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SIGNATURE VINCENT L. PEREIRA
TITLE VICE PRESIDENT
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INDEPENDENT AUDITORS' REPORT
To the Board of Directors,
Managed Securities Plus Fund, Inc.:
In planning and performing our audit of the financial statements of Managed
Securities Plus Fund, Inc. (the "Fund") for the year ended December 31,
1999 (on which we have issued our report dated February 18, 2000), 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 error 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 the internal control may become inadequate because of changes in
conditions, or that the degree of compliance with policies or procedures
may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in the 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 error 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, 1999.
This report is intended solely for the information and use of management,
the Board of Directors of Managed 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, 2000
