<PAGE>
Letter To Shareholders ACM Managed Income Fund, Inc.
================================================================================
April 5, 1996
Dear Shareholder:
The U.S. bond market enjoyed a sustained broad-based rally throughout most of
1995 and into early 1996, but economic news led to a setback in February. The
market reacted negatively to the stronger-than-expected job growth in the U.S.
and doubts about whether the Federal Reserve would lower interest rates again.
During our reporting period, from September through February, corporate and
high-yield securities outperformed mortgage-backed securities, with all sectors
providing strong positive returns. Across all major sectors of the U.S. fixed
income market, longer-duration securities outperformed shorter-duration
securities as interest rates for all maturities declined. We are pleased to
report that ACM Managed Income Fund benefited from this favorable investment
environment.
INVESTMENT RESULTS
For the six months ended February 29, 1996, the Managed Income Fund returned
+10.89% on a net asset value basis. The current dividend distribution rate is
9.86% based on the February 29 market price of $9.125 per share. Over the 12-
month period ended February 29, the Fund achieved a total return of +29.28% on a
net asset value basis.
ECONOMIC REVIEW
The U.S. economy survived an inventory scare in 1995 and entered `96 in a
relatively balanced and healthy condition. The latest economic data show the
U.S. economy's "soft landing" is still intact. February's shocking payroll gain
grabbed headlines, but the 12-month comparisons were all numbers that support a
soft landing. Consumer confidence has bounced back, debt service burdens are
still manageable, and February retail sales had their best showing since last
summer, climbing 5% on a year-on-year basis. Manufacturing is likely to remain a
soft spot, although new orders for durable goods are showing hidden strength and
unfilled orders continue to rise. Revised data show the much-feared slowdown in
capital spending has already occurred. A gradual re-strengthening in the U.S.
economy is expected over the next six to 12 months.
Measured inflation at the consumer and producer levels remains well behaved and
the U.S. economy continues to operate in the inflation "safe zone." However,
recent increases in unit labor costs and commodity prices warn against
complacency. Federal Reserve policy has moved into a holding pattern, and
chances for a meaningful deficit reduction plan have receded as politicians
increasingly turn their attention to the 1996 election campaign.
INVESTMENT OUTLOOK
The U.S. economy appears to be healthy, with modest growth expected in the
period ahead and falling into the 2%-2.5% range by year end. With a gradually
strengthening economy and steady inflation, we expect no Federal Reserve action
on interest rates over the medium term. If our forecast proves correct, the
result should be steady U.S. bond prices.
In our forecasted interest rate environment, we would expect to maintain
significant exposure to U.S. Treasury and high yield corporate securities. While
yield spreads for corporate bonds have narrowed relative to Treasuries, selected
corporate issues should continue to perform well (yield spreads are the
differences in yields between issues of different credit quality or maturity).
Even in an environment of slower
1
<PAGE>
ACM Managed Income Fund, Inc.
================================================================================
economic growth, demand for the bonds of corporations that have improved their
balance sheets and enacted cost containment measures should remain strong.
Thank you for your interest in ACM Managed Income Fund. We look forward to
reporting to you again on market activity and the Fund's investment results in
coming periods.
Sincerely,
/s/ John D. Carifa
John D. Carifa
Chairman and President
/s/ Wayene D. Lyski
Wayne D. Lyski
Senior Vice President
2
<PAGE>
Portfolio Of Investments
February 29, 1996 (unaudited) ACM Managed Income Fund, Inc.
================================================================================
<TABLE>
<CAPTION>
Moody's Principal
Investor Amount
Ratings (000) Value
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS--61.9%
U.S. TREASURY
SECURITIES--60.5%
U.S. Treasury Bonds
6.25%, 8/15/23.................... $ 1,250 $ 1,190,625
8.125%, 8/15/19................... 12,500 14,695,312
12.375%, 5/15/04.................. 27,700 38,814,625
14.00%, 11/15/11.................. 29,660 47,344,775
U.S. Treasury Notes
5.625%, 2/15/06................... 19,000 18,305,303
6.00%, 8/31/97.................... 10,000 10,093,750
U.S. Treasury Strips
Zero coupon, 5/15/09.............. 2,880 1,223,292
Zero coupon, 5/15/10.............. 46,130 18,212,770
Zero coupon, 5/15/14.............. 65,100 19,133,736
------------
Total U.S. Treasury Securities
(cost $169,933,690)............... 169,014,188
------------
FEDERAL AGENCY
SECURITIES--1.4%
Federal National Mortgage
Association
Zero coupon, 10/09/19,
REMIC
(cost $4,260,538)................. 20,075 3,844,282
------------
Total U.S. Government and
Agency Obligations
(cost $174,194,228)............... 172,858,470
------------
CORPORATE OBLIGATIONS--46.6%
BASIC INDUSTRIES--3.3%
B3 Communications & Power Industries
12.00%, 8/01/05 (a)............... 3,000 3,135,000
B3 Johnstown America Industries, Inc.
11.75%, 8/15/05................... 2,500 2,275,000
Caa Terex Corp.
13.75%, 5/15/02 (a) (b)........... 4,000 3,920,000
------------
9,330,000
------------
BROADCASTING
& CABLE--10.3%
B3 Allbritton Communications Co.
9.75%, 11/30/07 (a)............... 3,000 2,902,500
B1 Fundy Cable Ltd.
11.00%, 11/15/05.................. 5,000 5,237,500
B3 Galaxy Telecom L.P.
12.375%, 10/01/05................. 2,500 2,687,500
B3 Paxson Communications Corp.
11.625%, 10/01/02 (a)............. 4,000 4,220,000
B3 Pegasus Media & Communications
12.50%, 7/01/05 (a)............... 4,000 4,060,000
B1 Telemundo Group, Inc.
7.00%, 2/15/06 (c)................ 6,000 5,497,500
B1 Telewest plc
9.625%, 10/01/06.................. $ 4,000 $ 4,100,000
------------
28,705,000
------------
CONSUMER PRODUCTS
& SERVICES--5.9%
Caa Family Restaurants, Inc.
9.75%, 2/01/02.................... 3,500 2,170,000
B3 Revlon Worldwide Corp.
Zero Coupon, 3/15/98.............. 6,500 5,232,500
B3 Specialty Foods Corp.
11.125%, 10/01/02................. 3,000 2,835,000
B3 Tag Heuer International, S.A.
12.00%, 12/15/05 (a).............. 4,000 3,965,700
B3 Williamhouse--Regency, Inc.
13.00%, 11/15/05 (a).............. 2,000 2,207,500
------------
16,410,700
------------
ENERGY--1.9%
Caa DeepTech International, Inc.
12.00%, 12/15/00.................. 3,500 3,316,250
B1 KCS Energy, Inc.
11.00%, 1/15/03 (a)............... 2,000 2,075,000
------------
5,391,250
------------
FINANCE--2.0%
Ba3 Prime Hospitality Corp.
9.25%, 1/15/06.................... 3,000 3,015,000
Ba3 Trizec Finance Corp. Ltd.
10.875%, 10/15/05................. 2,500 2,603,125
------------
5,618,125
------------
GENERAL INDUSTRIES--1.4%
B3 Cabot Safety Corp.
12.50%, 7/15/05................... 3,500 3,850,000
------------
HEALTHCARE--1.2%
B3 Graphic Controls Corp.
12.00%, 9/15/05 (a)............... 3,000 3,195,000
------------
INDUSTRIAL--2.2%
B2 APS, Inc.
11.875%, 1/15/06 (a).............. 1,500 1,545,000
B3 Alvey Systems, Inc.
11.375%, 1/31/03 (a).............. 3,000 3,127,500
B3 MVE, Inc.
12.50%, 2/15/02................... 1,500 1,537,500
------------
6,210,000
------------
LEISURE & ENTERTAINMENT--2.6%
B3 Lady Luck Gaming Finance Corp.
10.50%, 3/01/01................... 3,500 3,132,500
B2 Premier Parks, Inc.
12.00%, 8/15/03................... 4,000 4,260,000
------------
7,392,500
------------
</TABLE>
3
<PAGE>
Portfolio Of Investments (continued) ACM Managed Income Fund, Inc.
================================================================================
<TABLE>
<CAPTION>
Moody's Principal
Investor Amount
Ratings (000) Value
- --------------------------------------------------------------------------------
<S> <C> <C>
METALS/CHEMICALS--2.2%
B3 Alpine Group, Inc
12.25%, 7/15/03................... $ 2,700 $ 2,686,500
B3 International Wire Group
11.75%, 6/01/05................... 3,500 3,465,000
------------
6,151,500
------------
PAPER/FOREST PRODUCTS--1.0%
B1 Tembec Finance Corp.
9.875%, 9/30/05................... 3,000 2,835,000
------------
PLASTICS--1.9%
B3 Crain Industries, Inc.
13.50%, 8/15/05 (a)............... 5,000 5,225,000
------------
SUPERMARKETS--2.5%
B3 Carr-Gottstein Foods Co.
12.00%, 11/15/05 (a).............. 3,000 3,120,000
Ba3 Penn Traffic Co.
8.625%, 12/15/03.................. 4,000 3,730,000
------------
6,850,000
------------
TELECOMMUNICATIONS--5.4%
B3 Clearnet Communications, Inc.
14.75%, 12/15/05 (d) (e).......... 800 4,670,000
NR CS Wireless Systems, Inc.
11.375%, 3/01/06 (a) (e) (f)...... 4,000 2,240,000
B3 IXC Communications, Inc.
12.50%, 10/01/05 (a) (g).......... 3,000 3,225,000
B3 Nextel Communications, Inc.
9.75%, 8/15/04 (e)................ 8,400 5,019,000
------------
15,154,000
------------
TEXTILES--0.8%
B1 CMI Industries, Inc.
9.50%, 10/01/03................... 2,800 2,114,000
------------
<CAPTION>
Shares or
Moody's Principal
Investor Amount
Ratings (000) Value
- --------------------------------------------------------------------------------
<S> <C> <C>
TRANSPORTATION--2.0%
B2 Alamo Rent A Car
11.75%, 1/31/06................... $ 2,000 $ 2,000,000
Ba2 Stena Line
10.50%, 12/15/05.................. 3,500 3,596,250
------------
5,596,250
------------
Total Corporate Obligations
(cost $126,539,491)............... 130,028,325
------------
YANKEE OBLIGATIONS--2.5%
NR Compania Brasileira De Projertos
12.50%, 12/22/97(a)
(cost $6,960,319)................. 7,000 7,113,750
------------
COMMON STOCK--0.0%
Pegasus Media & Communications
(cost $28,653)................... 400 120,000
------------
NON-CONVERTIBLE
PREFERRED STOCK--1.0%
NR Cablevision Systems Corp.
11.125%, Series L
(cost $2,500,000) (a)............. 25,000 2,590,625
------------
TIME DEPOSIT--1.0%
B3 State Street Bank and Trust Co.,
5.00%, 3/01/96
(cost $2,899,000)................. $ 2,899 2,899,000
------------
TOTAL INVESTMENTS--113.0%
(cost $313,121,691)............... 315,610,170
Other assets less liabilities--(13.0%) (36,291,945)
------------
NET ASSETS--100% $279,318,225
============
</TABLE>
- --------------------------------------------------------------------------------
(a) Restricted security (See Note A). These securities are exempt from
registration under Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. At February 29, 1996, the market value
of these securities aggregated $57,867,575 or 20.7% of net assets.
(b) Rights are attached.The rights entitle the subscriber to four shares of
Common Stock for each right.
(c) Stated rate in effect until 2/15/99. 10.50% thereafter until maturity.
(d) Principal amount expressed as a unit. Each unit consists of $10,000
principal amount Notes and 33 Warrants entitling the holder to purchase an
equal number of Class A Non-Voting Shares at a price of $16.36 per share
until 6/15/96.
(e) Indicates a security that has a zero coupon that remains in effect until a
predetermined date at which time the stated coupon rate becomes effective.
(f) Rights are attached. The rights entitle the subscriber to 1.1 shares of
Common Stock for each right.
(g) Security will have an increased rate of 1/2% until registration under Rule
144A of the Securities Act of 1933 becomes effective. At that time interest
will accrue at the rate shown.
Glossary of Terms:
NR Not Rated.
REMIC Real Estate Mortgage Investment Conduit.
See notes to financial statements.
4
<PAGE>
Statement Of Assets And Liabilities
February 29, 1996 (unaudited) ACM Managed Income Fund, Inc.
================================================================================
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Investments in securities, at value (cost $313,121,691)......... $315,610,170
Receivable for investment securities sold....................... 12,918,738
Interest receivable............................................. 5,584,193
Other assets.................................................... 21,522
------------
Total assets.................................................... 334,134,623
------------
LIABILITIES
Payable for investment securities purchased..................... 54,550,688
Advisory fee payable............................................ 154,141
Administrative fee payable...................................... 47,428
Accrued expenses and other liabilities.......................... 64,141
Total liabilities............................................... 54,816,398
------------
NET ASSETS....................................................... $279,318,225
============
COMPOSITION OF NET ASSETS
Preferred Stock, $.01 par value per share; 1,900 shares
Remarketed Preferred Stock authorized, 950 shares
issued and outstanding at $100,000 per share liquidation
preference..................................................... $ 95,000,000
Common Stock, $.01 par value per share; 299,998,100 shares
authorized, 21,316,886 shares issued and outstanding........... 213,169
Additional paid-in capital...................................... 191,611,229
Undistributed net investment income............................. 112,005
Accumulated net realized loss................................... (10,106,657)
Net unrealized appreciation of investments...................... 2,488,479
------------
$279,318,225
============
NET ASSET VALUE PER SHARE OF COMMON STOCK
($279,318,225 less Remarketed Preferred Stock at liquidation
value of $95,000,000 divided by 21,316,886 shares of Common
Stock outstanding)............................................. $8.65
=====
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements.
5
<PAGE>
Statement of Operations
Six Months Ended February 29, 1996 (unaudited) ACM Managed Income Fund, Inc.
================================================================================
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C> <C>
Interest............................................... $ 14,271,714
EXPENSES
Advisory fee............................................ $906,327
Administrative fee...................................... 278,580
Remarketed Preferred Stock-remarketing agent's fees..... 120,069
Transfer agency......................................... 56,694
Audit and legal......................................... 49,073
Custodian............................................... 20,336
Directors' fees......................................... 16,000
Reports and notices to shareholders..................... 14,814
Taxes................................................... 8,764
Miscellaneous........................................... 28,450
--------
Total expenses.......................................... 1,499,107
------------
Net investment income................................... 12,772,607
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND OPTIONS
Net realized gain on investment transactions............ 6,311,969
Net change in unrealized appreciation of
investments............................................ 2,294,465
------------
Net gain on investments................................. 8,606,434
------------
NET INCREASE IN NET ASSETS FROM OPERATIONS............... $ 21,379,041
============
</TABLE>
<TABLE>
<CAPTION>
Statement Of Changes In Net Assets
===================================================================================================
Six Months Ended Year Ended
February 29, 1996 August 31,
(unaudited) 1995
----------------- -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income............................. $ 12,772,607 $ 24,726,552
Net realized gain(loss) on investment and option
transactions..................................... 6,311,969 (1,038,747)
Net change in unrealized appreciation of
investments...................................... 2,294,465 7,548,130
------------ ------------
Net increase in net assets from operations......... 21,379,041 31,235,935
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Common Stock:
Dividends from net investment income.............. (7,949,601) (17,251,646)
Distributions in excess of net investment income.. -0- (1,754,800)
Tax return of capital distribution................ -0- (3,432,274)
Remarketed Preferred Stock:
Dividends from net investment income.............. (2,814,432) (5,638,469)
COMMON STOCK TRANSACTIONS
Reinvestment of dividends resulting in the
issuance of Common Stock......................... 2,134,218 5,391,850
------------ ------------
Total increase.................................... 12,749,226 8,550,596
NET ASSETS
Beginning of year................................. 266,568,999 258,018,403
------------ ------------
End of period (including undistributed net
investment income of $112,005 at
February 29, 1996)............................... $279,318,225 $266,568,999
============ ============
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements
6
<PAGE>
Notes to Financial Statements
February 29, 1996 (unaudited) ACM Managed Income Fund, Inc.
================================================================================
NOTE A: Significant Accounting Policies
ACM Managed Income Fund, Inc., (the "Fund") is registered under the Investment
Company Act of 1940 as a non-diversified, closed-end management investment
company. The following is a summary of significant accounting policies followed
by the Fund.
1. Security Valuation
Portfolio securities traded on a national securities exchange are valued at the
last sale price on such exchange on the day of valuation or, if there was no
sale on such day, the last bid price quoted on such day. Listed securities not
traded and securities traded in the over-the-counter market, including listed
debt securities whose primary market is believed to be over-the-counter, are
valued at the mean between the most recently quoted bid and asked prices
provided by the principal market makers. Options are valued at market value or
fair value using methods determined by the Board of Directors. Securities for
which market quotations are not readily available and restricted securities
which are subject to limitations as to their resale are valued in good faith at
fair value using methods determined by the Board of Directors. Readily
marketable fixed-income securities are valued on the basis of prices provided by
a pricing service when such prices are believed by the Adviser to reflect the
fair value of such securities. Securities which mature in 60 days or less are
valued at amortized cost, which approximates market value, unless this method
does not represent fair value.
2. Taxes
It is the Fund's policy to meet the requirements of the Internal Revenue Code
applicable to regulated investment companies and to distribute all of its
investment company taxable income and net realized gains, if applicable, to
shareholders. Therefore, no provisions for federal income or excise taxes are
required.
3. Investment Income and Security Transactions
Interest income is accrued daily. Dividend income is recorded on the ex-dividend
date. Investment transactions are accounted for on the date the securities are
purchased or sold. Investment gains and losses are determined on the identified
cost basis. The Fund accretes discounts as adjustments to interest income.
4. Dividends and Distributions
Dividends and distributions to shareholders recorded on the ex-dividend date are
determined in accordance with income tax regulations.
- --------------------------------------------------------------------------------
NOTE B: Advisory and Administrative Fees
Under the terms of an Investment Advisory Agreement, the Fund pays Alliance
Capital Management L.P., (the "Adviser") an advisory fee equal to an annualized
rate of .65 of 1% of the average adjusted weekly net assets of the Fund during
the month.
Under the terms of an Administrative Agreement, the Fund pays Princeton
Administrators, L.P. (the "Administrator") a monthly fee equal to an annualized
rate of .20 of 1% of the Fund's average adjusted weekly net assets. The
Administrator prepares financial and regulatory reports for the Fund and
provides clerical and other services.
7
<PAGE>
Notes to Financial Statements (continued) ACM Managed Income Fund, Inc.
================================================================================
NOTE C: Investment Transactions
Purchases and sales of investment securities (excluding U.S. government
securities, short term investments and options) aggregated $313,121,691 and
$347,646,774 respectively, for the six months ended February 29, 1996. At
February 29, 1996 the cost of investments for federal income tax purposes was
$313,121,691. Accordingly, gross unrealized appreciation of investments was
$7,804,104 and gross unrealized depreciation of investments was $5,315,625,
resulting in net unrealized depreciation of $2,488,479.
- --------------------------------------------------------------------------------
NOTE D: Capital Stock
There are 300,000,000 shares of $.01 par value capital stock authorized.
Common Stock
Of the 21,316,886 shares of Common Stock outstanding at February 29, 1996, the
Advisor owned 10,753 shares. During the six months ended February 29, 1996 and
the year ended August 31, 1995 the Fund issued 243,899 and 668,127 shares,
respectively, in connection with the Fund's dividend reinvestment plan.
Preferred Stock
The Fund has issued and outstanding 950 shares of Remarketed Preferred Stock
each at a liquidation value of $100,000 per share. The dividend rate on the
Remarketed Preferred Stock may change generally every 28 days as set by the
remarketing agent. Commencing on August 24, 1995, the Remarketed Preferred Stock
had a rate of 5.86% set for a special dividend period of 203 days.
8
<PAGE>
Financial Highlights ACM Managed Income Fund, Inc.
================================================================================
Selected Data For a Share Of Common Stock Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Six Months
Ended Year Ended August 31,
February 29, 1996 --------------------------------------------------
(unaudited) 1995 1994 1993 1992 1991
----------------- ------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year............. $ 8.14 $ 7.99 $ 10.79 $ 9.32 $ 8.39 $ 7.93
------- ------- -------- ------- ------- -------
Income From Investment Operations
- ---------------------------------
Net investment income.......................... .61 1.18 1.16 1.18 1.33 1.45
Net realized and unrealized gain (loss) on
investments and option transactions........... .40 0.30 (1.07) 1.63 .83 .38
------- ------- -------- ------- ------- -------
Net increase in net asset value from
operations.................................... 1.01 1.48 .09 2.81 2.16 1.83
------- ------- -------- ------- ------- -------
Less Dividends and Distributions
- --------------------------------
Distributions to common shareholders:
Dividends from net investment income.......... (.38) (.83) (1.09) (1.08) (.98) (1.01)
Distributions from net realized gain on
investment................................... -0- -0- (1.48) (.09) -0- -0-
Distibutions in excess of net investment
income....................................... -0- (.09) (.09) -0- -0- -0-
Tax return of capital distribution............ -0- (.16) (.04) -0- -0- -0-
Distributions to preferred shareholders:
Common Stock equivalent of dividends
paid to Remarketed Preferred
shareholders................................. (.12) (.25) (.19) (.17) (.24) (.36)
------- ------- -------- ------- ------- -------
Total dividends and distributions (.50) (1.33) (2.89) (1.34) (1.22) (1.37)
------- ------- -------- ------- ------- -------
Tender offer costs............................. -0- -0- -0- -0- (.01) -0-
------- ------- -------- ------- ------- -------
Net asset value, end of period................. $ 8.65 $ 8.14 $ 7.99 $ 10.79 $ 9.32 $ 8.39
------- ------- -------- ------- ------- -------
Market value, end of period.................... $ 9.125 $ 9.375 $ 8.875 $ 11.375 $ 10.250 $ 8.375
======== ======== ======== ======== ======== ========
Total Return
- ------------
Total investment return based on: (a)
Market value.................................. 1.57% 20.63% .66% 24.82% 36.73% 31.02%
Net asset value.............................. 10.89% 16.34% (4.42%) 30.22% 24.10% 19.99%
Ratios/Supplemental Data
- ------------------------
Net assets, end of period (000's omitted)...... $279,318 $266,569 $258,018 $301,379 $267,580 $257,905
Ratio of expenses to average net assets (c).... 1.08%(b) 1.07% 1.14% 1.05% 1.09% 1.11%
Ratio of net investment income to average
net assets (c)................................ 9.21%(b) 9.69% 8.32% 8.06% 9.54% 11.20%
Portfolio turnover rate........................ 178% 392% 366% 490% 630% 293%
</TABLE>
- --------------------------------------------------------------------------------
(a) Total investment return is calculated assuming a purchase of common stock
on the opening of the first day and a sale on the closing of the last day
of each period reported. Dividends and distributions, if any, are assumed
for purposes of this calculation, to be reinvested at prices obtained under
the Fund's dividend reinvestment plan. Generally, total investment return
based on net asset value will be higher than total investment return based
on market value in periods where there is an increase in the discount or a
decrease in the premium of the market value to the net asset value from the
beginning to the end of such periods. Conversely, total investment return
based on net asset value will be lower than total investment return based
on market value in periods where there is a decrease in the discount or an
increase in the premium of the market value to the net asset value from the
beginning to the end of such periods.
(b) Annualized.
(c) The expense ratio and net investment income ratio do not reflect the effect
of dividend payments to preferred shareholders.
9
<PAGE>
ACM Managed Income Fund, Inc.
================================================================================
Board Of Directors
John D. Carifa, Chairman and President
Ruth Block
David H. Dievler
James R. Greene
Dr. James M. Hester
Hon. James D. Hodgson
Clifford L. Michel
Robert C. White
Officers
Wayne D. Lyski, Senior Vice President
Kathleen A. Corbet, Senior Vice President
Paul J. DeNoon, Vice President
Edmund P. Bergan, Jr., Secretary
Mark D. Gersten, Treasurer & Chief Financial Officer
Joseph J. Mantineo, Controller
Administrator
Princeton Administrators, L.P.
P.O. Box 9011
Princeton, NJ 08543-9011
COMMON STOCK:
CUSTODIAN, DIVIDEND PAYING AGENT,
TRANSFER AGENT AND REGISTRAR
State Street Bank and Trust Company
225 Franklin Street
Boston, MA 02110
PREFERRED STOCK:
DIVIDEND PAYING AGENT,
TRANSFER AGENT AND REGISTRAR
IBJ Schroder Bank & Trust Co.
1 State Street
New York, NY 10004
INDEPENDENT AUDITORS
Ernst & Young LLP
787 Seventh Avenue
New York, NY 10019
- --------------------------------------------------------------------------------
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Fund may purchase at market prices from time to
time shares of its Common Stock in the open market.
This report, including the financial statements herein, is transmitted to the
shareholders of ACM Managed Income Fund, Inc. for their information. This is not
a prospectus, circular or representation intended for use in the purchase of
shares of the Fund or any securities mentioned in this report.
10
<PAGE>
[This page intentionally left blank]
<PAGE>
ACM Managed Income Fund, Inc.
Summary of General Information
The Fund
ACM Managed Income Fund, Inc. is a closed-end investment company whose shares
trade on the New York Stock Exchange. The Fund seeks to provide investors with a
high level of total return by seeking both high current income and capital
appreciation. In seeking this objective the Fund will invest primarily in U.S.
Government securities and corporate fixed income securities. In addition, the
Fund may utilize certain other investment techniques, including options and
futures contracts.
Shareholder Information
Daily market prices for the Fund's shares are published in the New York Stock
Exchange Composite Transaction section of newspapers. The Fund's NYSE trading
symbol is "AMF". Weekly comparative net asset value (NAV) and market price
information about the Fund is published each Monday in The Wall Street Journal
and each Saturday in The New York Times and other newspapers in a table called
"Closed-End Bond Funds".
Dividend Reinvestment Plan
A Dividend Reinvestment Plan provides automatic reinvestment of dividends and
capital gains distributions in additional Fund shares. A brochure describing the
Plan is available from the Plan Agent, State Street Bank and Trust Company, by
calling 1-800-219-4218.
ACM Managed Income Fund, Inc.
1345 Avenue of the Americas
New York, New York 10105
[LOGO OF ALLIANCE CAPITAL APPEARS HERE]
(R)These registered service marks used under license from the owner,
Alliance Capital Management L.P.
MIFSR
ACM
Managed
Income Fund
Semi-Annual
Report
February 29, 1996
Alliance
Mutual Funds without the Mystery
