NEW YORK, Sept. 21 /PRNewswire-FirstCall/ -- ACM Municipal Securities Income Fund, Inc. [NYSE: AMU] (the "Fund") today released its monthly portfolio update as of August 31, 2005. ACM Municipal Securities Income Fund, Inc. Top 10 Fixed-Income Holdings Portfolio% 1) Tennessee Ed Loan Ser 97B AMT 6.200% (12/01/21) 4.60% 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) 3.79% 4) Adams Cnty MS Environ Impt Pcr 6.250% (09/01/23) 2.47% 5) Harris Cnty FSA 5.125% (08/15/32) 2.44% 6) Mass Hlth & Ed Fac Auth Ycn 8.880% (07/01/18) 2.39% 7) Miami Dade Cnty Fl 5.000% (04/01/24) 1.99% 8) Gulfport MS Hosp Fin Auth 5.750% (07/01/31) 1.97% 9) Ohio St Wtr Dev Auth AMT 6.450% (09/01/20) 1.93% 10) New Jersey St Ed Fac Ser 02a R 9.152% (09/01/21) 1.87% Sector/Industry Breakdown Portfolio% Muni: General Obligation 17.89% Hospital/Health Care 16.16% Cop/Lease Rental 9.84% Water/SWR 8.06% Housing-Rental Units 5.94% Utility 5.56% Student Loan 4.60% Special Tax 4.47% Higher Education 4.29% Airport Facility 3.51% Continuing Care Facility 3.28% Miscellaneous 3.28% Transportation 3.03% Housing-Mortgages 3.01% Education 2.91% Resource Recovery/Solid Waste 2.70% Housing 0.72% Industrial 0.54% Corporate Airline 0.21% SUBTOTAL 100.00% Total 100.00% Holdings by State Portfolio% Florida 11.73% Texas 9.84% California 9.22% Massachusetts 6.69% New York 6.57% Illinois 6.26% Ohio 5.57% Tennessee 4.60% Mississippi 4.44% Alaska 3.85% New Jersey 3.73% Michigan 3.13% New Mexico 2.93% Alabama 2.77% Pennsylvania 2.55% Wisconsin 2.40% Arizona 1.38% Connecticut 1.38% Rhode Island 1.36% Utah 1.25% Hawaii 1.22% Colorado 1.14% North Dakota 1.12% Indiana 1.09% Nevada 1.02% Minnesota 0.84% Washington 0.72% Oregon 0.69% North Carolina 0.51% Total 100.00% Credit Quality Breakdown Portfolio% AAA 53.57% AA 18.77% A 15.77% BBB 10.21% BB 1.68% Total 100.00% Portfolio Statistics AMT Percentage: 25.16% Average Coupon: 5.56% Percentage of Leverage: Bank Loans: 0% Investment Operations: 0% Preferred Stock: 41.01%* Total: 41.01% Avg. Maturity: 22.77 Years Duration: 5.76 Years Total Net Assets: $219.5 Million Net Asset Value: $11.62 Number of Holdings: 97 * 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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