UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number    811-07292              

North American Government Bond Fund, Inc.

(Exact name of registrant as specified in charter)

40 West 57th Street, 18th Floor

New York, New York  10019

(Address of principal executive offices)

R. Alan Medaugh, President

ISI, Inc.

40 West 57th Street, 18th Floor

New York, New York 10019

(Name and address of agent for service)

Registrant's telephone number, including area code:  (212) 446-5600                      

Date of fiscal year end:     October 31                                   

Date of reporting period:    July 1, 2010 - June 30, 2011           

ITEM 1. PROXY VOTING RECORD.

NORTH AMERICAN GOVERNMENT BOND FUND, INC.

PROXY VOTING RECORD

07/01/2010 - 6/30/2011

     The North American Government Bond Fund, Inc. did not hold any securities for which it voted a proxy during the reporting period (July 1, 2010 through June 30, 2011).

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this  report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  North American Government Bond Fund, Inc.

By (Signature and Title)*		/s/ R. Alan Medaugh
		R. Alan Medaugh, President
Date	July 27, 2011