ACM Municipal Securities Income Fund Releases Monthly Portfolio Update NEW YORK, Oct. 1 /PRNewswire-FirstCall/ -- ACM Municipal Securities Income Fund, Inc. [NYSE: AMU] (the "Fund") today released its monthly portfolio update as of August 31, 2004. ACM Municipal Securities Income Fund, Inc. Top 10 Fixed-Income Holdings Portfolio% 1) Tennessee Ed Loan Ser 97B AMT 6.200% (12/01/21) 5.16% 2) Florida Hsg Fin Corp AMT FSA 5.400% (03/01/42) 4.19% 3) New York NY Ind Dev Auth Ser94 6.125% (01/01/24) 3.95% 4) Nyc Tfa Frn Dd 1.360% (11/01/22) 3.51% 5) Massachusetts Go Frn Dd Centra 1.350% (12/01/30) 3.04% 6) Lower Neches Valley TX Frn Dd 1.320% (11/01/29) 2.81% 7) Connecticut State Go MBIA 1.000% (12/01/11) 2.79% 8) Mass Hlth & Ed Fac Auth Ycn 8.880% (07/01/18) 2.44% 9) Adams Cnty MS Environ Impt Pcr 6.250% (09/01/23) 2.43% 10) Harris Cnty FSA 5.125% (08/15/32) 2.39% Industry/Sector Breakdown Portfolio% General Obligation 24.34% Hospital/Health Care 11.16% Cop/Lease Rental 9.13% Housing-Rental Units 7.29% Special Tax 6.30% Water/SWR 5.72% Student Loan 5.16% Housing-Mortgages 4.15% Continuing Care Facility 4.11% Miscellaneous 3.76% Higher Education 3.70% Airport Facility 3.66% Resource Recovery/Solid Waste 2.93% Utility 2.90% Transportation 2.86% Msa-Tobacco Securitization 1.09% Housing 0.71% Industrial 0.53% Corporate Airline 0.50% Total: 100.00% Holdings by State Portfolio% Texas 10.57% California 10.37% Massachusetts 9.85% Florida 9.81% New York 9.55% Ohio 6.23% Connecticut 5.67% Tennessee 5.16% Mississippi 4.36% Illinois 4.15% Michigan 3.41% Alabama 3.03% Alaska 2.71% New Jersey 1.85% Wisconsin 1.76% North Dakota 1.37% Utah 1.23% Hawaii 1.20% District Of Columbia 1.09% Indiana 1.08% Nevada 0.99% Pennsylvania 0.99% Arizona 0.75% Washington 0.71% Maine 0.50% North Carolina 0.49% Colorado 0.47% New Mexico 0.37% South Carolina 0.24% Lousiana 0.04% Total 100.00% Bond Rating Portfolio% AAA 44.25% AA 24.39% A 18.12% BBB 11.53% BB 1.71% Total 100.00% AMT Percentage: 33.34% Average Coupon: 5.13% Percentage of Leverage: Bank Loans: 0% Investment Operations: 0% Preferred Stock: 41.90%(*) Total: 41.90% Total Net Assets: $214.8 Million Net Asset Value: $11.21 Number of Holdings: 80 (*) Represents issued and outstanding preferred stock. The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by Alliance Capital Management L. P. DATASOURCE: ACM Municipal Securities Income Fund, Inc. CONTACT: Shareholder Contact for ACM Municipal Securities Income Fund, Inc., +1-800-221-5672 Web site: http://www.alliancecapital.com/

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