Alliance World Dollar Government Fund Releases Monthly Portfolio Update NEW YORK, May 25 /PRNewswire-FirstCall/ -- Alliance World Dollar Government Fund, Inc. [NYSE: AWG] (the "Fund") today released its monthly portfolio update as of April 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) 10.69% 2) United Mexican States 8.13% (12/30/19) 5.28% 3) United Mexican States 8.00% (09/24/22) 5.26% 4) Brazil (Republic of) 11.00% (08/17/40) 4.08% 5) Venezuela (Republic of) 9.25% (09/15/27) 3.51% 6) Ecuador (Republic) - Reg S 8.00% (08/15/30) 3.20% 7) Argentina (Republic of) Boden 3.01% (08/03/12) 2.98% 8) United Mexican States 9.88% (02/01/10) 2.58% 9) Brazil (Republic of) 12.75% (01/15/20) 2.51% 10) Russia (Ministry of Finance) 3.00% (05/14/08) 2.46% Security Type Portfolio% Sovereign 78.93% Brady Bonds 0.90% Loan Part./Loan Assign. 0.44% Short-term: Time Deposit 19.73% Total 100.00% Holdings by Issuer Country Portfolio% United States 19.73% Mexico 16.43% Russia 15.37% Brazil 12.99% Argentina 4.99% Venezuela 4.52% Ecuador 4.16% Turkey 3.78% Philippines 3.13% Ukraine 2.70% Panama 2.64% Peru 2.45% Colombia 2.19% Uruguay 0.97% Indonesia 0.89% El Salvador 0.69% Lebanon 0.67% Jamaica 0.60% Morocco 0.44% Bulgaria 0.42% Dominican Republic 0.24% Total 100.00% Percentage of Leverage: Bank Loans: 0% Investment Operations: 11.34%* Preferred Stock: 0% Total: 11.34% Avg. Maturity: 12.52 Years Duration: 5.58 Years Total Net Assets: $121.7 Million Net Asset Value: $13.68 Number of Holdings: 71 * 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, Inc., 1-800-221-5672 Web site: http://www.alliancecapital.com/

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