SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
RULE 24f-2 NOTICE
FOR
NORTH AMERICAN GOVERNMENT BOND FUND, INC.
135 East Baltimore Street
Baltimore, MD 21202
_________________________________________________________________
(Address of principal executive offices)
SHARES OF COMMON STOCK (par value $.001 per share)
_________________________________________________________________
(Title of securities with respect to which Notice is filed)
File Nos. 33-53598
811-7292
__________________________________
The following information is required pursuant to Rule
24-2(b)(1)
(i) Period for which Notice is filed:
April 1, 1994 through March 31, 1995 (fiscal year)
(ii) Number or amount of securities of the same class
or series which has been registered under the
Securities Act of 1933 other than pursuant to
Rule 24f-2 but which remained unsold at the
beginning of such fiscal year:
NONE
(iii) Number or amount of securities, if any, registered
during such fiscal year other than pursuant to
Rule 24f-2:
NONE
(iv) Number or amount of securities sold during such
period: (1)
843,587 shares
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(v) Number or amount of securities sold during such
period in reliance upon registration pursuant to
Rule 24f-2: (2)
843,587 shares
An opinion of counsel with respect to the legality of the above
shares accompanies this notice.
DATED: May 26, 1995
NORTH AMERICAN GOVERNMENT
BOND FUND, INC.
By /s/ Brian C. Nelson
Brian C. Nelson
Vice President & Secretary
_______________________
(1) Excludes shares issued upon reinvestment of dividends.
(2) The actual aggregate sales price for which such securities
were sold was $7,637,704. The actual aggregate redemption
price of securities redeemed during such period by the
Registrant was $24,909,993. No portion of such aggregate
redemption price has been applied by the Registrant pursuant
to Rule 24e-2(a) in a filing made pursuant to Section
24(e)(1) of the Investment Company Act of 1940. Pursuant to
Rule 24f-2(c), the registration fee with respect to
securities sold is calculated as follows:
($7,637,704 - $24,909,993) Divided by $2,900 = $0. No fee is
required pursuant to 24f-2(c).
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{Letterhead of Morgan, Lewis & Bockius}
May 26, 1995
North American Government Bond Fund, Inc.
135 East Baltimore Street
Baltimore, MD 21202
Re: Rule 24f-2 Notice for
North American Government Bond Fund, Inc.
(File Nos. 33-53598 and 811-7292)
Gentlemen:
North American Government Bond Fund, Inc. (the "Fund")
is a corporation organized under the laws of the State of
Maryland with its principal place of business in Baltimore,
Maryland. The Fund is an open-end non-diversified management
investment company registered with the Securities and Exchange
Commission (the "Commission") under the Investment Company Act of
1940 (the "1940 Act"). This opinion relates to shares of common
stock, par value $.001 per share, sold by the Fund in reliance
upon Rule 24f-2 during its fiscal year ended March 31, 1995, the
registration of which is made definite by the filing of the
attached Notice.
We have reviewed all proceedings taken by the Fund in
connection with the offer and sale of the shares of common stock,
par value $.001 per share, which have been offered under
Prospectuses included as part of the Fund's Registration
Statement on Form N-1A, as amended to the date hereof, which has
been filed with the Commission under the Securities Act of 1933
and the 1940 Act (collectively, the "Registration Statement").
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North American Government Bond Fund, Inc.
May 26, 1995
Page 2
We are of the opinion that such shares of common stock,
when sold and issued in return for the payment described in the
Fund's Registration Statement, were legally issued, fully paid
and non-assessable by the Fund.
Very truly yours,
/s/ Morgan, Lewis & Bockius
cc: Mr. Brian C. Nelson
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