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

NEW YORK--(BUSINESS WIRE)--August 14, 1996: ACM Government Securities Fund, Inc. (NYSE: GSF), a registered closed-end investment company, today announced earnings for the second quarter ended June 30, 1996.

Total net assets of the Fund on June 30, 1996 were $698,112,542 compared with $694,052,494 on March 31, 1996 and $672,170,814 on June 30, 1995. On June 30, 1996 the net asset value per share was $8.97 based on 77,850,706 shares of common stock outstanding.

June 30, 1996 March 31, 1996 June 30, 1995

Total Net Assets $698,112,542 $694,052,494 $672,170,814 NAV Per Share $8.97 $8.92 $8.63 Shares Outstanding 77,850,706 77,850,706 77,850,706

For the period April 1, 1996 through June 30, 1996, total net investment income was $18,253,342 or $0.23 per share. The total net realized and unrealized gain was $3,322,863 or $0.04 per share for the same period.

Second Quarter First Quarter Second Quarter

Ended Ended Ended

June 30, 1996 March 31, 1996 June 30, 1995

Total Net Investment Income $18,253,342 $18,861,669 $18,522,893 Per Share $0.23 $0.24 $0.24 Total Net Realized/ Unrealized Gain (Loss)$3,322,863 ($38,218,446) $73,995,675 Per Share $0.04 ($0.49) $0.95

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

CONTACT: Linda Finnerty, 212-969-1316

Shareholder Contact:1-800-221-5672