ACM Managed Dollar Income Fund, Inc.

 

 

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: 811-07964

 

 

ACM MANAGED DOLLAR 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)

Joseph J. Mantineo

AllianceBernstein 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: September 30, 2009

Date of reporting period: December 31, 2008

 

 

 

ITEM 1. SCHEDULE OF INVESTMENTS.

 

2

ACM Managed Dollar Income Fund

Portfolio of Investments

December 31, 2008 (unaudited)

 

     Principal
Amount
(000)		    U.S. $ Value

CORPORATES - NON-INVESTMENT GRADES - 35.8%

      

Industrial - 28.1%

      

Basic - 2.5%

      

Abitibi-Consolidated Co. of Canada

      

6.00%, 6/20/13

    US$ 5    $ 400

Arch Western Finance LLC

      

6.75%, 7/01/13

      165      143,550

Bowater Canada Finance Corp.

      

7.95%, 11/15/11

      355      37,275

Domtar Corp.

      

5.375%, 12/01/13

      330      204,600

Evraz Group SA

      

8.25%, 11/10/15 (a)

      665      325,850

8.875%, 4/24/13 (a)

      115      59,800

Georgia-Pacific Corp.

      

7.00%, 1/15/15 (a)

      250      212,500

Hexion US Finance Corp./Hexion Nova Scotia Finance ULC

      

6.649%, 11/15/14 (b)

      115      31,050

9.75%, 11/15/14

      115      32,775

Huntsman International LLC

      

7.875%, 11/15/14

      165      88,275

Ineos Group Holdings PLC

      

8.50%, 2/15/16 (a)

      385      34,650

Jefferson Smurfit Corp. US

      

8.25%, 10/01/12

      8      1,360

LyondellBasell Industries AF SCA

      

8.375%, 8/15/15 (a)

      369      9,225

Momentive Performance Materials, Inc.

      

10.125%, 12/01/14 (c)

      84      26,148

NewMarket Corp.

      

7.125%, 12/15/16

      80      60,000

NewPage Corp.

      

10.00%, 5/01/12

      285      125,400

Novelis, Inc.

      

7.25%, 2/15/15

      250      145,000

Peabody Energy Corp.

      

Series B

      

6.875%, 3/15/13

      415      393,213

Steel Capital SA for OAO Severstal

      

9.25%, 4/19/14 (a)

      224      112,000

9.75%, 7/29/13 (a)

      696      368,880

Vedanta Resources PLC

      

8.75%, 1/15/14 (a)

      559      335,400
         
        2,747,351
         

Capital Goods - 3.4%

      

Alion Science and Technology Corp.

      

10.25%, 2/01/15

    40    18,050

AMH Holdings, Inc

      

11.25%, 3/01/14 (d)

    235    130,425

Ball Corp.

      

6.875%, 12/15/12

    450    445,500

Berry Plastics Holding Corp.

      

8.875%, 9/15/14

    155    67,425

Bombardier, Inc.

      

6.30%, 5/01/14 (a)

    505    415,363

8.00%, 11/15/14 (a)

    350    308,000

Case Corp.

      

7.25%, 1/15/16

    370    257,150

Case New Holland, Inc.

      

7.125%, 3/01/14

    270    191,700

Crown Americas

      

7.625%, 11/15/13

    450    445,500

L-3 Communications Corp.

      

5.875%, 1/15/15

    420    378,000

Owens Brockway Glass Container, Inc.

      

6.75%, 12/01/14

    330    303,600

Owens Corning, Inc.

      

6.50%, 12/01/16 (b)

    140    101,389

7.00%, 12/01/36

    185    121,312

Plastipak Holdings, Inc.

      

8.50%, 12/15/15 (a)

    135    90,450

Sequa Corp.

      

11.75%, 12/01/15 (a)

    80    30,400

Terex Corp.

      

8.00%, 11/15/17

    65    55,250

United Rentals North America, Inc.

      

6.50%, 2/15/12

    5    3,950

7.75%, 11/15/13

    538    349,700
       
      3,713,164
       

Communications - Media - 4.0%

      

Allbritton Communications Co.

      

7.75%, 12/15/12

    275    135,094

AMC Entertainment, Inc.

      

11.00%, 2/01/16

    70    48,913

Cablevision Systems Corp.

      

Series B

      

8.00%, 4/15/12

    290    258,100

CanWest MediaWorks, Inc.

      

8.00%, 9/15/12

    2    880

CCH I LLC

      

11.00%, 10/01/15

    225    39,375

Charter Communications Operations LLC

      

8.00%, 4/30/12 (a)

    990    811,800

Clear Channel Communications, Inc.

      

5.50%, 9/15/14

    545    65,400

5.75%, 1/15/13

    290    42,050

CSC Holdings, Inc.

      

6.75%, 4/15/12

    325    297,375

7.625%, 7/15/18

    485    378,300

Dex Media West LLC

      

Series B

      

8.50%, 8/15/10

    180    108,900

DirecTV Holdings LLC

      

6.375%, 6/15/15

    605    558,113

Idearc, Inc.

      

8.00%, 11/15/16

    770    57,750

Intelsat Bermuda Ltd.

      

11.25%, 6/15/16

    577    525,070

Lamar Media Corp.

      

6.625%, 8/15/15

    200    144,500

LIN Television Corp.

      

6.50%, 5/15/13

    120    57,300

Nielsen Finance LLC / Nielsen Finance Co.

      

12.50%, 8/01/16 (d)

    75    27,187

Quebecor Media, Inc.

      

7.75%, 3/15/16

    570    384,750

RH Donnelley Corp.

      

Series A-2

      

6.875%, 1/15/13

    252    34,020

Series A-3

      

8.875%, 1/15/16

    235    35,250

Series A-4

      

8.875%, 10/15/17

    780    117,000

Sinclair Television Group, Inc.

      

8.00%, 3/15/12

    2    1,505

Sirius Satellite Radio, Inc.

      

9.625%, 8/01/13

    190    35,387

Six Flags Operations, Inc.

      

12.25%, 7/15/16 (a)

    37    14,430

Univision Communications, Inc.

      

7.85%, 7/15/11

    270    141,750

WMG Holdings Corp.

      

9.50%, 12/15/14 (d)

    400    148,000
       
      4,468,199
       

Communications - Telecommunications - 2.9%

      

Alltel Corp.

      

7.875%, 7/01/32

    285    277,875

American Tower Corp.

      

7.00%, 10/15/17 (a)

    100    89,000

Cricket Communications, Inc.

      

9.375%, 11/01/14

    260    234,000

Digicel Ltd.

      

9.25%, 9/01/12 (a)

    349    296,650

Fairpoint Communications, Inc.

      

13.125%, 4/01/18 (a)

    180    86,400

Frontier Communications Corp.

      

6.25%, 1/15/13

    490    416,500

Inmarsat Finance PLC

      

7.625%, 6/30/12

    372    324,105

Level 3 Financing, Inc.

      

8.75%, 2/15/17

    105    53,025

9.25%, 11/01/14

    265    153,700

Nextel Communications, Inc.

      

Series D

      

7.375%, 8/01/15

    260    109,200

Sprint Capital Corp.

      

6.875%, 11/15/28

    345    205,275

8.75%, 3/15/32

    145    97,875

Sprint Nextel Corp.

      

6.00%, 12/01/16

    400    282,000

Time Warner Telecom Holdings, Inc.

      

9.25%, 2/15/14

    100    82,000

Vip Finance (Vimpelcom)

      

8.375%, 4/30/13 (a)

    220    143,000

Windstream Corp.

      

8.125%, 8/01/13

    198    182,160

8.625%, 8/01/16

    231    204,435
       
      3,237,200
       

Consumer Cyclical - Automotive - 2.6%

      

Allison Transmission, Inc.

      

11.00%, 11/01/15 (a)

    75    36,750

Ford Motor Co.

      

7.45%, 7/16/31

    816    228,480

Ford Motor Credit Co.

      

7.00%, 10/01/13

    443    306,081

7.569%, 1/13/12 (b)

    630    409,500

Gallery Capital SA

      

10.125%, 5/15/13 (a)

    249    62,250

General Motors Corp.

      

8.25%, 7/15/23

    740    122,100

8.375%, 7/15/33

    720    126,000

GMAC LLC

      

6.75%, 12/01/14 (a)

    125    85,877

6.875%, 9/15/11 (a)

    484    396,854

8.00%, 11/01/31 (a)

    159    94,508

The Goodyear Tire & Rubber Co.

      

8.625%, 12/01/11

    59    48,970

9.00%, 7/01/15

    338    272,090

Keystone Automotive Operations, Inc.

      

9.75%, 11/01/13

    310    117,800

Lear Corp.

      

Series B

      

5.75%, 8/01/14

    210    77,700

8.50%, 12/01/13

    80    24,800

8.75%, 12/01/16

    420    121,800

TRW Automotive, Inc.

      

7.25%, 3/15/17 (a)

    580    295,800

Visteon Corp.

      

7.00%, 3/10/14

    385    57,750
       
      2,885,110
       

Consumer Cyclical - Other - 2.9%

      

Boyd Gaming Corp.

      

7.75%, 12/15/12

    155    139,500

Broder Brothers Co.

      

Series B

      

11.25%, 10/15/10

    142    36,920

Gaylord Entertainment Co.

      

6.75%, 11/15/14

    5    3,100

8.00%, 11/15/13

    350    241,500

Greektown Holdings LLC

      

10.75%, 12/01/13 (a)(e)

    240    56,400

Harrah’s Operating Co., Inc.

      

5.625%, 6/01/15

    205    34,850

5.75%, 10/01/17

    38    5,890

6.50%, 6/01/16

    442    68,510

10.75%, 2/01/16 (a)

    417    118,845

Host Hotels & Resorts LP

      

6.875%, 11/01/14

    185    142,450

Series Q

      

6.75%, 6/01/16

    590    430,700

Levi Strauss & Co.

      

8.875%, 4/01/16

    225    153,000

MGM Mirage

      

6.625%, 7/15/15

    480    292,800

8.375%, 2/01/11

    135    80,325

Mohegan Tribal Gaming Auth

      

6.375%, 7/15/09

    155    145,700

7.125%, 8/15/14

    250    126,250

Penn National Gaming, Inc.

      

6.875%, 12/01/11

    280    259,000

Six Flags, Inc.

      

9.625%, 6/01/14

    92    13,800

Station Casinos, Inc.

      

6.00%, 4/01/12

    6    1,190

6.625%, 3/15/18

    390    22,425

Trump Entertainment Resorts, Inc.

      

8.50%, 6/01/15 (e)

    210    27,825

Turning Stone Resort Casino Enterprise

      

9.125%, 12/15/10 (a)

    300    252,000

Universal City Development Partners

      

11.75%, 4/01/10

    225    145,125

Universal City Florida Holding Co.

      

8.375%, 5/01/10

    110    50,050

William Lyon Homes, Inc.

      

10.75%, 4/01/13

    206    51,500

Wynn Las Vegas Capital Corp.

      

6.625%, 12/01/14

    470    354,850
       
      3,254,505
       

Consumer Cyclical - Restaurants - 0.0%

      

OSI Restaurant Partners, Inc.

      

10.00%, 6/15/15

    100    18,000
       

Consumer Cyclical - Retailers - 0.8%

      

Autonation, Inc.

      

6.753%, 4/15/13 (b)

    55    37,675

Burlington Coat Factory Warehouse Corp.

      

11.125%, 4/15/14

    130    39,000

Couche-Tard US/Finance

      

7.50%, 12/15/13

    333    263,070

Dollar General Corp.

      

10.625%, 7/15/15

    70    66,850

GSC Holdings Corp.

      

8.00%, 10/01/12

    185    172,050

Limited Brands, Inc.

      

5.25%, 11/01/14

    187    107,875

6.90%, 7/15/17

    110    66,749

Michaels Stores, Inc.

      

10.00%, 11/01/14

    135    61,425

11.375%, 11/01/16

    105    34,125

Rite Aid Corp.

      

6.875%, 8/15/13

    200    57,000
       
      905,819
       

Consumer Non-Cyclical - 3.5%

      

Aramark Corp.

      

8.50%, 2/01/15

    310    280,550

Bausch & Lomb, Inc.

      

9.875%, 11/01/15 (a)

    65    48,750

Biomet, Inc.

      

11.625%, 10/15/17

    125    106,875

Catalent Pharma Solutions, Inc.

      

9.50%, 4/15/15

    120    45,600

Community Health Systems, Inc.

      

8.875%, 7/15/15

    294    270,480

DaVita, Inc.

      

7.25%, 3/15/15

    250    237,500

Dean Foods Co.

      

7.00%, 6/01/16

    125    106,250

Elan Finance PLC/Elan Finance Corp.

      

7.75%, 11/15/11

    590    348,100

Hanger Orthopedic Group, Inc.

      

10.25%, 6/01/14

    190    170,050

HCA, Inc.

      

6.25%, 2/15/13

    5    3,125

6.375%, 1/15/15

    415    253,150

6.50%, 2/15/16

    290    178,350

6.75%, 7/15/13

    10    6,300

7.875%, 2/01/11

    415    365,200

9.625%, 11/15/16 (c)

    485    378,300

Healthsouth Corp.

      

10.75%, 6/15/16

    50    45,875

IASIS Healthcare Corp.

      

8.75%, 6/15/14

    345    267,375

New Albertsons, Inc.

      

7.45%, 8/01/29

    255    150,450

Select Medical Corp.

      

7.625%, 2/01/15

    165    87,450

Stater Brothers Holdings

      

8.125%, 6/15/12

    165    149,325

Tenet Healthcare Corp.

      

7.375%, 2/01/13

    215    153,187

Viant Holdings, Inc.

      

10.12%, 7/15/17 (a)

    168    55,440

Visant Corp.

      

7.625%, 10/01/12

    210    172,200
       
      3,879,882
       

Energy - 2.0%

      

Chesapeake Energy Corp.

      

6.50%, 8/15/17

    405    309,825

7.50%, 9/15/13

    185    159,100

CIE Generale De Geophysique

      

7.50%, 5/15/15

    145    89,900

7.75%, 5/15/17

    25    14,500

Complete Production Services, Inc.

      

8.00%, 12/15/16

    145    91,350

Energy XXI Gulf Coast, Inc.

      

10.00%, 6/15/13

    115    50,600

Forest Oil Corp.

      

7.25%, 6/15/19

    225    164,250

Hilcorp Energy I LP/Hilcorp Finance Co.

      

7.75%, 11/01/15 (a)

    115    81,075

Newfield Exploration Co.

      

7.125%, 5/15/18

    160    126,400

PetroHawk Energy Corp.

      

9.125%, 7/15/13

    217    175,770

Pioneer Natural Resources Co.

      

5.875%, 7/15/16

    160    111,007

Plains Exploration & Production Co.

      

7.75%, 6/15/15

    160    120,800

Pride International, Inc.

      

7.375%, 7/15/14

    95    88,350

Range Resources Corp.

      

7.50%, 5/15/16

    265    229,887

Southwestern Energy Co.

      

7.50%, 2/01/18 (a)

    95    83,125

Tesoro Corp.

      

6.25%, 11/01/12

    400    276,000
       
      2,171,939
       

Other Industrial - 0.4%

      

Noble Group Ltd.

      

6.625%, 3/17/15 (a)

    401    222,587

8.50%, 5/30/13 (a)

    170    117,300

RBS Global, Inc. and Rexnord Corp.

      

9.50%, 8/01/14

    135    100,575
       
      440,462
       

Services - 0.3%

      

Expedia, Inc.

      

8.50%, 7/01/16 (a)

    75    55,875

Realogy Corp.

      

10.50%, 4/15/14

    275    47,437

Service Corp. International

      

6.75%, 4/01/16

    165    125,400

Travelport LLC

      

9.875%, 9/01/14

    60    22,500

West Corp.

      

9.50%, 10/15/14

    80    44,000
       
      295,212
       

Technology - 2.2%

      

Amkor Technology, Inc.

      

9.25%, 6/01/16

    295    171,100

Avago Technologies Finance

      

10.125%, 12/01/13

    230    175,087

CA, Inc.

      

4.75%, 12/01/09

    200    192,000

First Data Corp.

      

9.875%, 9/24/15

    143    86,515

Flextronics International Ltd.

      

6.50%, 5/15/13

    435    343,650

Freescale Semiconductor, Inc.

      

8.875%, 12/15/14

    580    255,200

10.125%, 12/15/16

    285    116,850

Iron Mountain, Inc.

      

6.625%, 1/01/16

    410    333,125

Nortel Networks Ltd.

      

10.125%, 7/15/13

    235    62,275

NXP BV / NXP Funding LLC

      

7.503%, 10/15/13 (b)

    170    56,525

9.50%, 10/15/15

    180    34,200

Seagate Technology HDD Holding

      

6.375%, 10/01/11

    298    205,620

Serena Software, Inc.

      

10.375%, 3/15/16

    270    137,025

Sungard Data Systems, Inc.

      

9.125%, 8/15/13

    270    233,550
       
      2,402,722
       

Transportation - Airlines - 0.3%

      

AMR Corp.

      

9.00%, 8/01/12

    242    123,723

Continental Airlines, Inc.

      

8.75%, 12/01/11

    260    152,750

Series RJO3

      

7.875%, 7/02/18

    75    41,763
       
      318,236
       

Transportation - Railroads - 0.1%

      

Trinity Industries, Inc.

      

6.50%, 3/15/14

    160    134,000
       

Transportation - Services - 0.2%

      

Avis Budget Car Rental

      

7.75%, 5/15/16

    255    73,950

Hertz Corp.

      

8.875%, 1/01/14

    305    187,575
       
      261,525
       
      31,133,326
       

Utility - 4.3%

      

Electric - 3.7%

      

The AES Corp.

      

7.75%, 3/01/14

    630    554,400

8.00%, 10/15/17

    90    73,800

8.75%, 5/15/13 (a)

    50    48,000

CMS Energy Corp.

      

8.50%, 4/15/11

    215    211,733

Dynegy Holdings, Inc.

      

7.75%, 6/01/19

    320    220,800

8.375%, 5/01/16

    425    301,750

Edison Mission Energy

      

7.00%, 5/15/17

    200    174,000

7.50%, 6/15/13

    500    457,500

7.75%, 6/15/16

    170    151,300

Energy Future Holdings Corp.

      

10.875%, 11/01/17 (a)

    175    124,250

Mirant Americas Generation LLC

      

8.50%, 10/01/21

    300    228,000

NRG Energy, Inc.

      

7.25%, 2/01/14

    85    79,475

7.375%, 2/01/16 - 1/15/17

    925    855,800

Reliant Energy, Inc.

      

7.625%, 6/15/14

    185    153,550

7.875%, 6/15/17

    225    182,250

Texas Competitive Electric Holdings Co. LLC

      

10.25%, 11/01/15 (a)

    130    92,300

TXU Corp.

      

Series P

      

5.55%, 11/15/14

    251    117,274

Series Q

      

6.50%, 11/15/24

    379    134,086
       
      4,160,268
       

Natural Gas - 0.6%

      

El Paso Corp.

      

7.375%, 12/15/12

    330    284,998

Enterprise Products Operating LLC

      

8.375%, 8/01/66 (f)

    460    253,000

Kinder Morgan Finance Co.

      

5.70%, 1/05/16

    75    55,875

Regency Energy Partners

      

8.375%, 12/15/13

    98    67,130
       
      661,003
       
      4,821,271
       

Credit Default Index Holdings -1.8%

      

DJ CDX.NA.HY-100 - 1.8%

      

CDX North America High Yield

      

Series 8-T1

      

7.625%, 6/29/12 (a)

    1,078    1,009,278

Dow Jones CDX HY

      

Series 4-T1

      

8.25%, 6/29/10 (a)

    935    937,931
       
      1,947,209
       

Financial Institutions - 1.6%

      

Banking - 0.4%

      

ALB Finance BV

      

9.25%, 9/25/13 (a)

    273    106,470

CenterCredit International

      

8.625%, 1/30/14 (a)

    194    69,840

Kazkommerts International BV

      

8.50%, 4/16/13 (a)

    350    203,000

RS Finance (RSB)

      

7.50%, 10/07/10 (a)

    270    98,517
       
      477,827
       

Brokerage - 0.0%

      

E*Trade Financial Corp.

      

7.375%, 9/15/13

    85    30,600
       

Finance - 0.5%

      

Chaoda Modern Agriculture Holdings Ltd.

      

7.75%, 2/08/10 (a)

    519    392,354

Residential Capital LLC

      

9.625%, 5/15/15 (a)

    572    165,880
       
      558,234
       

Insurance - 0.2%

      

Crum & Forster Holdings Corp.

      

7.75%, 5/01/17

    220    155,100

Liberty Mutual Group, Inc.

      

7.80%, 3/15/37 (a)

    95    42,631
       
      197,731
       

Other Finance - 0.3%

      

Trains HY-1-2006

      

7.117%, 5/01/16 (a)(f)

    375    292,026
       

REITS - 0.2%

      

American Real Estate Partners Sr Nt

      

7.125%, 2/15/13

    315    217,350
       
      1,773,768
       

Total Corporates - Non-Investment Grades

(cost $61,753,119)

       39,675,574
       

EMERGING MARKETS - SOVEREIGNS - 27.1%

      

Argentina - 0.3%

      

Republic of Argentina

      

8.28%, 12/31/33

    1,090    351,426
       

Colombia - 2.1%

      

Republic of Colombia

      

7.375%, 1/27/17 - 9/18/37 (g)

    1,011    1,013,165

11.75%, 2/25/20 (b)

    1,028    1,377,520
       
      2,390,685
       

Costa Rica - 0.2%

      

Republic of Costa Rica

      

8.11%, 2/01/12 (a)

    188    185,573
       

Dominican Republic - 0.2%

      

Dominican Republic

      

8.625%, 4/20/27 (a)

    370    192,400
       

El Salvador - 0.6%

      

Republic of El Salvador

      

7.625%, 9/21/34 (a)

    150    84,915

7.65%, 6/15/35 (a)

    355    225,425

8.50%, 7/25/11 (a)

    400    386,000
       
      696,340
       

Indonesia - 3.3%

      

Republic of Indonesia

      

6.625%, 2/17/37 (a)

    520    379,600

6.75%, 3/10/14 (a)

    945    831,600

6.875%, 3/09/17 - 1/17/18 (a)

    835    680,130

7.25%, 4/20/15 (a)

    976    858,880

7.50%, 1/15/16 (a)

    270    237,600

7.75%, 1/17/38 (a)

    387    317,340

8.50%, 10/12/35 (a)

    390    331,500
       
      3,636,650
       

Jamaica - 0.3%

      

Government of Jamaica

      

9.25%, 10/17/25

    100    72,000

10.625%, 6/20/17

    270    237,600
       
      309,600
       

Pakistan - 0.1%

      

Republic of Pakistan

      

6.875%, 6/01/17 (a)

    338    125,060
       

Panama - 3.4%

      

Republic of Panama

      

6.70%, 1/26/36

    3    2,700

7.125%, 1/29/26

    927    873,698

7.25%, 3/15/15

    1,321    1,347,420

8.875%, 9/30/27

    724    785,540

9.375%, 4/01/29

    661    733,710
       
      3,743,068
       

Philippines - 4.8%

      

Republic of Philippines

      

7.50%, 9/25/24

    1,059    1,011,345

7.75%, 1/14/31

    555    560,550

8.875%, 3/17/15

    1,500    1,590,000

9.875%, 1/15/19 (g)

    1,718    1,924,160

10.625%, 3/16/25

    205    237,800
       
      5,323,855
       

Turkey - 7.3%

      

Republic of Turkey

      

6.875%, 3/17/36 (b)

    1,611    1,337,130

7.00%, 6/05/20

    1,950    1,886,625

7.375%, 2/05/25

    1,523    1,431,620

9.50%, 1/15/14

    151    163,835

11.00%, 1/14/13

    1,469    1,659,970

11.50%, 1/23/12

    1,447    1,635,110
       
      8,114,290
       

Ukraine - 0.1%

      

Government of Ukraine

      

6.385%, 6/26/12 (a)

    110    48,400

7.65%, 6/11/13 (a)

    112    49,280
       
      97,680
       

Uruguay - 1.4%

      

Republic of Uruguay

      

7.625%, 3/21/36

    140    116,200

7.875%, 1/15/33 (c)

    1,083    931,421

9.25%, 5/17/17

    505    515,100
       
      1,562,721
       

Venezuela - 3.0%

      

Republic of Venezuela

      

5.059%, 4/20/11 (a)(b)

    120    73,200

5.75%, 2/26/16 (a)

    2,115    872,083

6.00%, 12/09/20 (a)

    358    136,040

7.00%, 12/01/18 (a)

    610    245,135

7.65%, 4/21/25

    1,942    762,235

8.50%, 10/08/14

    1,165    565,025

9.25%, 5/07/28 (a)

    1,324    562,827

9.375%, 1/13/34

    318    146,280
       
      3,362,825
       

Total Emerging Markets - Sovereigns

(cost $35,724,200)

       30,092,173
       

GOVERNMENTS - SOVEREIGN BONDS - 20.5%

      

Sovereign - 20.5%

      

Brazil - 10.3%

      

Republic of Brazil

      

6.00%, 1/17/17

    471    486,308

7.125%, 1/20/37 (g)

    5,272    5,983,720

8.25%, 1/20/34

    1,949    2,382,652

8.75%, 2/04/25

    515    633,450

8.875%, 10/14/19

    1,544    1,883,680
       
      11,369,810
       

Malaysia - 0.5%

      

Malaysia

      

7.50%, 7/15/11

    541    579,911
       

Mexico - 3.1%

      

United Mexican States

      

Series A

      

8.00%, 9/24/22

    2,906    3,407,285
       

Peru - 2.7%

      

Republic of Peru

      

7.35%, 7/21/25

    1,310    1,303,450

8.375%, 5/03/16

    451    485,952

8.75%, 11/21/33

    1,049    1,174,880
       
      2,964,282
       

Russia - 3.9%

      

Russian Federation

      

7.50%, 3/31/30 (a)

    5,025    4,382,988
       

Total Governments - Sovereign Bonds

(cost $20,609,933)

       22,704,276
       

CORPORATES - INVESTMENT GRADES - 11.4%

      

Industrial - 7.0%

      

Basic - 1.5%

      

Freeport-McMoRan Copper & Gold, Inc.

      

8.375%, 4/01/17

    405    332,100

GTL Trade Finance, Inc.

      

7.25%, 10/20/17 (a)

    181    151,834

The Mosaic Co.

      

7.625%, 12/01/16 (a)(h)

    445    356,000

Southern Copper Corp.

      

7.50%, 7/27/35

    300    224,460

United States Steel Corp.

      

7.00%, 2/01/18

    160    109,046

Vale Overseas Ltd.

      

6.875%, 11/21/36

    404    366,711

Weyerhaeuser Co.

      

7.375%, 3/15/32 (b)

    125    81,156
       
      1,621,307
       

Capital Goods - 1.0%

      

Allied Waste North America, Inc.

      

6.375%, 4/15/11

    610    579,500

Series B

      

7.125%, 5/15/16

    440    400,400

DRS Technologies, Inc.

      

6.625%, 2/01/16

    6    5,950

Masco Corp.

      

6.125%, 10/03/16

    170    116,680
       
      1,102,530
       

Communications - Telecommunications - 1.3%

      

Embarq Corp.

      

6.738%, 6/01/13

    220    185,900

Qwest Corp.

      

8.875%, 3/15/12

    1,360    1,258,000
       
      1,443,900
       

Consumer Cyclical - Other - 0.3%

     

Starwood Hotels & Resorts Worldwide, Inc.

      

6.25%, 2/15/13

    180    124,200

Toll Brothers Finance Corp.

      

5.15%, 5/15/15

    249    178,891
       
      303,091
       

Consumer Cyclical - Retailers - 0.1%

     

Macy’s Retail Holdings, Inc.

      

5.90%, 12/01/16

    175    106,244
       

Consumer Non-Cyclical - 0.9%

     

Cadbury Schweppes US Finance LLC

      

5.125%, 10/01/13 (a)

    180    168,983

Reynolds American, Inc.

      

7.25%, 6/01/12 - 6/01/13

    825    756,137

Ventas Realty LP/Ventas Capital Corp.

      

6.75%, 4/01/17

    157    119,320
       
      1,044,440
       

Energy - 1.5%

     

Gaz Capital SA

      

6.212%, 11/22/16 (a)

    100    64,973

6.51%, 3/07/22 (a)

    1,998    1,188,810

National Oilwell Varco, Inc.

      

Series B

      

6.125%, 8/15/15

    130    112,921

TNK-BP Finance SA

      

7.50%, 7/18/16 (a)

    575    299,000
       
      1,665,704
       

Other Industrial - 0.2%

     

Usiminas Commercial Ltd.

      

7.25%, 1/18/18 (a)

    209    183,920
       

Technology - 0.2%

     

Electronic Data Systems Corp.

      

Series B

      

6.00%, 8/01/13

    178    184,449

Motorola, Inc.

      

7.50%, 5/15/25

    170    93,141
       
      277,590
       
      7,748,726
       

Financial Institutions - 2.6%

      

Banking - 1.4%

      

ATF Bank

      

9.00%, 5/11/16 (a)

    402    233,160

The Bear Stearns Co., Inc.

      

5.55%, 1/22/17

    200    190,397

Capital One Financial Corp.

      

6.15%, 9/01/16

    80    56,296

6.75%, 9/15/17

    87    84,266

Countrywide Financial Corp.

      

6.25%, 5/15/16

    216    205,094

Series MTN

      

5.80%, 6/07/12

    47    45,808

Countrywide Home Loans, Inc.

      

Series MTNL

      

4.00%, 3/22/11

    3    2,856

Fifth Third Bancorp

      

6.25%, 5/01/13

    200    185,501

Merrill Lynch & Co., Inc.

      

5.70%, 5/02/17

    200    177,191

TransCapitalInvest Ltd. for OJSC AK Transneft

      

7.70%, 8/07/13 (a)

    534    394,085
       
      1,574,654
       

Finance - 0.9%

      

CIT Group, Inc.

      

Series MTN

      

5.125%, 9/30/14

    270    192,709

IIRSA Norte Finance Ltd.

      

8.75%, 5/30/24 (a)

    432    315,376

SLM Corp.

      

Series MTN

      

5.125%, 8/27/12

    130    97,286

Series MTNA

      

4.50%, 7/26/10

    130    112,823

VTB Capital SA

      

6.609%, 10/31/12 (a)

    410    297,250
       
      1,015,444
       

Insurance - 0.2%

      

Liberty Mutual Group, Inc.

      

5.75%, 3/15/14 (a)

    280    181,003
       

Other Finance - 0.1%

      

Aiful Corp.

      

6.00%, 12/12/11 (a)

    230    93,159
       
      2,864,260
       

Utility - 1.7%

      

Electric - 1.3%

      

Allegheny Energy Supply Co. LLC

      

7.80%, 3/15/11

    280    275,800

8.25%, 4/15/12 (a)

    345    339,825

Aquila, Inc.

      

11.875%, 7/01/12

    200    202,000

Oncor Electric Delivery Co.

      

5.95%, 9/01/13 (a)

    110    102,589

6.80%, 9/01/18 (a)

    120    115,079

Teco Finance, Inc.

      

6.572%, 11/01/17

    174    131,163

7.00%, 5/01/12

    251    229,741
       
      1,396,197
       

Natural Gas - 0.4%

      

Williams Co., Inc.

      

7.625%, 7/15/19

    570    445,313
       
      1,841,510
       

Non Corporate Sectors - 0.1%

      

Agencies - Not Government Guaranteed - 0.1%

      

TransCapitalInvest Ltd. for OJSC AK Transneft

      

5.67%, 3/05/14 (a)

    137    87,680

8.70%, 8/07/18 (a)(b)

    110    70,400
       
      158,080
       

Total Corporates - Investment Grades

(cost $15,824,800)

       12,612,576
       

QUASI-SOVEREIGNS - 2.6%

      

Kazakhstan - 0.5%

      

KazMunaiGaz Finance Sub BV

      

8.375%, 7/02/13 (a)

    710    553,800
       

Malaysia - 0.3%

      

Petronas Capital Ltd.

      

7.00%, 5/22/12 (a)

    364    377,126
       

Mexico - 0.2%

      

Pemex Project Funding Master Trust

      

5.75%, 3/01/18 (a)

    285    251,512
       

Russia - 1.2%

      

RSHB Capital SA for OJSC Russian Agricultural Bank

      

6.299%, 5/15/17 (a)

    270    153,900

7.125%, 1/14/14 (a)(b)

    1,065    713,550

7.75%, 5/29/18 (a)

    661    413,465
       
      1,280,915
       

Venezuela - 0.4%

      

Petroleos de Venezuela SA

      

5.25%, 4/12/17 (a)

    1,062    382,320
       

Total Quasi-Sovereigns

(cost $3,832,324)

       2,845,673
       

EMERGING MARKETS - CORPORATE BONDS - 0.7%

      

Financial Institutions - 0.3%

      

Banking - 0.3%

      

Alfa Bond Issuance PLC

      

8.625%, 12/09/15

      225    71,773

Banco BMG SA

      

9.15%, 1/15/16 (a)

      450    279,000
       
      350,773
       

Industrial - 0.2%

      

Consumer Cyclical - Other - 0.2%

      

Royal Caribbean Cruises Ltd.

      

8.00%, 5/15/10

      235    200,925
       

Utility - 0.2%

      

Electric - 0.2%

      

AES El Salvador Trust

      

6.75%, 2/01/16 (a)

      270    195,933
       

Total Emerging Markets - Corporate Bonds

(cost $1,182,598)

       747,631
       
     Shares     

NON-CONVERTIBLE - PREFERRED STOCKS - 0.2%

      

Financial Institutions - 0.2%

      

Finance - 0.0%

      

Preferred Blocker, Inc.

      

7.00% (a)

      173    34,523
       

REITS - 0.2%

      

Sovereign REIT

      

12.00% (a)

      185    153,550
       

Total Non-Convertible - Preferred Stocks

(cost $203,056)

       188,073
       
     Principal
Amount
(000)		     

EMERGING MARKETS - NON-INVESTMENT GRADES - 0.1%

      

Sovereign - 0.1%

      

Costa Rica - 0.1%

      

Republic of Costa Rica

      

8.05%, 1/31/13

      

(cost $191,082)

    US$ 181    179,965
       
     Shares     

PREFERRED STOCKS - 0.0%

      

Agencies - Government Sponsored - 0.0%

      

Federal National Mortgage Association

      

8.25% (f)

      

(cost $238,750)

      9,550    7,927
       

WARRANTS - 0.0%

      

Republic of Venezuela, expiring 4/15/20 (i)

(cost $0)

      7,140    0
       

SHORT-TERM INVESTMENTS - 6.6%

      

Investment Companies - 6.6%

      

AllianceBernstein Fixed-Income Shares, Inc. - Government STIF Portfolio (j)

      

(cost $7,315,220)

    7,315,220      7,315,220  

Total Investments - 105.0%

      

(cost $146,875,082)

         116,369,088  

Other assets less liabilities - (5.0)%

         (5,578,584 )
           

Net Assets - 100.0%

       $ 110,790,504  
           

Credit Default Swap Contracts on Corporate and Sovereign Issues

 

Reference Obligation

    Fixed Deal
(Pay)
Receive
Rate		     Maturity
Date		   

Counterparty

    Implied
Credit
Spread at
December 31,
2008 (b)		     Notional
Amount (c)
(000)		    Market
Value		     Upfront
Premiums
Paid
(Received)		    Unrealized
Appreciation/
(Depreciation)		  

Sale Contracts (a):

                     

Republic of the Philippines

10.625%, 3/16/25

    4.95 %   3/20/09   

Citigroup Global Markets, Inc.

    3.714 %   $ 510    $ 2,230     $ 0    $ 2,230  

Gazprom OAO

10.50%, 10/21/09

    1.04 %   10/20/10   

JPMorgan Chase Bank

    14.096 %     1,490      (238,822 )     0      (238,822 )

Petroleos de Venezuela

5.50%, 4/21/37

    6.62 %   5/20/09   

JPMorgan Chase Bank

    34.396 %     1,730      (157,256 )     0      (157,256 )

 

(a) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of the swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation.
(b) Implied credit spreads utilized in determining the market value of credit default swap agreements on corporate and sovereign issuers as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
(c) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of the swap agreement.

REVERSE REPURCHASE AGREEMENTS

 

Broker

    Interest Rate     Maturity    Amount

Barclays Bank

    1.45 %   12/31/09    $ 2,014,594

Barclays Bank

    1.50     12/31/09      951,993

JP Morgan Chase

    3.00     12/31/09      5,245,968
           
        $ 8,212,555
           

 

(a)      Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, the aggregate market value of these securities amounted to $28,832,949 or 26.0% of net assets.
(b)      Floating Rate Security. Stated interest rate was in effect at December 31, 2008.
(c)      Pay-In-Kind Payments (PIK).
(d)      Indicates a security that has a zero coupon that remains in effect until a predetermined date at which time the stated coupon rate becomes effective until final maturity.
(e)      Security is in default and is non-income producing.
(f)      Variable rate coupon, rate shown as of December 31, 2008.
(g)      Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements. The aggregate market value of these securities amounted to $8,839,325.
(h)      Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at December 31, 2008.
(i)      Non-income producing security.
(j)      Investment in affiliated money market mutual fund.

 

Glossary:       
OJSC   -      Open Joint Stock Company
REITs   -      Real Estate Investment Trusts

Country Breakdown *

December 31, 2008 (unaudited)

Summary

 

36.2%    United States
10.6%    Brazil
8.0%    Russia
7.0%    Turkey
4.6%    Philippines
3.2%    Venezuela
3.2%    Panama
3.1%    Mexico
3.1%    Indonesia
3.0%    Peru
2.1%    Colombia
1.3%    Uruguay
1.1%    Canada
7.2%    Other
6.3%    Short-Term Investments
    
100.0%    Total Investments
    

 

* All data are as of December 31, 2008. The Fund's country breakdown is expressed as a percentage of total investments and may vary over time. "Other" country weightings represent 1.1% or less in the following countries: Argentina, Bermuda, Cayman Islands, Costa Rica, Dominican Republic, El Salvador, France, Hong Kong, India, Ireland, Jamaica, Japan, Kazakhstan, Malaysia, Netherlands, Pakistan, Singapore, Ukraine and United Kingdom.

FINANCIAL ACCOUNTING STANDARDS NO. 157

December 31, 2008 (unaudited)

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective October 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

  •  

Level 1— quoted prices in active markets for identical investments

  •  

Level 2— other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  •  

Level 3— significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of December 31, 2008:

 

Level

    Investments in
Securities		      Other
Financial
Instruments*		  

Level 1

    $ 7,315,220      $ – 0 –

Level 2

      76,150,076        – 0 –

Level 3

      32,903,792        (393,848 )
                 

Total

    $     116,369,088      $     (393,848 )
                 

 

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation / depreciation on the instrument.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

     Investments In
Securities		      Other
Financial
Instruments		  

Balance as of 10/1/2008

    $ 11,053,011      $ (29,009 )

Accrued discounts /premiums

      (15,823 )      – 0 –

Realized gain (loss)

      (1,152,668 )      – 0 –*

Change in unrealized appreciation/depreciation

      (3,037,291 )      (364,839 )

Net purchases (sales)

      58,408        – 0 –

Net transfers in and/or out of Level 3

      25,998,155        – 0 –
                 

Balance as of 12/31,08

    $     32,903,792      $     (393,848 )
                 

Net change in unrealized appreciation/depreciation from Investments still held as of 12/31/2008

    $ (3,320,276 )    $ (364,839 )
                 

 

* The realized gain (loss) recognized during the period ended 12/31/2008 for other financial instruments was $0.

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-3(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 control over financial reporting 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

3 (a) (1)      Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
3 (a) (2)      Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

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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 Managed Dollar Income Fund, Inc.
By:  

/s/ Robert M. Keith

 

Robert M. Keith

President

Date:   February 20, 2009

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/ Robert M. Keith

  Robert M. Keith
  President
Date:   February 20, 2009
By:  

/s/ Joseph J. Mantineo

 

Joseph J. Mantineo

Treasurer and Chief Financial Officer

Date:   February 20, 2009

 

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