ACM GOVERNMENT SPECTRUM FUND, INC. REPORTS THIRD QUARTER EARNINGS.

NEW YORK--(BUSINESS WIRE)--November 14, 1995--ACM Government Spectrum Fund, Inc. (NYSE: SI), a registered closed-end investment company, today announced earnings for the third quarter ended September 30, 1995.

Total net assets of the Fund on September 30, 1995 were $266,928,700 compared with $262,688,190 on June 30, 1995 and $282,497,334 on September 30, 1994. On September 30, 1995 the net asset value per share was $7.21 based on 37,028,027 shares of common stock outstanding. -0-

                   September 30, 1995  June 30, 1995  September 30, 1994

Total Net Assets      $266,928,700      $262,688,190      $282,497,334
NAV per Share                $7.21             $7.09             $7.67
Shares Outstanding      37,028,027        37,028,027        36,853,741

    For the period July 1, 1995 through September 30, 1995, total net
investment income was $6,209,119 or $0.17 per share.  The total net
realized and unrealized gain was $2,659,792 or $0.07 per share for
the same period.

                       Third Quarter   Second Quarter   Third Quarter
                           Ended           Ended            Ended
                    September 30, 1995 June 30, 1995   September 30, 1994

Total Net Investment
  Income                $6,209,119      $5,886,690        $7,075,283
Per Share                    $0.17           $0.15             $0.19
Total Net Realized/
  Unrealized Gain       $2,659,792     $22,090,914        $7,893,321
Per Share                    $0.07           $0.60             $0.22

    ACM Government Spectrum Fund, Inc.  is managed by Alliance
Capital Management L.P.

CONTACT: Media Contact:

Linda Finnerty

212-969-1316

or

Shareholder Contact:

1-800-221-5672