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<PAGE> PAGE 2
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SIGNATURE JOHN COPPONI
TITLE ASST. SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> ALLIANCE MORTGAGE SECURITIES INCOME FUND, INC.
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</TABLE>
Report of Independent Auditors
Board of Directors
of Alliance Mortgage Securities Income Fund, Inc.
In planning and performing our audit of the financial statements of
Alliance Mortgage Securities Income Fund, Inc. for the year ended
December 31, 1999, we considered its internal control, including control
activities for safeguarding securities, 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 internal control.
The management of Alliance Mortgage Securities Income Fund, Inc. 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
internal control. Generally, internal 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 internal 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 internal control may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Our consideration of 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 specific internal control components
does not reduce to a relatively low level the risk that 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 internal control,
including control activities for safeguarding securities, and its
operation 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 the board
of directors and management of Alliance Mortgage Securities Income 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.
ERNST & YOUNG LLP
February 22, 2000
