Report of Independent Auditors
To the Shareholders and
Board of Directors of
ACM Municipal Securities Income Fund, Inc.
In planning and performing our audit of the
financial
statements of ACM Municipal Securities Income
Fund, Inc. for the year ended October 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 Municipal 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 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 October 31, 2000.
This report is intended solely for the information
and
use of the Board of Directors and management of
ACM Municipal 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
December 12, 2000
