29%
Venezuela 0. (NYSE: AOF ) (the "Fund") today released its monthly portfolio
update as of April 30, 2005.25% (05/15/30) 8.72%
FHLMC 1.18%
Brady Bonds 0.70%
Ukraine 1.63%
Poland 1.17%
Hungary 0.77 Years
Duration: 8.9 Million
Net Asset Value: $8.

To the north, west, and south it borders every country except Chile and Ecuador .

continental brazil

69%
4) US Treasury Bonds 6.00% (08/15/30) 3.35%
6) US Treasury Bonds 13.

chile south

NEW YORK, ACM Government Opportunity
Fund, Inc.50% (02/15/10) 7.48%
10) FNMA 30 Yr TBA Apr 6.75%
FHLMC 1.12%
Total 100.66%
Brazil 2.

borders miles

23%
Philippines 1.42%*
Preferred Stock: 0 %
Total: 29.

To the east, it is blessed with 4,600 miles of unspoiled , South Atlantic coastline, including some of the most beautiful beaches in the world.

borders beaches

69%
7 ) US Treasury Notes 2.50% (04/25/35) 2.00%

Holdings by Issuer Country
Portfolio%
United States 68. NEW YORK, ACM Government Opportunity
Fund, Inc.17%
Corporate:
Supranationals 2.10%
Total 100.57%
Panama 0.

Brazil makes up nearly half the total area of South America .

every except

33%
6) US Treasury Bonds 13. P.00% (11/15/11) 8.62%
FNMA 2.85%
Mexico 4. Maturity: 11.

285 every

93%
Turkey 1.13% (05/15/07) 11.50% (11/15/09) 8.50% (02/15/10) 7.

unspoiled miles

25%
Philippines 1.

nearly unspoiled

13% (05/15/07) 11.42%

Security Type
Portfolio %
Treasury 62.66%
Time Deposit 0.

ecuador coastline

Top 10 Fixed-Income Holdings
Portfolio%
1) US Treasury Notes 3.88%
8) Ecuador (Republic) - Reg S 8.49%
10) FNMA 30 Yr TBA May 6.00%
Argentina 2.43%
Venezuela 1.

square combined

ACM Government Opportunity Fund, Inc.18%
Corporate:
Supranationals 2.63%
2) US Treasury Bonds 6.

For more information about Brazil, see the Travel and Tourism section of this category.

continental 632

ACM Government Opportunity Fund Releases Monthly Portfolio Update

ACM Government Opportunity Fund, Inc.50%
Sovereign 27.

chile beautiful

(NYSE: AOF)(the "Fund") today released its monthly portfolio update
as of March 31, 2005.75% (08/15/07) 3.39%
Mexico 4.60%
Panama 0.

nearly every

66%
South Africa 2.00%

Percentage of Leverage:
Bank Loans: 0%
Investment Operations: 28.08%
Ecuador 3.27%
Peru 1.

unspoiled total

93%
3) US Treasury Bonds 14.46%
Sovereign 28.62%
Russia 1.

countries square

borders 285

Top 10 Fixed-Income Holdings
Portfolio%
1) US Treasury Notes 3.33%
GNMA 0.74%
Poland 1 . The Fund is a closed-end U.19%
Russia 1.61%
Colombia 1.52 Years
Total Net Assets: $108.44
Number of Holdings: 54

* 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.

countries 285

00% (11/15/11) 8.78%
Argentina 2.40
Number of Holdings: 52

* 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.67%
7) US Treasury Notes 2.50%
Bulgaria 0.42%

Avg.

beaches blessed

89%
8) Ecuador (Republic) -- Reg S 8.79%
Ecuador 4.91 Years
Duration: 8.25% (05/15/14) 4.40%

Security Type
Portfolio %
Treasury 62.38%
Short-term:
REPO 3. P .

nearly atlantic

56%
5) US Treasury Notes 6.-registered management
investment company advised by Alliance Capital Management L.

ACM Government Opportunity Fund Releases Monthly Portfolio Update

The foregoing portfolio characteristics are as of the date indicated and
can be expected to change. The Fund is a closed-end U.

beaches total

68%
2) US Treasury Notes 3.86%
9 ) Brazil (Republic of) 11.36%
Total 100.08%
Brazil 3.72%
Ukraine 1.65%
Colombia 1.17%
Hungary 0.63%*
Preferred Stock: 0%
Total: 28. Maturity: 11.4 Million
Net Asset Value: $8.46%
5) US Treasury Notes 6.75% (08/15/07) 3.92%
9) US Treasury Notes Tips 3.00%

Holdings by Issuer Country
Portfolio%
United States 69.45%
South Africa 3.93%
Turkey 1.

Brazil's land mass totals 3,285,632 square miles, more than all the European countries combined or the continental United States.

285 miles

18%
Short-term:
REPO 1.17 Years
Total Net Assets: $108.

The foregoing portfolio characteristics are as of the date indicated and
can be expected to change .00% (08/15/30) 2.88% (01/15/09) 2.50% (05/25/35) 2.42%
Indonesia 1.S.

This category contains a web directory of English-language sites relating to Brazil in general.

total totals

22%
Brady Bonds 0.34%
Peru 1.29%
Total 100.00%

Percentage of Leverage:
Bank Loans: 0%
Investment Operations: 29.-registered management
investment company advised by Alliance Capital Management L.

except 285

50% (11/15 /09) 10.25% (05/15/14) 4.40%
Indonesia 1.S.80%
3) US Treasury Bonds 14.33%
GNMA 0.

except south

25% (05 /15/30) 8.00% (08/17/40) 3.86%
FNMA 2.49%
Bulgaria 0.63%

Avg.58%
4) US Treasury Notes 3.

To the north, west, and south it borders every country except Chile and Ecuador .

continental brazil

chile south

borders miles

To the east, it is blessed with 4,600 miles of unspoiled , South Atlantic coastline, including some of the most beautiful beaches in the world.

borders beaches

Brazil makes up nearly half the total area of South America .

every except

285 every

unspoiled miles

nearly unspoiled

ecuador coastline

square combined

For more information about Brazil, see the Travel and Tourism section of this category.

continental 632

ACM Government Opportunity Fund Releases Monthly Portfolio Update

chile beautiful

nearly every

unspoiled total

countries square

borders 285

countries 285

beaches blessed

nearly atlantic

ACM Government Opportunity Fund Releases Monthly Portfolio Update

beaches total

Brazil's land mass totals 3,285,632 square miles, more than all the European countries combined or the continental United States.

285 miles

This category contains a web directory of English-language sites relating to Brazil in general.

total totals

except 285

except south

borders unspoiled