NEW YORK, Aug. 23 /PRNewswire-FirstCall/ -- ACM Government Opportunity Fund, Inc. [NYSE: AOF] (the "Fund") today released its monthly portfolio update as of July 31, 2005. ACM Government Opportunity Fund, Inc. Top 10 Fixed-Income Holdings Portfolio% 1) US Treasury Notes 3.75% (05/15/08) 12.30% 2) US Treasury Bonds 6.25% (05/15/30) 9.45% 3) US Treasury Notes 3.50% (11/15/09) 8.91% 4) US Treasury Bonds 14.00% (11/15/11) 8.89% 5) US Treasury Notes 3.50% (05/31/07) 8.50% 6) US Treasury Notes 6.50% (02/15/10) 7.70% 7) US Treasury Notes 2.75% (08/15/07) 4.11% 8) US Treasury Inflation Index 3.88% (01/15/09) 2.62% 9) Intl Bk Recon & Develop 0.00% (02/17/26) 2.51% 10) US Treasury Notes 2.25% (02/15/07) 2.46% Security Type Breakdown Portfolio% Treasury 63.06% Sovereign 27.28% Inflation Indexed Bonds 3.35% FNMA 2.05% FHLMC 1.41% Brady Bonds 0.18% GNMA 0.16% Corporate: Supranationals 2.51% Total 100.00% Country Breakdown Portfolio% United States 70.02% Mexico 4.72% Argentina 3.14% South Africa 3.13% Brazil 2.41% Turkey 2.22% Russia 2.09% Ukraine 1.75% Poland 1.74% Peru 1.67% Colombia 1.65% Venezuela 1.60% Indonesia 1.28% Philippines 1.28% Hungary 0.62% Panama 0.37% Bulgaria 0.31% Total 100.00% Portfolio Statistics Percentage of Leverage: Bank Loans: 0% Investment Operations: 24.48%* Preferred Stock: 0% Total: 24.48% Avg. Maturity: 10.42 Years Duration: 6.98 Years Total Net Assets: $109.7 Million Net Asset Value: $8.50 Number of Holdings: 49 * 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 CONTACT: Shareholder Contact for ACM Government Opportunity 1-800-221- 5672 Web site: http://www.alliancecapital.com/

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