Alliance World Dollar Government Fund Releases Monthly Portfolio Update NEW YORK, July 21 /PRNewswire-FirstCall/ -- Alliance World Dollar Government Fund, Inc. [NYSE: AWG] (the "Fund") today released its monthly portfolio update as of June 30, 2005. Alliance World Dollar Government Fund, Inc. Top 10 Fixed-Income Holdings Portfolio% 1) Russian Federation - Reg S Iss 5.00% (03/31/30) 9.95% 2) United Mexican States 8.13% (12/30/19) 5.49% 3) United Mexican States 8.00% (09/24/22) 5.49% 4) Brazil (Republic of) 11.00% (08/17/40) 4.32% 5) Venezuela (Republic of) 9.25% (09/15/27) 4.12% 6) Russia Min Fin VII 3.00% (05/14/11) 3.97% 7) Argentina (Republic of) Boden 3.01% (08/03/12) 3.50% 8) Brazil (Republic of) 12.75% (01/15/20) 3.25% 9) United Mexican States 9.88% (02/01/10) 2.59% 10) Russia (Ministry of Finance) 3.00% (05/14/08) 2.47% Security Type Breakdown Portfolio% Sovereign 84.42% Brady Bonds 0.92% Loan Part./Loan Assign. 0.44% Short-term: Time Deposit 14.22% Total 100.00% Country Breakdown Portfolio% Mexico 16.93% Russia 16.39% United States 14.22% Brazil 13.59% Argentina 5.64% Philippines 5.32% Venezuela 5.17% Turkey 3.99% Panama 3.50% Ukraine 2.69% Peru 2.52% Ecuador 1.95% Colombia 1.31% El Salvador 1.17% Uruguay 1.14% Jamaica 1.03% Indonesia 0.99% Dominican Republic 0.69% Lebanon 0.68% Morocco 0.44% Bulgaria 0.42% Nigeria 0.22% Total 100.00% Portfolio Statistics Percentage of Leverage: Bank Loans: 0% Investment Operations: 12.91%* Preferred Stock: 0% Total: 12.91% Avg. Maturity: 12.99 Years Duration: 5.92 Years Total Net Assets: $126.3 Million Net Asset Value: $14.20 Number of Holdings: 76 * 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: Alliance World Dollar Government Fund, Inc. CONTACT: Shareholder Contact for Alliance World Dollar Government Fund, 1-800-221-5672 Web site: http://www.alliancecapital.com/

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