<PAGE> PAGE 1
000 A000000 09/30/96
000 C000000 0000893566
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
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 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 INTERNATIONAL STRATEGY AND INVESTMENT, INC.
008 B000001 A
008 C000001 801-38408
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10022
010 A000001 ALEX. BROWN & SONS INCORPORATED
010 B000001 8-31213
010 C010001 BALTIMORE
010 C020001 MD
010 C030001 21202
011 A000001 ARMATA FINANCIAL CORP.
011 B000001 8-29659
011 C010001 BALTIMORE
011 C020001 MD
011 C030001 21202
012 A000001 INVESTMENT COMPANY CAPITAL CORP.
012 B000001 84-5477
012 C010001 BALTIMORE
<PAGE> PAGE 2
012 C020001 MD
012 C030001 21202
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 BALTIMORE
013 B020001 MD
013 B030001 21202
015 A000001 PNC BANK, N. A.
015 B000001 C
015 C010001 LESTER
015 C020001 PA
015 C030001 19113
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 182555
022 D000001 0
022 A000002 SALOMON
022 B000002 13-3082694
022 C000002 4194
022 D000002 3991
022 A000003 SMITH BARNEY SHEARSON INC.
022 B000003 13-1812900
022 C000003 7897
022 D000003 0
022 A000004 INVEX
022 B000004 N/A
022 C000004 5420
022 D000004 0
022 A000005 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000005 13-2741729
022 C000005 0
022 D000005 2990
022 A000006 BANAMEX
022 B000006 N/A
022 C000006 2784
022 D000006 0
022 A000007 NESBIT THOMPSON INC.
<PAGE> PAGE 3
022 B000007 13-2620737
022 C000007 801
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 203652
023 D000000 6981
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 204
028 A020000 229
028 A030000 0
028 A040000 934
028 B010000 435
028 B020000 223
028 B030000 0
028 B040000 1674
028 C010000 602
028 C020000 220
028 C030000 0
028 C040000 1144
028 D010000 117
028 D020000 220
028 D030000 0
028 D040000 496
028 E010000 585
028 E020000 220
028 E030000 0
028 E040000 611
028 F010000 688
<PAGE> PAGE 4
028 F020000 220
028 F030000 0
028 F040000 1041
028 G010000 2631
028 G020000 1332
028 G030000 0
028 G040000 5900
028 H000000 2042
029 000000 Y
030 A000000 52
030 B000000 3.00
030 C000000 0.00
031 A000000 5
031 B000000 0
032 000000 30
033 000000 17
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 118
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.400
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
<PAGE> PAGE 5
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 5000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 8.9
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
<PAGE> PAGE 6
062 L000000 17.3
062 M000000 57.8
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 14.6
062 R000000 0.0
063 A000000 0
063 B000000 14.5
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
<PAGE> PAGE 7
070 R020000 N
071 A000000 4995
071 B000000 2031
071 C000000 40893
071 D000000 10
072 A000000 6
072 B000000 3340
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 118
072 G000000 59
072 H000000 0
072 I000000 42
072 J000000 30
072 K000000 0
072 L000000 15
072 M000000 3
072 N000000 17
072 O000000 0
072 P000000 0
072 Q000000 28
072 R000000 20
072 S000000 18
072 T000000 118
072 U000000 5
072 V000000 0
072 W000000 6
072 X000000 479
072 Y000000 110
072 Z000000 2971
072AA000000 0
072BB000000 5
072CC010000 686
072CC020000 0
072DD010000 2562
072DD020000 0
072EE000000 0
073 A010000 0.3600
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 2
074 B000000 5266
074 C000000 10223
074 D000000 42816
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
<PAGE> PAGE 8
074 J000000 0
074 K000000 0
074 L000000 1287
074 M000000 12
074 N000000 59606
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 481
074 S000000 0
074 T000000 59125
074 U010000 7033
074 U020000 0
074 V010000 8.41
074 V020000 0.00
074 W000000 0.0000
074 X000000 2236
074 Y000000 0
075 A000000 0
075 B000000 58498
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE EDWARD J. VEILLEUX
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000893566
<NAME> NORTH AMERICAN GOVERNMENT BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 59,601,314
<INVESTMENTS-AT-VALUE> 58,304,523
<RECEIVABLES> 1,286,891
<ASSETS-OTHER> 14,587
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59,606,001
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 480,981
<TOTAL-LIABILITIES> 480,981
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,268,138
<SHARES-COMMON-STOCK> 7,032,973
<SHARES-COMMON-PRIOR> 7,266,930
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,847,413)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,295,705)
<NET-ASSETS> 59,125,020
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,339,603
<OTHER-INCOME> 0
<EXPENSES-NET> 368,572
<NET-INVESTMENT-INCOME> 2,971,031
<REALIZED-GAINS-CURRENT> (894,359)
<APPREC-INCREASE-CURRENT> 685,912
<NET-CHANGE-FROM-OPS> 2,762,584
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,561,827
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 317,459
<NUMBER-OF-SHARES-REDEEMED> 713,064
<SHARES-REINVESTED> 161,648
<NET-CHANGE-IN-ASSETS> (1,735,207)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,362,258)
<OVERDISTRIB-NII-PRIOR> (5,474,647)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 117,946
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 478,940
<AVERAGE-NET-ASSETS> 58,497,983
<PER-SHARE-NAV-BEGIN> 8.37
<PER-SHARE-NII> .42
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> 0.36
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.41
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
