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Alliancebernstein Global Bond Fund Inc – ‘N-30B-2’ for 11/30/94

As of: Friday, 3/3/95 · For: 11/30/94 · Accession #: 862021-95-63 · File #: 811-06554

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/03/95  Alliancebernstein Global Bon… Inc N-30B-2    11/30/94    1:53K                                    Alliancebernstein F… Inc

Periodic or Interim Report Mailed to Shareholders — Rule 30b-2
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30B-2     Periodic or Interim Report Mailed to Shareholders     24    107K 

N-30B-2 1st Page of 24 TOC ↑Top Previous Next ↓Bottom Just 1st
 
LETTER TO SHAREHOLDERS    Alliance North American Government Income Trust, Inc. 
------------------------------------------------------------------------------- 

January 25, 1995                                                                

Dear Shareholder:                                                               

Since we last reported to you in May, continued tightening in U.S. monetary     
policy by the Federal Reserve and political and economic events in Mexico,      
Argentina and  Canada have triggered declining bond prices with high price      
volatility in these markets.  Stricter U.S. monetary policy placed downward     
pressure on domestic and international bond prices for most of the year.        
Adding to this price pressure is the Mexican government's recent decision to    
abandon its currency trading band and float the peso.  This unexpected action   
led to significant price declines for all Mexican debt obligations.  While      
this dramatic shift in Mexican economic policy may prove beneficial to the      
long-term performance of the economy, it negatively impacted the net asset      
value of your Fund.                                                             

For the fiscal year ended November 30, 1994, Alliance North American            
Government Income Trust had total returns of -11.32% (Class A) and -11.89%      
(Class B and Class C), based on the net asset value.  In the six-month period   
since we last reported, your Fund returned -5.62% (Class A), -5.99% (Class B)   
and -6.00% (Class C), based on the net asset value.  Average annual total       
returns since inception in March 1992 were +3.46% (Class A) and +2.75% (Class   
B); Class C shares, which were introduced on May 3, 1993, returned -2.52%.      
During the fiscal year, the Fund paid dividends totaling $0.996 per Class A     
share and $0.926 per Class B and Class C share.  Additional investment          
results for your Fund, including through December 31, appear on page 3.         

U.S. ECONOMIC AND INTEREST RATE ENVIRONMENT                                     
Early last year, the Federal Reserve shifted monetary policy to reflect its     
view that inflation had become a serious concern.  Through the end of           
November, the Federal Reserve raised short-term interest rates six times in     
an attempt to slow U.S. economic expansion and quell inflationary pressures.    
During the twelve-month period ended November 30, two-year U.S. Treasury        
yields rose from 4.22% to 7.40%, a 3.18% increase, and thirty-year U.S.         
Treasury yields rose from 6.30% to 8.00%, a 1.70% increase.  However, over      
the past six months, we have seen some moderation in interest rate              
volatility.  Since May, two-year U.S. Treasurys rose from 5.99% to 7.40%, a     
1.41% increase, and thirty-year U.S. Treasurys rose from 7.43 to 8.00%, or a    
0.57% increase.                                                                 

ECONOMIC CRISIS IN MEXICO                                                       
The Mexican government's decision to float the peso has resulted in a 39%       
depreciation of its currency against the U.S. dollar since December 20.  This   
decline, which was in addition to the 10.5% devaluation that had occurred       
over the previous 11 months, led to the collapse of the government's economic   
strategy, which had been established by former President Salinas.  The          
Mexican government floated the peso in hopes of improving the trade deficit,    
lowering interest rates and halting the depletion of its currency reserves.     
However, in taking such action, the government has raised the likelihood of     
higher inflation and lower growth in 1995, and has severely shaken investor     
confidence in their economic programs.                                          

President Ernesto Zedillo Ponce de Leon's economic rescue plan includes         
defending the peso with the use of an international aid package, cutting        
government spending, limiting wage increases and privatizing several            
state-owned facilities.  To be successful, the government's plan must           
maintain the price advantages that come with a substantial currency             
devaluation, without setting off inflation.  Results from the program may       
begin to appear in the second half of the year.                                 

While economic fundamentals remain strong in Argentina, it is likely that the   
spill over from the peso devaluation and uncertainty regarding the May 1995     
presidential elections will lead to further short-term price volatility.  The   
devaluation of the peso is likely to result in higher Argentinean interest      
rates as investors demand increased protection from Latin American currency     
risk.  The resulting downward pressure on prices should ease as economic        
problems in Mexico subside.  The Mexican crisis has also compounded the         
weakness of the Canadian dollar, which has been weighed down by the country's   
budget deficits and uncertainty over Quebec's status.  As                       

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                         Alliance North American Government Income Trust, Inc.
------------------------------------------------------------------------------- 

the peso stabilizes, the Canadian dollar should strengthen and more closely     
reflect the country's economic strength. Canada enjoyed rapid economic growth   
and very low inflation in 1994 and we forecast further growth with minimal price
pressure in 1995.                                                               

INVESTMENT OUTLOOK                                                              
We are forecasting a healthy but less robust U.S. economy in 1995.  Our         
estimate for annual GDP growth is 2.5%, with inflation, as measured by the      
Consumer Price Index, to crest at 4.0% during the second half of 1995.  The     
Federal Reserve has repeatedly shown its willingness to raise short-term        
interest rates to combat inflationary pressures and expectations.  The          
firming of monetary policy has been followed despite indications that U.S.      
economic growth is moderating from its rapid pace in 1994.  The Federal         
Reserve's objective is to bring the rate of economic expansion down to non-inf  
lationary levels, generally estimated to be GDP growth of less than 2.5%.       
Slower growth and a strong anti-inflationary posture by the Federal Reserve     
should brighten the 1995 outlook for the U.S. bond markets.                     

Despite recent events in Mexico, the long-term outlook for Mexico, Argentina    
and Canada indicates the continuation of export-led economic growth.            
Economic fundamentals remain strong in these countries and the long-term        
impact of the North American Free Trade Agreement should continue to boost      
economic activity and increase regional trade.  Until the uncertainty           
surrounding the U.S.'s congressional aid package to Mexico is resolved, in      
the nearer-term its markets will likely remain volatile with potential          
further downward pressure on prices.  It is our view, however, that investors   
who hold a long-term outlook should be rewarded.                                

We appreciate your investment in North American Government Income Trust and     
look forward to reporting its progress to you in the coming months.             

Sincerely,                                                                      

[SIGNATURE]                                                                     

John D. Carifa                                                                  
Chairman and President                                                          

[SIGNATURE]                                                                     

Wayne D. Lyski                                                                  
Senior Vice President                                                           

2                                                                               

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INVESTMENT RESULTS        Alliance North American Government Income Trust, Inc. 
------------------------------------------------------------------------------- 

                                                                [Download Table]

              Average Annual Total Return as of November 30, 1994

                                 CLASS A SHARES                  
                              Without             With           
                            Sales Charge      Sales Charge       
                                                                 
* One Year                    -11.32%           -15.09%          
* Since Inception*            + 3.46            + 1.81           
SEC Yield                      11.44%                            
                                                                [Download Table]

                                 CLASS B SHARES           
                              Without             With    
                           Sales Charge       Sales Charge
                                                          
* One Year                    -11.89%           -14.26%   
* Since Inception*            + 2.75            + 2.46    
SEC Yield                      11.23%                     
                                                                [Download Table]

                                 CLASS C SHARES
                                               
* One Year                    -11.89%          
* Since Inception*            - 2.52           
SEC Yield                      11.23%          
                                                                [Download Table]
              Average Annual Total Return as of December 31, 1994

                                 CLASS A SHARES                  
                              Without             With           
                           Sales Charge       Sales Charge       
                                                                 
* One Year                    -30.24%           -33.22%          
* Since Inception*            - 4.69            - 6.16           
SEC Yield                      13.61%                            
                                                                [Download Table]

                                 CLASS B SHARES          
                              Without             With   
                           Sales Charge      Sales Charge
                                                         
* One Year                    -30.80%           -32.67%  
* Since Inception*            - 5.40            - 5.65   
SEC Yield                      12.74%                    
                                                                [Download Table]

                                 CLASS C SHARES
                                               
* One Year                    -30.79%          
* Since Inception*            -14.68           
SEC Yield                      12.76%          

The average annual total returns reflect reinvestment of dividends and/or       
capital gains distributions in additional shares--with and without the effect of
the 4.25% maximum sales charge (Class A) or 3% contingent deferred sales charge 
(Class B); Class C shares are not subject to front-end or contingent deferred   
sales charges. Past performance does not guarantee future results. Investment   
return and principal value will fluctuate so that an investor's shares, when    
redeemed, may be worth more or less than their original cost. Yields are for the
30 days ended November 30 and December 31, 1994, respectively.                  

*Inception: 3/27/92, Class A and Class B; 5/3/93, Class C.                      

3                                                                               

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                         Alliance North American Government Income Trust, Inc.
------------------------------------------------------------------------------- 

ALLIANCE NORTH AMERICAN GOVERNMENT INCOME TRUST                                 
$10,000 INVESTMENT OVER LIFE OF FUND:                                           
3/31/92 TO 11/30/94                                                             

[TABULAR REPRESENTATION OF MOUNTAIN CHART]                                      

                                                        [Enlarge/Download Table]

                 3/31/92  6/30/92  9/30/92  12/31/92  3/31/93  6/30/93  9/30/93  12/31/93  3/31/94  6/30/94  9/30/94
11/30/94                                                                                                            
                                                                                                                    
                                                                                                                    
North American                                                                                                      
Government                                                                                                          
Income Trust:                                                                                                       
Class A:         10,000    9,700    9,960   10,120    10,700   11,050    11,440   12,010   11,030   10,470   10,900 
10,470                                                                                                              
LB Aggregate     10,000   10,346   10,940   11,082    11,724   12,086    12,625   12,665   12,368   11,939   11,985 
11,772                                                                                                              
LB Intermediate-                                                                                                    
Term Government  10,000   10,346   11,118   11,233    11,816   12,093    12,527   12,598   12,431   12,181   12,279 
12,125                                                                                                              

This chart illustrates the total value of an assumed investment in Alliance     
North American Government Income Trust Class A shares (since inception) after   
deducting the maximum 4.25% sales charge, and with dividends and capital gains  
reinvested. Performance for Class B and Class C shares will vary from the       
results shown above due to differences in expenses charged to those classes.    
Results should not be considered representative of future gain or loss in       
capital value or dividend income.                                               

The Lehman Brothers Aggregate Index is composed of the Mortgage Backed          
Securities Index, the Asset Backed Securities Index and the combination         
Government/Corporate Bond Index.                                                

The Lehman Brothers Intermediate-Term Government Index is composed of           
U.S. government agency and Treasury securities with maturities of one to ten    
years.                                                                          

When comparing Alliance North American Government Income Trust to the           
two indexes shown above, you should note that the Fund's performance reflects   
the maximum sales charge of 4.25% while no such charges are reflected in the    
performance of the index.                                                       

Fund performance updated through December 31, 1994, appears on the              
preceding page.                                                                 

4                                                                               

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PORTFOLIO OF INVESTMENTS                                                        
November 30, 1994         Alliance North American Government Income Trust, Inc. 
------------------------------------------------------------------------------- 

                                                                [Download Table]

                                          Principal                            
                                           Amount                              
                                           (000)        U.S.$ Value            
                                                                               
ARGENTINA-26.7%                                                                
GOVERNMENT                                                                     
  OBLIGATIONS-26.7%                                                            
Bonos De Inversion y                                                           
  Crecimiento                                                                  
  19.51%, 5/01/01 (FRN)     ARS           $156,077     $165,099,411            
Republic of Argentina                                                          
  Pensioner-Bocon Series I                                                     
  3.10%, 4/01/01 (FRN).                    222,484      110,321,709            
  Pensioner-Bocon Series II                                                    
  3.10%, 9/01/02 (FRN)                     165,186       68,649,022            
  Supplier-Bocon                                                               
  3.10%, 4/01/07 (FRN).                    755,271      273,453,165            
Total Argentina Securities                             ------------            
  (cost $869,961,279)..                                 617,523,307            
                                                       ------------            
BRAZIL-0.1%                                                                    
AGENCY OBLIGATIONS-0.1%                                                        
Siderrurgica Brasileisa                                                        
  6.00%, 8/15/99(d)                                                            
  (cost $1,341,166)....     CRZ              8,256*       1,450,492            
                                                       ------------            
CANADA-12.5%                                                                   
GOVERNMENT/AGENCY-12.5%                                                        
Government of Alberta                                                          
  Telephone Co.                                                                
  9.60%, 7/07/98.......     CA$              4,500        3,355,661            
Government of Canada                                                           
  6.25%, 2/01/98.......                      7,000        4,776,740            
  7.50%, 7/01/97.......                      9,950        7,106,575            
  7.50%, 12/01/03......                     50,000       32,836,635            
  8.00%, 6/01/23.......                    130,000       82,823,914            
Hydro-Quebec                                                                   
  7.00%, 6/01/04.......                     50,000       29,903,689            
Ontario Hydro                                                                  
  10.00%, 3/19/01......                     50,000       37,539,524            
  11.00%, 10/01/97.....                      1,500        1,155,188            
Province of Alberta                                                            
  7.75%, 2/04/98.......                     20,000       14,174,087            
Province of Manitoba                                                           
  11.00%, 8/15/00......                     20,000       15,713,611            
Province of Ontario                                                            
  7.50%, 2/07/24 ......     CA$             25,000      $14,257,678            
  8.75%, 4/16/97 ......                      4,500        3,290,896            
Province of Quebec                                                             
  8.50%, 4/01/97 ......                      9,500        6,909,468            
Province of Saskatchewan                                                       
  8.125%, 2/04/97 .....                     10,000        7,210,612            
  9.00%, 12/11/96 .....                      8,000        5,871,997            
  9.50%, 8/16/04 ......                     20,000       14,344,176            
  11.00%, 1/09/01 .....                     10,000        7,784,118            
Total Canadian Securities                              ------------            
  (cost $332,824,857) .                                 289,054,569            
                                                       ------------            
MEXICO-40.1%                                                                   
GOVERNMENT/AGENCY-34.7%                                                        
Bankers Acceptances                                                            
  Nacional Financiera S.N.C.                                                   
  15.00%, 8/13/98(b) ..     MXP             80,180       14,069,689            
  15.25%, 12/15/94(b) .                    150,000       43,353,019            
  15.25%, 12/29/94(b) .                     36,764       10,550,124            
  16.09%, 2/23/95(b) ..                     35,749        9,928,730            
  16.50%, 2/26/03(b) ..                    414,125       39,240,290            
  16.95%, 12/24/03(b) .                     81,401        7,716,191            
  17.50%, 12/11/03(b) .                     55,253        5,251,427            
Mexican Ajustabonos                                                            
  5.07%, 11/28/96 (a) .                     31,500       11,391,826            
Mexican Treasury Bills                                                         
  10.37%, 12/29/94(b) .                     66,291       19,090,223            
  10.38%, 12/22/94(b) .                    116,115       33,532,592            
  10.40%, 1/05/95(b) ..                    140,821       40,439,309            
  10.62%, 1/12/95(b) ..                    180,703       51,747,231            
  10.74%, 3/02/95(b) ..                    134,800       37,866,570            
  10.77%, 12/15/94(b) .                    257,633       74,611,112            
  10.79%, 2/16/95(b) ..                    271,000       76,536,525            
  11.10%, 1/11/96(b) ..                     38,741        9,691,831            
  11.45%, 1/26/95(b) ..                     25,000        7,119,397            
  11.49%, 12/08/94(b) .                    183,224       53,212,531            
  13.11%, 10/05/95(b) .                    150,000       38,847,969            
  13.85%, 8/10/95(b) ..                    171,006       45,198,482            
  14.00%, 6/01/95(b) ..                     83,132       22,551,917            
5                                                                              

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PORTFOLIO OF INVESTMENTS (cont.)                                               
                          Alliance North American Government Income Trust, Inc.
-------------------------------------------------------------------------------
                                           Principal                           
                                            Amount                             
                                            (000)       U.S.$ Value            
  14.53%, 2/09/95(b) ..     MXP             53,673     $ 15,200,292            
  15.25%, 5/25/95(b) ..                     50,000       13,599,840            
  15.29, 6/08/95(b) ...                     96,553       26,124,057            
  15.30%, 4/12/95(b) ..                     30,000        8,291,437            
  15.30%, 4/20/95(b) ..                     87,519       24,123,715            
  15.58, 6/15/95(b) ...                    100,000       26,985,612            
  15.80%, 6/22/95(b) ..                    134,740       36,265,290            
                                                       ------------            
                                                        802,537,228            
                                                       ------------            
REPURCHASE                                                                     
  AGREEMENT-5.4%                                                               
Citibank Mexico                                                                
  16.70%, dated 11/28/94                                                       
  due 12/05/94                                                                 
  collateralized by $124,355,851                                               
  Nacional Financiera                                                          
  Bankers Acceptance                                                           
  Zero coupon, due 12/08/94                                                    
  value $123,784,523                                                           
  proceeds $124,236,026                    425,228      123,846,704            
Total Mexican Securities                                -----------            
  (cost $984,409,416) .                                 926,383,932            
                                                        -----------            
UNITED STATES-35.3%                                                            
U.S. TREASURY                                                                  
  SECURITIES-19.1%                                                             
U.S. Treasury Bond                                                             
  11.50%, 11/15/95 ....     US$             76,000       79,206,250            
U.S. Treasury Notes                                                            
  8.00%, 1/15/97 ......                     13,500       13,641,328            
  8.25%, 7/15/98 ......                     80,000       81,237,500            
  9.375%, 4/15/96 .....                     85,000       87,377,344            
  10.50%, 8/15/95 .....                     92,500       94,913,672            
  11.25%, 2/15/95 .....                     13,980       14,132,906            
U.S. Treasury Strips                                                           
  Zero coupon, 2/15/15                     277,975       55,386,730            
  Zero coupon, 8/15/20                      14,400        1,849,552            
  Zero coupon, 11/15/21                    115,100       13,731,432            
                                                        -----------            
                                                        441,476,714            
                                                        -----------            
MORTGAGE BACKED                                                                
  SECURITIES-7.9%                                                              
Government National                                                            
  Mortgage Association                                                         
  7.00%, 8/15/23-11/15/23   US$             94,903      $84,344,857            
  7.50%, 6/15/23 ......                      8,548        7,867,229            
  8.00%, 2/15/23-2/15/24                    64,906       61,681,151            
  9.00%, 9/15/24 ......                     12,836       12,904,749            
  9.75%, 6/15/24 ......                     16,616       17,192,169            
                                                        -----------            
                                                        183,990,155            
                                                        -----------            
COLLATARIZED MORTGAGE                                                          
  OBLIGATIONS-1.8%                                                             
Federal Home Loan                                                              
  Mortgage Corp.                                                               
  Ser 1663 Trust  PV (I/O)                                                     
  9.50%, 5/15/21 (e)...                      6,537        6,647,070            
  Ser 13 Trust SB (I/O)                                                        
  20.00%, 11/25/15 (e).                      3,545        2,130,163            
  Ser 29 Trust SD (I/O)                                                        
  28.00%, 4/25/24 (e)..                      2,327        1,072,056            
Federal National Mortgage                                                      
  Association                                                                  
  Ser. '93 Trust-121 PH (I/O)                                                  
  9.50%, 1/25/19 (e) ..                     12,381       12,904,965            
  Ser. '93 Trust-141 PJ (I/O)                                                  
  9.50%, 6/25/19 (e) ..                      3,124        3,247,863            
  Ser. '93 Trust-149 SD (I/O)                                                  
  11.00%, 8/25/98 (e) .                      5,145        4,073,446            
  Ser. '94 Trust-19 SE (I/O)                                                   
  15.00%, 1/25/24 (e) .                      8,275        5,505,620            
  Ser. '93 Trust- 202 SL (I/O)                                                 
  20.00%, 11/25/23 (e)                       4,156        2,088,260            
  Ser. '94 Trust-19 FG (I/O)                                                   
  20.00%, 1/25/24 (e) .                      1,882        2,055,967            
U.S. Veterans Affair                                                           
  Trust 1992-2 (I/O)                                                           
  10.00%, 9/15/22 (e) .                      1,713        1,693,051            
                                                        -----------            
                                                         41,418,461            
                                                        -----------            
6                                                                              

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                          Alliance North American Government Income Trust, Inc.
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                                           Principal                           
                                            Amount                             
                                            (000)       U.S.$ Value            
-------------------------------------------------------------------------------
STRIPPED MORTGAGE                                                              
  BACKED SECURITIES-1.1%                                                       
Federal National                                                               
  Mortgage Association                                                         
  Zero coupon, 10/09/19     US$            200,000     $ 25,574,744            
FEDERAL AGENCY                                         ------------            
  SECURITIES-1.7%                                                              
Small Business                                                                 
  Administration                                                               
  BS92-1G (I/O)                                                                
  8.10%, 4/15/17(c)(e)      FRN              1,544        1,574,965            
  BS92-5A (I/O)                                                                
  8.36%, 11/15/17(c)(e)     FRN              4,890        4,478,368            
Student Loan Marketing                                                         
  Association                                                                  
  15.00%, 9/13/95 .......                   30,320       32,171,642            
                                                        -----------            
                                                         38,224,975            
                                                        -----------            
REPURCHASE                                                                     
  AGREEMENT-3.7%                                                               
Citicorp                                                                       
  5.62%, dated 11/30/94                                                        
  due 12/01/94                                                                 
  collateralized by                                                            
  $87,710,000                                                                  
  U.S. Treasury Note                                                           
  7.50%, 10/31/99                                                              
  value $85,658,159                                                            
  proceeds $85,126,287      US$             85,113     $ 85,113,000            
Total United States                                    ------------            
  Securities                                                                   
  (cost $860,093,341)                                   815,798,049            
TOTAL INVESTMENTS-114.7%                               ------------            
  (cost $ 3,048,630,059)                              2,650,210,349            
Other assets less                                                              
  liabilities-(14.7%) ...                              (337,356,353)           
                                                     --------------            
NET ASSETS-100%..........                            $2,312,853,996            
                                                     ==============            

*     Units                                                                     
(a)   Interest payment adjusted quarterly based on Mexico's inflation rate on   
the date of interest payment.                                       
(b)   Annualized yield to maturity at purchase date.                            
(c)   Illiquid security, valued at fair value (see Notes A & G).                
(d)   Security is exempt from registration under Rule 144A of the Securities AcT
of 1933.  This security may be resold in transactions exempt from   
      registration, normally to qualified institutional buyers.  At November 30,
1994 this security amounted to $1,450,492 or 0.1% of net assets.    
(e)   Interest rate represents yield to maturity.                               
Glossary of terms:                                                  
FRN  Floating Rate Note, states interest rate in effect at November 
30, 1994.                                                           
(I/O)  Interest only.                                               
See notes to financial statements.                                  
7                                                                               

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STATEMENT OF ASSETS AND LIABILITIES                                             
November 30, 1994         Alliance North American Government Income Trust, Inc. 
------------------------------------------------------------------------------- 

                                                                [Download Table]

                                                                              
ASSETS                                                                        
  Investments in securities, at value (cost $3,048,630,059)    $2,650,210,349 
  Interest receivable .....................................        25,982,252 
  Receivable for capital stock sold .......................         8,185,804 
  Deferred organization expenses ..........................           155,749 
  Other assets ............................................           189,247 
                                                               -------------- 
  Total assets ............................................     2,684,723,401 
                                                               -------------- 

LIABILITIES                                                                   
  Loan payable ............................................       250,000,000 
  Payable for investment securities purchased .............        92,644,143 
  Payable for capital stock redeemed ......................        11,551,767 
  Dividend payable ........................................        11,067,543 
  Loan interest payable ...................................         2,624,236 
  Advisory fee payable ....................................         1,394,032 
  Distribution fee payable ................................           344,705 
  Accrued expenses ........................................         2,242,979 
                                                               -------------- 
  Total liabilities .......................................       371,869,405 
                                                               -------------- 

NET ASSETS ................................................    $2,312,853,996 
                                                               ============== 

COMPOSITION OF NET ASSETS                                                     
  Capital stock, at par ...................................    $      284,398 
  Additional paid-in capital ..............................     2,829,075,728 

  Distributions in excess of net investment income ........       (11,259,508)
  Accumulated net realized loss on investments and                            
    foreign currency transactions .........................      (106,760,154)

  Net unrealized depreciation of investments and                              
    foreign currency denominated assets and liabilities ...      (398,486,468)
                                                               -------------- 
                                                               $2,312,853,996 
                                                               ============== 
CALCULATION OF MAXIMUM OFFERING PRICE                                         
  Class A Shares                                                              
  Net asset value and redemption price per share                              
    ($303,537,881/37,350,505 shares of capital stock                          
    issued and outstanding) ...............................             $8.13 
  Sales charge - 4.25% of public offering price ...........               .36 
                                                                        ----- 
  Maximum offering price ..................................             $8.49 
                                                                        ===== 
  Class B Shares                                                              
  Net asset value and offering price per share                                
    ($1,639,602,166/201,564,747 shares of capital                             
    stock issued and outstanding) .........................             $8.13 
                                                                        ===== 
  Class C Shares                                                              
  Net asset value, redemption and offering price per                          
    share ($369,713,949/45,482,189 shares of capital                          
    stock issued and outstanding) .........................             $8.13 
                                                                        ===== 

See notes to financial statements.                                              

8                                                                               

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STATEMENT OF OPERATIONS                                                         
Year Ended November 30, 1994                                                    
                         Alliance North American Government Income Trust, Inc.
------------------------------------------------------------------------------- 

                                                                [Download Table]

                                                                
INVESTMENT INCOME                                               
  Interest (net of foreign                                      
    taxes withheld of $882,439)                   $ 311,145,435 
EXPENSES                                                        
  Advisory fee ................      16,529,719                 
  Distribution fee-Class A ....         945,382                 
  Distribution fee-Class B ....      16,742,873                 
  Distribution fee-Class C ....       4,184,135                 
  Interest expense ............       8,095,179                 
  Custodian ...................       4,073,443                 
  Transfer agency .............       3,588,501                 
  Registration ................         626,348                 
  Printing ....................         313,194                 
  Taxes .......................         225,124                 
  Administrative ..............         151,007                 
  Audit and legal .............         115,056                 
  Amortization of                                               
    organization expenses .....          67,189                 
  Directors' fees .............          19,184                 
  Miscellaneous ...............          46,938                 
                                   ------------                 
  Total expenses ..............                      55,723,272 
                                                  ------------- 
  Net investment income .......                     255,422,163 
                                                  ------------- 
REALIZED AND UNREALIZED                                         
 GAIN/(LOSS) ON INVESTMENTS                                     
  Net realized loss on                                          
    investment transactions ...                    (106,583,131)
  Net realized loss on foreign                                  
    currency transactions .....                     (65,881,211)
  Net change in unrealized                                      
    appreciation of investments                    (418,842,831)
  Net change in unrealized                                      
    depreciation of foreign                                     
    currency denominated                                        
    assets and liabilities ....                          52,765 
                                                  ------------- 
    Net loss on investments ...                    (591,254,408)
                                                  ------------- 
NET DECREASE IN NET                                             
  ASSETS FROM OPERATIONS ......                   $(335,832,245)
                                                  ============= 

See notes to financial statements.                                              

9                                                                               

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STATEMENT OF CHANGES                                                            
IN NET ASSETS             Alliance North American Government Income Trust, Inc. 
------------------------------------------------------------------------------- 

                                                                [Download Table]

                                         Year Ended         Year Ended 
                                        November 30,       November 30,
                                           1994               1993     
                                                                       
INCREASE (DECREASE) IN                                                 
 NET ASSETS FROM OPERATIONS                                            
  Net investment income .........    $  255,422,163     $   89,907,351 
  Net realized gain (loss) on                                          
    investments and foreign                                            
    currency transactions .......      (172,464,342)        20,784,982 
  Net change in unrealized                                             
    appreciation (depreciation)                                        
    of investments and                                                 
    foreign currency denominated                                       
    assets and liabilities ......      (418,790,066)        29,478,124 
                                       -------------     ------------- 
  Net increase (decrease)                                              
    in net assets from operations      (335,832,245)       140,170,457 
DIVIDENDS AND DISTRIBUTIONS                                            
 TO SHAREHOLDERS FROM:                                                 
  Net investment income                                                
    Class A .....................       (31,066,379)       (16,666,513)
    Class B .....................      (153,207,280)       (65,236,310)
    Class C .....................       (38,260,122)        (7,397,475)
  Return of capital                                                    
    Class A .....................        (6,559,363)               -0- 
    Class B .....................       (32,407,917)               -0- 
    Class C .....................        (7,957,809)               -0- 
  Net realized gains on                                                
    investments                                                        
    Class A .....................               -0-            (99,425)
    Class B .....................               -0-           (341,106)
CAPITAL STOCK TRANSACTIONS                                             
  Net increase ..................     1,026,091,221      1,563,605,726 
                                     --------------     -------------- 
  Total increase ................       420,800,106      1,614,035,354 
NET ASSETS                                                             
  Beginning of year .............     1,892,053,890        278,018,536 
                                     --------------     -------------- 
  End of year ...................    $2,312,853,996     $1,892,053,890 
                                     ==============     ============== 

See notes to financial statements.                                              

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STATEMENT OF CASH FLOWS                                                         
Year Ended November 30, 1994                                                    
                         Alliance North American Government Income Trust, Inc.
------------------------------------------------------------------------------- 

                                                                [Download Table]

                                                                               
INCREASE (DECREASE) IN CASH FROM:                                              
OPERATING ACTIVITIES:                                                          
  Interest received ................   $   140,511,035                         
  Interest expense paid ............        (5,860,389)                        
  Operating expenses paid ..........       (46,850,693)                        
                                       ---------------                         
  Net increase in cash from                                                    
     operating activities ..........                      $    87,799,953      

INVESTING ACTIVITIES:                                                          
  Purchase of short-term                                                       
     portfolio investments, net ....      (138,859,704)                        
  Purchase of long-term                                                        
     portfolio investments .........    (3,807,800,451)                        
  Proceeds from disposition of                                                 
     long-term portfolio investments     2,893,279,957                         
                                       ---------------                         
  Net decrease in cash from                                                    
     investing activities ..........                       (1,053,380,198)     

FINANCING ACTIVITIES*:                                                         
  Net proceeds from capital                                                    
     stock transactions ............       945,988,819                         
  Net proceeds from loan payable ...       200,000,000                         
  Cash dividends paid ..............      (134,004,970)                        
                                       ---------------                         
  Net increase in cash from                                                    
     financing activities ..........                        1,011,983,849      
  Effect of exchange rate on cash ..                          (53,735,606)     
                                                          ---------------      
  Net decrease in cash .............                           (7,332,002)     
  Cash at beginning of year ........                            7,332,002      
                                                          ---------------      
  Cash at end of year ..............                      $           -0-      
                                                          ===============      

-------------------------------------------------------------------------------
RECONCILIATION OF NET                                                          
DECREASE IN NET ASSETS                                                         
FROM OPERATIONS TO NET                                                         
INCREASE IN CASH FROM                                                          
OPERATING ACTIVITIES:                                                          
Net decrease in net assets                                                     
  resulting from operations ........                      $  (335,832,245)     

ADJUSTMENTS:                                                                   
Increase in interest receivable ....   $    (5,446,538)                        
Net realized loss on securities ....       106,583,131                         
Net change in unrealized                                                       
  depreciation .....................       418,790,066                         
Accretion of bond discount .........      (166,070,301)                        
Increase in accrued expenses                                                   
  and other liabilities ............         3,894,629                         
Net realized loss on foreign                                                   
  currency transactions ............        65,881,211                         
                                       ---------------                         
Total adjustments ..................                          423,632,198      
                                                          ---------------      
Net increase in cash from                                                      
  operating activities .............                      $    87,799,953      
                                                          ===============      

* Non-cash financing activities not included herein consist of reinvestment     
of dividends.                                                               
See notes to financial statements.                                          

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NOTES TO FINANCIAL STATEMENTS                                                   
November 30, 1994          Alliance North American Government Income Trust, Inc.
------------------------------------------------------------------------------- 

NOTE A:  Significant Accounting Policies                                        

Alliance North American Government Income Trust, Inc. (the "Fund"), was         
incorporated in the State of Maryland on February 3, 1992 as a non-diversified, 
open-end investment company. On February 23, 1993, the creation of a third class
of shares, Class C, was approved by the Board of Directors. The Fund currently  
offers three classes of shares, Class A, Class B and Class C shares. Class A    
shares are sold with a front-end sales charge of up to 4.25%. Class B shares are
sold with a contingent deferred sales charge which declines from 3% to zero     
depending on the period of time the shares are held. Class B shares will        
automatically convert to Class A shares six years after the end of the calendar 
month of purchase. Class C shares are sold without an initial or contingent     
deferred sales charge. All three classes of shares have identical voting,       
dividend, liquidation and other rights and the same terms and conditions, except
that each class bears different distribution expenses and has exclusive voting  
rights with respect to its distribution plan. Distribution of Class C shares    
commenced on May 3, 1993. The following is a summary of significant accounting  
policies followed by the Fund.                                                  

1.  Security Valuation                                                          

Investments are stated at value.  Portfolio securities traded on a national     
securities exchange are valued at the last sale price on such exchange on the   
day of valuation or, if there was no sale on such day, the last bid price       
quoted on such day.  Securities traded on the over the counter market are       
valued at the mean of the closing bid and asked price provided by the           
principal market makers.  Securities for which market quotations are not        
readily available are valued in good faith at fair value using methods          
determined by the Board of Directors.  Securities which mature in 60 days or    
less are valued at amortized cost, which approximates market value, unless      
this method does not represent fair value.                                      

2.  Currency Translation                                                        

Assets and liabilities denominated in foreign currencies and commitments        
under forward foreign exchange currency contracts are translated into U.S.      
dollars at the mean of the quoted bid and asked price of such currencies        
against the U.S. dollar.  Purchases and sales of portfolio securities are       
translated at the rates of exchange prevailing when such securities were        
acquired or sold.  Income and expenses are translated at rates of exchange      
prevailing when accrued.                                                        

Net foreign exchange losses of $65,881,211 represents foreign exchange gains    
and losses from sales and maturities of securities, holding of foreign          
currencies, exchange gains and losses realized between the trade and            
settlement dates on security transactions, and the difference between the       
amounts of interest recorded on the Fund's books and the U.S. dollar            
equivalent amounts actually received or paid. Net unrealized currency gains     
and losses from valuing foreign currency denominated assets and liabilities     
at period end exchange rates are reflected as a component of unrealized         
depreciation of investments and foreign currency denominated assets and         
liabilities.                                                                    

3.  Organization Expenses                                                       

Organization expenses of approximately $331,965 have been deferred and are      
being amortized on a straight-line basis through March, 1997.                   

4.  Taxes                                                                       

It is the Fund's policy to meet the requirements of the Internal Revenue Code   
applicable to regulated investment companies and to distribute all of its       
investment company taxable income and net realized gains, if applicable, to     
shareholders.  Therefore, no provisions for federal income or excise taxes      
are required.                                                                   

5.  Investment Income and Security Transactions                                 

Interest income is accrued daily.  Security transactions are accounted for on   
the date securities are purchased or sold.  Security gains and losses are       
determined on the identified cost basis.  The Fund accretes discounts as        
adjustments to interest income.                                                 

6.  Dividends and Distributions                                                 

Dividends and distributions to shareholders are recorded on the ex-dividend     
date.  Distributions in excess of net investment income represent               
distributions recognized in accordance with generally accepted accounting       
principles but recognized in future periods for tax purposes.                   

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                           Alliance North American Government Income Trust, Inc.
------------------------------------------------------------------------------- 

7.  Concentration of Risk                                                       

The investments in Emerging Markets may involve greater risks than              
investments in more developed markets and the prices of such investments may    
be volatile.  The consequences of political, social or economic changes in      
these markets may have disruptive effects on the market prices of the funds'    
investments and the income they generate, as well as the funds' ability to      
repatriate such amounts.  At November 30, 1994, the fund had investments in     
Mexican government and debt obligations totaling $926,383,932, which            
represents approximately 40% of net assets.                                     

8.  Change in Accounting for Distribution to Shareholders                       

Effective December 1, 1993, the Fund adopted 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, the Fund changed the classification of distributions to            
shareholders to better disclose the differences between financial statement     
amounts and distributions determined in accordance with income tax              
regulations.                                                                    

These differences are primarily due to differing treatments for foreign         
currency transactions and the temporary timing differences related to           
recognition of loss from transactions.  For the year ended November 30, 1994,   
the cumulative effect of such differences resulted in a decrease of             
$45,126,940 in accumulated net realized loss and a corresponding increase to    
undistributed net investment income.  Permanent book and tax differences        
relating to tax returns of capital distributions have been reclassified to      
paid-in capital.  The cumulative effect of such differences as of November      
30, 1994, totaled $46,925,089 and was reclassified from undistributed net       
investment income to paid-in capital.  Net investment income, net realized      
gains and net assets were not effected by these changes.                        

------------------------------------------------------------------------------- 
NOTE B:  Advisory Fee and Other Transactions with Affiliates                    

Under the terms of an investment advisory agreement, the Fund pays Alliance     
Capital Management L.P., (the "Adviser"), an advisory fee at an annual rate of  
.65 of 1% of the average adjusted daily net assets of the Fund. Such fee is     
accrued daily and paid monthly.                                                 

The Adviser has agreed under the terms of the advisory agreement, to            
reimburse the Fund to the extent that its aggregate expenses (exclusive of      
interest, taxes, brokerage, distribution fee, and extraordinary expenses)       
exceed the limits prescribed by any state in which the Fund's shares are        
qualified for sale.  The Fund believes that the most restrictive expense        
ratio limitation currently imposed by any state is 2 1/2% of the first $30      
million of the Fund's average daily net assets, 2% of the next $70 million of   
its average daily net assets and  1 1/2% of its average daily net assets in     
excess of $100 million.  No such reimbursement was required for the year        
ended November 30, 1994.  Pursuant to the advisory agreement, the Fund paid     
to the Adviser $151,007 representing the cost of certain legal and accounting   
services provided to the Fund by the Adviser.                                   

The Fund compensates Alliance Fund Services, Inc. (a wholly-owned subsidiary    
of the Adviser) for providing personnel and facilities to perform transfer      
agency services for the Fund.  Such compensation amounted to $2,283,908 for     
the year ended November 30, 1994.                                               

Alliance Fund Distributors, Inc. (a wholly-owned subsidiary of the Adviser)     
serves as the Distributor of the Fund's shares.  The Distributor received       
front-end sales charges of $348,161 from the sale of Class A shares and         
$3,094,728 in contingent deferred sales charges imposed upon redemptions by     
shareholders of Class B shares for the year ended November 30, 1994.            

------------------------------------------------------------------------------- 
NOTE C:  Distribution Services Agreement                                        

The Fund has adopted a Distribution Services Agreement (the "Agreement")        
pursuant to Rule 12b-1 under the Investment Company Act of 1940 for Class A,    
Class B and Class C shares.  Under the Agreement the Fund pays a distribution   
fee to the Distributor at an annual rate of up to .30%  of  the average         
daily  net assets attributable to the Class A shares and 1% of the average      
daily net assets attributable to Class B and Class C shares.  Such fee is       
accrued daily and paid monthly.  The Agreement provides that the Distributor    
will use such payments in their entirety for distribution assistance and        
promotional activities.  The                                                    

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NOTES TO FINANCIAL STATEMENTS                                                   
(continued)                Alliance North American Government Income Trust, Inc.
------------------------------------------------------------------------------- 

Distributor has incurred expenses in excess of the distribution costs           
reimbursed by the Fund in the amount of $29,558,594 and $2,355,558 for Class B  
and C shares, respectively; such costs may be recovered from the Fund in future 
periods so long as the Agreement is in effect. In accordance with the Agreement,
there is no provision for recovery of unreimbursed distribution costs, incurred 
by the Distributor, beyond the current year for Class A shares. The Agreement   
also provides that the Adviser may use its own resources to finance the         
distribution of the Fund's shares.                                              

------------------------------------------------------------------------------- 
NOTE D: Investment Transactions                                                 

Purchases and sales of investment securities (excluding short-term              
investments) aggregated $3,807,800,451 and $2,893,279,957, respectively, for    
the year ended November 30, 1994.  At November 30, 1994, the cost of            
investments for federal income tax purposes was $3,084,771,288. Accordingly,    
gross unrealized appreciation of investments was $2,452,168 and gross           
unrealized depreciation of investments was $437,013,107, resulting in the net   
unrealized depreciation of $434,560,939.  At November 30, 1994 the Fund had a   
capital loss carryforward of $70,618,925, which expires in the year 2002.       

------------------------------------------------------------------------------- 
NOTE E: Bank Borrowing                                                          

The Fund entered into a Revolving Credit Agreement with Credit Lyonnais of      
New York on June 29, 1994.  The maximum credit available under the renewed      
credit facility is $250,000,000 and requires no collateralization.  The loan    
outstanding, under the renewed Credit Agreement at November 30, 1994 was        
$250,000,000 with a related weighted average annualized coupon rate of          
6.095%.  On December 28, 1994, $100,000,000 will mature with the balance of     
$150,000,000 maturing on January 13, 1995.  Interest payments on current        
borrowings are based on the London Interbank Offered Rate.  The Fund is also    
obligated to pay Credit Lyonnaise of New York a commitment fee, computed at     
the rate 5/16 of 1% per annum on the daily average unused portion of the        
revolving credit.  The average monthly amount of the loan outstanding during    
the year ended November 30, 1994 was approximately $141,666,667 with a          
weighted average annualized interest rate of 5.6%.  The maximum amount of       
such a loan outstanding at any time during the year was $250,000,000.           

------------------------------------------------------------------------------- 
NOTE F:  Capital Stock                                                          

There are 9,000,000,000 shares of $.001 par value capital stock authorized,     
divided into three classes, designated Class A, Class B and Class C shares.     
Each class consists of 3,000,000,000 authorized shares.  Transactions in        
capital stock were as follows:                                                  

                                                        [Enlarge/Download Table]

                                               SHARES                            AMOUNT             
                                   Year Ended         Year Ended     Year Ended         Year Ended  
                                  November 30,       November 30,    November 30,      November 30, 
                                      1994               1993           1994               1993     
                                                                                                    
Class A                                                                                             
Shares sold ....................   21,946,095         23,926,416   $ 209,028,752      $ 241,848,294 
Shares issued in reinvestment of                                                                    
  dividends and distributions ..    2,295,482            842,710      21,111,814          8,516,064 
Shares redeemed ................  (12,811,114)        (5,211,249)   (116,080,684)       (52,789,887)
                                  -----------        -----------   -------------     -------------- 
Net increase ...................   11,430,463         19,557,877   $ 114,059,882      $ 197,574,471 
                                  ===========        ===========   =============     ============== 
Class B                                                                                             
Shares sold ....................  102,755,123        110,345,139   $ 992,033,470     $1,118,317,277 
Shares issued in reinvestment of                                                                    
    dividends and distributions     9,573,189          2,753,590      87,838,691         27,879,736 
Shares redeemed ................  (37,684,580)        (8,487,258)   (335,913,399)       (86,308,398)
                                  -----------        -----------   -------------     -------------- 
Net increase ...................   74,643,732        104,611,471   $ 743,958,762     $1,059,888,615 
                                  ===========        ===========   =============     ============== 

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                         Alliance North American Government Income Trust, Inc.
------------------------------------------------------------------------------- 

                                                        [Enlarge/Download Table]


                                                 SHARES                              AMOUNT             
                                   Year Ended         May 3, 1993*      Year Ended        May 3, 1993*  
                                  November 30,       to November 30,   November 30,      to November 30,
                                     1994                 1993             1994              1993       
                                                                                                        
CLASS C                                                                                                 
Shares sold ....................    48,593,915         37,455,454     $ 476,032,862       $382,620,422  
Shares issued in reinvestment                                                                           
  of dividends and distributions     3,227,731            348,918        29,684,779          3,575,370  
Shares redeemed ................   (36,333,163)        (7,810,666)     (337,645,064)       (80,053,152) 
                                   -----------         ----------     -------------       ------------  
Net increase ...................    15,488,483         29,993,706     $ 168,072,577       $306,142,640  
                                   ===========         ==========     =============       ============  
                                                                [Download Table]

-------------------------------------------------------------------------------
NOTE G:  Illiquid Securities                                                   
                                               Date                            
Security                                     Acquired               Cost       
                                                                               
Small Business Administration                                                  
    BS92-1G (1/O)                                                              
    8.10%, 4/15/17 FRN..............          7/22/92            $1,543,683    
    BS92-5A (I/O)                                                              
    8.36%, 11/15/17 FRN.............         10/02/92             4,889,557    

The securities shown above are illiquid and have been valued at fair value      
in accordance with the procedures described in Note A. The value of these       
securities at November 30, 1994 was $6,053,333, representing 0.3% of net assets.

------------------------------------------------------------------------------- 
NOTE H:  Repurchase Agreements                                                  

The Fund may enter into repurchase agreements, pertaining to the types of       
securities in which it invests with member banks of the Federal Reserve         
System and with broker dealers who are recognized as primary dealers in U.S.    
government securities by the Federal Reserve Bank of New York.  The Fund's      
Board of Directors has established procedures which are periodically reviewed   
by the Board to monitor the creditworthiness of the dealers with which the      
Fund enters into repurchase agreement transactions.  The Fund always requires   
continual maintenance by its custodian for its account in the Federal Reserve   
Treasury Book Entry System of collateral in an amount equal to or in excess     
of the resale price in each agreement.                                          

In the event a vendor defaults on its repurchase obligation, the Fund might     
suffer a loss to the extent that the proceeds from the sale of the collateral   
were less than the repurchase price.                                            

------------------------------------------------------------------------------- 
NOTE I:  Subsequent Events                                                      

1.  Mexican Devaluation                                                         

Subsequent to November 30, 1994 and through January 20, 1995, the Fund's net    
asset value per share declined by approximately 28%, primarily due to the       
devaluation of the Mexican peso.                                                

2.  Litigation                                                                  

Subsequent to November 30, 1994 several complaints, seeking class-action        
status on behalf of the Fund's shareholders, have been filed against the        
Fund, the Adviser and others.  The actions allege violations of federal         
securities laws, fraud, negligence, negligent misrepresentations and            
omissions, breach of fiduciary duty and breach of contract in connection with   
the Fund's investments in Mexican and Argentine securities and seek             
unspecified damages and costs.  The ultimate effect on the fund, if any, of     
these actions is not determinable at this time.                                 

* Commencement of distribution.                                                 

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FINANCIAL HIGHLIGHTS      Alliance North American Government Income Trust, Inc. 
------------------------------------------------------------------------------- 

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period   

                                                                [Download Table]

                                                    Class A                     
                                     Year Ended   Year Ended   March 27, 1992*  
                                     November 30, November 30,       to         
                                         1994        1993      November 30, 1992

                                                                                
Net asset value, beginning                                                      
  of period .......................    $10.35       $ 9.70       $10.00         
                                       ------       ------       ------         
Income From Investment Operations                                               
Net investment income .............      1.02         1.09          .69(a)      
Net realized and unrealized gain                                                
  (loss) on investments and foreign                                             
  currency transactions ...........     (2.12)         .66         (.31)        
                                       ------       ------       ------         
Net increase (decrease) in net                                                  
  asset value from                                                              
  operations ......................     (1.10)        1.75          .38         
                                       ------       ------       ------         
Less: Distributions                                                             
Dividends from net                                                              
  investment income ...............      (.91)       (1.09)        (.68)        
                                       ------       ------       ------         
Return of capital .................      (.21)         -0-          -0-         
                                       ------       ------       ------         
Distribution from net                                                           
  realized gains ..................       -0-         (.01)         -0-         
                                       ------       ------       ------         
Total dividends and                                                             
  distributions ...................     (1.12)       (1.10)        (.68)        
                                       ------       ------       ------         
Net asset value,                                                                
  end of period ...................    $ 8.13       $10.35       $ 9.70         
                                       ======       ======       ======         
Total Return                                                                    
Total investment return                                                         
  based on net asset value (d) ....    (11.32)%      18.99%        3.49%        
                                       ======      =======       ======         
Ratios/Supplemental Data                                                        
Net assets, end of period                                                       
  (000's omitted) .................  $303,538     $268,233      $61,702         
Ratio of expenses to                                                            
  average net assets ..............      1.70%        1.61%        2.45%(b)(c)  
Ratio of expenses to                                                            
  average net assets ..............      1.37%        1.33%        1.66%(b)     
Ratio of net investment                                                         
  income to average net assets ....     11.22%       10.77%       10.93%(b)(c)  
Portfolio turnover rate ...........       131%         254%          86%        

See footnote summary on page 18.                                                

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                         Alliance North American Government Income Trust, Inc.
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Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period   

                                                                [Download Table]

                                                    Class B                   
                                   Year Ended    Year Ended   March 27, 1992* 
                                  November 30,  November 30,      to          
                                      1994          1993     November 30, 1992

                                                                              
Net asset value,                                                              
  beginning of period ...........    $10.35      $  9.70       $10.00         
                                     ------      -------       ------         
Income From Investment Operations                                             
Net investment income ...........       .96         1.01          .64(a)      
Net realized and unrealized                                                   
  gain (loss)on investments and                                               
  foreign currency transactions .     (2.13)         .67         (.31)        
                                     ------      -------       ------         
Net increase (decrease) in net                                                
  asset value from                                                            
  operations ....................     (1.17)        1.68          .33         
                                     ------      -------       ------         
Less: Distributions                                                           
Dividends from net                                                            
  investment income .............      (.84)       (1.02)        (.63)        
Return of capital ...............      (.21)         -0-          -0-         
                                     ------      -------       ------         
Distribution from net                                                         
  realized gains ................       -0-         (.01)         -0-         
                                     ------      -------       ------         
Total dividends and                                                           
  distributions .................     (1.05)       (1.03)        (.63)        
                                     ------      -------       ------         
Net asset value,                                                              
  end of period .................    $ 8.13       $10.35       $ 9.70         
                                     ======       ======       ======         
Total Return                                                                  
Total investment return                                                       
  based on net asset value (d) ..    (11.89)%      18.15%        3.30%        
                                     ======       ======       ======         
Ratios/Supplemental Data                                                      
Net assets, end of period                                                     
  (000's omitted) ...............$1,639,602   $1,313,591     $216,317         
Ratio of expenses to                                                          
  average net assets ............      2.41%        2.31%        3.13%(b)(c)  
Ratio of expenses to average                                                  
  net assets excluding interest                                               
  expense (see Note E) ..........      2.07%        2.04%        2.35%(b)     
Ratio of net investment                                                       
  income to average net assets ..     10.53%       10.01%       10.16%(b)(c)  
Portfolio turnover rate .........       131%         254%          86%        

See footnote summary on page 18.                                                

17                                                                              

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FINANCIAL HIGHLIGHTS (continued)                                                
                         Alliance North American Government Income Trust, Inc.
------------------------------------------------------------------------------- 

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period   

                                                                [Download Table]

                                                 Class C            
                                      Year Ended      May 3, 1993** 
                                     November 30,    to November 30,
                                        1994              1993      

                                                                    
Net asset value, beginning of                                       
  period ..........................    $10.34            $10.04     
                                       ------            ------     
Income From Investment Operations                                   
Net investment income .............       .96               .58     
Net realized and unrealized gain                                    
  (loss) on investments and foreign                                 
  currency transactions ...........     (2.12)              .30     
                                       ------            ------     
Net increase (decrease) in net                                      
  asset value from operations .....     (1.16)              .88     
                                       ------            ------     
Less: Distributions                                                 
Dividends from net                                                  
  investment income ...............      (.84)             (.58)    
Return of capital .................      (.21)              -0-     
                                       ------            ------     
Total dividends and                                                 
  distributions ...................     (1.05)             (.58)    
                                       ------            ------     
Net asset value,                                                    
  end of period ...................    $ 8.13            $10.34     
                                       ======            ======     
Total Return                                                        
Total investment return                                             
  based on net asset value (d) ....    (11.89)%            9.00%    
                                       ======            ======     
Ratios/Supplemental Data                                            
Net assets, end of period                                           
  (000's omitted) .................  $369,714          $310,230     
Ratio of expenses to                                                
  average net assets ..............      2.39%             2.21%(b) 
Ratio of expenses to average net                                    
  assets excluding interest                                         
  expense (see Note E) ............      2.06%             2.04%(b) 
Ratio of net investment                                             
  income to average net assets ....     10.46%             9.74%(b) 
Portfolio turnover rate ...........       131%              254%    

*    Commencement of operations.                                                
**   Commencement of distribution.                                              
(a)  Net of expenses waived by the Adviser.                                     
(b)  Annualized.                                                                
(c)  If the Fund had borne all expenses, the ratios of expenses to average      
    net assets would have been 2.49% and 3.16% for Class A and Class B shares,
 respectively. The ratios of net investment income to average net assets
would have been 10.89% and 10.12% for Class A and Class B shares,     
respectively.                                                         
(d)  Total investment return is calculated assuming an initial investment       
  made at the net asset value at the beginning of the period, reinvestment
  of all dividends and distributions at net asset value during the period,
 and redemption on the last day of the period.  Initial sales charges or
   contingent deferred sales charges are not reflected in the calculation of
   total investment return.  Total investment return calculated for a period
of less than one year is not annualized.                              

18                                                                              

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REPORT OF ERNST & YOUNG LLP                                                     
INDEPENDENT AUDITORS      Alliance North American Government Income Trust, Inc. 
------------------------------------------------------------------------------- 

To the Shareholders and Board of Directors                                      

Alliance North American Government Income Trust, Inc.                           

We have audited the accompanying statement of assets and liabilities of         
Alliance North American Government Income Trust, Inc. (the "Fund"), including   
the portfolio of investments, as of November 30, 1994, and the related          
statement of operations and cash flows for the year then ended, the statement   
of changes in net assets for each of the two years in the period then ended     
and the financial highlights for each of the periods indicated therein. These   
financial statements and financial highlights are the responsibility of the     
Fund's management. Our responsibility is to express an opinion on these         
financial statements and financial highlights based on our audits.              

We conducted our audits in accordance with generally accepted auditing          
standards.  Those standards require that we plan and perform the audit to       
obtain reasonable assurance about whether the financial statements and          
financial highlights are free of material misstatement.  An audit includes      
examining, on a test basis, evidence supporting the amounts and disclosures     
in the financial statements.  Our procedures included confirmation of           
securities owned as of November 30, 1994, by correspondence with the custodian  
and brokers.  An audit also includes assessing the accounting principles        
used and significant estimates made by management as well as evaluating the     
overall financial statement presentation.  We believe that our audits provide   
a reasonable basis for our opinion.                                             

In our opinion, the financial statements and financial highlights referred to   
above present fairly, in all material respects, the financial position of       
Alliance North American Government Income Trust, Inc. at November 30, 1994,     
the results of its operations and its cash flows for the year then ended, the   
changes in its net assets for each of the two years in the period then ended,   
and the financial highlights for each of the indicated years, in conformity     
with generally accepted accounting principles.                                  

[SIGNATURE]                                                                     

New York, New York                                                              
January 20, 1995                                                                

19                                                                              

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                         Alliance North American Government Income Trust, Inc.
------------------------------------------------------------------------------- 

BOARD OF DIRECTORS                                                              

John D. Carifa, Chairman and President                                          
Ruth Block (1)                                                                  
David H. Dievler                                                                
John H. Dobkin (1)                                                              
William H. Foulk, Jr. (1)                                                       
Dr. James M. Hester (1)                                                         
Clifford L. Michel (1)                                                          
Robert C. White (1)                                                             

OFFICERS                                                                        

Wayne D. Lyski, Senior Vice President                                           
Robert M. Sinche, Senior Vice President                                         
Edmund P. Bergan, Jr., Secretary                                                
Mark D. Gersten, Treasurer & Chief Financial Officer                            
Patrick J. Farrell, Controller                                                  

CUSTODIAN                                                                       

Brown Brothers Harriman and Co.                                                 
40 Water Street                                                                 
Boston, MA 02109                                                                

TRANSFER AGENT                                                                  
Alliance Fund Services, Inc.                                                    
P.O. Box 1520                                                                   
Secaucus, NJ 07096-1520                                                         
Toll-Free 1-(800) 221-5672                                                      

PRINCIPAL UNDERWRITER                                                           
Alliance Fund Distributors, Inc.                                                
1345 Avenue of the Americas                                                     
New York, NY 10105                                                              

INDEPENDENT AUDITORS                                                            
Ernst & Young LLP                                                               
787 Seventh Avenue                                                              
New York, NY 10019                                                              

LEGAL COUNSEL                                                                   
Seward & Kissel                                                                 
One Battery Park Plaza                                                          
New York, NY 10004                                                              

(1) Member of the Audit Committee.                                              

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BULK RATE                                                                       
U.S. POSTAGE                                                                    
PAID                                                                            
New York, NY.                                                                   
Permit No. 8048                                                                 
Alliance North American Government Income Trust                                 
Annual Report                                                                   
November 30, 1994                                                               

[LOGO]                                                                          
Mutual funds without the Mystery.SM                                             

ALLIANCE NORTH AMERICAN GOVERNMENT INCOME TRUST                                 
1345 Avenue of the Americas                                                     
New York, NY  10105                                                             
(800) 221-5672                                                                  

[LOGO]                                                                          

Mutual funds without the MysterySM                                              

This report is distributed solely to shareholders of the Fund                   
and is not to be used as sales literature.                                      

Registration Mark                                                               

These registered service marks used under license from the                      
owner,                                                                          
Alliance Capital Management L.P.                                                
NAGAR

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-30B-2’ Filing	Date	First	Last	Other Filings

Filed on:	3/3/95
	1/25/95	1
	1/20/95	15	19
	1/13/95	14
	12/31/94	3	4
	12/28/94	14
For Period End:	11/30/94	1	24	N-30D, NSAR-B, NSAR-B/A
	6/29/94	14
	12/1/93	13
	5/3/93	1	18
	2/23/93	12
	11/30/92	16	17
	3/27/92	16	17
	2/3/92	12
				List all Filings

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Filing Submission 0000862021-95-000063 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Alliancebernstein Global Bond Fund Inc – ‘N-30B-2’ for 11/30/94

As of: Friday, 3/3/95 · For: 11/30/94 · Accession #: 862021-95-63 · File #: 811-06554

Periodic or Interim Report Mailed to Shareholders — Rule 30b-2Filing Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Periodic or Interim Report Mailed to Shareholders — Rule 30b-2
Filing Table of Contents