NEW YORK, Sept. 21 /PRNewswire-FirstCall/ -- ACM Government Opportunity Fund, Inc. [NYSE: AOF] (the "Fund") today released its monthly portfolio update as of August 31, 2005. ACM Government Opportunity Fund, Inc. Top 10 Fixed-Income Holdings Portfolio% 1) US Treasury Notes 3.75% (05/15/08) 11.51% 2) US Treasury Bonds 6.25% (05/15/30) 9.06% 3) US Treasury Notes 3.50% (11/15/09) 8.39% 4) US Treasury Bonds 14.00% (11/15/11) 8.23% 5) US Treasury Notes 3.50% (05/31/07) 7.94% 6) US Treasury Notes 6.50% (02/15/10) 7.24% 7) US Treasury Notes 2.75% (08/15/07) 3.84% 8) US Treasury Inflation Index 3.88% (01/15/09) 2.47% 9) Intl Bk Recon & Develop 0.00% (02/17/26) 2.38% 10) US Treasury Notes 2.25% (02/15/07) 2.30% Security Type Breakdown Portfolio% Treasury 59.20% Sovereign 28.69% Inflation Indexed Bonds 3.16% FNMA 1.90% FHLMC 1.31% Brady Bonds 0.17% GNMA 0.14% Corporate: Supranationals 4.38% SUBTOTAL 4.38% Short-term: REPO 1.05% SUBTOTAL 1.05% Total 100.00% Country Breakdown Portfolio% United States 66.79% Brazil 4.91% Mexico 4.48% Argentina 3.20% South Africa 2.97% Venezuela 2.32% Peru 2.22% Turkey 2.00% Philippines 1.96% Russia 1.96% Poland 1.68% Colombia 1.54% Ukraine 1.05% Indonesia 1.01% Dominican Republic 0.73% Hungary 0.60% Bulgaria 0.29% Panama 0.29% Total 100.00% Credit Quality Breakdown Portfolio% AAA 69.15% A 7.35% BBB 3.16% BB 10.32% B 8.02% NR 2.00% Total 100.00% Portfolio Statistics Percentage of Leverage: Bank Loans: 0% Investment Operations: 26.95%* Preferred Stock: 0% Total: 26.95% Avg. Maturity: 10.81 Years Duration: 7.16 Years Total Net Assets: $110.7 Million Net Asset Value: $8.58 Number of Holdings: 53 * Investment Operations may include the use of certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities. The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by Alliance Capital Management L.P. DATASOURCE: ACM Government Opportunity Fund, Inc. CONTACT: Shareholder Contact for ACM Government Opportunity Fund, Inc., 1-800-221-5672 Web site: http://www.alliancecapital.com/

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