NEW YORK, Jan. 21 /PRNewswire-FirstCall/ -- ACM Income Fund, Inc.
(NYSE: ACG) (the "Fund") today released its monthly portfolio update as of
December 31, 2004.

                            ACM Income Fund, Inc.

     Top 10 Fixed-Income Holdings
                                                      Portfolio%
       1) US Treasury Bonds 11.25% (02/15/15)            8.85%
       2) US Treasury Bonds 13.25% (05/15/14)            7.34%
       3) US Treasury  Stripped Prin 0.00% (05/15/17)    5.13%
       4) US Treasury Stripped Prin 0.00% (11/15/21)     4.32%
       5) Russian Federation - 144a 5.00% (03/31/30)     4.18%
       6) US Treasury Notes 3.50% (11/15/06)             3.90%
       7) US Treasury Bonds 12.00% (08/15/13)            3.72%
       8) US Treasury Bonds 12.50% (08/15/14)            3.40%
       9) FNMA 30 Yr TBA Jan 5.50% (01/25/35)            3.29%
      10) US Treasury Bonds 6.25% (05/15/30)             2.62%

     Security Type
                                    Portfolio%
      Treasury                        50.39%
      Sovereign                       19.85%
      FNMA                             8.26%
      Bank Loans                       3.01%
      Government Agency                3.00%
      FNMA/CMO                         2.93%
      FHLMC/CMO                        1.75%
      Inflation Indexed Bonds          0.55%
      Yankee Bonds                     0.32%
      GNMA                             0.24%
      Brady Bonds                      0.12%
      Preferred Stock                  0.05%
      Corporate:
             Communications-Mobile     1.03%
             Broadcasting/Media        0.95%
             Cable                     0.66%
             Communications-fixed      0.53%
             Industrial                0.52%
             Chemicals                 0.49%
             Public Utilities -
              Elec & Gas               0.47%
             Paper/Packaging           0.42%
             Communications            0.41%
             Technology                0.33%
             Banking                   0.30%
             Supermarket/Drug          0.20%
             Energy                    0.19%
             Publishing                0.19%
             Entertainment/Leisure     0.17%
             Petroleum Products        0.15%
             Financial                 0.10%
             Automotive                0.09%
             Air Transportation        0.08%
             Healthcare                0.04%
             Containers                0.03%
             Insurance                 0.03%
             Metals/Mining             0.02%
      Short-term:
             REPO                      2.13%
      Total                          100.00%

     Holdings by Issuer Country
                        Portfolio%
     United States        77.85%
     Russia                4.97%
     Turkey                4.38%
     Brazil                3.42%
     Mexico                2.44%
     Venezuela             1.06%
     Canada                0.99%
     Colombia              0.90%
     Ecuador               0.65%
     Argentina             0.60%
     Ukraine               0.53%
     Peru                  0.31%
     United Kingdom        0.31%
     Philippines           0.28%
     Netherlands           0.22%
     Uruguay               0.20%
     Panama                0.19%
     Bermuda               0.17%
     Ireland               0.13%
     Kazakhstan            0.11%
     Luxembourg            0.10%
     Cayman Islands        0.09%
     Indonesia             0.03%
     Australia             0.02%
     Bulgaria              0.02%
     El Salvador           0.02%
     Jamaica               0.01%
     Total               100.00%

     Percentage of Leverage:
          Bank Loans:              13.84%
          Investment Operations:   22.36%
          Preferred Stock:         0%
     Total:                        36.20%*

     Avg. Maturity:                12.19 Years
     Duration:                     3.73 Years
     Total Net Assets:             $1883.4 Million
     Net Asset Value:              $8.25
     Number of Holdings:           263

    * The total percentage of leverage constitutes 13.84% in bank loans and
22.36% 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.

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