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: 811-08201
ALLIANCEBERNSTEIN GREATER CHINA ‘97 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: July 31, 2011
Date of reporting period: April 30, 2011
| ITEM 1. | SCHEDULE OF INVESTMENTS. |
AllianceBernstein Greater China ‘97 Fund
Portfolio of Investments
April 30, 2011 (unaudited)
| Company |
Shares | U.S. $ Value | ||||||
| COMMON STOCKS - 99.4% |
||||||||
| Financials - 37.1% |
||||||||
| Commercial Banks - 18.0% |
||||||||
| BOC Hong Kong Holdings Ltd. |
189,000 | $ | 594,128 | |||||
| China Construction Bank Corp.-Class H |
3,298,600 | 3,127,773 | ||||||
| Chinatrust Financial Holding Co., Ltd. |
1,032,000 | 948,142 | ||||||
| Chongqing Rural Commercial Bank (a) |
1,479,000 | 1,026,468 | ||||||
| Hang Seng Bank Ltd. |
34,500 | 540,127 | ||||||
| Industrial & Commercial Bank of China-Class H |
4,159,020 | 3,527,735 | ||||||
| Standard Chartered PLC |
43,231 | 1,192,420 | ||||||
| 10,956,793 | ||||||||
| Diversified Financial Services - 2.9% |
||||||||
| Fubon Financial Holding Co., Ltd. |
439,000 | 644,877 | ||||||
| Hong Kong Exchanges and Clearing Ltd. |
49,300 | 1,127,396 | ||||||
| 1,772,273 | ||||||||
| Insurance - 6.6% |
||||||||
| AIA Group Ltd. (a) |
524,600 | 1,775,976 | ||||||
| Cathay Financial Holding Co., Ltd. |
588,650 | 984,205 | ||||||
| China Life Insurance Co., Ltd.-Class H |
114,000 | 407,484 | ||||||
| Ping An Insurance Group Co.-Class H |
78,500 | 860,950 | ||||||
| 4,028,615 | ||||||||
| Real Estate Management & Development - 9.6% |
||||||||
| Cheung Kong Holdings Ltd. |
81,000 | 1,278,378 | ||||||
| Guangzhou R&F Properties Co., Ltd. |
522,800 | 711,985 | ||||||
| Longfor Properties Co., Ltd. |
747,000 | 1,197,293 | ||||||
| Sun Hung Kai Properties Ltd. |
91,000 | 1,429,988 | ||||||
| Wharf Holdings Ltd. |
168,000 | 1,237,171 | ||||||
| 5,854,815 | ||||||||
| 22,612,496 | ||||||||
| Information Technology - 21.1% |
||||||||
| Communications Equipment - 4.6% |
||||||||
| BYD Electronic International Co., Ltd. |
731,500 | 393,508 | ||||||
| HTC Corp. |
43,000 | 1,957,217 | ||||||
| Wistron NeWeb Corp. |
47,000 | 180,952 | ||||||
| ZTE Corp.-Class H |
74,960 | 270,134 | ||||||
| 2,801,811 | ||||||||
| Electronic Equipment, Instruments & Components - 7.4% |
||||||||
| Chroma ATE, Inc. |
423,764 | 1,399,493 | ||||||
| Delta Electronics, Inc. |
201,000 | 899,743 | ||||||
| Hon Hai Precision Industry Co., Ltd. |
220,262 | 836,450 | ||||||
| Kingboard Chemical Holdings Ltd. |
60,500 | 332,392 | ||||||
| Unimicron Technology Corp. |
652,000 | 1,075,565 | ||||||
| 4,543,643 | ||||||||
| Internet Software & Services - 2.1% |
||||||||
| Tencent Holdings Ltd. |
44,000 | 1,262,066 | ||||||
| Semiconductors & Semiconductor Equipment - 7.0% |
||||||||
| MediaTek, Inc. |
25,000 | 276,822 | ||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. |
1,193,714 | 3,087,525 | ||||||
| Company |
Shares | U.S. $ Value | ||||||
| Trina Solar Ltd. (Sponsored ADR) (a) |
31,000 | $ | 883,190 | |||||
| 4,247,537 | ||||||||
| 12,855,057 | ||||||||
| Consumer Discretionary - 11.8% |
||||||||
| Hotels, Restaurants & Leisure - 2.1% |
||||||||
| Ajisen China Holdings Ltd. |
426,000 | 851,136 | ||||||
| Sands China Ltd. (a) |
162,400 | 456,325 | ||||||
| 1,307,461 | ||||||||
| Media - 2.5% |
||||||||
| Focus Media Holding Ltd. (ADR) (a) |
42,700 | 1,500,905 | ||||||
| Multiline Retail - 2.2% |
||||||||
| Springland International Holdings Ltd. (a) |
1,482,000 | 1,312,881 | ||||||
| Specialty Retail - 5.0% |
||||||||
| Belle International Holdings Ltd. |
382,000 | 749,643 | ||||||
| L’Occitane International SA (a) |
301,750 | 724,979 | ||||||
| Man Wah Holdings Ltd. |
380,000 | 471,147 | ||||||
| Zhongsheng Group Holdings Ltd. (a) |
588,500 | 1,112,433 | ||||||
| 3,058,202 | ||||||||
| 7,179,449 | ||||||||
| Materials - 7.2% |
||||||||
| Chemicals - 2.3% |
||||||||
| Formosa Chemicals & Fibre Corp. |
158,000 | 638,932 | ||||||
| Formosa Plastics Corp. |
183,000 | 749,411 | ||||||
| 1,388,343 | ||||||||
| Construction Materials - 1.4% |
||||||||
| BBMG Corp. |
198,000 | 325,236 | ||||||
| China Resources Cement Holdings, Ltd. |
480,000 | 491,489 | ||||||
| 816,725 | ||||||||
| Metals & Mining - 3.5% |
||||||||
| China Metal Recycling Holdings Ltd. |
148,200 | 205,975 | ||||||
| China Steel Corp. |
503,000 | 622,880 | ||||||
| CITIC Dameng Holdings Ltd. (a) |
1,191,000 | 385,493 | ||||||
| Jiangxi Copper Co., Ltd.-Class H |
99,000 | 337,292 | ||||||
| Mongolian Mining Corp. (a) |
513,000 | 602,309 | ||||||
| 2,153,949 | ||||||||
| 4,359,017 | ||||||||
| Energy - 7.1% |
||||||||
| Oil, Gas & Consumable Fuels - 7.1% |
||||||||
| CNOOC Ltd. |
1,523,000 | 3,785,534 | ||||||
| PetroChina Co., Ltd.-Class H |
376,000 | 543,846 | ||||||
| 4,329,380 | ||||||||
| Industrials - 5.2% |
||||||||
| Airlines - 0.5% |
||||||||
| Eva Airways Corp. (a) |
317,000 | 292,277 | ||||||
| Company |
Shares | U.S. $ Value | ||||||
| Construction & Engineering - 0.6% |
||||||||
| China Communications Construction Co., Ltd. |
382,000 | $ | 353,809 | |||||
| Machinery - 1.4% |
||||||||
| China Rongsheng Heavy Industry Group Co., Ltd. |
1,028,000 | 866,678 | ||||||
| Marine - 2.2% |
||||||||
| China Shipping Container Lines Co., Ltd.-Class H (a) |
2,147,000 | 856,630 | ||||||
| SITC International Holdings Co., Ltd. |
937,000 | 510,648 | ||||||
| 1,367,278 | ||||||||
| Transportation Infrastructure - 0.5% |
||||||||
| China Merchants Holdings International Co., Ltd. |
62,000 | 287,879 | ||||||
| 3,167,921 | ||||||||
| Consumer Staples - 5.0% |
||||||||
| Food & Staples Retailing - 0.6% |
||||||||
| President Chain Store Corp. |
70,000 | 384,279 | ||||||
| Food Products - 4.4% |
||||||||
| Besunyen Holdings Co. |
1,413,000 | 477,934 | ||||||
| China Mengniu Dairy Co., Ltd. |
279,000 | 861,687 | ||||||
| China Yurun Food Group Ltd. |
361,000 | 1,328,720 | ||||||
| 2,668,341 | ||||||||
| 3,052,620 | ||||||||
| Telecommunication Services - 2.5% |
||||||||
| Wireless Telecommunication Services - 2.5% |
||||||||
| China Mobile Ltd. |
165,500 | 1,524,481 | ||||||
| Health Care - 1.3% |
||||||||
| Pharmaceuticals - 1.3% |
||||||||
| China Shineway Pharmaceutical Group Ltd. |
187,000 | 453,536 | ||||||
| Sihuan Pharmaceutical Holdings Group Ltd. (a) |
570,000 | 363,367 | ||||||
| 816,903 | ||||||||
| Utilities - 1.1% |
||||||||
| Independent Power Producers & Energy Traders - 1.1% |
||||||||
| China Longyuan Power Group Corp. |
624,000 | 642,203 | ||||||
| Total Common Stocks |
60,539,527 | |||||||
| WARRANTS - 0.0% |
||||||||
| Information Technology - 0.0% |
||||||||
| Kingboard Chemical Holdings Ltd., expiring 10/31/12 (a) |
7,200 | 6,026 | ||||||
| U.S. $ Value | ||||
| Total Investments - 99.4% |
$ | 60,545,553 | ||
| Other assets less liabilities - 0.6% |
375,169 | |||
| Net Assets - 100.0% |
$ | 60,920,722 | ||
| (a) | Non-income producing security. |
| (b) | As of April 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $18,187,355 and gross unrealized depreciation of investments was $(914,168), resulting in net unrealized appreciation of $17,273,187. |
Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.
Glossary:
| ADR | - | American Depositary Receipt |
Portfolio Summary
April 30, 2011 (unaudited)
COUNTRY BREAKDOWN*
| 53.8 % | China | |||
| 24.7 % | Taiwan | |||
| 17.3 % | Hong Kong | |||
| 2.0 % | United Kingdom | |||
| 1.2 % | Luxembourg | |||
| 1.0 % | Mongolia | |||
| 100.0 % | Total Investments | |||
| * | All data are as of April 30, 2011. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. |
AllianceBernstein Greater China ‘97
April 30, 2011 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, 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. The U.S GAAP disclosure requirements establish 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 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 April 30, 2011:
| Investments in Securities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks: |
||||||||||||||||
| Financials |
$ | 1,026,468 | $ | 21,586,028 | $ | –0– | $ | 22,612,496 | ||||||||
| Information Technology |
883,190 | 11,971,867 | –0– | 12,855,057 | ||||||||||||
| Consumer Discretionary |
2,813,786 | 4,365,663 | –0– | 7,179,449 | ||||||||||||
| Materials |
–0– | 4,359,017 | –0– | 4,359,017 | ||||||||||||
| Energy |
–0– | 4,329,380 | –0– | 4,329,380 | ||||||||||||
| Industrials |
–0– | 3,167,921 | –0– | 3,167,921 | ||||||||||||
| Consumer Staples |
–0– | 3,052,620 | –0– | 3,052,620 | ||||||||||||
| Telecommunication Services |
–0– | 1,524,481 | –0– | 1,524,481 | ||||||||||||
| Health Care |
–0– | 816,903 | –0– | 816,903 | ||||||||||||
| Utilities |
–0– | 642,203 | –0– | 642,203 | ||||||||||||
| Warrants |
6,026 | –0– | –0– | 6,026 | ||||||||||||
| Total Investments in Securities |
4,729,470 | 55,816,083 | † | –0– | 60,545,553 | |||||||||||
| Other Financial Instruments* |
–0– | –0– | –0– | –0– | ||||||||||||
| Total |
$ | 4,729,470 | $ | 55,816,083 | $ | –0– | $ | 60,545,553 | ||||||||
| * | Other financial instruments are derivative instruments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
| † | The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred between the close of the foreign markets and the time at which the Fund values its securities which may materially affect the value of securities trading in such markets. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Fund’s investments are categorized as Level 2 investments. |
| 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 changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| 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 | |
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): AllianceBernstein Greater China ‘97 Fund, Inc.
| By: | /s/ Robert M. Keith | |
| Robert M. Keith President | ||
Date: June 21, 2011
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: June 21, 2011
| By: | /s/ Joseph J. Mantineo | |
| Joseph J. Mantineo Treasurer and Chief Financial Officer | ||
Date: June 21, 2011
Exhibit 3 (a) (1)
CERTIFICATIONS
I, Robert M. Keith, certify that:
1. I have reviewed this report on Form N-Q of AllianceBernstein Greater China ‘97 Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| /s/ Robert M. Keith |
| Robert M. Keith President |
Date: June 21, 2011
Exhibit 3 (a) (2)
CERTIFICATIONS
I, Joseph J. Mantineo, certify that:
1. I have reviewed this report on Form N-Q of AllianceBernstein Greater China ‘97 Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| /s/ Joseph J. Mantineo |
| Joseph J. Mantineo Treasurer and Chief Financial Officer |
Date: June 21, 2011