<PAGE> PAGE 1
000 A000000 09/30/95
000 C000000 0000893566
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 NORTH AMERICAN GOVERNMENT BOND FUND, INC.
001 B000000 811-7292
001 C000000 2124465606
002 A000000 717 FIFTH AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10022
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 253335
022 D000001 11400
022 A000002 INVEX, INC
022 B000002 N/A
022 C000002 53237
022 D000002 0
022 A000003 SALOMON BROTHERS INCORPORATED
022 B000003 13-3082694
022 C000003 20100
022 D000003 19950
022 A000004 BANAMEX
022 C000004 36099
022 D000004 0
022 A000005 DONALDSON,LUFKIN, & JENRETTE SECURITIES CORP.
022 B000005 13-2741799
022 C000005 23500
022 D000005 11000
022 A000006 HARRIS, NESBIT THOMSON SECURITIES CORP.
022 B000006 13-2620737
022 C000006 0
022 D000006 15775
022 A000007 SMITH BARNEY SHEARSON, INC.
022 B000007 13-3371860
022 C000007 0
022 D000007 4000
022 A000008 FOX-PITT, KELTON INCORPORATED
022 B000008 N/A
<PAGE> PAGE 2
022 C000008 2500
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 388771
023 D000000 62125
028 A01AA00 52
028 A02AA00 258
028 A03AA00 0
028 A04AA00 1145
028 B01AA00 105
028 B02AA00 255
028 B03AA00 0
028 B04AA00 1127
028 C01AA00 239
028 C02AA00 250
028 C03AA00 0
028 C04AA00 2494
028 D01AA00 273
028 D02AA00 246
028 D03AA00 0
028 D04AA00 1242
028 E01AA00 240
028 E02AA00 244
028 E03AA00 0
028 E04AA00 724
028 F01AA00 550
028 F02AA00 243
028 F03AA00 0
028 F04AA00 1800
028 G01AA00 1459
028 G02AA00 1496
028 G03AA00 0
028 G04AA00 8532
028 H00AA00 1272
029 00AA00 Y
030 A00AA00 44
030 B00AA00 3.00
030 C00AA00 0.00
031 A00AA00 3
031 B00AA00 0
032 00AA00 34
033 00AA00 7
042 A00AA00 0
042 B00AA00 0
042 C00AA00 100
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
<PAGE> PAGE 3
042 G00AA00 0
042 H00AA00 0
043 00AA00 136
044 00AA00 0
062 A00AA00 Y
062 B00AA00 18.1
062 C00AA00 0.0
062 D00AA00 2.9
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 8.7
062 M00AA00 50.6
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 11.9
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 11.9
064 A00AA00 N
071 A00AA00 48556
071 B00AA00 68358
071 C00AA00 49599
071 D00AA00 98
072 A00AA00 6
072 B00AA00 3843
072 C00AA00 0
072 D00AA00 0
072 E00AA00 0
072 F00AA00 136
072 G00AA00 68
072 H00AA00 0
072 I00AA00 42
072 J00AA00 30
072 K00AA00 0
072 L00AA00 15
072 M00AA00 2
072 N00AA00 18
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 29
072 R00AA00 19
072 S00AA00 18
072 T00AA00 136
072 U00AA00 5
072 V00AA00 0
<PAGE> PAGE 4
072 W00AA00 9
072 X00AA00 527
072 Y00AA00 102
072 Z00AA00 3418
072AA00AA00 0
072BB00AA00 767
072CC01AA00 5104
072CC02AA00 0
072DD01AA00 2854
072DD02AA00 0
072EE00AA00 0
073 A01AA00 0.3600
073 A02AA00 0.0000
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 0
074 B00AA00 1871
074 C00AA00 0
074 D00AA00 62965
074 E00AA00 0
074 F00AA00 0
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 0
074 K00AA00 0
074 L00AA00 1013
074 M00AA00 40
074 N00AA00 65889
074 O00AA00 0
074 P00AA00 0
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 273
074 S00AA00 0
074 T00AA00 65616
074 U01AA00 7570
074 U02AA00 0
074 V01AA00 8.67
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 0
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 66971
076 00AA00 0.00
077 A000000 Y
SIGNATURE EDWARD J. VEILLEUX
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893566
<NAME> NORTH AMERICAN GOV'T BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 66490839
<INVESTMENTS-AT-VALUE> 64836410
<RECEIVABLES> 1012678
<ASSETS-OTHER> 40198
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65889286
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 273324
<TOTAL-LIABILITIES> 273324
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78193268
<SHARES-COMMON-STOCK> 7570332
<SHARES-COMMON-PRIOR> 8225853
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10862060)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1715246)
<NET-ASSETS> 65615962
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3843263
<OTHER-INCOME> 0
<EXPENSES-NET> 424990
<NET-INVESTMENT-INCOME> 3418273
<REALIZED-GAINS-CURRENT> (767413)
<APPREC-INCREASE-CURRENT> 5103507
<NET-CHANGE-FROM-OPS> 7754367
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2854172
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 170380
<NUMBER-OF-SHARES-REDEEMED> 1002810
<SHARES-REINVESTED> 176909
<NET-CHANGE-IN-ASSETS> (676296)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (10557923)
<OVERDISTRIB-NII-PRIOR> 2448605
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 136261
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 527241
<AVERAGE-NET-ASSETS> 66970904
<PER-SHARE-NAV-BEGIN> 8.06
<PER-SHARE-NII> .44
<PER-SHARE-GAIN-APPREC> .53
<PER-SHARE-DIVIDEND> .36
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.67
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>