EXHIBIT (a)(5)(i)

This announcement is not an offer to purchase or a solicitation of an offer to
sell Shares (as defined below). The Offer (as defined below) is made only by the
Offer to Purchase dated April 2, 2001 and the related Letter of Transmittal and
is not being made to (nor will tenders be accepted from or on behalf of) holders
of Shares in any jurisdiction in which making or accepting the Offer would
violate that jurisdiction's laws. In any jurisdiction where the securities, blue
sky or other laws require the Offer to be made by a licensed broker or dealer,
the Offer shall be deemed to be made on behalf of the Fund (as defined below) by
one or more registered brokers or dealers licensed under that jurisdiction's
laws.

                      ACM MANAGED DOLLAR INCOME FUND, INC.

                          1345 Avenue of the Americas
                            New York, New York 10105

             Notice of Offer to Purchase for Cash 1,110,972 of Its
   Issued and Outstanding Shares of Common Stock at Net Asset Value Per Share

                     THE OFFER WILL EXPIRE AT 12:00 MIDNIGHT
          EASTERN TIME ON APRIL 27, 2001, UNLESS THE OFFER IS EXTENDED.

  ACM Managed Dollar Income Fund, Inc., a Maryland corporation (the "Fund"), is
offering to purchase for cash, upon the terms and subject to the conditions set
forth in the Offer to Purchase dated April 2, 2001 and the related Letter of
Transmittal (which, together with any amendments or supplements thereto,
collectively constitute the "Offer") 1,110,972 of its issued and outstanding
shares of Common Stock, par value $0.01 per share ("Shares") at a price equal to
the net asset value ("NAV") per Share determined as of the close of the regular
trading session of the New York Stock Exchange (the "NYSE") on April 30, 2001,
or, if the Offer is extended by the Board of Directors of the Fund, on the date
after the date to which the Offer is extended.  The Offer will expire at 12:00.
Midnight Eastern Time on April 27, 2001, unless extended.  An extension would be
communicated by issuance of a press release or other public announcement. The
NAV as of the close of the regular trading session of the NYSE on March 29, 2001
was $7.30 per Share and the closing sale price per Share was $7.76.  The purpose
of the Offer is to fulfill an undertaking made by the Fund in connection with
the initial public offering of Shares.  The Offer is not conditioned upon
stockholders tendering in the aggregate any minimum number of Shares.

  If more than 1,110,972 Shares are duly tendered prior to the expiration of the
Offer, including any extension (and not timely withdrawn), unless the Fund
determines not to purchase any Shares, the Fund will purchase 1,110,972 Shares
on a pro rata basis (disregarding fractions) in accordance with the number of
Shares tendered by or on behalf of each stockholder during the period the Offer
is open (and not timely withdrawn). The Fund does not contemplate extending the
Offer and increasing the number of Shares covered thereby by reason of more than
1,110,972 Shares having been tendered. The acceptance of tendered Shares for
payment and purchase will be by action of the Fund's Board of Directors with
notice thereof to the Depositary. The Fund will deposit the aggregate purchase
price with the Depositary, which will make payment to stockholders in accordance
with the Offer. For taxable stockholders, the sale of Shares pursuant to the
Offer will be a taxable transaction for federal income tax purposes and may also
be a taxable transaction under applicable state, local and foreign tax laws.

  Stockholders may tender Shares registered in their names only by completing a
Letter of Transmittal and submitting it and any other documents required by the
Letter of Transmittal in proper form to the Depositary at the appropriate
address set forth in the Offer before the Offer expires, including any
extension. Stockholders whose Shares are held by a broker, dealer, commercial
bank, trust company or other nominee (e.g., in "street name") can only tender
their Shares by directing that firm to properly complete, compile and deliver
the necessary documents on a timely basis to the Depositary. Shares tendered
pursuant to the Offer may be withdrawn by written or facsimile notice received
by the Depositary at the appropriate address at any time prior to 5:00 p.m.
Eastern Time on May 1, 2001 (or, if the Offer is extended, prior to that time on
the second day on which the NYSE is open for trading after the new expiration
date), and, if Shares tendered have not been accepted for payment by the Fund,
the Shares may also be withdrawn at any time after May 25, 2001. The notice is
to specify the name of the stockholder who tendered the Shares, the number of
Shares being withdrawn (which must be all of the Shares tendered) and, as
regards Share certificates which represent tendered Shares that have been
delivered or otherwise identified to the Depositary, the name of the registered
owner(s) of such Shares if different than the person who tendered the Shares.

  The information required to be disclosed by paragraph (d)(1) of Rule 13e-4
under the Securities Exchange Act of 1934, as amended, is contained in the Offer
to Purchase and is incorporated herein by reference.

  THE OFFER TO PURCHASE AND THE RELATED LETTER OF TRANSMITTAL CONTAIN IMPORTANT
INFORMATION THAT SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH
RESPECT TO THE OFFER.

  Each stockholder tendering Shares is required to submit a check in the amount
of $25.00 payable to EquiServe Trust Company, N.A. which will help defray the
costs associated with effecting the Offer.

  Requests for copies of the Offer to Purchase, the related Letter of
Transmittal and any other tender offer documents should be directed to the
Distribution Agent at the Distribution Agent's address or telephone number below
between the hours of 9:00 a.m. and 5:00 p.m. Eastern Time, Monday through Friday
(except holidays). Copies of these documents will be furnished promptly to
stockholders upon request at no expense to them. Stockholders who do not own
Shares directly may also obtain such documents from the broker, dealer,
commercial bank, trust company or other nominee that holds their Shares.
Questions and requests for assistance and for current NAV quotations may be
directed to the Depositary at the Depositary's address and telephone number
below, also between the hours of 9:00 a.m. and 5:00 p.m. Eastern Time, Monday
through Friday (except holidays).


        Distribution Agent:                               Depositary:
CORPORATE INVESTOR COMMUNICATIONS, INC.          EQUISERVE TRUST COMPANY, N.A.
        Distribution Center                          Attn: Corporate Actions
        111 Commerce Road                                P.O. Box 43025
  Carlstadt, New Jersey 07072-2586                 Providence, RI 02940-3025
  Telephone Number: (800) 346-7885             Telephone Number: (800) 426-5523

April 2, 2001