SCHEDULE 14A INFORMATION
         Proxy Statement Pursuant to Section 14(a) of the
                 Securities Exchange Act of 1934

                        (Amendment No. __)

Filed by the Registrant /X/
Filed by a Party other than the Registrant / /

Check the appropriate box:

/_/  Preliminary Proxy Statement

/_/  Confidential, for Use of the Commission Only (as permitted
     by Rule 14a-6(e)(2))

/X/  Definitive Proxy Statement

/_/  Definitive Additional Materials

/_/  Soliciting Material Pursuant to Section 240.14a-11(c) or
     Section 240.14a-12

               ACM Managed Dollar Income Fund, Inc.
-----------------------------------------------------------------
         (Name of Registrant as Specified In Its Charter)


-----------------------------------------------------------------
            (Name of Person(s) Filing Proxy Statement,
                  if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

/X/  No fee required

/_/  Fee computed on table below per Exchange Act Rule 14a6(i)(1)
     and 0-11.

     (1) Title of each class of securities to which transaction
     applies:
-----------------------------------------------------------------
     (2) Aggregate number of securities to which transaction
     applies:
-----------------------------------------------------------------
     (3) Per unit price or other underlying value of transaction
     computed pursuant to Exchange Act Rule 0-11 (Set forth the
     amount on which the filing fee is calculated and state how
     it was determined):
-----------------------------------------------------------------
     (4) Proposed maximum aggregate value of transaction:
-----------------------------------------------------------------
     (5) Total fee paid:
-----------------------------------------------------------------
/_/  Fee paid previously with preliminary materials.
/_/  Check box if any part of the fee is offset as provided by
     Exchange Act Rule 0-11(a)(2) and identify the filing for
     which the offsetting fee was paid previously. Identify the
     previous filing by registration statement number, or the
     Form or Schedule and the date of its filing.

          (1)  Amount Previously Paid:

          (2)  Form, Schedule or Registration Statement No.:

          (3)  Filing Party:

          (4)  Date Filed:



[LOGO] ALLIANCEBERNSTEIN(SM)
Investment Research and Management

                                                           ACM INCOME FUND, INC.
                                           ACM GOVERNMENT OPPORTUNITY FUND, INC.
                                                   ACM MANAGED INCOME FUND, INC.
                                      ACM MUNICIPAL SECURITIES INCOME FUND, INC.
                                            ACM MANAGED DOLLAR INCOME FUND, INC.
                                     ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
                                  ALLIANCE WORLD DOLLAR GOVERNMENT FUND II, INC.
                                        ALLIANCE ALL-MARKET ADVANTAGE FUND, INC.
                                 ALLIANCE CALIFORNIA MUNICIPAL INCOME FUND, INC.
                                   ALLIANCE NATIONAL MUNICIPAL INCOME FUND, INC.
                                   ALLIANCE NEW YORK MUNICIPAL INCOME FUND, INC.

--------------------------------------------------------------------------------
1345 Avenue of the Americas, New York, New York 10105
Toll Free (800) 221-5672
--------------------------------------------------------------------------------

                 NOTICE OF JOINT ANNUAL MEETING OF STOCKHOLDERS
                                 March 25, 2004

To the Stockholders of ACM Income Fund, Inc. ("ACM I"), ACM Government
Opportunity Fund, Inc. ("ACM IV"), ACM Managed Income Fund, Inc. ("ACM V"), ACM
Municipal Securities Income Fund, Inc. ("ACM VII"), ACM Managed Dollar Income
Fund, Inc. ("ACM VIII"), Alliance World Dollar Government Fund, Inc. ("AWDGF"),
Alliance World Dollar Government Fund II, Inc. ("AWDGF II"), Alliance All-Market
Advantage Fund, Inc. ("AMA"), Alliance California Municipal Income Fund, Inc.
("ACMIF"), Alliance National Municipal Income Fund, Inc. ("ANMIF") and Alliance
New York Municipal Income Fund, Inc. ("ANYMIF"):

      Notice is hereby given that a Joint Annual Meeting of Stockholders
(the "Meeting") of ACM I, ACM IV, ACM V, ACM VII, ACM VIII, AWDGF, AWDGF II,
AMA, ACMIF, ANMIF and ANYMIF, each of which is a Maryland corporation
(individually, a "Fund" and collectively, the "Funds"), will be held at the
offices of the Funds, 1345 Avenue of the Americas, 33rd Floor, New York, New
York 10105, on March 25, 2004 at 11:00 a.m. Eastern Time, for the following
purposes, all of which are more fully described in the accompanying Proxy
Statement dated February 20, 2004:

      1. To elect four Directors of each Fund, except ACMIF, ANMIF and ANYMIF,
each such Director to hold office for a term of either two or three years, as
provided herein, and until his successor is duly elected and qualifies, and, for



ACMIF, ANMIF and ANYMIF, to elect three Directors, each such Director to hold
office for a term of three years and until his successor is duly elected and
qualifies; and

      2. To transact such other business as may properly come before the
Meeting.

      The Board of Directors of each Fund has fixed the close of business on
January 2, 2004 as the record date for the determination of stockholders
entitled to notice of, and to vote at, the Meeting or any postponement or
adjournment thereof. The enclosed proxy is being solicited on behalf of the
Board of Directors of each Fund.

                                            By Order of the Boards of Directors,


                                            Mark R. Manley
                                            Secretary
New York, New York
February 20, 2004

--------------------------------------------------------------------------------
                             YOUR VOTE IS IMPORTANT

      Please indicate your voting instructions on the enclosed Proxy Card, sign
and date it, and return it in the envelope provided, which needs no postage if
mailed in the United States. Your vote is very important no matter how many
shares you own. Please mark and mail your proxy promptly in order to save the
Funds any additional cost of further proxy solicitation and in order for the
Meeting to be held as scheduled.
--------------------------------------------------------------------------------

SM This is a service mark used under license from the owner.



                                PROXY STATEMENT

                              ACM INCOME FUND, INC.
                      ACM GOVERNMENT OPPORTUNITY FUND, INC.
                          ACM MANAGED INCOME FUND, INC.
                   ACM MUNICIPAL SECURITIES INCOME FUND, INC.
                      ACM MANAGED DOLLAR INCOME FUND, INC.
                   ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
                 ALLIANCE WORLD DOLLAR GOVERNMENT FUND II, INC.
                    ALLIANCE ALL-MARKET ADVANTAGE FUND, INC.
                 ALLIANCE CALIFORNIA MUNICIPAL INCOME FUND, INC.
                  ALLIANCE NATIONAL MUNICIPAL INCOME FUND, INC.
                  ALLIANCE NEW YORK MUNICIPAL INCOME FUND, INC.

                           1345 Avenue of the Americas
                            New York, New York 10105

                            -------------------------

                      JOINT ANNUAL MEETING OF STOCKHOLDERS

                                 March 25, 2004
                            -------------------------

                                  INTRODUCTION

      This Proxy Statement is furnished in connection with the solicitation of
proxies on behalf of the respective Boards of Directors of ACM Income Fund, Inc.
("ACM I"), ACM Government Opportunity Fund, Inc. ("ACM IV"), ACM Managed Income
Fund, Inc. ("ACM V"), ACM Municipal Securities Income Fund, Inc. ("ACM VII"),
ACM Managed Dollar Income Fund, Inc. ("ACM VIII"), Alliance World Dollar
Government Fund, Inc. ("AWDGF"), Alliance World Dollar Government Fund II, Inc.
("AWDGF II"), Alliance All-Market Advantage Fund, Inc. ("AMA"), Alliance
California Municipal Income Fund, Inc. ("ACMIF"), Alliance National Municipal
Income Fund, Inc. ("ANMIF") and Alliance New York Municipal Income Fund, Inc.
("ANYMIF"), each of which is a Maryland corporation (individually, a "Fund" and
collectively, the "Funds"), to be voted at a Joint Annual Meeting of
Stockholders of the Funds (the "Meeting"), to be held at the offices of the
Funds, 1345 Avenue of the Americas, 33rd Floor, New York, New York 10105, on
March 25, 2004 at 11:00 a.m. Eastern Time. The solicitation will be by mail and
the cost for each Fund will be borne by that Fund. The Notice of Meeting, Proxy
Statement and Proxy Card are being mailed to stockholders on or about February
20, 2004.

      The Board of Directors of each Fund has fixed the close of business on
January 2, 2004 as the record date for the determination of stockholders
entitled to notice of, and to vote at, the Meeting and any postponement or
adjournment thereof. The outstanding voting shares of the Funds as of January 2,
2004 consisted of 227,073,766 shares of common stock of ACM I, 12,851,628 shares
of common stock of ACM IV, 25,060,859 shares of common stock and 900 shares


                                       1


of Remarketed Preferred Stock, Series A of ACM V, 11,085,944 shares of common
stock and 1,200 shares of each of Municipal Income Preferred Shares, Series A,
Series B and Series C of ACM VII, 22,584,063 shares of common stock of ACM VIII,
8,890,052 shares of common stock of AWDGF, 67,648,715 shares of common stock of
AWDGF II, 3,644,115 shares of common stock of AMA, 8,519,002 shares of common
stock and 1,620 shares of each of Auction Preferred Shares, Series M and Series
T of ACMIF, 20,471,667 shares of common stock and 1,950 shares of each of
Auction Preferred Shares, Series M, Series T, Series W and Series Th of ANMIF
and 4,826,667 shares of common stock and 900 shares of each of Auction Preferred
Shares, Series M and Series T of ANYMIF, each share being entitled to one vote.

      At the Meeting, the holders of the preferred stock of ACM V and the
holders of each series of preferred stock of ACM VII, ACMIF, ANMIF and ANYMIF
will have equal voting rights with the holders of the common stock of ACM V, ACM
VII, ACMIF, ANMIF and ANYMIF (i.e., one vote per share), respectively, and will
vote together with the holders of ACM V, ACM VII, ACMIF, ANMIF and ANYMIF common
stock, respectively, as a single class on proposals that may be properly
presented at the Meeting applicable to their respective Funds as described
below. While the holders of the preferred stock of each of these Funds, voting
separately as a class, have the right to elect two Directors of their Fund,
neither Ms. Block nor Dr. Hester, the preferred stock Directors for these Funds,
is standing for re-election at the Meeting because their terms do not expire
until 2006 and 2005, respectively.

      All properly executed and timely received proxies will be voted at the
Meeting in accordance with the instructions marked thereon or as otherwise
provided therein. Accordingly, unless instructions to the contrary are marked,
(i) proxies from the holders of the common stock and, if applicable, preferred
stock, will be voted for the election of four Directors of each Fund except
ACMIF, ANMIF and ANYMIF and (ii) proxies from the holders of common and
preferred stock of ACMIF, ANMIF and ANYMIF will be voted for the election of
three Directors. Any stockholder may revoke that stockholder's proxy at any time
prior to exercise thereof by giving written notice to the Secretary of the Funds
at 1345 Avenue of the Americas, New York, New York 10105, by signing and
delivering to the Secretary another proxy of a later date or by voting in person
at the Meeting.

      Properly executed proxies may be returned with instructions to abstain
from voting or to withhold authority to vote (an "abstention"). The shares
represented by abstentions will be considered present for purposes of
determining the existence of a quorum for the transaction of business. However,
with respect to Proposal One, which is a matter to be determined by a plurality
of the votes cast, abstentions, not being votes cast, will not have any effect
on the election of Directors. If any proposal, other than Proposal One, properly
comes before the Meeting, shares represented by proxies will be voted on all
such proposals in the discretion of the person or persons holding the proxies.


                                       2


      The Meeting is scheduled as a joint meeting of the stockholders of the
Funds because the stockholders of all the Funds are to consider and vote on the
election of Directors. Stockholders of each Fund will vote separately on the
election of Directors for that Fund and on any other matter that may properly
come before the meeting for a Fund. An unfavorable vote by the stockholders of
one Fund will not affect the vote on the election of Directors or any other
matter by the stockholders of another Fund.

      A quorum for each Fund for the Meeting will consist of the presence in
person or by proxy of the holders of a majority of the total outstanding shares
of common stock, and preferred stock, if any, of the particular Fund. In the
event that a quorum is not present at the Meeting for a Fund or, even if a
quorum is so present, in the event that sufficient votes in favor of the
positions recommended by the Board of Directors on the proposal described in the
Proxy Statement with respect to a Fund are not timely received, the persons
named as proxies may propose and vote for one or more adjournments of the
Meeting with respect to that Fund, with no other notice than announcement at the
Meeting, in order to permit further solicitation of proxies. Shares represented
by proxies indicating a vote contrary to the position recommended by the Board
of Directors on any proposal as to which the Meeting is proposed to be adjourned
will be voted against adjournment of the Meeting.

      Each Fund has engaged Mutual Fund Investor Connect, 60 East 42nd Street,
New York, New York 10165, to assist in soliciting proxies for the Meeting.
Mutual Fund Investor Connect will receive a total fee of $33,500 for its
services, to be paid by the Funds as follows: ACM I--$7,000, ACM IV--$2,000, ACM
V--$3,500, ACM VII--$2,000, ACM VIII--$2,000, AWDGF--$3,000, AWDGF II--$4,500,
AMA--$2,500, ACMIF--$2,000, ANMIF--$3,000 and ANYMIF--$2,000, plus reimbursement
of out-of-pocket expenses.

                                  PROPOSAL ONE
                              ELECTION OF DIRECTORS

      At the Meeting, three Directors of each Fund will be elected to serve for
terms of three years and, in each case, until his successor is elected and
qualifies. In addition, for each Fund, except ACMIF, ANMIF and ANYMIF, one
Director will be elected to serve for a term of two years. The affirmative vote
of a plurality of the votes cast by the stockholders of a Fund is required to
elect a Director. It is the intention of the persons named in the enclosed proxy
to nominate and vote in favor of the election of the three or four individuals,
as the case may be, as described below.

      Pursuant to the Funds' respective Charters and Bylaws, the Board of
Directors of each Fund has been divided into three classes. With respect to all
of the Funds, the terms of Class One Directors will expire as of the Meeting,
the terms of Class Two Directors will expire as of the annual meeting of
stockholders to be held in 2005 and the terms of Class Three Directors will
expire as of the annual meeting of stockholders to be held in 2006. Upon
expiration of the terms of the Directors


                                       3


of each class as set forth above, the terms of their successors in that class
will continue until the end of their terms and until their successors are duly
elected and qualify.

      Under this classified Board structure, only those Directors in a single
class may be elected at the annual meeting of stockholders. It would require two
years of annual meeting elections to change a majority of the Board of Directors
of a Fund, although Maryland law provides that stockholders may remove Directors
under certain circumstances even if they are not then standing for re-election
and, under regulations of the Securities and Exchange Commission (the
"Commission"), appropriate stockholder proposals may be included in the Funds'
annual proxy statements. This classified Board structure, which may be regarded
as an "anti-takeover" provision, may make it more difficult for a Fund's
stockholders to change the majority of Directors of the Fund and, thus, have the
effect of maintaining the continuity of management.

      On November 10, 2003, John D. Carifa resigned as Director of each of the
Funds. The Board of Directors of each Fund subsequently elected Marc O. Mayer as
Director of that Fund to fill the vacancy created by Mr. Carifa's resignation.
Under the Bylaws of each Fund except ACMIF, ANMIF and ANYMIF, Mr. Mayer must
stand for election at the Meeting, which is the first meeting of stockholders
after his election as Director by the Fund's Board of Directors.

      At the Meeting, three Directors, John H. Dobkin, Clifford L. Michel and
Donald J. Robinson are standing for re-election in Class One of ACM I, ACM IV,
ACM V, ACM VII, ACMIF, ANMIF and ANYMIF, and three Directors, David H. Dievler,
Clifford L. Michel and Donald J. Robinson are standing for re-election in Class
One of ACM VIII, AWDGF, AWDGF II and AMA. In addition, Mr. Mayer is standing for
election in Class Three of each Fund, except ACMIF, ANMIF and ANYMIF. Each
nominee has consented to serve as a Director. The Boards of Directors know of no
reason why any of the nominees for the Boards of Directors will be unable to
serve, but in the event any nominee is unable to serve or for good cause will
not serve, the proxies received indicating a vote in favor of such nominee will
be voted for such substitute nominees as the Boards of Directors may recommend.


                                       4


      Certain information concerning the Funds' Directors is set forth below.



                                                                                         Number of
                                                                                        Portfolios in
                                                                                          Alliance-
                                                                                          Bernstein
                             Year                               Principal                   Fund             Other
                           Term as                           Occupation(s)                 Complex       Directorships
      Name, Address       a Director     Years of                During                  Overseen by        Held by
         and Age          Will Expire    Service*             Past 5 Years                Director          Director
      -------------       -----------    --------            -------------              -------------    -------------
                                                                                             
INTERESTED DIRECTOR**

Marc O. Mayer, 46         Class Three    Each Fund:      Executive Vice President            68             None
1345 Avenue of the        (ACM I, IV,     4 months       of Alliance Capital
  Americas,               V, VII and                     Management Corporation,
New York, NY                 VIII,                       the general partner of the
10105                        AWDGF,                      Adviser ("ACMC"), since
                            AWDGF II                     2001; prior thereto, Chief
                            and AMA                      Executive Officer of
                            2006##)                      Sanford C. Bernstein & Co.,
                                                         LLC and its predecessor
                          Class Three                    since prior to 1999.
                            (ACMIF,
                           ANMIF and
                            ANYMIF
                             2006)

DISINTERESTED DIRECTORS

Chairman of the Board

William H. Foulk, Jr.,#,   Class Two      AWDGF: 12      Investment adviser and              116            None
71                          (2006)        ACM VIII,      independent consultant.
2 Sound View Drive                      AWDGF II: 11     He was formerly Senior
Suite 100                                  AMA: 10       Manager of Barrett
Greenwich, CT                           ACM I, IV, V,    Associates, Inc., a
06830                                      VII: 6        registered investment
                                           ACMIF,        adviser, with which he
                                          ANMIF and      had been associated since
                                          ANYMIF: 2      prior to 1999. He was
                                                         formerly Deputy
                                                         Comptroller and Chief
                                                         Investment Officer of the
                                                         State of New York and,
                                                         prior thereto, Chief
                                                         Investment Officer of
                                                         the New York Bank
                                                         for Savings.


--------------------------------------------------------------------------------
*     "Years of Service" refers to the total number of years the Director has
      served as a Director.
**    Mr. Mayer is an "interested person", as defined in Section 2(a)(19) of the
      Investment Company Act of 1940, as amended (the "Act"), of each Fund due
      to his position as Executive Vice President of ACMC.
#     Member of the Audit Committee and the Nominating Committee of each Fund.
##    If elected or re-elected, as the case may be, at the Meeting.


                                       5




                                                                                         Number of
                                                                                        Portfolios in
                                                                                          Alliance-
                                                                                          Bernstein
                             Year                               Principal                   Fund             Other
                           Term as                           Occupation(s)                 Complex       Directorships
      Name, Address       a Director     Years of                During                  Overseen by        Held by
         and Age          Will Expire    Service*             Past 5 Years                Director          Director
      -------------       -----------    --------            -------------              -------------    -------------
                                                                                             
Ruth Block,#,             Class Three     ACM I: 17      Formerly Executive Vice             96             None
73                           (2006)     ACM IV, V: 16    President and Chief
500 SE Mizner Blvd.,                      AWDGF: 12      Insurance Officer of The
Boca Raton, FL                            ACM VIII,      Equitable Life Assurance
33432                                   AWDGF II: 11     Society of The United
                                          ACM VII,       States; Chairman and
                                          AMA: 10        Chief Executive Officer of
                                           ACMIF,        Evlico; Director of Avon,
                                         ANMIF and       BP (oil and gas), Ecolab,
                                         ANYMIF: 2       Incorporated (specialty
                                                         chemicals), Tandem
                                                         Financial Group and
                                                         Donaldson, Lufkin &
                                                         Jenrette Securities Corpor-
                                                         ation; former Governor at
                                                         Large, National Association
                                                         of Securities Dealers, Inc.

David H. Dievler,#,       Class One       ACM I: 17      Independent consultant.             100            None
74                        (ACM VIII,    ACM IV, V: 16    Until December 1994 he
P.O. Box 167,               AWDGF,        AWDGF: 12      was Senior Vice President
Spring Lake, NJ            AWDGF II       ACM VIII,      of ACMC responsible for
07762                      and AMA      AWDGF II: 11     mutual fund administration.
                           2007##)        ACM VII,       Prior to joining ACMC in
                                          AMA: 10        1984 he was Chief Finan-
                          Class Two        ACMIF,        cial Officer of Eberstadt
                           (ACM IV,      ANMIF and       Asset Management since
                          V and VII,     ANYMIF: 2       1968. Prior to that, he was
                            ACMIF,                       Senior Manager at Price
                          ANMIF and                      Waterhouse & Co.
                           ANYMIF                        Member of the American
                            2005)                        Institute of Certified Public
                                                         Accountants since 1953.

John H. Dobkin,#,          Class One      ACM I: 17      Consultant. Formerly                98             None
62                        (ACM I, IV,     AWDGF: 12      President of Save Venice,
P.O. Box 12,              V and VII,      ACM VIII,      Inc. (preservation organi-
Annandale, NY               ACMIF,      AWDGF II: 11     zation) from 2001-2002,
12504                       ANMIF         AMA: 10        Senior Adviser from June
                             and         ACM IV, V,      1999-June 2000) and
                            ANYMIF         VII: 6        President of Historic
                            2007##)        ACMIF,        Hudson Valley (historic
                                          ANMIF and      preservation) from Decem-
                           Class Two      ANYMIF: 2      ber 1989 - May 1999.
                           (ACM VIII,                    Previously, Director of
                             AWDGF,                      the National Academy of
                           AWDGF II                      Design and during 1988-92,
                           and AMA                       Director and Chairman of
                            2005)                        the Audit Committee
                                                         of ACMC.


--------------------------------------------------------------------------------
*     "Years of Service" refers to the total number of years the Director has
      served as a Director.
**    Mr. Mayer is an "interested person", as defined in Section 2(a)(19) of the
      Investment Company Act of 1940, as amended (the "Act"), of each Fund due
      to his position as Executive Vice President of ACMC.
#     Member of the Audit Committee and the Nominating Committee of each Fund.
##    If elected or re-elected, as the case may be, at the Meeting.


                                       6




                                                                                         Number of
                                                                                        Portfolios in
                                                                                          Alliance-
                                                                                          Bernstein
                             Year                               Principal                   Fund             Other
                           Term as                           Occupation(s)                 Complex       Directorships
      Name, Address       a Director     Years of                During                  Overseen by        Held by
         and Age          Will Expire    Service*             Past 5 Years                Director          Director
      -------------       -----------    --------            -------------              -------------    -------------
                                                                                          
Dr. James M. Hester,#,     Class Two      ACM I: 17      President of The Harry              11             None
79                          (2005)      ACM IV, V: 16    Frank Guggenheim
25 Cleveland Lane                         AWDGF: 12      Foundation, with which he
Princeton, NJ                             ACM VIII,      has been associated since
08540                                   AWDGF II: 11     prior to 1999. He was
                                          ACM VII,       formerly President of New
                                          AMA: 10        York University and the
                                          ACMIF,         New York Botanical Garden,
                                         ANMIF and       Rector of the United Nations
                                         ANYMIF: 2       University and Vice
                                                         Chairman of the Board of
                                                         the Federal Reserve Bank
                                                         of New York.

Clifford L. Michel,#,      Class One      ACM I: 17      Senior Counsel of the law           97          Placer Dome
64                         (2007##)     ACM IV, V: 16    firm of Cahill Gordon &                             Inc.
15 St. Bernard's Road                     AWDGF: 12      Reindel since February
Gladstone, NJ                             ACM VIII,      2001 and a partner of that
07934                                   AWDGF II: 11     firm for more than twenty-
                                          ACM VII,       five years prior thereto.
                                          AMA: 10        He is President and Chief
                                           ACMIF,        Executive Officer of
                                         ANMIF and       Wenonah Development
                                         ANYMIF: 2       Company (investments)
                                                         and a Director of Placer
                                                         Dome Inc. (mining).

Donald J. Robinson,#,      Class One    ACM I, IV, V,    Senior Counsel to the law           96             None
69                         (2007##)     VII and VIII,    firm of Orrick, Herrington
98 Hell's Peak Road                        AWDGF,        & Sutcliffe LLP since prior
Weston, VT                                AWDGF II       to 1999. Formerly a senior
05161                                    and AMA: 9      partner and a member of
                                           ACMIF,        the Executive Committee
                                         ANMIF and       of that firm. He was also a
                                         ANYMIF: 2       member of the Municipal
                                                         Securities Rulemaking
                                                         Board and a Trustee of
                                                         the Museum of the City of
                                                         New York.


--------------------------------------------------------------------------------
*     "Years of Service" refers to the total number of years the Director has
      served as a Director.
**    Mr. Mayer is an "interested person", as defined in Section 2(a)(19) of the
      Investment Company Act of 1940, as amended (the "Act"), of each Fund due
      to his position as Executive Vice President of ACMC.
#     Member of the Audit Committee and the Nominating Committee of each Fund.
##    If elected or re-elected, as the case may be, at the Meeting.


                                       7


      It is the policy of the Boards of Directors of all registered investment
companies to which the Adviser provides investment advisory services, including
the Funds (collectively, the "AllianceBernstein Fund Complex"), that each
Director will invest specified minimum amounts, and (in the case of most of the
Directors of the Funds) an overall total of at least $150,000, in shares of
investment companies in the AllianceBernstein Fund Complex.

      The dollar range of the Funds' securities owned by each Director and the
aggregate dollar range of securities owned in the AllianceBernstein Fund Complex
are set forth below.



                                 Dollar Range of Equity                 Aggregate Dollar Range of Equity
                                   Securities in the                     Securities in the Funds in the
                                      Funds as of                     AllianceBernstein Fund Complex as of
                                   December 31, 2003                           December 31, 2003
                           -----------------------------------        ------------------------------------
                                                                       
Marc O. Mayer              None               $0                                over $100,000

Ruth Block                 ACM I:             $10,001-$50,000                   over $100,000
                           ACM V:             $10,001-$50,000
                           ACM VIII:          $10,001-$50,000
                           AWDGF II:          $10,001-$50,000
                           AMA:               $10,001-$50,000

David H. Dievler           ACM I:             $10,001-$50,000                   over $100,000
                           ACM IV:            $1-$10,000
                           AWDGF II:          $10,001-$50,000
                           AMA:               $10,001-$50,000

John H. Dobkin             AWDGF II:          $1-$10,000                        over $100,000
                           AMA:               $10,001-$50,000

William H. Foulk, Jr       ACM I:             $10,001-$50,000                   over $100,000
                           ACM IV:            $1-$10,000
                           ACM V:             $1-$10,000
                           ACM VII:           $1-$10,000
                           ACM VIII:          $1-$10,000
                           AWDGF:             $1-$10,000
                           AWDGF II:          $1-$10,000
                           AMA:               $10,001-$50,000

Dr. James M. Hester        ACM I:             $10,001-$50,000                   over $100,000
                           ACM IV:            $1-$10,000
                           ACM V:             $1-$10,000
                           AWDGF:             $1-$10,000
                           AMA:               $10,001-$50,000
                           ANYMIF:            Over $100,000

Clifford L. Michel         ACM I:             $10,001-$50,000                   over $100,000
                           ACM IV:            $1-$10,000
                           ACM V:             $1-$10,000
                           ACM VII:           $10,001-$50,000
                           ACM VIII:          $1-$10,000
                           AWDGF:             $10,001-$50,000
                           AWDGF II:          $1-$10,000
                           AMA:               $10,001-$50,000

Donald J. Robinson         ACM V:             $1-$10,000                        over $100,000
                           ACM VIII:          $10,001-$50,000
                           AMA:               $50,001-$100,000


                                       8


      As of January 2, 2004, the Directors and officers of each Fund as a group
owned less than 1% of the shares of any Fund. During each Fund's most recently
completed fiscal year, the Funds' Directors as a group did not engage in the
purchase or sale of more than 1% of any class of securities of the Adviser or of
any of its parents or subsidiaries.

      During its fiscal year ended in 2003, the Board of Directors of ACM I met
12 times; of ACM IV met 9 times; of ACM V, 9 times; of ACM VII, 8 times; of ACM
VIII, 9 times; of AWDGF, 7 times; of AWDGF II, 7 times; of AMA, 9 times; of
ACMIF, 7 times; of ANMIF, 7 times; and of ANYMIF, 7 times. The Funds do not have
a policy that requires a Director to attend annual meetings of stockholders, and
no Director attended the Funds' prior year's annual meeting of stockholders.

      Each Fund's Board of Directors has two standing committees, an Audit
Committee and a Nominating Committee. The members of the Audit and Nominating
Committees are identified above in the table listing Directors of the Funds. The
Audit Committee of each Fund is established in accordance with Section
3(a)(58)(A) of the Securities Exchange Act of 1934 (the "Exchange Act") and
meets during the fiscal year for the purposes set forth in the Audit Committee
Charter. The members of the Audit Committee are "independent" as required by
applicable listing standards of the New York Stock Exchange. The Audit Committee
of each of the Funds met 4 times during its Fund's most recently completed
fiscal year. The Nominating Committee of each of the Funds except ACM I did not
meet during the Funds' respective most recently completed fiscal year. The
Nominating Committee of ACM I met once during the Fund's most recently completed
fiscal year.

      Each Fund's Board of Directors has recently adopted a charter for its
Nominating Committee, a copy of which is attached as Exhibit A. Pursuant to the
charter, the Nominating Committee identifies, evaluates and selects and
nominates, or recommends to the Board of Directors, candidates for the Board. It
also may set standards or qualifications for Directors. The Nominating Committee
may consider candidates as Directors submitted by current Directors, the Fund's
investment adviser, Fund stockholders and other appropriate sources.

      The Nominating Committee will consider candidates submitted by a
stockholder or group of stockholders who have owned at least 5% of the Fund's
outstanding common stock for at least two years at the time of submission and
who timely provide specified information about the candidates and the nominating
stockholder or group. To be timely for consideration by the Nominating
Committee, the submission, including all required information, must be submitted
in writing to the attention of the Secretary at the principal executive offices
of the Fund not less than 120 days before the date of the proxy statement for
the previous year's annual meeting of stockholders. The Nominating Committee
will consider only one candidate submitted by such a stockholder or group for
nomination for election at an annual meeting of stockholders. The Nominating
Committee will not consider self-nominated candidates.


                                       9


      The Nominating Committee will consider and evaluate candidates submitted
by stockholders on the basis of the same criteria as those used to consider and
evaluate candidates submitted from other sources. These criteria include the
candidate's relevant knowledge, experience, and expertise, the candidate's
ability to carry out his or her duties in the best interests of the Fund and the
candidate's ability to qualify as a disinterested Director. A detailed
description of the criteria used by the Nominating Committee as well as
information required to be provided by stockholders submitting candidates for
consideration by the Nominating Committee are included in Exhibit A.

      Each Board of Directors has adopted a process for stockholders to send
communications to the Board. To communicate with the Board of Directors or an
individual Director of a Fund, a stockholder must send a written communication
to that Fund's principal office at the address listed in the Notice of Joint
Annual Meeting of Stockholders accompanying this Proxy Statement, addressed to
the Board of Directors of that Fund or the individual Director. All stockholder
communications received in accordance with this process will be forwarded to the
Board of Directors or the individual Director.

      None of the Funds pays any fees to, or reimburses expenses of, any
Director during a time when the Director is considered an "interested person" of
the Fund. The aggregate compensation paid by the Funds to the Directors during
the Funds' respective fiscal years ended in 2003, the aggregate compensation
paid to the Directors during calendar year 2003 by all of the investment
companies in the AllianceBernstein Fund Complex, and the total number of
investment companies in the AllianceBernstein Fund Complex as to which the
Directors are a director or trustee and the number of investment portfolios as
to which the Directors are directors or trustees, are set forth below. Neither
the Funds nor any other investment company in the AllianceBernstein Fund Complex
provides compensation in the form of pension or retirement benefits to any of
its directors or trustees.


                                       10




                                                                        Number of              Number of
                                                                        Investment             Investment
                                                                    Companies in the      Portfolios within the
                                                Compensation        AllianceBernstein      AllianceBernstein
                                                  from the            Fund Complex,          Fund Complex,
                        Compensation from    AllianceBernstein        including the          including the
                         the Funds during      Fund Complex,       Funds, as to which      Funds, as to which
                        their Fiscal Years     including the        the Director is a      the Director is a
Name of Director          ended in 2003      Funds, during 2003    Director or Trustee    Director or Trustee
----------------        ------------------   ------------------    -------------------    ---------------------
                                                                                       
Marc O. Mayer           $-0                       $-0                      40                      68

Ruth Block              $4,102 ACM I              $205,550                 43                      96
                        $3,832 ACM IV
                        $3,332 ACM V
                        $4,590 ACM VII
                        $4,590 ACM VIII
                        $3,760 AWDGF
                        $3,869 AWDGF II
                        $4,882 AMA
                        $3,760 ACMIF
                        $3,760 ANMIF
                        $3,760 ANYMIF

David H. Dievler        $4,077 ACM I              $264,400                 47                      100
                        $3,817 ACM IV
                        $3,308 ACM V
                        $5,065 ACM VII
                        $4,565 ACM VIII
                        $3,735 AWDGF
                        $3,862 AWDGF II
                        $4,857 AMA
                        $3,985 ACMIF
                        $4,735 ANMIF
                        $3,985 ANYMIF

John H. Dobkin          $4,092 ACM I              $234,550                 45                      98
                        $3,832 ACM IV
                        $3,323 ACM V
                        $4,580 ACM VII
                        $4,580 ACM VIII
                        $3,750 AWDGF
                        $3,868 AWDGF II
                        $4,872 AMA
                        $3,750 ACMIF
                        $3,750 ANMIF
                        $3,750 ANYMIF

William H. Foulk, Jr.   $4,082 ACM I              $248,650                 50                      116
                        $3,821 ACM IV
                        $3,312 ACM V
                        $4,570 ACM VII
                        $4,570 ACM VIII
                        $3,740 AWDGF
                        $3,862 AWDGF II
                        $4,862 AMA
                        $3,740 ACMIF
                        $3,740 ANMIF
                        $3,740 ANYMIF



                                       11



                                                                        Number of              Number of
                                                                        Investment             Investment
                                                                    Companies in the      Portfolios within the
                                                Compensation        AllianceBernstein      AllianceBernstein
                                                  from the            Fund Complex,          Fund Complex,
                        Compensation from    AllianceBernstein        including the          including the
                         the Funds during      Fund Complex,       Funds, as to which      Funds, as to which
                        their Fiscal Years     including the        the Director is a      the Director is a
Name of Director          ended in 2003      Funds, during 2003    Director or Trustee    Director or Trustee
----------------        ------------------   ------------------    -------------------    ---------------------
                                                                                       
Dr. James M. Hester     $8,773 ACM I              $98,000                  11                      11
                        $8,224 ACM IV
                        $7,682 ACM V
                        $9,932 ACM VII
                        $9,932 ACM VIII
                        $8,182 AWDGF
                        $8,224 AWDGF II
                        $10,930 AMA
                        $8,182 ACMIF
                        $8,182 ANMIF
                        $8,182 ANYMIF

Clifford L. Michel      $4,088 ACM I              $209,550                 44                      97
                        $3,818 ACM IV
                        $3,318 ACM V
                        $5,076 ACM VII
                        $4,576 ACM VIII
                        $3,746 AWDGF
                        $3,859 AWDGF II
                        $4,868 AMA
                        $3,996 ACMIF
                        $4,746 ANMIF
                        $3,996 ANYMIF

Donald J. Robinson      $4,092 ACM I              $205,347                 43                      96
                        $3,833 ACM IV
                        $3,323 ACM V
                        $4,580 ACM VII
                        $4,580 ACM VIII
                        $3,750 AWDGF
                        $3,869 AWDGF II
                        $4,872 AMA
                        $3,750 ACMIF
                        $3,750 ANMIF
                        $3,750 ANYMIF


--------------------------------------------------------------------------------
      The Board of Directors of each Fund unanimously recommends that the
stockholders of each Fund vote FOR the election or re-election, as the case may
be, of each Fund's foregoing nominees as fully described in this Proxy
Statement, to serve as a Director of the applicable Fund.


                                       12


Other Information

Officers of the Funds

      Certain information concerning the Funds' officers is set forth below. The
Funds' officers are elected annually by the respective Board of Directors until
his or her successor is duly elected and qualifies.



                                  Position(s) (Month and            Principal Occupation
  Name, Address and Age*            Year First Elected)            during the past 5 years
------------------------          ----------------------     ----------------------------------
                                                       
Marc O. Mayer (46)                President,                 See biography on page 5.
                                  all Funds (11/03)

Kathleen A. Corbet (44)           Senior Vice President,     Executive Vice President of ACMC,**
                                  ACM I, IV (4/96)           with which she has been associated
                                  ACM V (4/00)               since prior to 1999.
                                  ACM VII (4/95)
                                  ACM VIII (6/95)
                                  AWDGF (6/95)
                                  AWDGF II (6/95)
                                  AMA (9/94)
                                  ACMIF (11/01)
                                  ANMIF (11/01)
                                  ANYMIF (11/01)

Robert B. Davidson III (42)       Senior Vice President,     Senior Vice President of ACMC,**
                                  ACMIF (11/01)              with which he has been associated
                                  ANMIF (11/01)              since prior to 1999.
                                  ANYMIF (11/01)

Andrew M. Aran (46)               Vice President,            Senior Vice President of ACMC,**
                                  ACM I (8/02)               with which he has been associated
                                                             since prior to 1999.

Thomas J. Bardong (58)            Vice President,            Senior Vice President of ACMC,**
                                  AMA (4/95)                 with which he has been associated
                                                             since prior to 1999.

Matthew D. W. Bloom (47)          Vice President,            Senior Vice President of ACMC,**
                                  ACM V (4/01)               with which he has been associated
                                                             since prior to 1999.

Paul J. DeNoon (41)               Vice President,            Senior Vice President of ACMC,**
                                  ACM I (3/93)               with which he has been associated
                                  ACM IV (9/94)              since prior to 1999.
                                  ACM V (10/00)
                                  ACM VIII (10/00)
                                  AWDGF (12/92)
                                  AWDGF II (4/94)

David M. Dowden (38)              Vice President,            Senior Vice President of ACMC,**
                                  ACM VII (4/95)             with which he has been associated
                                  ACMIF (12/01)              since 1999.
                                  ANMIF (12/01)
                                  ANYMIF (12/01)

Terrance T. Hults (37)            Vice President,            Senior Vice President of ACMC,**
                                  ACM VII (12/95)            with which he has been associated
                                  ACMIF (12/01)              since prior to 1999.
                                  ANMIF (12/01)
                                  ANYMIF (12/01)

--------------------------------------------------------------------------------
*     The address for the Funds' officers is 1345 Avenue of the Americas, New
      York, New York 10105.
**    An affiliate of each of the Funds.


                                       13





                                  Position(s) (Month and            Principal Occupation
  Name, Address and Age*            Year First Elected)            during the past 5 years
------------------------          ----------------------     ----------------------------------
                                                       
Thomas Kamp (42)                  Vice President,            Senior Vice President of ACMC,**
                                  AMA (4/03)                 with which he has been associated
                                                             since prior to 1999.

James E. Kennedy, Jr. (43)        Vice President,            Senior Vice President of ACMC,**
                                  ACM V (10/03)              with which he has been associated
                                  ACM VIII (11/03)           since prior to 1999.

John A. Koltes (61)               Vice President,            Senior Vice President of ACMC,**
                                  AMA (9/94)                 with which he has been associated
                                                             since prior to 1999.

Michael L. Mon (34)               Vice President,            Vice President of ACMC,** with
                                  ACM I (4/00)               which he has been associated since
                                  ACM IV (7/99)              June 1999. Prior thereto he was a
                                                             portfolio manager at Brundage, Story
                                                             and Rose since prior to 1999.

Daniel Nordby (59)                Vice President,            Senior Vice President of ACMC,**
                                  AMA (4/99)                 with which he has been associated
                                                             since prior to 1999.

William E. Oliver (54)            Vice President,            Senior Vice President of ACMC,**
                                  ACM VII (6/93)             with which he has been associated
                                                             since prior to 1999.

Douglas J. Peebles (38)           Vice President,            Senior Vice President of ACMC,**
                                  ACM I (8/02)               with which he has been associated
                                  ACM IV (8/02)              since prior to 1999.

Michael J. Reilly (39)            Vice President,            Senior Vice President of ACMC,**
                                  AMA (9/94)                 with which he has been associated
                                                             since prior to 1999.

Michael A. Snyder (41)            Vice President,            A Senior Vice President of ACMC**
                                  ACM I (8/02)               since May 2001. Previously, he was
                                                             a Managing Director in the high
                                                             yield asset group of Donaldson, Lufkin
                                                             & Jenrette Corporation since prior to 1999.

Kewjin Yuoh (32)                  Vice President,            Vice President of ACMC** since
                                  ACM I (11/03)              March 2003. Previously, he was a Vice
                                                             President of Credit Suisse Asset Management
                                                             from 2000 to 2002 and a Vice President
                                                             of Brundage, Story & Rose since prior
                                                             to 1999.

Mark D. Gersten (53)              Treasurer and              Senior Vice President of Alliance
                                  Chief Financial Officer,   Global Investor Services, Inc.
                                  ACM I (2/94)               ("AGIS"),** and a Vice President of
                                  ACM IV (6/88)              AllianceBernstein Investment
                                  ACM V (7/88)               Research and Management, Inc.,** with
                                  ACM VII (2/93)             which he has been associated since
                                  ACM VIII (9/93)            prior to 1999.
                                  AWDGF (3/93)
                                  AWDGF II (4/94)
                                  AMA (9/94)
                                  ACMIF (12/01)
                                  ANMIF (12/01)
                                  ANYMIF (12/01)

--------------------------------------------------------------------------------
*     The address for the Funds' officers is 1345 Avenue of the Americas, New
      York, New York 10105.
**    An affiliate of each of the Funds.


                                       14




                                  Position(s) (Month and            Principal Occupation
  Name, Address and Age*            Year First Elected)            during the past 5 years
------------------------          ----------------------     ----------------------------------
                                                       
Vincent S. Noto (39)              Controller,                Vice President of AGIS,** with which
                                  ACM I (4/01)               he has been associated since prior
                                  ACM IV (4/96)              to 1999.
                                  ACM V (4/96)
                                  ACM VII (4/96)
                                  AWDGF (4/96)
                                  AWDGF II (4/96)
                                  AMA (4/96)

Thomas R. Manley (52)             Controller,                Vice President of ACMC,** with
                                  ACM VII (4/99)             which he has been associated since
                                  ACMIF (12/01)              prior to 1999.
                                  ANMIF (12/01)
                                  ANYMIF (12/01)

Mark R. Manley (41)               Secretary,                 Senior Vice President and Acting
                                  all Funds (11/03)          General Counsel of ACMC,** with
                                                             which he has been associated since
                                                             prior to 1999.

--------------------------------------------------------------------------------
*     The address for the Funds' officers is 1345 Avenue of the Americas, New
      York, New York 10105.
**    An affiliate of each of the Funds.

Audit Committee Report

      The following Audit Committee Report was adopted by the Audit Committee of
each Fund.

      The Audit Committee operates pursuant to a written charter that was last
amended and restated by the Fund's Board of Directors in February 2004, a copy
of which is attached as Exhibit B to this Proxy Statement. The purposes of the
Audit Committee are to (1) assist the Board of Directors in its oversight of (i)
the integrity of the Fund's financial statements and the independent audit
thereof; (ii) the Fund's compliance with legal and regulatory requirements;
(iii) the independent auditors' independence, qualifications and performance;
and (iv) the Fund's compliance with applicable laws by receiving reports from
counsel who believe they have credible evidence of a material violation of law
by the Fund or by someone owing a fiduciary or other duty to the Fund; and (2)
to prepare this report. As set forth in the Audit Committee Charter, management
of the Fund is responsible for the preparation, presentation and integrity of
the Fund's financial statements, the Fund's accounting and financial reporting
principles and internal controls and procedures designed to assure compliance
with accounting standards and applicable laws and regulations. The independent
auditors are responsible for auditing the Fund's financial statements and
expressing an opinion as to their conformity with generally accepted accounting
principles.

      In the performance of its oversight function, the Audit Committee has
considered and discussed the audited financial statements with management and
the independent auditors of the Fund. The Audit Committee has also discussed
with the independent auditors the matters required to be discussed by Statement
on Auditing Standards No. 61, Communication with Audit Committees, as currently
in effect. The Audit Committee has also considered whether the provision of any


                                       15


non-audit services not pre-approved by the Audit Committee provided by the
Fund's independent auditors to the Adviser and to any entity controlling,
controlled by or under common control with the Adviser that provides ongoing
services to the Fund is compatible with maintaining the auditors' independence.
Finally, the Audit Committee has received the written disclosures and the letter
from the independent auditors required by Independence Standards Board Standard
No. 1, Independence Discussions with Audit Committees, as currently in effect,
and has discussed with the auditors the auditors' independence.

      The members of the Fund's Audit Committee are not full-time employees
of the Fund and are not performing the functions of auditors or accountants. As
such, it is not the duty or responsibility of the Audit Committee or its members
to conduct "field work" or other types of auditing or accounting reviews or
procedures or to set auditor independence standards. Members of the Audit
Committee necessarily rely on the information provided to them by management and
the independent auditors. Accordingly, the Audit Committee's considerations and
discussions referred to above do not assure that the audit of the Fund's
financial statements has been carried out in accordance with generally accepted
auditing standards, that the financial statements are presented in accordance
with generally accepted accounting principles or that the Fund's auditors are in
fact "independent".

      Based upon the reports and discussions described in this report, and
subject to the limitations on the role and responsibilities of the Audit
Committee referred to above and in the Audit Committee Charter, the Audit
Committee recommended to the Board of Directors of the Fund that the audited
financial statements of the Fund be included in the Fund's annual report to
stockholders for the most recent fiscal period.

Submitted by the Audit Committee of the Fund's Board of Directors

      Ruth Block                             Dr. James M. Hester
      David H. Dievler                       Clifford L. Michel
      John H. Dobkin                         Donald J. Robinson
      William H. Foulk, Jr.

Independent Auditors

      The Boards of Directors of each of the Funds at meetings held on November
11, 2003 (ACM I), July 23, 2003 (ACM IV, ACM V and ACM VIII), September 13, 2003
(ACM VII and AWDGF), January 22, 2003 (AWDGF II) and September 13, 2003 (ACMIF,
ANMIF and ANYMIF), respectively, approved by the vote, cast in person, of a
majority of the Directors of each Fund, including a majority of the Directors
who are not "interested persons" of each Fund, Ernst & Young LLP, independent
auditors to audit the accounts of AWDGF II (for the fiscal year ending March 31,
2004), ACM IV (July 31, 2004), ACM V (August 31, 2004), ACM VIII (September 30,
2004), ACM VII (October 31, 2004), AWDGF (October 31, 2004), ACMIF (October 31,
2004), ANMIF (October 31, 2004), ANYMIF (October 31, 2004) and ACM I (December
31, 2004). The Board of Directors of


                                       16


AMA at a meeting held on July 23, 2003 similarly approved by vote, cast in
person, of a majority of the Directors of the Fund, including a majority of the
Directors who are not "interested persons" of the Fund, PricewaterhouseCoopers
LLP, independent auditors, to audit the accounts of AMA for its fiscal year
ending September 30, 2004. In reliance on Rule 32a-4 under the Act, the Funds
are not seeking stockholder ratification of the selection of their independent
auditors.

      Ernst & Young LLP has audited the accounts of ACM I, ACM IV, ACM VII, ACM
VIII, AWDGF, AWDGF II, ACMIF, ANMIF and ANYMIF since the respective dates of
their commencements of each of the Fund's operations, and of ACM V since its
fiscal year ended August 31, 1990, and has represented that it does not have any
direct financial interest or any material indirect financial interest in any of
the Funds. PricewaterhouseCoopers LLP has audited the accounts of AMA since the
Fund's commencement of operations and has represented that it does not have any
direct financial interest or any material indirect financial interest in the
Fund. Representatives of Ernst & Young LLP and PricewaterhouseCoopers LLP are
expected to attend the Meeting and to have the opportunity to make a statement
and respond to appropriate questions from the stockholders.

Independent Auditors' Fees

      The following table sets forth the aggregate fees billed by the
independent auditors for each Fund's last two fiscal years for professional
services rendered for: (i) the audit of the Fund's annual financial statements
included in the Fund's annual reports to stockholders; (ii) assurance and
related services that are reasonably related to the performance of the audit of
the Fund's financial statements and are not reported under (i), which include
advice and education on accounting and auditing issues, quarterly press release
reviews and preferred stock maintenance testing (for those Funds that issue
preferred stock); (iii) tax compliance, tax advice and tax return preparation;
and (iv) aggregate non-audit services provided to the Fund, the Fund's Adviser
and entities that control, are controlled by or under common control with the
Adviser that provide ongoing services to the Fund ("Service Affiliates"), which
include conducting an annual internal control report pursuant to Statement on
Auditing Standards No. 70. No other services were provided to any Fund during
this period.


                                       17




                                                                                 All Fees for
                                                                                   Non-Audit
                                                                                   Services
                                                                                   Provided
                                                                                 to the Fund,
                                                          Audit                  the Adviser
                                                         Related                 and Service
                                          Audit Fees      Fees       Tax Fees    Affiliates*
                                          ----------   ----------   ----------   -----------
                                                                  
ACM Income                         2002   $   48,000   $   11,746   $   17,000   $  595,746
   Fund, Inc.                      2003   $   55,000   $   12,500   $   18,000   $  929,765

ACM Government                     2002   $   40,000   $   10,917   $   16,500   $  893,013
   Opportunity Fund, Inc.          2003   $   44,000   $   11,360   $   17,500   $  719,375

ACM Managed Income                 2002   $   43,000   $   21,950   $   16,943   $  792,054
   Fund, Inc.                      2003   $   49,000   $   26,371   $   17,521   $  882,657

ACM Municipal Securities           2002   $   40,000   $   20,282   $   13,500   $  696,143
   Income Fund, Inc                2003   $   44,000   $   20,078   $   13,100   $  728,443

ACM Managed Dollar                 2002   $   48,000   $    6,575   $   13,518   $  784,754
   Income Fund, Inc.               2003   $   49,000   $    9,750   $   15,000   $  837,015

Alliance World Dollar              2002   $   48,000   $    7,950   $   16,992   $  687,303
   Government Fund, Inc.           2003   $   51,000   $   12,000   $   15,500   $  939,765

Alliance World Dollar              2002   $   48,000   $    9,100   $   17,069   $  865,155
   Government Fund II, Inc.        2003   $   51,000   $    8,500   $   11,600   $  700,012

Alliance All-Market                2002   $   38,000   $    3,334   $   19,901   $1,142,899
   Advantage Fund, Inc.            2003   $   41,000   $    2,329   $   20,750   $  733,266

Alliance California Municipal      2002   $   22,500   $   20,000   $    6,000   $  688,361
   Income Fund, Inc.               2003   $   44,000   $   23,144   $   13,446   $  731,855

Alliance National Municipal        2002   $   22,500   $   20,000   $    6,000   $  688,361
   Income Fund, Inc.               2003   $   44,000   $   23,144   $   13,446   $  731,855

Alliance New York Municipal        2002   $   22,500   $   20,000   $    4,000   $  688,361
   Income Fund, Inc.               2003   $   44,000   $   23,144   $   13,446   $  731,855


--------------------------------------------------------------------------------
*   The fees vary because they are presented based on each Fund's last two
    fiscal years and reflect fees for non-audit services for different periods.

      Beginning with audit and non-audit service contracts entered into on or
after May 6, 2003, the Fund's Audit Committee policies and procedures require
the pre-approval of all audit and non-audit services provided to the Fund by the
Fund's independent auditors. The Fund's Audit Committee policies and procedures
also require pre-approval of all audit and non-audit services provided to the
Adviser and Service Affiliates to the extent that these services are directly
related to the operations or financial reporting of the Fund. Accordingly, all
of the amounts in the table for Audit Fees, Audit-Related Fees and Tax Fees for
2003 are for services pre-approved by each Fund's Audit Committee. The amounts
of the Fees for Non-Audit Services provided to the Fund, the Adviser and Service
Affiliates in the table for each Fund that were subject to pre-approval by the
Audit Committee for 2003 were ACM I, $392,500 (comprising $374,500 of audit
related fees and $18,000 of tax fees); ACM IV, $315,860 (comprising $298,360 of
audit related fees and $17,500 of tax fees); ACM V, $330,892 (comprising
$313,371 of audit related fees and $17,521 of tax fees); ACM VII, $203,178
(comprising $190,078 of audit related fees and $13,100 of tax fees); ACM VIII,
$311,750 (comprising $296,750 of audit related fees and $15,000 of tax fees);
AWDGF, $414,500


                                       18


(comprising $399,000 of audit related fees and $15,500 of tax fees); AWDGF II,
$170,100 (comprising $158,500 of audit related fees and $11,600 of tax fees);
AMA, $23,079 (comprising $2,329 of audit related fees and $20,750 of tax fees);
ACMIF, $206,590 (comprising $193,144 of audit related fees and $13,446 of tax
fees); ANMIF, $206,590 (comprising $193,144 of audit related fees and $13,446 of
tax fees); and ANYMIF, $206,590 (comprising $193,144 of audit related fees and
$13,466 of tax fees). The Audit Committee of the Fund has considered whether the
provision of any non-audit services not pre-approved by the Audit Committee
provided by the Fund's independent auditors to the Adviser and Service
Affiliates is compatible with maintaining the auditors' independence.

                    INFORMATION AS TO THE INVESTMENT ADVISER
                       AND THE ADMINISTRATORS OF THE FUNDS

      Each Fund's investment adviser is Alliance Capital Management L.P.,
1345 Avenue of the Americas, New York, New York 10105. The administrator for ACM
IV, ACM VII, AWDGF, AWDGF II , AMA, ACMIF, ANMIF and ANYMIF is the Adviser.
Prudential Investments Fund Management LLC, Gateway Center Three, Newark, New
Jersey 07102, serves as sub-administrator for ACM VII. The administrator for ACM
I is UBS Global Asset Management, with principal offices at 51 West 52nd Street,
New York, New York 10019. The administrator for ACM V and ACM VIII is Princeton
Administrators, L.P., 500 College Road East, Princeton, New Jersey 08540.

Section 16(a) Beneficial Ownership Reporting Compliance

      Section 30(h) of the Act and the rules under Section 16 of the Securities
Exchange Act of 1934 require that the Directors and officers of each Fund and
the Directors of ACMC, among others, file with the Commission and the New York
Stock Exchange initial reports of ownership and reports of changes in ownership
of shares of the Funds. For the fiscal year ended 2003, an initial report of
beneficial ownership of securities on Form 3 was inadvertently filed late on
behalf of James E. Kennedy, Jr., a Vice President of ACM V.

                                  OTHER MATTERS

      Management of each Fund does not know of any matters properly to be
presented at the Meeting other than those mentioned in this Proxy Statement. If
any other matters properly come before the Meeting, the shares represented by
proxies will be voted with respect thereto in the discretion of the person or
persons voting the proxies.

      As of January 21, 2004, Aon Corporation and Combined Insurance Company of
America, each with an address of 200 East Randolph Street, Chicago, Illinois
60601, were believed by management of ACM IV to beneficially own an aggregate of
4,015,436 shares, or approximately 31.34%, of the outstanding common stock of
ACM IV.


                                       19


                      SUBMISSION OF PROPOSALS FOR THE NEXT
                         ANNUAL MEETING OF STOCKHOLDERS

      Proposals of stockholders intended to be presented at the next annual
meeting of stockholders of a Fund must be received by the Fund by October 25,
2004 for inclusion in the Fund's proxy statement and proxy card relating to that
meeting. The submission by a stockholder of a proposal for inclusion in the
proxy statement does not guarantee that it will be included. In addition,
stockholder proposals are subject to certain requirements under the federal
securities laws and the Maryland General Corporation Law and must be submitted
in accordance with each Fund's Bylaws. In case of ACMIF, ANMIF and ANYMIF, to be
presented at the 2005 Annual Meeting of Stockholders, a stockholder proposal
that is not otherwise includable in the Proxy Statement for the 2005 Annual
Meeting must be delivered by a stockholder of record to the Fund no sooner than
October 25, 2004 and no later than November 23, 2004.

      The persons named as proxies for the 2005 Annual Meeting of Stockholders
will, with respect to the proxies in effect at the meeting, have discretionary
authority to vote on any matter presented by a stockholder for action at that
meeting unless the Fund, except ACMIF, ANMIF or ANYMIF, receives notice of the
matter by January 6, 2005 (or such earlier date as may be specified by an
advance notice provision, if any, in the Fund's Bylaws), and in the case of
ACMIF, ANMIF and ANYMIF, receives notice of the matter no sooner than October
25, 2004 and no later than November 23, 2004. If a Fund receives such timely
notice, these persons will not have this authority except as provided in the
applicable rules of the Commission.

                             REPORTS TO STOCKHOLDERS

      Each Fund will furnish each person to whom this Proxy Statement is
delivered with a copy of its latest annual report to stockholders and its
subsequent semi-annual report to stockholders, if any, upon request and without
charge. To request a copy, please call AllianceBernstein Investment and Research
Management at (800) 227-4618 or contact Gary Beckham at Alliance Capital
Management L.P., 1345 Avenue of the Americas, New York, New York 10105.

                                            By Order of the Boards of Directors,


                                            Mark R. Manley
                                            Secretary

February 20, 2004

New York, New York


                                       20


                                                                       Exhibit A

                          Nominating Committee Charter

                        (Adopted as of February 12, 2004)

      The Board of Directors (each a "Board") of each of the registered
investment companies listed in Appendix A hereto (each a "Fund" and,
collectively, the "Funds"), as the same may be periodically updated, has adopted
this Charter to govern the activities of the Nominating Committee (the
"Committee") of its Board. This Charter applies separately to each Fund and its
Board and Committee, and shall be interpreted accordingly.

Statement of Purposes and Responsibilities

      The primary purposes and responsibilities of the Committee are (i) to
identify individuals qualified to become members of the Board in the event that
a position is vacated or created, (ii) to consider all candidates proposed to
become members of the Board, subject to the procedures and policies set forth in
this Charter, the Fund's Bylaws or resolutions of the Board, (iii) to select and
nominate, or recommend for nomination by the Board, candidates for election as
Directors and (iv) to set any necessary standards or qualifications for service
on the Board.

Organization and Governance

      The Committee shall be composed of as many Directors as the Board shall
determine in accordance with the Fund's Bylaws, but in any event not less than
two Directors. The Committee must consist entirely of Board members
("Independent Directors") who are not "interested persons" of the Fund, as
defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended.
The Board may remove or replace any member of the Committee at any time in its
sole discretion.

      One or more members of the Committee may be designated by the Board as the
Committee's chairman or co-chairman, as the case may be.

      The Committee will not have regularly scheduled meetings. Committee
meetings shall be held in accordance with the Fund's Bylaws as and when the
Committee or the Board determines necessary or appropriate. Except as may be
otherwise set forth in the Fund's Bylaws, the chairman, a co-chairman or any two
members of the Committee may set the time and place of its meeting unless the
Board shall otherwise provide.

Criteria for Director Nominees

      The Committee may take into account a wide variety of criteria in
considering Director candidates, including (but not limited to): (i) the
candidate's knowledge in matters relating to the investment company industry;
(ii) any experience possessed by the candidate as a director or senior officer
of other public companies; (iii) the candidate's educational background; (iv)
the candidate's reputation for high ethical standards and personal and
professional integrity; (v) any specific


                                       21


financial, technical or other expertise possessed by the candidate, and the
extent to which such expertise would complement the Board's existing mix of
skills and qualifications; (vi) the candidate's perceived ability to contribute
to the ongoing functions of the Board, including the candidate's ability and
commitment to attend meetings regularly, work collaboratively with other members
of the Board and carry out his or her duties in the best interests of the Fund;
(vii) the candidate's ability to qualify as an Independent Director for purposes
of the Investment Company Act of 1940, as amended; and (viii) such other
criteria as the Nominating Committee determines to be relevant in light of the
existing composition of the Board and any anticipated vacancies or other
factors. It is the Board's policy that Directors of the Fund normally may not
serve in a similar capacity on the board of a registered investment company that
is not sponsored by the Fund's investment adviser or its affiliates.

Identification of Nominees

      In identifying potential nominees for the Board, the Committee may
consider candidates recommended by one or more of the following sources: (i) the
Fund's current Directors, (ii) the Fund's officers, (iii) the Fund's investment
adviser(s), (iv) the Fund's stockholders (see below) and (v) any other source
the Committee deems to be appropriate. The Committee will not consider
self-nominated candidates. The Committee may, but is not required to, retain a
third party search firm at the Fund's expense to identify potential candidates.

Consideration of Candidates Recommended by Stockholders

      The Committee will consider and evaluate nominee candidates properly
submitted by stockholders on the basis of the same criteria used to consider and
evaluate candidates recommended by other sources. Nominee candidates proposed by
stockholders will be properly submitted for consideration by the Committee only
if the qualifications and procedures set forth in Appendix B of this Charter, as
it may be amended from time to time by the Committee or the Board, are met and
followed (recommendations not properly submitted will not be considered by the
Committee).


                                       22


                                   Appendix A

                                      Funds

                            (As of February 12, 2004)

                    ALLIANCE ALL-MARKET ADVANTAGE FUND, INC.
                              ACM INCOME FUND, INC.
                      ACM GOVERNMENT OPPORTUNITY FUND, INC.
                      ACM MANAGED DOLLAR INCOME FUND, INC.
                          ACM MANAGED INCOME FUND, INC.
                   ACM MUNICIPAL SECURITIES INCOME FUND, INC.
                 ALLIANCE CALIFORNIA MUNICIPAL INCOME FUND, INC.
                  ALLIANCE NATIONAL MUNICIPAL INCOME FUND, INC.
                  ALLIANCE NEW YORK MUNICIPAL INCOME FUND, INC.
                   ALLIANCE WORLD DOLLAR GOVERNMENT FUND, INC.
                 ALLIANCE WORLD DOLLAR GOVERNMENT FUND II, INC.


                                       23


                                   Appendix B

           Procedures for the Nominating Committee's Consideration of
                      Candidates Submitted by Stockholders

                            (As of February 12, 2004)

      A candidate for nomination as a Director submitted by a stockholder will
not be deemed to be properly submitted to the Committee for the Committee's
consideration unless the following qualifications have been met and procedures
followed:

      1.    A stockholder or group of stockholders (referred to in either case
            as a "Nominating Stockholder") that, individually or as a group, has
            beneficially owned at least 5% of the Fund's common stock for at
            least two years prior to the date the Nominating Stockholder submits
            a candidate for nomination as a Director may submit one candidate to
            the Committee for consideration at an annual meeting of
            stockholders.

      2.    The Nominating Stockholder must submit any such recommendation (a
            "Stockholder Recommendation") in writing to the Fund, to the
            attention of the Secretary, at the address of the principal
            executive offices of the Fund.

      3.    The Stockholder Recommendation must be delivered to or mailed and
            received at the principal executive offices of the Fund not less
            than 120 calendar days before the date of the Fund's proxy statement
            released to stockholders in connection with the previous year's
            annual meeting.

      4.    The Stockholder Recommendation must include: (i) a statement in
            writing setting forth (A) the name, date of birth, business address
            and residence address of the person recommended by the Nominating
            Stockholder (the "candidate"); (B) any position or business
            relationship of the candidate, currently or within the preceding
            five years, with the Nominating Stockholder or an Associated Person
            of the Nominating Stockholder (as defined below); (C) the class or
            series and number of all shares of the Fund owned of record or
            beneficially by the candidate, as reported to such Nominating
            Stockholder by the candidate; (D) any other information regarding
            the candidate that is required to be disclosed about a nominee in a
            proxy statement or other filing required to be made in connection
            with the solicitation of proxies for election of Directors pursuant
            to Section 20 of the Investment Company Act of 1940, as amended (the
            "1940 Act") and the rules and regulations promulgated thereunder;
            (E) whether the Nominating Stockholder believes that the candidate
            is or will be an "interested person" of the Fund (as defined in the
            1940 Act) and, if believed not to be an "interested person,"
            information regarding the candidate that will be sufficient for the
            Fund to make such determination; and (F) information as to the
            candidate's knowledge of the investment company industry, experience
            as a director or senior officer of public companies, directorships
            on the boards of other registered investment companies and
            educational


                                       24


            background; (ii) the written and signed consent of the candidate to
            be named as a nominee and to serve as a Director if elected; (iii)
            the written and signed agreement of the candidate to complete a
            directors' and officers' questionnaire if elected; (iv) the
            Nominating Stockholder's consent to be named as such by the Fund;
            (v) the class or series and number of all shares of the Fund owned
            beneficially and of record by the Nominating Stockholder and any
            Associated Person of the Nominating Stockholder and the dates on
            which such shares were acquired, specifying the number of shares
            owned beneficially but not of record by each, and stating the names
            of each as they appear on the Fund's record books and the names of
            any nominee holders for each; and (vi) a description of all
            arrangements or understandings between the Nominating Stockholder,
            the candidate and/or any other person or persons (including their
            names) pursuant to which the recommendation is being made by the
            Nominating Stockholder. "Associated Person of the Nominating
            Stockholder" as used in this paragraph 4 means any person required
            to be identified pursuant to clause (vi) and any other person
            controlling, controlled by or under common control with, directly or
            indirectly, (a) the Nominating Stockholder or (b) any person
            required to be identified pursuant to clause (vi).

      5.    The Committee may require the Nominating Stockholder to furnish such
            other information as it may reasonably require or deem necessary to
            verify any information furnished pursuant to paragraph 4 above or to
            determine the qualifications and eligibility of the candidate
            proposed by the Nominating Stockholder to serve on the Board. If the
            Nominating Stockholder fails to provide such other information in
            writing within seven days of receipt of written request from the
            Committee, the recommendation of such candidate as a nominee will be
            deemed not properly submitted for consideration, and will not be
            considered, by the Committee.


                                       25


                                                                       Exhibit B

                             AUDIT COMMITTEE CHARTER

I.    Committee Membership:

      The Audit Committee shall be composed of at least three directors and
      shall satisfy the independence requirements of Rule 10A-3 under the
      Securities Exchange Act of 1934 (the "1934 Act").(1) The terms "directors"
      and "Board of Directors" shall mean "trustees" and "Trustees" in the case
      of Companies that are organized as trusts.

      The Board of Directors (the "Board") shall determine that each Audit
      Committee member is "financially literate," and that one member of the
      Audit Committee has "accounting or related financial management
      expertise," as such qualifications are interpreted by the Board in its
      business judgment, and whether any member of the Audit Committee is an
      "audit committee financial expert," as defined by the Securities and
      Exchange Commission (the "SEC"). If the Board has determined that a member
      of the Audit Committee is an audit committee financial expert, it may
      presume that such member has accounting or related financial management
      expertise.

      No director may serve as a member of the Audit Committee if such director
      serves on the audit committees of more than two other public companies
      unless the Board determines that such simultaneous service would not
      impair the ability of such director to serve effectively on the Audit
      Committee. The Board has determined that service on the Audit Committee of
      the Company and the audit committees of any other registered investment
      company in the Alliance Complex should be considered service on a single
      public company audit committee for purpose of the three-audit committee
      limitation.

      Members of the Audit Committee shall be appointed by the Board and shall
      serve at the pleasure of the Board and for such term or terms as the Board
      may determine. The Audit Committee shall designate one member of the Audit
      Committee as its chairman.

--------------------------------------------------------------------------------
(1)   In order to satisfy Rule 10A-3 of the 1934 Act, a member of the Audit
      Committee may not (1) accept directly or indirectly any consulting,
      advisory or other compensatory fee from the Company other than (a)
      director's fees and (b) any other regular benefits that other directors
      receive, or (2) be an "interested person" of the Company as such term is
      defined in section 2(a)(19) of the Investment Company Act of 1940.


                                       26


II.   Committee Purposes:

      The purposes of the Audit Committee are to:

      1.    assist the Board in its oversight of:

            (i)   the integrity of Company's financial statements and the
                  independent audit thereof;

            (ii)  the Company's compliance with legal and regulatory
                  requirements;

            (iii) the independence, qualifications and performance of the
                  independent accountants; and

            (iv)  the Company's compliance with applicable laws by receiving
                  reports from counsel who believe they have credible evidence
                  of a material violation of law by the Company or by someone
                  owing a fiduciary or other duty to the Company (or that such a
                  violation is occurring or is about to occur), including
                  reports made pursuant to the SEC's Standards of Professional
                  Conduct for Attorneys.

      2.    prepare an audit committee report for inclusion in the Company's
            annual proxy statement, if such proxy statement is required by
            applicable SEC rules.

      The function of the Audit Committee is oversight. The management of the
      Company, including contractually obligated service providers, are
      responsible for the preparation, presentation and integrity of the
      Company's financial statements. Management and applicable service
      providers are responsible for maintaining appropriate accounting and
      financial reporting principles and policies and internal control over
      financial reporting and other procedures that provide for compliance with
      accounting standards and applicable laws and regulations. The independent
      accountants are responsible for planning and carrying out a proper audit
      of the Company's annual financial statements, and providing such other
      services to the Company as may be agreed to from time to time. In
      fulfilling their responsibilities hereunder, it is recognized that the
      members of the Audit Committee are not full-time employees of the Company,
      and are not and do not represent themselves to be performing the functions
      of accountants or auditors, including in respect of auditor independence.
      As such, in fulfilling their oversight duties under this Charter, it is
      neither the duty nor the responsibility of the Audit Committee or its
      members to conduct "field work" or other types of auditing or accounting
      reviews or procedures or to set auditor independence standards, and each
      member of the Audit Committee shall be entitled to rely on (i) the
      integrity of those persons and organizations within and outside the
      Company from which it receives information, (ii) the accuracy of the
      financial and other information provided to the Audit Committee by such
      persons or organizations absent actual knowledge to the contrary (which
      shall be promptly reported to the Board) and (iii) representations made by
      management or the independent accountants as to any non-audit services
      provided by the


                                       27


      independent accountants to the Company, Alliance Capital Management L.P.,
      the Company's investment adviser (the "Adviser"), and any entity
      controlling, controlled by or under common control with the Adviser which
      provides services to the Company (collectively, the "Adviser Entities").

      The independent accountants for the Company shall report directly to the
      Audit Committee.

      The independent accountants shall submit to the Audit Committee annually a
      formal written statement (the "Auditors' Statement") describing: the
      independent accountants' internal quality-control procedures; any material
      issues raised by the most recent internal quality-control review or peer
      review of the independent accountants, or by any inquiry or investigation
      by governmental or professional authorities, within the preceding five
      years, respecting one or more independent audits carried out by the
      independent accountants, and any steps taken to deal with any such issues;
      and (to assess the auditors' independence) all relationships between the
      independent accountants and (a) the Company, (b) the Adviser, and (c) any
      entity in a control relationship with the Adviser, whether or not it
      provides services to the Company, including at least the matters set forth
      in Independence Standards Board No. 1 and any other required information,
      including information required by relevant Public Company Accounting
      Oversight Board rules, standards and pronouncements. The description of
      the relationships should include a description of the non-audit services
      including the fees associated therewith, that were not pre-approved by the
      Company's Audit Committee. The Auditors' Statement may be in more than one
      document, and a portion of the required information may be provided by the
      Adviser to the extent permitted by applicable law and other requirements.

      The independent accountants shall submit to the Audit Committee annually a
      formal written statement of the fees billed in each of the last two fiscal
      years for each of the following categories of services rendered by the
      independent accountants: (i) the audit of the Company's annual financial
      statements and any reviews of the financial statements included in any
      regulatory filings of the Company or services that are normally provided
      by the independent accountants in connection with statutory and regulatory
      filings or engagements; (ii) assurance and related services not included
      in clause (i) that are reasonably related to the performance of the audit
      or review of the Company's financial statements, in the aggregate and by
      each service; (iii) tax compliance, tax advice and tax planning services,
      in the aggregate and by each service; and (iv) all other products and
      services rendered by the independent accountants to the Company, the
      Adviser or the Adviser Entities, in the aggregate and by each service. The
      statement as to (ii), (iii) and (iv) should include (and separately
      disclose) fees billed in each of the last two fiscal years for the
      indicated services to (a) the Company, (b) the Adviser, and (c) the
      Adviser Entities.


                                       28


III.  Committee Structure and Operations:

      The Audit Committee shall meet semi-annually, or more frequently if
      circumstances dictate, to discuss with management and the independent
      accountants the annual audited financial statements and to address the
      matters set forth in Article IV. The Audit Committee should meet
      separately at least annually with each of management and the independent
      accountants to discuss any matters that the Audit Committee or any of
      these persons or firms believes should be discussed privately. The Audit
      Committee may request any officer or employee of the Company or of any
      service provider, outside counsel to the Company or to the independent
      directors, or representatives of the Company's independent accountants to
      attend a meeting of the Audit Committee or to meet with any members of, or
      consultants to, the Audit Committee. Members of the Audit Committee may
      participate in a meeting of the Audit Committee by means of conference
      call or similar communications equipment by which all persons
      participating in the meeting can hear each other.

IV.   Committee Duties and Powers:

      To carry out its purposes, the Audit Committee shall have the following
      duties and responsibilities:

      1.    with respect to the independent accountants,

            (i)   to be directly responsible for the appointment, compensation,
                  retention and oversight of the work of the independent
                  accountants (including the resolution of disagreements between
                  management and the independent accountants regarding financial
                  reporting) and, in connection therewith, to review and
                  evaluate matters potentially affecting the independence and
                  capabilities of the independent accountants;(2)

            (ii)  to be directly responsible for the appointment, compensation,
                  retention and oversight of the work of any other registered
                  public accounting firm engaged for the purpose of preparing or
                  issuing an audit report or to perform audit, review or
                  attestation services, which firm shall also report directly to
                  the Audit Committee;

--------------------------------------------------------------------------------

(2)   Note that this requirement does not preclude the Audit Committee from
      obtaining the input of management, but these responsibilities must not be
      delegated to management. It is expected the Board will ratify the
      appointment of the independent accountants as required by the Investment
      Company Act of 1940.


                                       29


            (iii) to pre-approve, in accordance with the Policies and Procedures
                  for the Pre-Approval of Services to be Performed by the
                  Company's Independent Accountant (the "Pre-Approval Policies
                  and Procedures") attached hereto as Annex A,(3) all audit and
                  non-audit services provided by the independent accountants to
                  the Company as well as any applicable non-audit services
                  provided by the independent accountants to the Adviser or any
                  Adviser Entities that provide ongoing services to the Company
                  that relate directly to the operations and financial reporting
                  of the Company (the "Related Services");

            (iv)  to obtain assurances from the independent accountants that the
                  audit was conducted in a manner consistent with Section 10A of
                  the 1934 Act;

            (v)   to obtain from the independent accountants in connection with
                  any audit a timely report relating to the Company's annual
                  audited financial statements describing all critical
                  accounting policies and practices used, all alternative
                  treatments within accounting principles generally accepted in
                  the United States ("GAAP") for policies and practices related
                  to material items that have been discussed with management,
                  ramifications of the use of such alternative disclosures and
                  treatments, and the treatment preferred by the independent
                  accountants, and any material written communications between
                  the independent accountants and management, such as any
                  "management" letter or schedule of unadjusted differences;

            (vi)  to ensure that the independent accountants prepare and deliver
                  annually an Auditors' Statement (it being understood that the
                  independent accountants are responsible for the accuracy and
                  completeness of this Statement), and to discuss with the
                  independent accountants any relationships or services
                  disclosed in this Statement that may impact the objectivity
                  and independence of the Company's independent accountants;

            (vii) to review and evaluate the qualifications, performance and
                  independence of the independent accountants, as well as the
                  lead partner of the independent accountants;

           (viii) to discuss with management the timing and process for
                  implementing the rotation of the lead audit partner, the
                  concurring partner and any other active audit engagement team
                  partner and consider whether there should be a regular
                  rotation of the audit firm itself; and

            (ix)  to take into account the opinions of management in assessing
                  the independent accountants' qualifications, performance and
                  independence.

--------------------------------------------------------------------------------
(3)   Annex A is not included as part of this Exhibit B.


                                       30


      2.    with respect to accounting principles and policies, financial
            reporting and internal control over financial reporting,

            (i)   to advise management, the relevant service providers and the
                  independent accountants that they are expected to provide or
                  cause to be provided to the Audit Committee a timely analysis
                  of significant issues and practices relating to accounting
                  principles and policies, financial reporting and internal
                  control over financial reporting, including, without
                  limitation, significant issues discussed with the national
                  office respecting auditing or accounting issues presented by
                  the engagement;

            (ii)  to consider any reports or communications (and management's
                  and/or applicable service providers' responses thereto)
                  submitted to the Audit Committee by the independent
                  accountants required by auditing standards generally accepted
                  in the United States ("GAAS"), as they may be modified or
                  supplemented, including reports and communications related to:

                  o     deficiencies, including significant deficiencies or
                        material weaknesses, in internal control identified
                        during the audit or other matters relating to internal
                        control over financial reporting;

                  o     consideration of fraud in a financial statement audit;

                  o     detection of illegal acts;

                  o     the independent accountants' responsibility under GAAS;

                  o     any restrictions on audit scope;

                  o     significant accounting policies;

                  o     management judgments and accounting estimates;

                  o     any accounting adjustments arising from the audit that
                        were noted or proposed by the accountants but were
                        passed (as immaterial or otherwise);

                  o     the responsibility of the independent accountants for
                        other information in documents containing audited
                        financial statements;

                  o     disagreements with management;

                  o     consultation by management with other independent
                        accountants;

                  o     major issues discussed with management prior to
                        retention of the independent accountants;

                  o     difficulties encountered with management in performing
                        the audit;


                                       31


                  o     the independent accountants' judgments about the quality
                        of the Company's accounting principles, and of any
                        changes thereto; and

                  o     reviews, if any, of interim financial information
                        conducted in accordance with GAAS by the independent
                        accountants; and

            (iii) to meet with management, the independent accountants and, if
                  appropriate, the relevant service providers:

                  o     to discuss the scope of the annual audit or any audit or
                        review of interim financial statements;

                  o     to discuss the audited financial statements and other
                        periodic reports, if any, including any Company
                        disclosure relating to management's discussion of fund
                        performance;

                  o     to review the following disclosures required to be made
                        to the Audit Committee by the independent accountants in
                        accordance with Item 9(e) of Schedule 14A of the 1934
                        Act:

                        (a)   the percentage of audit-related services, tax
                              services and all other services that were approved
                              by the Audit Committee pursuant to the
                              Pre-Approval Policies and Procedures;

                        (b)   the aggregate non-audit fees billed by the
                              Company's accountant for services rendered to the
                              Company, the Adviser and the Adviser Entities for
                              the last two fiscal years of the Company;

                        (c)   fees billed for services rendered to the Company
                              and, separately, fees for Related Services;

                  o     to discuss any significant matters arising from any
                        audit or report or communication referred to in item
                        2(ii) above, whether raised by management or the
                        independent accountants, relating to the Company's
                        financial statements;

                  o     to review the effects of alternative GAAP methods on the
                        financial statements;

                  o     to discuss any problems or difficulties the independent
                        accountants encountered in the course of the audit,
                        including any restrictions on their activities or access
                        to requested information and management's response to
                        such problems or difficulties, and to resolve
                        significant disagreements between management and the
                        independent accountants;

                  o     to discuss any "management" or "internal control" letter
                        issued, or proposed to be issued, by the independent
                        accountants to the Company;


                                       32


                  o     to review the opinion rendered, or the form of opinion
                        the independent accountants propose to render, to the
                        Board and shareholders;

                  o     to discuss any significant communications between the
                        audit team and the independent accountant's national
                        office respecting auditing or accounting issues
                        presented by the engagement;

                  o     to discuss, as appropriate: (a) any major issues
                        regarding accounting principles and financial statement
                        presentations, including any significant changes in the
                        Company's selection or application of accounting
                        principles, and major issues as to the adequacy of the
                        Company's internal controls and any special audit steps
                        adopted in light of material control deficiencies; (b)
                        analyses prepared by management and/or the independent
                        accountants setting forth significant financial
                        reporting issues and judgments made in connection with
                        the preparation of the financial statements, including
                        analyses of the effects of alternative GAAP methods on
                        the financial statements; and (c) the effect of
                        regulatory and accounting initiatives on the financial
                        statements of the Company;

                  o     to discuss allocations of expenses between the Company
                        and other entities and, if applicable, among different
                        series of the Company and among different classes of
                        shares of the Company;

                  o     to discuss the Company's compliance with Subchapter M
                        and, if applicable, Subchapter L, of the Internal
                        Revenue Code of 1986, as amended;

                  o     to discuss the Company's compliance with Rule 2a-7 of
                        the Investment Company Act of 1940, to the extent that
                        such Rule applies to the Company;

                  o     to discuss with management and the independent
                        accountants their respective procedures to assess the
                        appropriateness of securities prices provided by
                        external pricing services;

                  o     to discuss with independent accountants their
                        conclusions as to the reasonableness of procedures
                        employed to determine the fair value of securities for
                        which market quotations are not readily available,
                        management's adherence to such procedures and the
                        adequacy of supporting documentation;

                  o     to discuss with management and the independent
                        accountants any reports issued by independent
                        accountants regarding the Company's transfer, custody
                        and accounting agents;

                  o     to discuss the report of the independent accountants on
                        the Company's system of internal accounting controls
                        required to be filed with the Company's Form N-SAR;


                                       33


                  o     to discuss significant changes to the Company's
                        accounting principles, policies, controls, procedures
                        and practices proposed or contemplated by management;

                  o     to discuss significant changes to auditing principles
                        and to auditing policies, controls, procedures and
                        practices implemented or expected to be implemented by
                        the independent accountants; and

                  o     to inquire about significant risks and exposures, if
                        any, and the steps taken to monitor, manage and minimize
                        such risks; and

            (iv)  to discuss with the Company and its legal advisors any
                  significant legal matters that may have a material effect on
                  the Company's business, financial statements or compliance
                  policies, including material notices to any inquiries received
                  from governmental agencies; and

      3.    with respect to authority and responsibilities of the Audit
            Committee upon receipt of a report from counsel to Company or to the
            independent directors concerning (i) a material violation of law by
            the Company or by someone with a fiduciary or other duty to the
            Company or (ii) a material violation of the Code of Ethics (the
            "Code") by the Company's Principal Executive Officer, Principal
            Financial and Accounting Officer and Controller ("Covered
            Officers"),

            (i)   to initiate a reasonable inquiry into the evidence presented
                  to determine whether a material violation of law or of the
                  Code in fact has occurred, is occurring or is about to occur,
                  which may include an investigation by the Company's chief
                  legal officer or outside attorneys;

            (ii)  if the Audit Committee upon investigation reasonably
                  determines that no violation of law or of the Code exists, to
                  notify the reporting counsel of the basis for that
                  determination;

            (iii) if the Audit Committee determines upon investigation that a
                  violation of law does or may exist, to take all reasonable
                  steps to adopt an appropriate response (which may include
                  referral of the matter to the Board) and to advise the
                  reporting counsel (and, to the extent the Audit Committee
                  believes appropriate or required, others, such as the chief
                  legal officer and chief executive officer) of that response;

            (iv)  if the Audit Committee determines upon investigation that a
                  violation of the Code does or may exist, to inform and make a
                  recommendation to the Board, who will consider appropriate
                  action;

            (v)   to make the determinations required by the foregoing by
                  majority vote and to ensure that no member shall act in
                  contravention of any such majority determination; and


                                       34


            (vi)  to consult with the Company's chief legal officer in
                  fulfilling their responsibilities hereunder (unless the
                  circumstances reasonably dictate that such consultation would
                  not be appropriate) and to have reasonable access at the
                  Company's expense to consult or retain legal counsel or other
                  expert assistance; and

      4.    with respect to reporting, recommendations and other matters,

            (i)   to provide advice to the Board in electing the principal
                  accounting officer of the Company;

            (ii)  to review with the Company's principal executive officer
                  and/or principal financial officer, in connection with their
                  certifications on Form N-CSR, any significant deficiencies or
                  material weaknesses in the design or operation of internal
                  control over financial reporting which are reasonably likely
                  to adversely affect the Company's ability to record, process
                  and summarize and report financial information and as to the
                  existence of any fraud, whether or not material, that involves
                  management or other employees who have a significant role in
                  the Company's internal control over financial reporting;

            (iii) to establish procedures for the receipt, retention and
                  treatment of complaints received by the Company regarding
                  accounting, internal accounting controls, or auditing matters,
                  and for the confidential, anonymous submission by employees of
                  the Company or the Adviser or employees of any service
                  provider that provides accounting related services to the
                  Company, of concerns regarding questionable accounting or
                  auditing matters, and to address reports from attorneys or
                  accountants about possible breaches of federal or state
                  securities laws or fiduciary duty;

            (iv)  to investigate or initiate an investigation of reports of
                  improprieties or suspected improprieties in connection with
                  the Company's accounting or financial reporting and to retain
                  independent counsel, accountants or others to advise the Audit
                  Committee or assist in the conduct of an investigation, as it
                  deems necessary or appropriate, without seeking approval of
                  the Board or management;

            (v)   to prepare any report or other disclosures required by the SEC
                  to be included in the Company's annual proxy statement;(4)

--------------------------------------------------------------------------------
(4)   Closed-end investment companies must include in their proxy statements
      relating to the election of directors a signed report of the Audit
      Committee in which the Audit Committee states whether it has (i) reviewed
      and discussed the audited financial statements, (ii) discussed the matters
      to be discussed under SAS 61 and (iii) received from and discussed with
      the independent accountants their Statement as to Independence. The report
      must also include a statement as to whether, based on these three items,
      the Audit Committee recommended to the Board of Directors the inclusion of
      the audited financial statements in the Company's annual report required
      by ss.30(e) of the Investment Company Act of 1940.


                                       35


            (vi)  to grant waivers, as appropriate, to the Code sought by
                  Covered Officers;

            (vii) to prepare and issue the evaluation required under
                  "Performance Evaluation" below;

           (viii) to advise the Board with respect to the Company's policies
                  and procedures regarding compliance with applicable laws and
                  regulations and with the Company's Code of Business Conduct
                  and Ethics;

            (ix)  to review the reports submitted by the Adviser relating to
                  issues arising under the Adviser's Code of Ethics that relate
                  to the Adviser's investment company business, including all
                  violations of the Code, which reports are to be provided at
                  least quarterly (more frequently if the Audit Committee so
                  instructs);

            (x)   to review the quality reports submitted by the Adviser's
                  Internal Compliance Controls Committee relating to internal
                  compliance matters, which reports are to be provided at least
                  quarterly (more frequently if the Audit Committee so
                  instructs);

            (xi)  to review policies of the Adviser, the Adviser Affiliates and
                  any other entity within the Company's Investment Company
                  Complex, as such term is defined in Rule 2-01(f)(14) of
                  Regulation S-X, for hiring employees or former employees of
                  the independent accountants whose responsibilities are to
                  include an accounting role or financial reporting oversight
                  role with respect to the Company;

            (xii) to report its activities to the full Board on a regular basis
                  and to make such recommendations with respect to the above and
                  other matters as the Audit Committee may deem necessary or
                  appropriate; and

           (xiii) to perform such other functions and to have such powers as
                  may be necessary or appropriate in the efficient and lawful
                  discharge of the foregoing.

V.    Delegation to Subcommittee:

      The Audit Committee may, in its discretion, delegate all or a portion of
      its duties and responsibilities to a subcommittee of the Audit Committee.
      The Board and the Audit Committee have authorized the Chairman of the
      Audit Committee (or any other Audit Committee member to whom this
      responsibility has been delegated) to pre-approve any audit or non-audit
      services to be performed by the independent accountants, provided that
      such approvals do not exceed the limit set forth in the Audit Committee
      preapproval procedures and are presented to the Audit Committee at its
      next scheduled meeting.


                                       36


VI.   Performance Evaluation:

      The Audit Committee shall prepare and review with the Board of Directors
      an annual performance evaluation of the Audit Committee, which evaluation
      shall compare the performance of the Audit Committee with the requirements
      of this charter. The performance evaluation shall also recommend to the
      Board any improvements to the Audit Committee's charter deemed necessary
      or desirable by the Audit Committee. The performance evaluation by the
      Audit Committee shall be conducted in such manner as the Audit Committee
      deems appropriate. The report to the Board may take the form of an oral
      report by the chairman of the Audit Committee or any other member of the
      Audit Committee designated by the Audit Committee to make the report.

VII.  Resources and Authority of the Audit Committee:

      The Audit Committee shall have the resources and authority appropriate to
      discharge its duties and responsibilities, including the authority to
      select, retain, terminate, and approve the fees and other retention terms
      of special or independent counsel, accountants or other experts and
      advisors, as it deems necessary or appropriate, without seeking approval
      of the Board or management.

      The Company shall provide for appropriate funding, as determined by the
      Audit Committee, in its capacity as a committee of the Board, for payment
      of:

      1.    Compensation to the independent accountants and any other public
            accounting firm engaged for the purpose of preparing or issuing an
            audit report or performing other audit, review or attest services
            for the Company;

      2.    Compensation to any advisors employed by the Audit Committee; and

      3.    Ordinary administrative expenses of the Audit Committee that are
            necessary or appropriate in carrying out its duties.

Approved as Amended and Restated on February 12, 2004


                                       37


TABLE OF CONTENTS                                                           Page
================================================================================

Introduction ...............................................................   1
Proposal One: Election of Directors ........................................   3
Information as to the Investment
    Adviser and the Administrators
    of the Funds ...........................................................  19
Other Matters ..............................................................  19
Submission of Proposals for the
    Next Annual Meeting
    of Stockholders ........................................................  20
Reports to Stockholders ....................................................  20
Exhibit A:
    Nominating Committee Charter ...........................................  21
Exhibit B:
    Audit Committee Charter ................................................  26


                                                           ACM Income Fund, Inc.
                                           ACM Government Opportunity Fund, Inc.
                                                   ACM Managed Income Fund, Inc.
                                      ACM Municipal Securities Income Fund, Inc.
                                            ACM Managed Dollar Income Fund, Inc.
                                     Alliance World Dollar Government Fund, Inc.
                                  Alliance World Dollar Government Fund II, Inc.
                                        Alliance All-Market Advantage Fund, Inc.
                                 Alliance California Municipal Income Fund, Inc.
                                   Alliance National Municipal Income Fund, Inc.
                                   Alliance New York Municipal Income Fund, Inc.

================================================================================

                          [LOGO] ALLIANCEBERNSTEIN(SM)
                       Investment Research and Management

================================================================================

NOTICE OF
JOINT ANNUAL MEETING
OF STOCKHOLDERS
AND PROXY STATEMENT

March 25, 2004



PROXY                                                       PROXY

               ACM MANAGED DOLLAR INCOME FUND, INC.

          PROXY IN CONNECTION WITH THE ANNUAL MEETING OF
            STOCKHOLDERS TO BE HELD ON MARCH 25, 2004

          THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD
                 OF DIRECTORS OF THE CORPORATION

          The undersigned stockholder of ACM Managed Dollar
Income Fund, Inc., a Maryland corporation (the "Corporation"),
hereby appoints Carol H. Rappa and Christina A. Morse, or either
of them, as proxies for the undersigned, with full power of
substitution in each of them, to attend the Annual Meeting of
Stockholders of the Corporation (the "Annual Meeting") to be held
at 11:00 a.m., Eastern Time, on March 25, 2004 at the offices of
the Corporation, 1345 Avenue of the Americas, 33rd Floor, New
York, New York 10105, and any postponement or adjournment
thereof, to cast on behalf of the undersigned all votes that the
undersigned is entitled to cast at the Annual Meeting and
otherwise to represent the undersigned with all powers possessed
by the undersigned if personally present at such Annual Meeting.
The undersigned hereby acknowledges receipt of the Notice of
Annual Meeting and accompanying Proxy Statement and revokes any
proxy heretofore given with respect to the Annual Meeting.

          The Board of Directors knows of no reason why any of
the nominees for the Board of Directors would be unable to serve,
but in the event any nominee is unable to serve or for good cause
will not serve, the proxies received indicating a vote in favor
of such nominee will be voted for a substitute nominee as the
Board of Directors may recommend.

          IF THIS PROXY IS PROPERLY EXECUTED, THE VOTES ENTITLED
TO BE CAST BY THE UNDERSIGNED WILL BE CAST AS INSTRUCTED ON THE
REVERSE SIDE HEREOF. IF THIS PROXY IS PROPERLY EXECUTED BUT NO
INSTRUCTION IS GIVEN, THE VOTES ENTITLED TO BE CAST BY THE
UNDERSIGNED WILL BE CAST "FOR" THE ELECTION OF THE NOMINEES
REFERRED TO IN PROPOSAL ONE AS DIRECTORS AND IN THE DISCRETION OF
THE PROXY HOLDER(S) ON ANY OTHER MATTERS THAT MAY PROPERLY COME
BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENT OR POSTPONEMENT
THEREOF.

             Please refer to the Proxy Statement for
                  a discussion of the Proposal.

 PLEASE VOTE, DATE AND SIGN ON THE REVERSE SIDE HEREOF AND RETURN
  THIS PROXY CARD PROMPTLY. YOU MAY USE THE ENCLOSED ENVELOPE.

NOTE: Please sign this proxy exactly as your name(s) appear(s) on
the books of the Corporation. Joint owners should each sign
personally. Trustees and other fiduciaries should indicate the
capacity in which they sign, and where more than one name
appears, a majority must sign. If a corporation, the signature
should be that of an authorized officer who should state his or
her title.

HAS YOUR ADDRESS CHANGED?               DO YOU HAVE ANY COMMENTS?

-------------------------               -------------------------

-------------------------               -------------------------

-------------------------               -------------------------


               ACM MANAGED DOLLAR INCOME FUND, INC.

     Your Board of Directors
     urges you to vote "FOR" the
     election of all Nominees.

                                            Please mark votes as
                                            in this example: /X/

                                                      FOR ALL
                                            WITHHOLD  NOMINEES
1.   Election of Directors        FOR ALL   FROM ALL  EXCEPT AS
                                  NOMINEES  NOMINEES  NOTED BELOW
                                  /_/       /_/       /_/

     Class One Nominees
     (terms expire 2007):

     David H. Dievler                                 /_/
     Clifford L. Michel                               /_/
     Donald J. Robinson                               /_/

     Class Three Nominees
     (term expires 2006):

     Marc O. Mayer                                    /_/

2.   To vote and otherwise
     represent the undersigned
     on any other matters that
     may properly come before
     the Annual Meeting or any
     postponement or adjournment
     thereof, in the discretion
     of the proxy holder(s).

                                  Mark here for address
                                  change and note at
                                  left                        /_/

                                  Please be sure to sign and
                                  date this Proxy.

                                  -------------------------------
                                  (Signature of Stockholder)

                                  -------------------------------
                                  (Signature of joint owner, if
                                  any)

                                  Date __________, 2004

00250.0209 #461497