Report of Independent Auditors
To the Shareholders and
Board of Directors of
ACM Managed Income Fund, Inc.
In planning and performing our audit of the financial
statements of ACM Managed Income Fund, Inc. for the year
ended August 31, 2000, 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 ACM Managed 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 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 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 at August 31,
2000.
This report is intended solely for the information and use of
the Board of Directors and management of ACM Managed
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
October 11, 2000
