Alliance Capital
ALLIANCE NORTH AMERICAN
GOVERNMENT INCOME TRUST
_________________________________________________________________
March 1, 1995
Supplement to Prospectus dated March 1, 1995 for Arizona
Investors
Prospective Arizona investors should note that
investments by the Fund in securities denominated in currencies
other than the U.S. Dollar and securities issued by foreign
governments involve certain special considerations and risks
which are described, in particular, on page 33 of the Prospectus.
(R): This is a registered mark used under license from the owner,
Alliance Capital Management L.P.
00250117.AF7
<PAGE>
Alliance Capital
ALLIANCE NORTH AMERICAN
GOVERNMENT INCOME TRUST
_________________________________________________________________
March 1, 1995
Supplement to Prospectus dated March 1, 1995 for Massachusetts
Investors
Prospective Massachusetts investors should note that the
Fund may borrow monies representing approximately one-third of
its total assets, less liabilities, for leverage purposes, i.e.,
for the purpose of purchasing additional portfolio investments.
Leveraging, which is usually considered to be a speculative
investment technique, has advantages and disadvantages, both of
which should be carefully evaluated by the investor.
In this regard, the Fund's Adviser anticipates that the
Fund's use of leverage will provide the Fund's shareholders with
a potentially higher yield than if the Fund had not used
leverage. Investors should note, however, the special risks
associated with the use of borrowed funds to purchase investment
securities, which could increase the volatility of the net asset
value of the Fund's shares. Leveraging is discussed in more
detail on page 34 of the Prospectus.
(R): This is a registered mark used under license from the owner,
Alliance Capital Management L.P.
00250117.AF7
<PAGE>
Alliance Capital
ALLIANCE NORTH AMERICAN
GOVERNMENT INCOME TRUST
_________________________________________________________________
March 1, 1995
Supplement to Prospectus dated March 1, 1995 for Missouri
Investors
Prospective Missouri investors should consider the fact
that the Fund intends to borrow for leveraging purposes.
Borrowing by the Fund increases the costs of operations and may
increase the amount of loss in the event the value of the Fund's
securities decline. See page 34 of the Prospectus.
The Fund may also engage in active short-term trading to
benefit from yield disparities among different issues of
securities, to seek short-term profits during periods of
fluctuating interest rates, or for other reasons. Short-term
trading activity increases the Fund's transaction costs, rate of
turnover and the incidence of short-term capital gain taxable as
ordinary income.
(R): This is a registered mark used under license from the owner,
Alliance Capital Management L.P.
00250117.AF7
<PAGE>
Alliance Capital
ALLIANCE NORTH AMERICAN
GOVERNMENT INCOME TRUST
_________________________________________________________________
March 1, 1995
Supplement to Prospectus dated March 1, 1995 for Texas Investors
Prospective Texas investors should note that the Fund
may borrow monies representing approximately one-third of its
total assets, less liabilities, for leverage purposes, i.e., for
the purpose of purchasing additional portfolio investments.
Leveraging, which is usually considered to be a speculative
investment technique, has advantages and disadvantages, both of
which should be carefully evaluated by the investor.
In this regard, while the Fund's Adviser anticipates
that the Fund's use of leverage will provide the Fund's
shareholders with a potentially higher yield than if the Fund had
not used leverage, the Fund's use of leverage could result in a
lower rate of return than if the Fund were not leveraged.
Investors should note, the special risks associated with the use
of borrowed funds to purchase investment securities, which could
increase the volatility of the net asset value of the Fund's
shares. Leveraging is discussed in more detail on page 34 of the
Prospectus.
(R): This is a registered mark used under license from the
owner, Alliance Capital Management L.P.
00250117.AF7
<PAGE>
Alliance Capital
ALLIANCE NORTH AMERICAN
GOVERNMENT INCOME TRUST
_________________________________________________________________
March 1, 1995
Supplement to Prospectus dated March 1, 1995 for Wisconsin
Investors
Prospective Wisconsin investors should note that the
Fund may borrow for leveraging purposes. Investment in the Fund
may therefore involve a higher degree of risk than investment in
similar investment companies. Leveraging has advantages and
disadvantages, both of which should be carefully evaluated by the
investor. Leveraging is discussed in more detail on page 34 of
the Prospectus.
(R): This a registered mark used under license from the owner,
Alliance Capital Management L.P.
00250117.AF7
<PAGE>
