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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LVE1GsMxIfgS8ZMaliO1oOIUc9cGZ6AZe3+eY5BSHY2ikTqD1y5oanBOU+8WNgbW
 h4Ohp+UmjUoN0R/WDa0auw==

<SEC-DOCUMENT>0001179110-05-015727.txt : 20050805
<SEC-HEADER>0001179110-05-015727.hdr.sgml : 20050805
<ACCEPTANCE-DATETIME>20050805180947
ACCESSION NUMBER:		0001179110-05-015727
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050805
FILED AS OF DATE:		20050805
DATE AS OF CHANGE:		20050805

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACM GOVERNMENT OPPORTUNITY FUND INC
		CENTRAL INDEX KEY:			0000834933
		IRS NUMBER:				133479663
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0731

	BUSINESS ADDRESS:	
		STREET 1:		ALLIANCE CAPITAL MGMT LP
		STREET 2:		1345 AVE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		2129692127

	MAIL ADDRESS:	
		STREET 1:		ALLIANCE CAPITAL MANAGEMENT LP
		STREET 2:		1345 AVENUE OF THE AMERICAS 31ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			COMBINED INSURANCE CO OF AMERICA
		CENTRAL INDEX KEY:			0000022272
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05595
		FILM NUMBER:		051004039

	BUSINESS ADDRESS:	
		STREET 1:		C/O AON CORP
		STREET 2:		1000 N. MILWAUKEE AVE
		CITY:			GLENVIEW
		STATE:			IL
		ZIP:			60025
		BUSINESS PHONE:		8479538000

	MAIL ADDRESS:	
		STREET 1:		C/O AON CORP
		STREET 2:		200 E. RANDOLPH ST
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-08-05</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000834933</issuerCik>
        <issuerName>ACM GOVERNMENT OPPORTUNITY FUND INC</issuerName>
        <issuerTradingSymbol>ACM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000022272</rptOwnerCik>
            <rptOwnerName>COMBINED INSURANCE CO OF AMERICA</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>AON CORPORATION - CORPORATE LAW DEPT</rptOwnerStreet1>
            <rptOwnerStreet2>200 EAST RANDOLPH DRIVE, 8TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>CHICAGO</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60601</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-08-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>20900</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>7.6730</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3425736</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The designated Reporting Person is filing this Form 4 on behalf of itself and Aon Corporation (&quot;Aon&quot;) and Aon Advisors, Inc. (&quot;Advisors&quot;).</footnote>
        <footnote id="F2">Aon, Advisors and the Reporting Person share the address reported herein.  Aon's I.R.S. Identification Number is 36-3051915.  Advisors' I.R.S. Identification Number is 54-1392321.</footnote>
        <footnote id="F3">Advisors indirectly beneficially owns the securities being reported herein due to its status as investment adviser to the Reporting Person.  Aon also indirectly beneficially owns such securities due to its status as the parent corporation of both the Reporting Person and Advisors.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Jennifer L. Kraft pursuant to a power of attorney</signatureName>
        <signatureDate>2005-08-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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