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

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

Total net assets of the Fund on September 30, 1996 were $740,355,290 compared with $698,112,542 on June 30, 1996 and $697,422,914 on September 30, 1995. On September 30, 1996 the net asset value per share was $9.51 based on 77,850,706 shares of common stock outstanding.

September 30, 1996 June 30, 1996 September 30, 1995

Total Net Assets $740,355,290 $698,112,542 $697,422,914 NAV Per Share $9.51 $8.97 $8.96 Shares Outstanding 77,850,706 77,850,706 77,850,706

For the period July 1, 1996 through September 30, 1996, total net investment income was $16,823,880 or $0.21 per share. The total net realized and unrealized gain was $42,935,100 or $0.55 per share for the same period.

Third Quarter Second Quarter Third Quarter

Ended Ended Ended

September 30, 1996 June 30, 1996 September 30, 1995

Total Net Investment

Income $16,823,880 $18,253,342 $19,530,267 Per Share $0.21 $0.23 $0.25 Total Net Realized/

Unrealized Gain $42,935,100 $3,322,863 $17,399,426

Per Share $0.55 $0.04 $0.23

ACM Government Securities 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