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SIGNATURE VINCENT L. PEREIRA
TITLE VICE PRESIDENT
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<NAME> MANAGED INCOME SECURITIES PLUS FUND, INC.
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INDEPENDENT AUDITORS' REPORT
To the Board of Directors,
Managed Income Securities Plus Fund, Inc.:
In planning and performing our audit of the financial statements of Managed
Income Securities Plus Fund, Inc. (the "Fund") for the year ended December
31, 1998 (on which we have issued our report dated February 18, 1999), we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the Fund's
internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements due to
errors or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
it may become inadequate because of changes in conditions, or that the degree
of compliance with policies and procedures may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by errors or
fraud in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely period
by employees in the normal course of performing their assigned functions.
However, we noted no matters involving the Fund's internal control and its
operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of December 31, 1998.
The report is intended solely for the information and use of management, the
Board of Directors of Managed Income Securities Plus Fund, Inc., and the
Securities and Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.
February 18, 1999
