ACM Municipal Securities Income Fund, Inc. Reports Third Quarter Earnings.

NEW YORK--(BUSINESS WIRE)--Sept. 15, 1997--ACM Municipal Securities Income Fund, Inc. (NYSE: AMU), a registered closed-end investment company, today announced earnings for the third quarter ended July 31, 1997.

Total net assets of the Fund on July 31, 1997 were $232,978,225 compared with $224,487,755 on April 30, 1997 and $222,241,986 on July 31, 1996. On July 31, 1997, the net asset value per share was $13.43 based on 10,647,300 shares outstanding. -0-

                  July 31, 1997  April 30,1997   July 31, 1996

Total Net Assets  $232,978,225   $224,487,755    $222,241,986
NAV Per Share           $13.43         $12.66          $12.51
Shares Outstanding  10,647,300     10,623,282      10,573,001

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    For the period May 1, 1997 through July 31, 1997, total net
investment income was $3,239,493 or $0.30 per share.  The total net
realized and unrealized gain was $8,190,760 or $0.77 per share for
the same period.

                       Third Quarter   Second Quarter  Third Quarter
                          Ended             Ended         Ended
                       July 31, 1997   April 30, 1997  July 31, 1996

Total Net Investment
 Income                $3,239,493     $3,064,256      $3,256,573
Per Share                   $0.30          $0.29           $0.31

Total Net Realized/
Unrealized Gain (Loss) $8,190,760      ($903,793)     $2,824,860
Per Share                   $0.77         ($0.09)          $0.27

ACM Municipal Securities 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