NEW YORK, Oct. 26 /PRNewswire-FirstCall/ -- ACM Government Opportunity Fund, Inc. [NYSE: AOF] (the "Fund") today released its monthly portfolio update as of September 30, 2005. ACM Government Opportunity Fund, Inc. Top 10 Fixed-Income Holdings Portfolio% 1) US Treasury Notes 3.75% (05/15/08) 10.79% 2) US Treasury Bonds 6.25% (05/15/30) 8.20% 3) US Treasury Notes 3.50% (11/15/09) 7.81% 4) US Treasury Bonds 14.00% (11/15/11) 7.69% 5) US Treasury Notes 3.50% (05/31/07) 7.46% 6) US Treasury Notes 6.50% (02/15/10) 6.73% 7) US Treasury Notes 2.75% (08/15/07) 3.61% 8) US Treasury Inflation Index 3.88% (01/15/09) 2.34% 9) Intl Bk Recon & Develop 0.00% (02/17/26) 2.23% 10) US Treasury Notes 2.25% (02/15/07) 2.17% Security Type Breakdown Portfolio% Treasury 56.32% Sovereign 27.91% Inflation Indexed Bonds 2.99% FNMA 1.78% FHLMC 1.24% Brady Bonds 0.16% GNMA 0.13% Corporate: Supranationals 4.25% Sovereign 0.59% SUBTOTAL 4.84% Short-term: REPO 4.63% SUBTOTAL 4.63% Total 100.00% Country Breakdown Portfolio% United States 67.09% Brazil 5.44% Mexico 4.48% Argentina 3.16% South Africa 2.78% Venezuela 2.36% Peru 2.12% Philippines 1.91% Turkey 1.91% Russia 1.85% Poland 1.58% Colombia 1.56% Ukraine 1.00% Indonesia 0.98% Dominican Republic 0.71% Hungary 0.52% Panama 0.28% Bulgaria 0.27% Total 100.00% Credit Quality Breakdown Portfolio% AAA 71.35% A 7.14% BBB 2.98% BB 10.62% B 7.91% Total 100.00% Portfolio Statistics Percentage of Leverage: Bank Loans: 0% Investment Operations: 32.59%* Preferred Stock: 0% Total: 32.59% Avg. Maturity: 10.73 Years Duration: 7.15 Years Total Net Assets: $110.6 Million Net Asset Value: $8.57 Number of Holdings: 55 * 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: ACM Government Opportunity Fund, Inc., Shareholder Contact: 1-800-221-5672 Web site: http://www.alliancecapital.com/

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