ACM Managed Income Fund, Inc. Dividend Declaration.

NEW YORK--(BUSINESS WIRE)--Dec. 17, 1999--

ACM Managed Income Fund, Inc. (NYSE:AMF), a closed-end management investment company, declared on this date, December 17, 1999, an income dividend of $0.060 per share of Common Stock, payable on January 21, 2000 to shareholders of record at the close of business on December 30, 1999. Ex-date will be December 28, 1999. This dividend is deemed to be received by shareholders in 1999 for federal income tax purposes.

This represents partial payment of the January 2000 dividend, which will total $0.085 per share.(a)

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

(a) This January dividend will be distributed in two separate amounts

which will total $0.085 per share. Both parts of the dividend

will be payable on January 21, 2000. So as not to disrupt

shareholder's regular income flow from the Fund, the combined

dividend per share of the two separate payments will equal what

shareholders would normally expect to receive monthly from the

Fund. The portion of the dividend taxable in 1999, declared

today, will be paid to shareholders of record at the close of

business on December 30, 1999. The portion of the dividend

taxable in 2000 will also be paid to shareholders of record at

the close of business on January 7, 2000.