Report of Independent Auditors
To the Shareholders and
Board of Directors of
ACM Managed Dollar Income Fund, Inc.
In planning and performing our audit of the financial
statements of ACM Managed Dollar Income Fund, Inc. for
the year ended September 30, 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 Dollar 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 September
30, 2000.
This report is intended solely for the information and use of
the Board of Directors and management of ACM Managed
Dollar 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
November 6, 2000
