  Sector      Position size (%)   Dividend yield (%) 
                                                                               
Chevron Corporation                       Energy          3.27                3.16                      
Wells Fargo & Company                 Financials          3.24                2.60                   
JP Morgan Chase & Co                  Financials          3.22                2.53               
General Electric Company              Industrial          2.46                3.20               
The Home Depot            Consumer Discretionary          2.43                1.83               
Pfizer                               Health Care          2.41                3.33                          
Comcast Corp Class A      Consumer Discretionary          2.35                1.76               
Exxon Mobil Corporation                   Energy          2.11                2.75                        
Merck & Co                           Health Care          2.05                3.62                
ACE Limited                           Financials          1.94                2.26               

Sector weightings

                           Company       Russell 1000 Value                     
                             %                  Index                                  
                                                  %                                                     
Consumer Discretionary       9.4                 6.2                                                      
Consumer Staples            12.1                 6.0                                                               
Energy                      13.9                15.1                                                              
Financials                  20.8                29.0                                                                 
Health Care                  9.0                13.1                                                        
Industrials                 13.4                 9.8                                               
Information Technology       4.9                 8.9                                    
Materials                    7.1                 2.8                                            
Telecommunication Services   3.5                 2.7                                                         
Utilities                    6.1                 6.3                                                     
Cash                        (0.1)                0.0                                    
                                                                               

Geographical Weightings

Country                           %                               
                                                                
United States                   89.72                                    
Canada                          2.69                                  
Switzerland                     1.94                                               
Australia                       1.62                                          
France                          1.47                                          
Netherlands                     1.39                                           
United Kingdom                  1.28 
Cash                           (0.11)