ACM Managed Dollar Income Fund, Inc. reports first quarter earnings.

NEW YORK--(BUSINESS WIRE)--Feb. 14, 1997--Managed Dollar Income Fund, Inc. (NYSE: ADF), a registered closed-end investment company, today announced earnings for the first quarter ended December 31, 1996.

Total net assets of the Fund on December 31, 1996 were $390,119,301 as compared with $370,546,044 on September 30, 1996 and $311,867,751 on December 31, 1995. On December 31, 1996 the net asset value per share was $13.77 based on 28,325,009 shares outstanding. -0-

                 December 31, 1996  September 30,1996  December 31, 1995

Total Net Assets    $390,119,301       $370,546,044      $311,867,751
NAV Per Share             $13.77             $13.08            $11.01
Shares Outstanding    28,325,009         28,325,009        28,325,009

    For the period October 1, 1996 through December 31, 1996, total net
investment income was $9,907,515 or $.35 per share.  The total net
realized and unrealized gain was $20,995,650 or $.74 per share for
the same period.

                   First Quarter   Fourth Quarter     First Quarter
                       Ended              Ended            Ended
                 December 31, 1996 September 30, 1996 December 31, 1995

Total Net Investment
  Income             $9,907,515     $10,005,189        $8,584,331
Per Share                 $0.35           $0.35             $0.30
Total Net Realized/
Unrealized Gain     $20,995,650     $37,592,598       $17,192,757
Per Share                 $0.74           $1.33             $0.61

ACM Managed Dollar Income Fund, Inc. is managed by Alliance Capital Management L.P.

CONTACT: Shareholder Contact:

1-800-221-5672

or

Media Contact Only:

Duff Ferguson

212-969-1056