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SIGNATURE CATHERINE VACCA
TITLE DEPUTY MANAGER
On July 25, 1995, a Consolidated and Supplemental Class Action
Complaint ("Complaint") styled In re North American Government
Income Trust, Inc. Securities Litigation, was filed in the U. S.
District Court for the Southern District of New York against the
Fund, the Adviser, Alliance Capital Management Corporation
("ACMC"), Alliance Fund Distributors, Inc., ("AFD), The
Equitable Companies Incorporated, ("The Equitable"), a parent of
the Adviser, and certain current and former officers and
directors of the Fund and ACMC, alleging violations of the
federal securities laws, fraud and breach of fiduciary duty in
connection with the Fund's investments in Mexican and Argentine
securities. The Complaint seeks certification of a plaintiff
class of all persons who purchased or owned Class A, B or C
shares of the Fund from March 27, 1992 through December 23,
1994. Plaintiffs allege that, as of the date of the Complaint,
the Fund's losses exceeded $750,000,000 and seek as relief
unspecified damages, costs and attorneys' fees. On September
26, 1996, the District Court granted defendants' motion to
dismiss the Complaint as to all claims.
On October 29, 1996, plaintiffs filed a motion for leave to file
an amended complaint. In the proposed amended complaint
("Amended Complaint"), plaintiffs have asserted claims against
the Fund, the Adviser, ACMC, AFD, The Equitable, and certain
current and former officers and directors of the Fund and ACMC
alleging violations of federal securities laws, fraud and breach
of fiduciary duty. The principal allegations of the Amended
Complaint relate to (i) the Fund's hedging practices, (ii) the
Fund's investments in certain mortgage-backed securities, and
(iii) the risks and objectives of the Fund as described in the
Fund's marketing materials. The Amended Complaint makes similar
requests for class certification and damages as the Complaint.
Defendants have filed papers in opposition to plaintiffs' motion
for leave to file the Amended Complaint, and the motion is
currently pending with the Court. The Fund and the Adviser
believe that the allegations in the Complaint and the Amended
Complaint are without merit and intend to defend vigorously
against these claims.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> Class A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1-Year
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-START> Dec-01-1995
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> "2,335,774,048 "
<INVESTMENTS-AT-VALUE> "2,411,838,825 "
<RECEIVABLES> "88,537,376 "
<ASSETS-OTHER> "12,033,699 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "2,512,409,900 "
<PAYABLE-FOR-SECURITIES> "273,555,687 "
<SENIOR-LONG-TERM-DEBT> "250,000,000 "
<OTHER-ITEMS-LIABILITIES> "22,675,561 "
<TOTAL-LIABILITIES> "546,231,248 "
<SENIOR-EQUITY> "245,578 "
<PAID-IN-CAPITAL-COMMON> "2,194,763,065 "
<SHARES-COMMON-STOCK> "48,184,989 "
<SHARES-COMMON-PRIOR> "37,423,618 "
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(31,212,393)"
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(278,794,004)"
<ACCUM-APPREC-OR-DEPREC> "81,176,406 "
<NET-ASSETS> "1,966,178,652 "
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> "304,694,299 "
<OTHER-INCOME> 0
<EXPENSES-NET> "51,682,859 "
<NET-INVESTMENT-INCOME> "253,011,440 "
<REALIZED-GAINS-CURRENT> "(100,087,454)"
<APPREC-INCREASE-CURRENT> "435,674,111 "
<NET-CHANGE-FROM-OPS> "521,745,087 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(31,636,818)"
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> "(9,263,080)"
<NUMBER-OF-SHARES-SOLD> "157,266,684 "
<NUMBER-OF-SHARES-REDEEMED> "(93,408,830)"
<SHARES-REINVESTED> "15,163,942 "
<NET-CHANGE-IN-ASSETS> "371,487,281 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(14,205,188)"
<OVERDIST-NET-GAINS-PRIOR> "(211,941,006)"
<GROSS-ADVISORY-FEES> "13,118,739 "
<INTEREST-EXPENSE> "16,358,254 "
<GROSS-EXPENSE> "51,682,859 "
<AVERAGE-NET-ASSETS> "(1,768,267,655)"
<PER-SHARE-NAV-BEGIN> 6.75
<PER-SHARE-NII> 1.09
<PER-SHARE-GAIN-APPREC> 1.14
<PER-SHARE-DIVIDEND> (.75)
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 8.01
<EXPENSE-RATIO> 2.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> Class B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1-Year
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-START> Dec-01-1995
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> "2,335,774,048 "
<INVESTMENTS-AT-VALUE> "2,411,838,825 "
<RECEIVABLES> "88,537,376 "
<ASSETS-OTHER> "12,033,699 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "2,512,409,900 "
<PAYABLE-FOR-SECURITIES> "273,555,687 "
<SENIOR-LONG-TERM-DEBT> "250,000,000 "
<OTHER-ITEMS-LIABILITIES> "22,675,561 "
<TOTAL-LIABILITIES> "546,231,248 "
<SENIOR-EQUITY> "245,578 "
<PAID-IN-CAPITAL-COMMON> "2,194,763,065 "
<SHARES-COMMON-STOCK> "166,083,690 "
<SHARES-COMMON-PRIOR> "166,376,320 "
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(31,212,393)"
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(278,794,004)"
<ACCUM-APPREC-OR-DEPREC> "81,176,406 "
<NET-ASSETS> "1,966,178,652 "
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> "304,694,299 "
<OTHER-INCOME> 0
<EXPENSES-NET> "51,682,859 "
<NET-INVESTMENT-INCOME> "253,011,440 "
<REALIZED-GAINS-CURRENT> "(100,087,454)"
<APPREC-INCREASE-CURRENT> "435,674,111 "
<NET-CHANGE-FROM-OPS> "521,745,087 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(115,651,793)"
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> "(33,862,188)"
<NUMBER-OF-SHARES-SOLD> "262,230,157 "
<NUMBER-OF-SHARES-REDEEMED> "(308,639,622)"
<SHARES-REINVESTED> "44,586,197 "
<NET-CHANGE-IN-ASSETS> "371,487,281 "
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> "(14,205,188)"
<OVERDIST-NET-GAINS-PRIOR> "(211,941,006)"
<GROSS-ADVISORY-FEES> "13,118,739 "
<INTEREST-EXPENSE> "16,358,254 "
<GROSS-EXPENSE> "51,682,859 "
<AVERAGE-NET-ASSETS> "1,768,267,655 "
<PER-SHARE-NAV-BEGIN> 6.75
<PER-SHARE-NII> 1.04
<PER-SHARE-GAIN-APPREC> 1.12
<PER-SHARE-DIVIDEND> (.70)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.20)
<PER-SHARE-NAV-END> 8.01
<EXPENSE-RATIO> 3.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> Class C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 1-Year
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-START> Dec-01-1995
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> "2,335,774,048 "
<INVESTMENTS-AT-VALUE> "2,411,838,825 "
<RECEIVABLES> "93,270,770 "
<ASSETS-OTHER> "7,300,305 "
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "2,512,409,900 "
<PAYABLE-FOR-SECURITIES> "273,555,687 "
<SENIOR-LONG-TERM-DEBT> "250,000,000 "
<OTHER-ITEMS-LIABILITIES> "22,675,561 "
<TOTAL-LIABILITIES> "546,231,248 "
<SENIOR-EQUITY> "245,578 "
<PAID-IN-CAPITAL-COMMON> "2,194,763,065 "
<SHARES-COMMON-STOCK> "31,309,744 "
<SHARES-COMMON-PRIOR> "32,443,629 "
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(31,212,393)"
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> "(278,794,004)"
<ACCUM-APPREC-OR-DEPREC> "81,176,406 "
<NET-ASSETS> "1,966,178,652 "
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> "304,694,299 "
<OTHER-INCOME> 0
<EXPENSES-NET> "51,682,859 "
<NET-INVESTMENT-INCOME> "253,011,440 "
<REALIZED-GAINS-CURRENT> "(166,940,464)"
<APPREC-INCREASE-CURRENT> "435,674,111 "
<NET-CHANGE-FROM-OPS> "521,745,087 "
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(22,209,685)"
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> "(6,502,870)"
<NUMBER-OF-SHARES-SOLD> "59,728,484 "
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<SHARES-REINVESTED> "9,077,697 "
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</TABLE>