LETTER TO SHAREHOLDERS ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
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June 1, 1995
Dear Shareholder:
In November and December of last year, U.S. bond markets continued to be
negatively affected by higher interest rates. Yields on two-year and 30-year
Treasurys continued to rise, peaking in December and November, respectively.
Since January, however, the U.S. bond market has rebounded, staging an
impressive rally across nearly all fixed income sectors. This rally was
sparked, in part, by the belief of many market participants that the Federal
Reserve may be at or near the end of its tightening cycle. Unfortunately, gains
from the domestic bond market rally were offset by sharp price declines in
emerging markets as a result of the economic crisis in Mexico.
For the six months ended April 30, 1995, Alliance World Dollar Government Fund
achieved a total return of +1.12% on a net asset value basis, which compares
with a return of -7.15% for the unmanaged J.P. Morgan Emerging Markets Bond
Index over the same period. The Fund paid dividends totaling $0.8825 per share
during the last six months.
A SOFT LANDING FOR THE ECONOMY?
The long awaited slowdown in the U.S. economy materialized in the first quarter
of 1995. Gross Domestic Product (GDP) rose 2.7% in the period, down from the
previous quarter's torrid pace of 5.1%. Final sales growth moderated to 2.5%
due to weaker than expected consumer spending and a further deterioration of
the U.S. trade balance. Inventories rose sharply in the first quarter with
particular weakness in the manufacturing sector. Despite this recent slowdown,
the U.S. economy remains fundamentally strong and should continue to expand in
1995, albeit at a slower pace.
While an increase in the overall price level is expected this year, the
inflation outlook appears generally favorable. Broad price indices such as the
Consumer Price Index (CPI) and Producer Price Index (PPI) have shown only
moderate acceleration and labor costs remain under control. However, with the
U.S. economy believed to be near full capacity utilization, concern regarding
inflation is still warranted. If the economy continues to slow down, the upward
pressure on prices should ease. On the other hand, if the economy reaccelerates
in the second half of 1995, inflation concerns would likely lead to additional
interest rate increases by the Federal Reserve.
EMERGING MARKETS UPDATE
Emerging market debt suffered steep price declines over the past six months. In
December, the Mexican government's decision to float the peso led to a
significant devaluation in its currency versus the U.S. dollar and sparked an
economic crisis. Mexico's problems spilled over to other emerging markets as
the prices for all emerging market debt consequently fell with Mexican bond
markets. To halt the devaluation of its currency, the Mexican government
implemented an economic recovery plan designed to rein in the current account
deficit and combat inflation. While the Mexican economic recovery plan is
bitter medicine for the country's economic ills, preliminary results have been
encouraging. From March 9 to May 31, 1995, the Mexican peso gained 21% versus
the U.S. dollar and volatility declined. In addition, Brady bonds staged an
impressive rally with the J.P. Morgan Emerging Markets Bond Index increasing
38% over the same period. Investors also reacted favorably to developments in
Argentina including the imposition of an economic austerity program and the
reelection of Argentine President Carlos Menem in May. President Menem is
widely expected to continue broad economic reforms, strengthen the country's
banking system and maintain the government's commitment to the currency
convertibility system.
BOND MARKET OUTLOOK
We believe the U.S. economic expansion should continue throughout 1995 with GDP
moderating to 2.5% for the year. While inflation momentum may be building, it
is our view that prices will not increase dramatically. We expect CPI inflation
will reach between 3.2%-3.5% by the end of 1995. If inflation or inflationary
expectations exceed 3.5%, we look for the Federal Reserve to raise the Federal
Funds rate an additional 0.50%, to 6.50%. Recent economic data, however, seem
to indicate that further restrictive moves by the Federal Reserve may be
unnecessary.
Mexico's recent political and economic stability has encouraged foreign
investors and modestly improved the
1
ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
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outlook for emerging markets. We continue to believe that emerging market debt
offers an attractive total return profile with the ability to diversify into a
variety of credits. Since the end of 1993, the size of the Brady bond market
has nearly doubled. The number of countries issuing Bradys has also grown. In
the past twelve months, Brazil, Poland, Bulgaria and Ecuador issued their first
Brady bonds, increasing the total number of issuing countries to fourteen.
Alliance World Dollar Government Fund reflects this diversity with exposure to
thirteen countries on four continents.
The Fund's largest non-U.S. exposure continues to be in Latin America,
particularly in Argentina and Brazil. Both countries have achieved high rates
of economic growth and a significant reduction in inflation. It is our belief
that in Argentina, President Menem will continue to effectively address the
country's economic concerns and maintain its commitment to the currency
convertibility system. Similarly, we are confident that Brazil will manage its
economic growth without significant reacceleration of inflation. Brazil's
President Fernando Henrique Cardoso is undertaking a constitutional reform
process to eliminate government monopolies in numerous state-owned industries,
opening the economy to foreign investment and reforming the tax structure to
address underlying fiscal problems. While these changes are expected to be
slow, the long-term benefit to the Brazilian economy should be positive.
We appreciate your investment in Alliance World Dollar Government Fund and look
forward to updating you on its progress in the coming months.
Sincerely,
John D. Carifa
Chairman
Wayne D. Lyski
President
2
PORTFOLIO OF INVESTMENTS
APRIL 30, 1995 (UNAUDITED) ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) U.S.$VALUE
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SOVEREIGN DEBT OBLIGATIONS-96.9%
COLLATERALIZED BRADY BONDS*-78.4%
ARGENTINA-14.8%
Republic of Argentina Euro Par Bonds VRN
5.00%, 3/31/23
(cost $11,416,574) $29,250 $12,924,844
BRAZIL-18.7%
Republic of Brazil Discount Note FRN
Series Z
7.25%, 4/15/24
(cost $19,355,426) 30,000 16,406,250
BULGARIA-10.7%
Republic of Bulgaria Discount Bonds FRN
7.562%, 7/28/24
(cost $9,380,350) 20,000 9,412,500
ECUADOR-10.5%
Republic of Ecuador Discount Bonds FRN
7.25%, 2/28/25
(cost $7,928,790) 18,500 9,203,750
MEXICO-6.0%
United Mexican States Euro Par Bond
6.25%, 12/31/19
Series B
(cost $4,341,973) 10,000 5,262,500
NIGERIA-7.0%
Central Bank of Nigeria VRN
6.25%, 11/15/20
(cost $6,020,729) 15,000 6,093,750
POLAND-5.4%
Republic of Poland Discount Bonds FRN
7.125%, 10/27/24
(cost $5,050,390) 6,750 4,695,469
VENEZUELA-5.3%
Republic of Venezuela Par Bonds
6.75%, 3/31/20
Series W-A
(cost $4,351,419) $10,000 $4,662,500
Total Collateralized
Brady Bonds
(cost $67,845,651) 68,661,563
NON-COLLATERIZED BRADYBOND-0.9%
ECUADOR-0.9%
Republic of Ecuador PDI FRN(a)
7.25%, 2/27/15
(cost $671,868) 2,623 790,179
LOAN PARTICIPATIONS & ASSIGNMENTS-9.4%
ALGERIA-1.0%
Algeria Refinancing Trust
Loan Assignment Series B
6.375%, 3/04/97
(cost $2,586,617) 3,000 840,000
MOROCCO-8.4%
Kingdom of Morocco Loan Participation FRN
7.375%, 1/01/09
(cost $5,677,461) 12,000 7,395,000
Total Loan Participations & Assignments
(cost $8,264,078) 8,235,000
OTHER SOVEREIGN DEBT-RELATED-8.2%
Bayerische Landesbank Spread Notes(b)
U.S. Treasury Bond
6.25%, 8/15/23 vs Brazil
Par Bonds 4.00%, 4/15/24
9.125%, 9/28/95 2,000 1,064,600
3
PORTFOLIO OF INVESTMENTS (CONTINUED)
ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
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PRINCIPAL
AMOUNT
(000) U.S.$VALUE
- -------------------------------------------------------------------------------
Morgan Guaranty Trust Co.
Indexed Notes(c)
Indexed to Argentina Par Bonds
9.00%, 7/14/95 $1,500 $555,000
Indexed to Ivory Coast Restructured Loan
Assignment
9.00%, 6/19/95 1,616 1,094,162
Indexed to Ivory Coast Unrestructured Loan
Assignment
9.00%, 6/19/95 198 147,877
Indexed to Russian Vnesheconombank
Loan Assignment
9.00%, 7/25/95 3,780 4,335,660
Total Other Sovereign Debt
Related
(cost $9,082,270) 7,197,299
Total Sovereign
Debt Obligations
(cost $85,863,867) 84,884,041
TREASURY SECURITY-37.5%
U.S. Treasury Bond
Zero coupon, 2/15/07
(cost $33,109,368) 77,000 32,814,320
TIME DEPOSIT-1.3%
Bank of New York
5.625%, 5/01/95
(cost $1,143,000) $1,143 $1,143,000
TOTAL INVESTMENTS-135.7%
(cost $120,116,235) 118,841,361
Other assets less liabilities-(35.7%) (31,275,672)
NETASSETS-100% $87,565,689
* Sovereign debt obligations issued as part of debt restructuring that are
collateralized in full as to principal due at maturity by U.S. Treasury
zero coupon obligations which have the same maturity as the Brady Bond.
(a) Coupon consists of 4.00% cash payment and 3.25% paid in kind.
(b) The redemption value of this security is indexed to the spread between the
referenced treasury yield and the referenced emerging market debt yield.
(c) The redemption value of these securities is linked to the change in the
bid price of the referenced emerging market debt.
Glossary of Terms:
FRN-Floating rate note. Stated interest rate in effect at April 30, 1995.
PDI-Past due interest.
VRN-Variable rate note. Stated interest rate in effect at April 30, 1995.
See notes to financial statements.
4
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1995 (UNAUDITED) ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
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ASSETS
Investments in securities, at value (cost $120,116,235) $118,841,361
Receivable for investment securities sold 8,141,474
Interest receivable 3,776,253
Deferred organization expenses and other assets 70,025
Total assets 130,829,113
LIABILITIES
Due to custodian 1,035,098
Payable for investment securities purchased 39,697,200
Unrealized depreciation on interest rate swap contracts 1,222,800
Dividend payable 923,955
Advisory fee payable 67,897
Administrative fee payable 10,184
Accrued expenses and other liabilities 306,290
Total liabilities 43,263,424
NET ASSETS (equivalent to $10.19 per share, based on 8,594,927
shares outstanding $87,565,689
COMPOSITION OF NET ASSETS
Capital stock, at par $85,949
Additional paid-in capital 118,833,763
Distribution in excess of net investment income (873,207)
Accumulated net realized loss on investments (27,983,142)
Net unrealized depreciation of investments and other assets (2,497,674)
$87,565,689
NET ASSET VALUE PER SHARE $10.19
See notes to financial statements.
5
STATEMENT OF OPERATIONS
APRIL 30, 1995 (UNAUDITED) ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
- -------------------------------------------------------------------------------
INVESTMENT INCOME
Interest $7,295,638
EXPENSES
Advisory fee $417,939
Administrative fee 62,691
Transfer agency 49,642
Audit and legal 39,020
Directors' fees 21,180
Custodian 16,374
Printing 15,402
Amortization of organization expenses 8,869
Registration 7,659
Taxes 2,662
Miscellaneous 12,032
Total expenses 653,470
Net investment income 6,642,168
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on investment transactions (17,596,620)
Net change unrealized depreciation of investments
and other assets 10,857,667
Net loss on investments (6,738,953)
NET DECREASE IN NET ASSETS FROM OPERATIONS $(96,785)
STATEMENT OF CHANGES IN NET ASSETS
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SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31,
(UNAUDITED) 1994
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 6,642,168 $10,733,241
Net realized loss on investment transactions (17,596,620) (9,633,653)
Net change in unrealized appreciation
(depreciation) of investments and other assets 10,857,667 (37,262,374)
Net decrease in net assets from operations (96,785) (36,162,786)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Dividend from net investment income (6,642,168) (11,284,327)
Distribution in excess of net investment income (873,207) (36,979,502)
Distribution from net realized gain on investments -0- (752,869)
Tax return of capital distribution -0- (1,930,057)
COMMON STOCK TRANSACTION
Reinvestment of dividends resulting in issuance
of common stock 1,650,004 16,015,296
Total decrease (5,962,156) (71,094,245)
NET ASSETS
Beginning of year 93,527,845 164,622,090
End of period $87,565,689 $93,527,845
See notes to financial statements.
6
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1995 (UNAUDITED) ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
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NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance World Dollar Government Fund, Inc. (the 'Fund') was incorporated under
the laws of the State of Maryland on August 20, 1992 and is registered under
the Investment Company Act of 1940, as a non-diversified, closed-end management
investment company. On October 13, 1992, the Fund sold 7,200 shares of common
stock for $100,440 to Alliance Capital Management L.P. (the 'Investment
Adviser'). The Fund commenced operations on November 2, 1992. The following is
a summary of significant accounting policies followed by the Fund.
1. SECURITY VALUATION
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. Listed securities not
traded and securities traded in the over-the-counter market, including listed
debt securities whose primary market is believed to be over-the-counter, are
valued at the mean between the most recently quoted bid and asked price
provided by the principal market makers. Publicly traded Sovereign Debt
Obligations are typically traded internationally on the over-the-counter
market. Because of the nature of the markets for Sovereign Debt Obligations,
quotations from several sources will be obtained so that the Fund's portfolio
investments will not generally be priced by a single source. Readily marketable
Sovereign Debt Obligations may be valued on the basis of prices provided by a
pricing service when such prices are believed by the Adviser to reflect the
fair value of such securities.
Securities for which market quotations are not readily available and restricted
securities which are subject to limitations as to their resale 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 fair value, unless this method does not represent fair value.
2. ORGANIZATION EXPENSES
Organization expenses of approximately $90,000 have been deferred and are being
amortized on a straight-line basis through November, 1997.
3. 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.
4. 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.
5. DIVIDENDS AND DISTRIBUTIONS
Dividends and distributions to shareholders are recorded on the ex-dividend
date. Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from generally
accepted accounting principles.
NOTE B: ADVISORY AND ADMINISTRATIVE FEES
Under the terms of an Investment Advisory Agreement, the Fund pays Alliance
Capital Management L.P. (the 'Adviser'), a monthly fee equal to the annualized
rate of 1% of the Fund's average weekly net assets.
Under the terms of an Admistrative Agreement, the Fund pays its administrator,
Alliance Capital Management L.P., a monthly fee equal to the annualized rate of
.15 of 1% of the Fund's average weekly net assets.
The Administrator provides administrative functions to the Fund as well as
other clerical services. The Administrator also prepares financial and
regulatory reports for the Fund.
7
NOTES TO FINANCIAL STATEMENTS
(CONTINUED) ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
- -------------------------------------------------------------------------------
NOTE C: INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term investments)
aggregated $300,038,852 and $327,104,219, respectively, for the six months
ended April 30, 1995.
At April 30, 1995, the cost of investments for federal income tax purposes was
the same as the cost for financial reporting purposes. Accordingly, gross
unrealized appreciation of investments was $6,511,518 and gross unrealized
depreciation of investments was $7,786,392 resulting in net unrealized
depreciation of $1,274,874 (excluding swap contracts).
On January 19, 1993 the Fund entered into an Interest Rate Swap agreement with
Morgan Guaranty Trust Company of New York. An Interest Rate Swap is an
agreement between counterparties to exchange interest rate payments that are
based on specified interest rates and a notional amount. Under the Agreement,
the Fund exchanged a floating rate interest payment on $12,000,000 notional
amount for a fixed rate interest payment that terminates on January 1, 2009.
During the period, the Fund receives semi-annual fixed interest payments of
6.8675% on the notional amount and pays quarterly floating interest payments of
LIBOR (London Interbank Offering Rate). Net unrealized depreciation of the swap
contract at April 30, 1995 was $1,222,800.
NOTE D: CAPITAL STOCK
There are 100,000,000 shares of $0.01 par value common stock authorized.
Of the 8,594,927 shares outstanding at April 30, 1995, the Adviser owned 7,200
shares.
SIX MONTHS
ENDED YEAR
APRIL 30, ENDED
1995 OCT. 31,
(UNAUDITED) 1994
----------- --------
Transactions in shares of common stock were as follows:
Shares sold -0- -0-
Shares reinvested 155,117 985,961
Net increase in shares of common stock outstanding 155,117 985,961
8
ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
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NOTE E: CONCENTRATION OF RISK
Investing in securities of foreign governments involves special risks which
include revaluation of currencies and future adverse political and economic
developments. Moreover, securities of many foreign governments and their
markets may be less liquid and their prices more volatile than those of the
United States government. The Fund invests in the sovereign debt obligations of
countries that are considered emerging market countries at the time of
purchase. Therefore, the Fund is susceptible to governmental factors and
economic and debt restructuring developments adversely affecting the economies
of these emerging market countries. In addition, these debt obligations may be
less liquid and subject to greater volatility than debt obligations of more
developed countries.
NOTE F: QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
<TABLE>
<CAPTION>
NET INCREASE
NET REALIZED (DECREASE)
AND UNREALIZED IN NET ASSETS
NET INVESTMENT GAIN (LOSS) ON RESULTING FROM MARKET PRICE
INCOME INVESTMENTS OPERATIONS ON NYSE
--------------- ------------------- ------------------- -----------------
TOTAL PER TOTAL PER TOTAL PER
QUARTER ENDED (000) SHARE (000) SHARE (000) SHARE HIGH LOW
- ------------------ ------- ----- --------- ------- --------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
April 30, 1995 $ 3,766 $ .44 $ 2,102 $ .24 $ 5,868 $ .68 $11.375 $ 9.000
January 31, 1995 2,876 .34 (8,841) (1.03) (5,965) (.69) $13.000 $ 9.875
$ 6,642 $ .78 $ (6,739) $ (.79) $ (97) $ (.01)
October 31, 1994 $ 1,660 $ .20 $ 242 $ .04 $ 1,902 $ .24 $13.875 $13.000
July 31, 1994 3,600 .43 (4,126) (.49) (526) (.06) $15.250 $13.000
April 30, 1994 2,583 .31 (47,700) (5.78) (45,117) (5.47) $18.250 $14.000
January 31, 1994 2,890 .38 4,688 .57 7,578 .95 $22.500 $17.500
$10,733 $1.32 $(46,896) $(5.66) $(36,163) $(4.34)
</TABLE>
9
FINANCIAL HIGHLIGHTS ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
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SELECTED DATA FOR A SHARE OF COMMON STOCK OUTSTANDING THROUGHOUT EACH PERIOD
SIX MONTHS ENDED YEAR ENDED NOV. 2,1992*
APRIL 30, 1995 OCT. 31, TO
(UNAUDITED) 1994 OCT. 31,1993
---------------- ---------- ------------
Net asset value, beginning of period $11.08 $22.09 $13.82(a)
INCOME FROM INVESTMENT OPERATIONS
Net investment income .78 1.32 1.54
Net realized and unrealized gain
(loss) on investments (.79) (5.66) 8.19
Net increase (decrease) in net asset
value from operations (.01) (4.34) 9.73
LESS: DISTRIBUTIONS
Dividends from net investment income (.78) (1.39) (1.46)
Distribution in excess of net
investment income (.10) -0- -0-
Tax return of capital distribution -0- (.23) -0-
Distributions from net realized gains -0- (4.96) -0-
Distributions in excess of net realized gains -0- (.09) -0-
Total distributions (.88) (6.67) (1.46)
Net asset value, end of period $10.19 $11.08 $22.09
Market value, end of period $11.00 $13.00 $20.75
TOTAL RETURN
Total investment return based on: (b)
Market value (7.07)% (7.52)% 59.14%
Net asset value 1.12% (27.29)% 72.53%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $87,566 $93,528 $164,622
Ratio of expenses to average net assets 1.57% 1.43% 1.44%(c)
Ratio of net investment income to
average net assets 15.92% 9.08% 9.70%(c)
Portfolio turnover rate 245% 395% 417%
* Commencement of operations.
(a) Net of offering costs of $.13.
(b) Total investment return is calculated assuming a purchase of common stock
on the opening of the first day and a sale on the closing of the last day of
the period reported. Dividends and distributions, if any, are assumed, for
purposes of this calculation, to be reinvested at prices obtained under the
Fund's Dividend Reinvestment Plan. Generally, total investment return based on
net asset value will be higher than total investment return based on market
value in periods where there is an increase in the discount or a decrease in
the premium of the market value to the net asset value from the beginning to
the end of such periods. Conversely, total investment return based on net asset
value will be lower than total investment return based on market value in
periods where there is a decrease in the discount or an increase in the premium
of the market value to the net asset value from the beginning to the end of
such periods. Total investment return calculated for a period of less than one
year is not annualized.
(c) Annualized.
10
ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
- -------------------------------------------------------------------------------
BOARD OF DIRECTORS
JOHN D. CARIFA, CHAIRMAN
RUTH BLOCK
DAVID H. DIEVLER
JOHN H. DOBKIN
WILLIAM H. FOULK, JR.
DR. JAMES M. HESTER
CLIFFORD L. MICHEL
ROBERT C. WHITE
OFFICERS
WAYNE D. LYSKI, PRESIDENT
ROBERT M. SINCHE, SENIOR VICE PRESIDENT
PAUL J. DENOON, VICE PRESIDENT
VICKI L. FULLER, VICE PRESIDENT
EDMUND P. BERGAN, JR., SECRETARY
MARK D. GERSTEN, TREASURER & CHIEF FINANCIAL OFFICER
JOSEPH J. MANTINEO, CONTROLLER
ADMINISTRATOR
ALLIANCE CAPITAL MANAGEMENT, L.P.
1345 Avenue of the Americas
New York, NY 10105
CUSTODIAN
THE BANK OF NEW YORK
48 Wall Street
New York, NY 10286
DIVIDEND PAYING AGENT,
TRANSFER AGENT AND REGISTRAR
THE SHAREHOLDER SERVICES GROUP, INC.
One Exchange Place
Boston, MA 02109
INDEPENDENT AUDITORS
ERNST & YOUNG LLP
787 Seventh Avenue
New York, NY 10019
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Fund may purchase at market prices from time to
time shares of its Common Stock in the open market.
This report, including the financial statements herein, is transmitted to the
shareholders of Alliance World Dollar Government Fund, Inc. for their
information. The financial information included herein is taken from the
records of the Fund. This is not a prospectus, circular or representation
intended for use in the purchase of shares of the Fund or any securities
mentioned in this report.
11
ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
Summary of General Information
THE FUND
Alliance World Dollar Government Fund, Inc. is a closed-end management
investment company which seeks high current income from investment in debt
obligations of countries with emerging economies whose recent interest rates
are higher than those of the United States.
SHAREHOLDER INFORMATION
Daily market prices for the Fund's shares are published in the New York Stock
Exchange Composite Transaction Section of newspapers each day, under the
designation 'Alliance Wrld'. The Fund's NYSE trading symbol is 'AWG'. Weekly
comparative net asset value (NAV) and market price information about the Fund
is published each Monday in THE WALL STREET JOURNAL and each Saturday in the
NEW YORK TIMES and BARRON'S and other newspapers in a table called 'Closed-End
Funds'. Additional information about the Fund is available by calling
1-800-247-4154.
DIVIDEND REINVESTMENT PLAN DISTRIBUTIONS
A Dividend Reinvestment Plan provides automatic reinvestment of dividends and
capital gains distributions in additional Fund shares. For a copy of the Plan
Brochure, please write to the Plan Agent, The Shareholders Services Group Inc.,
P.O. Box 1367, Boston, MA 02105.
ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
1345 Avenue of the Americas
New York, NY 10105
Alliance Capital
R THESE REGISTERED SERVICE MARKS USED UNDER LICENSE FROM THE OWNER,
ALLIANCE CAPITAL MANAGEMENT L.P.
WDGSR
ALLIANCE
WORLD DOLLAR
GOVERNMENT
FUND, INC.
SEMI-ANNUAL
REPORT
APRIL 30, 1995
ALLIANCE
MUTUAL FUNDS WITHOUT THE MYSTERY
