UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-07510 ACM MUNICIPAL SECURITIES INCOME FUND, INC. (Exact name of registrant as specified in charter) 1345 Avenue of the Americas, New York, New York 10105 (Address of principal executive offices) (Zip code) Mark R. Manley Alliance Capital Management L.P. 1345 Avenue of the Americas New York, New York 10105 (Name and address of agent for service) Registrant's telephone number, including area code: (800) 221-5672 Date of fiscal year end: October 31, 2005 Date of reporting period: January 31, 2005 ITEM 1. SCHEDULE OF INVESTMENTS. ACM MUNICIPAL SECURITIES INCOME FUND PORTFOLIO OF INVESTMENTS January 31, 2005 (unaudited) Principal Amount (000) Value -------------------------------------------------------------------------------- Long -Term Municipal Bonds - 167.9% Alabama - 4.7% Jefferson Cnty Wtr and Swr Rev FGIC Ser 02B Prerefunded 8/01/12 @ 100 5.00%, 2/01/41 $ 1,535 $ 1,697,357 Jefferson Cnty Wtr and Swr Rev FGIC Ser 02B 5.00%, 2/01/41 2,465 2,751,630 Jefferson Cnty Ltd Obligation Sch Warrants Ser 04A 5.25%, 1/01/23 525 556,390 Montgomery Spl Care Fac Fin Auth (Baptist Med Ctr) Ser 04C 5.25%, 11/15/29 1,000 1,014,440 -------------- 6,019,817 -------------- Alaska - 6.4% Alaska International Airport MBIA Ser 03B 5.00%, 10/01/26 1,000 1,044,960 Alaska Muni Bond Bank Auth MBIA Ser 03E 5.25%, 12/01/26 3,000 3,246,270 Alaska Muni Bond Bank Auth MBIA Ser 04G 5.00%, 2/15/22 1,585 1,693,002 Four Dam Pool Alaska Ser 04 5.25%, 7/01/25 2,195 2,287,563 -------------- 8,271,795 -------------- Arizona - 2.3% Arizona Cap Facs Fin Corp (Arizona St Univ Proj) 6.25%, 9/01/32 1,550 1,622,044 Phoenix Civic Impt Corp Wastewater Sys Rev (JR Lien) MBIA Ser 04 5.00%, 7/01/23 1,250 1,342,112 -------------- 2,964,156 -------------- California - 18.0% Burbank Redev Agy FGIC Ser 03 5.625%, 12/01/28 2,700 3,019,194 California Dept of Wtr Ser 02A 5.375%, 5/01/22 2,000 2,177,140 California St General Obligation Ser 03 5.00%, 2/01/32 2,450 2,523,475 5.00%, 2/01/33 1,100 1,132,208 California St General Obligation Ser 04 5.00%, 2/01/33 1,000 1,030,300 5.125%, 4/01/23 2,000 2,134,660 Principal Amount (000) Value -------------------------------------------------------------------------------- Golden St Tobacco Settlement XLCA Ser 03B 5.50%, 6/01/33 $ 3,000 $ 3,295,830 Golden St Tobacco Settlement RADIAN Ser 03B 5.50%, 6/01/43 2,250 2,438,820 Lincoln California Spl Tax Ser 04 5.90%, 9/01/2024 500 508,230 Pomona Lease Rev AMBAC Ser 03 5.50%, 6/01/24 1,465 1,645,063 5.50%, 6/01/34 3,000 3,297,300 -------------- 23,202,220 -------------- Colorado - 1.9% Colorado Toll Rev (Hwy E-470) Ser 00 Zero coupon, 9/01/35 10,000 1,260,100 Colorado Hlth Facs Auth Rev (Parkview Med Ctr) Ser 04 5.00%, 9/01/25 760 770,024 Todd Creek Farms Metro Dist No 1 Wtr and Wastewater Rev Ser 04 6.125%, 12/01/19 400 399,768 -------------- 2,429,892 -------------- Connecticut - 2.3% Connecticut St General Obligation MBIA Ser 412 8.64%, 12/01/11(a)(b) 2,500 3,023,100 -------------- Florida - 19.5% Florida Hsg Fin Corp Rev MFHR (Westlake Apts) FSA Ser 02-D1 AMT 5.40%, 3/01/42 8,780 9,023,645 Lee Cnty Hlth Care Fac Rev (Shell Point Village Proj) Ser 99A 5.50%, 11/15/29 3,670 3,668,716 Miami Beach Hlth Fac Rev (Mount Sinai Med Ctr) 6.75%, 11/15/24 2,000 2,158,400 Miami-Dade Cnty Spl Oblig MBIA Ser 04B 5.00%, 4/01/24 4,000 4,256,720 Orange Cnty Hlth Fac Auth Rev (Orlando Regl Healthcare) Ser 02 5.75%, 12/01/32 1,400 1,510,460 Osceola Cnty Sch Brd Ctfs FGIC Ser 04A 5.00%, 6/01/22 2,815 3,027,533 UCF Assn Ctfs FGIC Ser 04A 5.125%, 10/01/24 1,325 1,434,564 -------------- 25,080,038 -------------- Principal Amount (000) Value -------------------------------------------------------------------------------- Hawaii - 2.0% Hawaii Elec Rev XLCA Ser 03B AMT 5.00%, 12/01/22 $ 2,500 $ 2,624,500 -------------- Illinois - 10.4% Chicago General Obligation FSA Ser 04A 5.00%, 1/01/25 2,165 2,294,207 Chicago Arpt Rev (O'Hare Intl Arpt) XLCA Ser B-1 5.25%, 1/01/34 3,100 3,275,987 Chicago Hsg Agy SFMR (Mortgage Rev) GNMA/FNMA Ser 02B AMT 6.00%, 10/01/33 710 772,629 Chicago Park Dist General Obligation (Ltd Tax) AMBAC Ser 04A 5.00%, 1/01/25 2,585 2,746,382 Cook Cnty Sch Dist FSA Ser 04 4.60%, 12/01/20(c) 1,000 924,200 Illinois Fin Auth (Loyola Univ Chicago) XLCA Ser 04A 5.00%, 7/01/24 1,495 1,571,693 Metropolitan Pier & Exposition Rev (McCormick Pl) MBIA Ser 02A 5.25%, 6/15/42 1,750 1,850,572 -------------- 13,435,670 -------------- Indiana - 1.8% Hendricks Cnty Bldg Facs General Obligation Ser 04 5.50%, 7/15/21 1,045 1,170,086 Indiana Bd Bk Rev FSA Ser 04B 5.00%, 2/01/21 1,100 1,182,412 -------------- 2,352,498 -------------- Louisiana Calcasieu Parish Hsg Agy SFMR (Mortgage Rev) GNMA/FNMA Ser 97A AMT 6.40%, 4/01/32 55 56,958 -------------- Massachusetts - 11.3% Mass General Obligation Ser 02 Prerefunded 11/01/12 @ 100 5.25%, 11/01/30 3,310 3,714,118 Mass General Obligation Ser 02 5.25%, 11/01/30 1,690 1,896,332 Mass Hlth & Ed Fac Hosp Rev (New England Med Ctr) MBIA Ser 94 8.53%, 7/01/18(b) 5,000 5,225,800 Mass Hsg Fin Agy MFHR (Rental Rev) AMBAC Ser 00A AMT 6.00%, 7/01/41 2,965 3,128,935 Mass Hsg Fin Agy MFHR (Rental Rev) MBIA Ser 00H AMT 6.65%, 7/01/41 545 591,925 -------------- 14,557,110 -------------- Principal Amount (000) Value -------------------------------------------------------------------------------- Michigan - 5.0% Michigan St Hosp Rev (Trinity Hlth) Ser 00A 6.00%, 12/01/27 $ 3,000 $ 3,322,890 -------------- Saginaw Hosp Fac Rev (Covenant Med Ctr) Ser 00F 6.50%, 7/01/30 2,775 3,077,531 -------------- 6,400,421 -------------- Minnesota - 1.0% Shakopee Health Care Facs Rev (St Francis Regl Med Ctr) Ser 04 5.10%, 9/01/25 1,200 1,235,700 -------------- Mississippi - 7.4% Adams Cnty Poll Ctl Rev (International Paper Co) Ser 99 AMT 6.25%, 9/01/23 5,000 5,294,450 Gulfport Hosp Fac Rev (Mem Hosp at Gulfport Proj) Ser 01A 5.75%, 7/01/31 4,000 4,218,680 -------------- 9,513,130 -------------- Nevada - 1.7% Carson City Hosp Rev (Carson-Tahoe Hosp Proj) RADIAN Ser 03A 5.00%, 9/01/23 2,100 2,181,543 -------------- New Jersey - 7.2% Morris-Union Jointure Commission Ctfs of Participation Ser 04 RADIAN 5.00%, 5/01/24 2,000 2,096,300 New Jersey Eco Dev Auth (Cigarette Tax) Ser 04 FGIC 5.00%, 6/15/12 1,745 1,918,366 New Jersey Eco Dev Auth (Sch Fac Construction) Ser 05K 5.25%, 12/15/15 1,000 1,132,820 New Jersey St Edl Fac Auth Rev AMBAC Ser 02A-213 7.02%, 9/01/21(a)(b) 3,400 4,091,696 -------------- 9,239,182 -------------- New Mexico - 5.3% Dona Ana Cnty Tax Rev AMBAC Ser 03 5.25%, 5/01/25 750 817,995 University of New Mexico FSA FHA Ser 04 5.00%, 1/01/24 2,235 2,362,060 5.00%, 7/01/24 3,445 3,640,848 -------------- 6,820,903 -------------- New York - 11.1% Erie Cnty Indl Dev Agy Sch Fac Rev (Buffalo Sch Dist Proj) Ser 04 FSA 5.75%, 5/01/23 950 1,102,048 5.75%, 5/01/24 810 935,526 Principal Amount (000) Value -------------------------------------------------------------------------------- New York City General Obligation Ser 04I 5.00%, 8/01/21 $ 3,300 $ 3,497,010 New York City Indl Dev Agy Rev (Terminal One Group) Ser 94 AMT 6.125%, 1/01/24 8,100 8,334,009 New York City Indl Dev Agy Rev (British Airways) Ser 98 AMT 5.25%, 12/01/32 500 402,455 -------------- 14,271,048 -------------- North Carolina - 0.8% Charlotte NC Arpt Rev MBIA Ser 04 5.25%, 7/01/24 1,000 1,083,320 -------------- North Dakota - 2.2% North Dakota Hsg Fin Agy SFMR (Mortgage Rev) Ser 98E AMT 5.25%, 1/01/30 2,760 2,794,252 -------------- Ohio - 10.3% Cuyahoga Cnty Hosp Fac Rev (University Hosp Hlth) Ser 00 7.50%, 1/01/30 2,400 2,711,784 Fairfield Cnty Hosp Fac Rev (Fairfield Med Ctr Proj) RADIAN Ser 03 5.00%, 6/15/23 1,255 1,305,878 Ohio Hsg Fin Agy MFHR (Mortgage Rev) GNMA Ser 97 AMT 6.15%, 3/01/29 4,340 4,487,993 Ohio State Wtr Dev Auth (North Star) Ser 95 AMT 6.45%, 9/01/20 4,075 4,247,984 Port Auth Columbiana Cnty Solid Waste Fac Rev (Apex Environmental LLC) Ser 04A AMT 7.125%, 8/01/25 500 505,400 -------------- 13,259,039 -------------- Pennsylvania - 4.3% Pennsylvania Parking Facs Rev (30th St Station) ACA Ser 02 AMT 5.875%, 6/01/33 2,050 2,185,402 Philadelphia Gas Wks Rev AGC Ser 04 5.25%, 9/01/19 2,045 2,226,289 5.25%, 8/01/21 1,000 1,078,270 -------------- 5,489,961 -------------- Rhode Island - 2.3% Rhode Island Hlth & Edl Bldg Corp Rev (Times2 Academy) LOC-Citizens Bank Ser 04 5.00%, 12/15/24 1,745 1,778,940 Rhode Island Hlth & Edl Bldg Corp Rev (Univ of Rhode Island) AMBAC Ser 04A 5.50%, 9/15/24 1,000 1,122,120 -------------- 2,901,060 -------------- Principal Amount (000) Value -------------------------------------------------------------------------------- South Carolina - 0.4% Richland Lexington Arpt Rev (Columbia Met Arpt) FSA Ser 04 AMT 5.125%, 1/01/25 $ 500 $ 521,495 -------------- Tennessee - 7.8% Tenn Ed Loan Rev (Educational Funding of South) Ser 97B AMT 6.20%, 12/01/21 9,600 10,079,712 -------------- Texas - 13.2% Dallas TX Arpt Rev (Fort Worth Intl Arpt) MBIA Ser 03A AMT 5.25%, 11/01/25 2,000 2,110,260 Harris Cnty Ser 03 5.00%, 10/01/23 1,400 1,492,050 Harris Cnty Toll Rev FSA Ser 02 5.125%, 8/15/32 5,000 5,246,550 Hidalgo Cnty Hlth Svcs (Mission Hosp Inc Proj) Ser 05 5.00%, 8/15/14 80 82,821 5.00%, 8/15/15 185 190,554 5.00%, 8/15/19 60 60,695 Lower Colorado Riv Auth AMBAC Ser 03 5.25%, 5/15/25 1,800 1,957,212 Lower Colorado Riv Auth MBIA Ser 02 5.00%, 5/15/31 1,500 1,557,585 Matagorda Cnty Rev (Centerpoint Energy Houston Electric LLC) Ser 04 5.60%, 3/01/27 1,000 1,053,420 Richardson Hosp Auth Rev (Richardson Med Ctr) Ser 04 6.00%, 12/01/19 915 1,007,708 5.875%, 12/01/24 1,155 1,225,478 Seguin Ed Fac Rev (Texas Lutheran Univ) Ser 04 5.25%, 9/01/28 1,000 1,007,440 -------------- 16,991,773 -------------- Utah - 2.1% Davis Cnty Sales Tax Rev AMBAC Ser 03B 5.25%, 10/01/23 1,005 1,104,555 Salt Lake City Wtr Rev AMBAC Ser 04 5.00%, 7/01/23 1,500 1,604,475 -------------- 2,709,030 -------------- Principal Amount (000) Value -------------------------------------------------------------------------------- Washington - 1.2% Seattle Hsg Auth Rev MFHR (Wisteria Ct Proj) GNMA Ser 03 5.20%, 10/20/28 $ 1,475 $ 1,532,643 -------------- Wisconsin - 4.0% Wisconsin General Obligation Ser 03 5.00%, 11/01/26 3,700 3,793,536 Wisconsin Hlth & Edl Fac Auth Rev (Bell Tower Residence Proj) Ser 05 LOC-Allied Irish Bank PLC 5.00%, 7/01/20 1,300 1,352,416 -------------- 5,145,952 -------------- Total Investments - 167.9% (cost $205,233,113) 216,187,918 Other assets less liabilities - 2.0% 2,559,809 Preferred Stock, at redemption value - (69.9)% (90,000,000) -------------- Net Assets Applicable to Common Shareholders - 100%(d) $ 128,747,727 -------------- INTEREST RATE SWAP TRANSACTIONS Rate Type --------------------------- Notional Payments Payments Swap Amount Termination made by received by Unrealized Counter Party (000) Date the Fund the Fund Appreciation ------------- -------- ----------- ---------- --------------- ------------ BMA* Municipal J.P. Morgan $ 5,000 7/8/2005 1.257% Swap Index(TM) $ 18,574 * BMA (Bond Market Association) (a) Private Placement. (b) Inverse Floater Security - Security with variable interest rate that moves in the opposite direction of short-term interest rates. (c) Initial yield is presented. Interest rate after 12/01/07 will be 5.00%. (d) Portfolio percentages are calculated based on net assets applicable to common shareholders. Glossary of Terms: ACA - American Capital Access (Financial Guaranty Corporation) AGC - American Guaranty Corporation AMBAC - American Municipal Bond Assurance Corporation AMT - Alternative Minimum Tax FGIC - Financial Guaranty Insurance Company FNMA - Federal National Mortgage Association FHA - Federal Housing Administration FSA - Financial Security Assurance, Inc. GNMA - Government National Mortgage Association LOC - Letter of Credit MBIA - Municipal Bond Investors Assurance Corporation MFHR - Multi-Family Housing Revenue RADIAN - Radian Group, Inc. SFMR - Single Family Mortgage Revenue XLCA - XL Capital Assurance, Inc. ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. (b) There were no significant changes in the registrant's internal controls that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 3 EXHIBITS. The following exhibits are attached to this Form N-Q: EXHIBIT NO. DESCRIPTION OF EXHIBIT 11(a)(1) Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 11(a)(2) Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant): ACM Municipal Securities Income Fund, Inc. By: /s/ Marc O. Mayer ----------------- Marc O. Mayer President Date: March 31, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Marc O. Mayer ----------------- Marc O. Mayer President Date: March 31, 2005 By: /s/ Mark D. Gersten ------------------- Mark D. Gersten Treasurer and Chief Financial Officer Date: March 31, 2005