ACM Government Opportunity Fund Releases Monthly Portfolio Update NEW YORK, March 28 /PRNewswire-FirstCall/ -- ACM Government Opportunity Fund, Inc. [NYSE: AOF] (the "Fund") today released its monthly portfolio update as of February 28, 2005. ACM Government Opportunity Fund, Inc. Top 10 Fixed-Income Holdings Portfolio% 1) US Treasury Notes 3.13% (05/15/07) 11.86% 2) US Treasury Notes 3.50% (11/15/09) 11.13% 3) US Treasury Bonds 14.00% (11/15/11) 8.88% 4) US Treasury Bonds 6.25% (05/15/30) 8.75% 5) US Treasury Notes 6.50% (02/15/10) 7.48% 6) US Treasury Bonds 13.25% (05/15/14) 4.80% 7) US Treasury Notes 2.75% (08/15/07) 3.95% 8) Intl Bk Recon & Develop 0.00% (02/17/26) 2.92% 9) FNMA 30 Yr TBA Mar 6.50% (03/25/35) 2.45% 10) Mexico Bonos - Taxable 9.00% (12/20/12) 2.37% Security Type Portfolio% Treasury 63.67% Sovereign 27.12% FNMA 2.80% FHLMC 1.35% Brady Bonds 0.40% GNMA 0.26% Corporate: Supranationals 2.92% Short-term: Time Deposit 1.48% Total 100.00% Holdings by Issuer Country Portfolio% United States 69.56% Mexico 4.30% Ukraine 3.08% South Africa 2.92% Argentina 2.86% Ecuador 2.71% Russia 1.98% Poland 1.88% Turkey 1.82% Brazil 1.61% Colombia 1.50% Indonesia 1.42% Peru 1.31% Philippines 1.24% Bulgaria 1.16% Panama 0.52% Venezuela 0.13% Total 100.00% Percentage of Leverage: Bank Loans: 0% Investment Operations: 25.10%* Preferred Stock: 0% Total: 25.10% Avg. Maturity: 11.12 Years Duration: 7.61 Years Total Net Assets: $111.9 Million Net Asset Value: $8.67 Number of Holdings: 51 * 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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