ACM Government Securities Fund, Inc. reports first quarter earnings.

NEW YORK--(BUSINESS WIRE)--May 15, 1997--ACM Government Securities Fund, Inc. (NYSE:GSF), a registered closed-end investment company, today announced earnings for the first quarter ended March 31, 1997.

Total net assets of the Fund on March 31, 1997 were $728,860,619 compared with $771,044,231 on December 31, 1996 and $694,052,494 on March 31, 1996. On March 31, 1997 the net asset value per share was $9.36 based on 77,850,706 shares of common stock outstanding.

March 31, 1997 December 31, 1996 March 31, 1996

Total Net Assets $728,860,619 $771,044,231 $694,052,494 NAV Per Share $9.36 $9.90 $8.92 Shares Outstanding 77,850,706 77,850,706 77,850,706

For the period January 1, 1997 through March 31, 1997, total net investment income was $17,188,648 or $.22 per share. The total net realized and unrealized loss was ($46,527,097) or ($.60) per share for the same period.

First Quarter Fourth Quarter First Quarter

Ended Ended Ended

March 31, 1997 December 31, 1996 March 31, 1996

Total Net Investment

Income $17,188,648 $17,819,534 $18,861,669 Per Share $0.22 $0.23 $0.24 Total Net Realized/

Unrealized

Gain (Loss) ($46,527,097) $35,056,479 ($38,218,446) Per Share ($0.60) $0.45 ($0.49)

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

CONTACT: Shareholder Contact:

1-800-221-5672

Media Contact Only:

Duff Ferguson

212-969-1056