ACM Income Fund Releases Monthly Portfolio Update NEW YORK, Oct. 28 /PRNewswire-FirstCall/ -- ACM Income Fund, Inc. (NYSE: ACG) (the "Fund") today released its monthly portfolio update as of September 30, 2004. ACM Income Fund, Inc. Top 10 Fixed-Income Holdings Portfolio% 1) US Treasury Bonds 11.25% (02/15/15) 8.97% 2) US Treasury Bonds 13.25% (05/15/14) 7.51% 3) US Treasury Stripped Prin 0.00% (05/15/17) 5.07% 4) US Treasury Stripped Prin 0.00% (11/15/21) 4.20% 5) Russian Federation - 144a 5.00% (03/31/30) 3.90% 6) US Treasury Bonds 12.00% (08/15/13) 3.81% 7) US Treasury Bonds 6.25% (05/15/30) 3.51% 8) US Treasury Bonds 12.50% (08/15/14) 3.48% 9) FNMA 30 Yr TBA Oct 6.50% (10/25/34) 2.89% 10) FNMA 15 Yr 7.00% (11/01/17) 2.40% Security Type Portfolio% Treasury 46.60% Sovereign 19.48% FNMA 7.88% FHLMC/CMO 4.18% FNMA/CMO 3.38% Bank Loans 3.06% Government Agency 2.30% GNMA/CMO 1.15% Yankee Bonds 0.27% GNMA 0.26% Brady Bonds 0.12% Preferred Stock 0.06% Corporate: Communications-Mobile 1.29% Cable 0.97% Communications-fixed 0.64% Entertainment/Leisure 0.55% Public Utilities - Elec & Gas 0.53% Paper/Packaging 0.50% Chemicals 0.47% Communications 0.44% Broadcasting/Media 0.38% Derivatives 0.36% Building/Real Estate 0.32% Technology 0.29% Banking 0.28% Metals/Mining 0.21% Air Transportation 0.20% Automotive 0.20% Supermarket/Drug 0.20% Industrial 0.19% Publishing 0.18% Energy 0.17% Financial 0.11% Petroleum Products 0.07% Healthcare 0.04% Insurance 0.03% Containers 0.02% Retail 0.01% Short-term: REPO 2.61% Total 100.00% Holdings by Issuer Country Portfolio% United States 79.25% Russia 4.58% Turkey 3.66% Brazil 3.18% Mexico 2.25% Germany 1.60% Venezuela 0.96% Colombia 0.76% Argentina 0.50% Ukraine 0.50% Ecuador 0.39% Peru 0.34% Philippines 0.31% Canada 0.29% Netherlands 0.21% Bermuda 0.18% Romania 0.18% Uruguay 0.18% Panama 0.14% Ireland 0.12% Luxembourg 0.10% Japan 0.09% United Kingdom 0.08% Indonesia 0.03% South Africa 0.03% Australia 0.02% Bulgaria 0.02% El Salvador 0.02% Cayman Islands 0.01% Jamaica 0.01% Kazakhstan 0.01% Total 100.00% Percentage of Leverage: Bank Loans: 34.61% Investment Operations: 55.90% Preferred Stock: 0% Total: 90.51%* Avg. Maturity: 12.68 Years Duration: Corporate 8.87 yrs Emerging Market 5.16 yrs US Treasury 3.70 yrs High Yield 3.28 yrs Total Portfolio: 4.00 Years Total Net Assets: $1843.4 Million Net Asset Value: $8.08 Number of Holdings: 270 * The total percentage of leverage constitutes 34.61% in bank loans and 55.90% in investment operations which 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: ACM Income Fund, Inc. CONTACT: Shareholder Contact for ACM Income Fund, Inc., 1-800-221-5672 Web site: http://www.alliancecapital.com/

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