Alliance World Dollar Government Fund Releases Monthly Portfolio Update

Alliance World Dollar Government Fund Releases Monthly Portfolio
Update 


NEW YORK, Jan. 21  /PRNewswire-FirstCall/ -- Alliance World Dollar Government
Fund, Inc. [NYSE: AWG] (the "Fund") today released its monthly portfolio update
as of December 31, 2004.

               Alliance World Dollar Government Fund, Inc.

   Top 10 Fixed-Income Holdings
                                                        Portfolio%
  1) Russian Federation - Reg S Iss 5.00% (03/31/30)        10.58%
  2) Brazil (Republic of) 11.00% (08/17/40)                  6.71%
  3) Brazil (Republic) C Bonds Int 8.00% (04/15/14)          5.59%
  4) United Mexican States 8.13% (12/30/19)                  5.40%
  5) United Mexican States 8.00% (09/24/22)                  5.34%
  6) Venezuela (Republic of) 9.25% (09/15/27)                4.13%
  7) United Mexican States 9.88% (02/01/10)                  3.47%
  8) Brazil (Republic of) 12.75% (01/15/20)                  2.70%
  9) Russia (Ministry of Finance) 3.00% (05/14/08)           2.51%
 10) Ecuador (Republic) - Reg S 8.00% (08/15/30)             2.37%

   Security Type
                             Portfolio%
   Sovereign                     88.61%
   Brady Bonds                    1.50%
   Loan Part./Loan Assign.        0.45%
   Short-term:
     Time Deposit                 9.44%
   Total                        100.00%

   Holdings by Issuer Country
                      Portfolio%
   Brazil                 19.55%
   Mexico                 17.64%
   Russia                 15.33%
   United States           9.44%
   Venezuela               5.75%
   Turkey                  4.77%
   Argentina               4.23%
   Ukraine                 3.94%
   Philippines             3.56%
   Ecuador                 3.36%
   Colombia                2.80%
   Peru                    2.77%
   Panama                  2.28%
   Uruguay                 1.03%
   Indonesia               0.95%
   Bulgaria                0.87%
   El Salvador             0.69%
   Jamaica                 0.59%
   Morocco                 0.45%
   Total                 100.00%

   Percentage of Leverage:
    Bank Loans:             0%
    Investment Operations:  13.82%*
    Preferred Stock:        0%
   Total:                   13.82%

   Avg. Maturity:         13.64 Years
   Duration:              5.96 Years
   Total Net Assets:      $124.4 Million
   Net Asset Value:       $13.98
   Number of Holdings:    66

   * 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.



The foregoing portfolio characteristics are as of the date indicated and can be
expected to change. The Fund is a closed-end U.S.-registered management
investment company advised by Alliance Capital Management L. P. 

DATASOURCE: Alliance World Dollar Government Fund, Inc.



CONTACT:  Shareholder Contact for Alliance World Dollar Government Fund,

1-800-221-5672



Web site:  http://www.alliancecapital.com/ 

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