N-Q 1 dnq.htm ALLIANCEBERNSTEIN EMERGING MARKET DEBT FUND, INC. AllianceBernstein Emerging Market Debt 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: 811-08188

 

 

 

 

 

 

 

ALLIANCEBERNSTEIN EMERGING MARKET DEBT 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: October 31, 2007

 

Date of reporting period: July 31, 2007

ITEM 1. SCHEDULE OF INVESTMENTS.

AllianceBernstein Emerging Market Debt

Fund

Portfolio of Investments

July 31, 2007 (unaudited)

 

          Principal
Amount
(000)		    U.S. $ Value

SOVEREIGNS - 89.0%

        

Argentina - 4.7%

        

Republic of Argentina

         

5.389%, 8/03/12 (a)(b)

    US$    10,268    $ 9,356,497

8.28%, 12/31/33 (c)

       9,602      8,161,945

Series V

         

7.00%, 3/28/11 (a)

       1,120      1,065,338
            
           18,583,780
            

Brazil - 18.5%

        

Republic of Brazil

         

6.00%, 1/17/17 (a)

       17,356      16,748,540

7.125%, 1/20/37 (a)

       13,001      13,696,554

8.00%, 1/15/18 (a)

       3,173      3,436,359

8.25%, 1/20/34 (a)

       10,247      12,219,547

8.875%, 10/14/19 - 4/15/24 (a)

       5,280      6,337,725

11.00%, 8/17/40 (a)

       1,917      2,475,805

12.50%, 1/05/16 - 1/05/22 (a)

    BRL    27,889      17,475,165
            
           72,389,695
            

Bulgaria - 0.3%

        

Republic of Bulgaria

         

8.25%, 1/15/15 (a)(d)

    US$    1,124      1,295,410
            

Colombia - 3.3%

        

Republic of Colombia

         

7.375%, 9/18/37 (a)

       3,626      3,858,064

10.75%, 1/15/13 (a)

       795      957,180

11.75%, 2/25/20 (c)

       3,754      5,349,450

12.00%, 10/22/15 (a)

    COP    4,565,000      2,661,611
            
           12,826,305
            

Costa Rica - 0.5%

        

Republic of Costa Rica

         

Zero Coupon, 1/10/08 (a)

    US$    1,146      1,112,613

8.11%, 2/01/12 (a)(d)

       673      723,475
            
           1,836,088
            

Dominican Republic - 0.9%

        

Dominican Republic

         

Zero Coupon, 10/08/07 (a)

       488      492,005

8.625%, 4/20/27 (a)(d)

       1,223      1,360,588

Dominican Republic Stp

         

Zero Coupon, 5/12/08 (a)

       1,725    1,595,477
          
         3,448,070
          

Ecuador - 0.2%

        

Republic of Ecuador

         

10.00%, 8/15/30 (a)(d)(e)

       858    722,865
          

El Salvador - 1.0%

        

Republic of El Salvador

         

7.625%, 9/21/34 (a)(d)

       872    985,360

7.65%, 6/15/35 (a)(d)

       1,711    1,899,210

8.50%, 7/25/11 (a)(d)

       1,000    1,092,500
          
         3,977,070
          

Hungary - 0.8%

        

Hungary

         

6.50%, 8/12/09 (a)

    HUF    380,000    2,034,183

Republic of Hungary

         

Series 10/C

         

6.75%, 4/12/10 (a)

       180,080    967,086
          
         3,001,269
          

Indonesia - 3.3%

        

Deutsche Bank AG/London

         

11.00%, 10/15/14 (a)

    US$    540    532,186

Indonesia - Recap Linked Note

         

11.00%, 10/15/14 (a)

       1,003    1,078,626

12.90%, 6/15/22 (a)

       1,930    2,342,827

Republic of Indonesia

         

6.625%, 2/17/37 (a)(d)

       1,810    1,661,675

6.75%, 3/10/14 (a)(d)

       1,835    1,846,288

6.875%, 3/09/17 (a)(d)

       2,307    2,312,767

7.50%, 1/15/16 (a)(d)

       1,000    1,057,500

8.50%, 10/12/35 (a)(d)

       1,645    1,898,850
          
         12,730,719
          

Jamaica - 0.3%

        

Government of Jamaica

         

9.25%, 10/17/25 (a)

       324    353,970

10.625%, 6/20/17 (a)

       835    974,862
          
         1,328,832
          

Lebanon - 1.1%

        

Lebanese Republic

         

7.875%, 5/20/11 (a)(d)

       875    831,250

10.125%, 8/06/08 (a)(d)

       3,048    3,086,100

11.625%, 5/11/16 (a)(d)

       394    447,190
          
         4,364,540
          

Malaysia - 1.7%

        

Malaysia

         

7.50%, 7/15/11 (a)

       6,338    6,754,115
          

Mexico - 10.2%

         

Mexican Bonos

         

Series M

         

9.00%, 12/22/11 (a)

    MXN    70,293    6,714,872

Series M 20

         

10.00%, 12/05/24 (a)

       33,478    3,711,106

Series MI10

         

9.00%, 12/20/12 (a)

       19,297    1,854,776

United Mexican States

         

5.625%, 1/15/17 (a)

    US$    1,500    1,464,750

7.50%, 1/14/12 (a)

       1,950    2,086,500

8.125%, 12/30/19 (a)

       2,495    2,944,100

11.375%, 9/15/16 (a)

       2,901    3,978,722

Series A

         

6.375%, 1/16/13 (a)

       7,582    7,832,206

6.75%, 9/27/34 (a)

       1,450    1,522,500

8.00%, 9/24/22 (a)

       6,712    7,970,500
          
         40,080,032
          

Morocco - 0.1%

        

Kingdom of Morocco Loan Participation

         

6.219%, 1/01/09 (a)(b)

       211    210,000
          

Pakistan - 0.3%

        

Republic of Pakistan

         

6.875%, 6/01/17 (a)(d)

       1,227    1,073,625
          

Panama - 4.8%

        

Republic of Panama

         

6.70%, 1/26/36 (a)

       1,317    1,303,830

7.125%, 1/29/26 (a)

       3,560    3,720,200

7.25%, 3/15/15 (a)

       1,733    1,810,985

8.875%, 9/30/27 (a)

       2,709    3,311,753

9.375%, 7/23/12 - 4/01/29 (a)

       6,915    8,626,320
          
         18,773,088
          

Peru - 4.7%

        

Peru Bono Soberano

         

6.90%, 8/12/37 (a)

    PEN    3,145    994,846

8.20%, 8/12/26 (a)

       8,270    3,038,221

Series 7

         

8.60%, 8/12/17 (a)

       11,995    4,422,504

Republic of Peru

         

7.35%, 7/21/25 (a)

    US$    4,589    5,024,955

8.375%, 5/03/16 (a)

       1,176    1,346,520

8.75%, 11/21/33 (a)

       2,738    3,463,570

9.875%, 2/06/15 (a)

       32    39,200
          
         18,329,816
          

Philippines - 5.1%

        

Republic of Philippines

         

7.50%, 9/25/24 (a)

       1,600    1,652,000

7.75%, 1/14/31 (a)

       1,724    1,827,440

8.875%, 3/17/15 (a)

       1,248    1,382,160

9.50%, 10/21/24 (a)

       1,080    1,366,200

9.50%, 2/02/30 (c)

       2,408    3,018,910

9.875%, 1/15/19 (c)

       1,850    2,264,400

10.625%, 3/16/25 (a)

       6,239    8,385,216
          
         19,896,326
          

 

Russia - 11.0%

         

Russian Federation

         

7.50%, 3/31/30 (a)(d)

       24,319    26,629,494

11.00%, 7/24/18 (a)(d)

       1,615    2,231,123

Russian Ministry of Finance

         

Series V

         

3.00%, 5/14/08 (a)

       12,299    12,053,020

Series VII

         

3.00%, 5/14/11 (a)

       2,220    2,006,436
          
         42,920,073
          

South Africa - 0.5%

        

Republic of South Africa

         

5.875%, 5/30/22 (a)

       1,002    956,910

7.375%, 4/25/12 (a)

       1,075    1,142,187
          
         2,099,097
          

Turkey - 9.3%

        

Republic of Turkey

         

6.875%, 3/17/36 (a)

       7,016    6,524,880

7.00%, 6/05/20 (a)

       5,700    5,607,375

7.375%, 2/05/25 (a)

       10,649    10,822,046

9.50%, 1/15/14 (a)

       641    729,939

11.00%, 1/14/13 (a)

       816    970,224

Turkey Government Bond

         

Zero Coupon, 11/26/08 - 2/04/09(a)

    TRY    18,910    11,685,537
          
         36,340,001
          

Ukraine - 0.7%

        

Government of Ukraine

         

6.58%, 11/21/16 (a)(d)

    US$    1,368    1,361,160

7.65%, 6/11/13 (a)(d)

       1,411    1,460,385
          
         2,821,545
          

Uruguay - 2.1%

        

Republic of Uruguay

         

7.625%, 3/21/36 (a)

       550    585,200

7.875%, 1/15/33 (a)(f)

       1,377    1,497,956

8.00%, 11/18/22 (a)

       1,757    1,906,345

9.25%, 5/17/17 (a)

       3,523    4,121,910
          
         8,111,411
          

Venezuela - 3.6%

        

Republic of Venezuela

         

5.75%, 2/26/16 (a)

       1,796    1,517,197

6.00%, 12/09/20 (a)

       2,097    1,693,328

7.00%, 12/01/18 (a)(c)(d)

       4,294    3,864,600

7.65%, 4/21/25 (a)

       3,898    3,547,180

8.50%, 10/08/14 (a)

       473    478,912

9.25%, 9/15/27 (a)

       346    361,570

13.625%, 8/15/18 (a)

       2,075    2,822,000
          
         14,284,787
          

Total Sovereigns
(cost $332,262,124)

          348,198,559
          

CORPORATES - 10.9%

         

Argentina - 0.2%

        

Argentina Bonos

         

10.50%, 6/12/12 (a)

    ARS    3,101    867,406
          

Brazil - 0.6%

        

Banco BMG SA

         

9.15%, 1/15/16 (a)(d)

    US$    1,300    1,371,500

Vale Overseas Ltd.

         

6.875%, 11/21/36 (a)

       1,115    1,084,616
          
         2,456,116
          

China - 0.4%

        

Chaoda Modern Agriculture

         

7.75%, 2/08/10 (a)(d)

       1,523    1,439,235
          

El Salvador - 0.3%

        

MMG Fiduciary (AES El Salvador)

         

6.75%, 2/01/16 (a)(d)

       1,200    1,184,520
          

Hong Kong - 0.4%

        

Noble Group Ltd.

         

6.625%, 3/17/15 (a)(d)

       1,768    1,626,877
          

Indonesia - 0.0%

        

Majapahit Holding BV

         

7.875%, 6/29/37 (a)(d)

       200    183,500
          

Jamaica - 0.4%

        

Digicel Ltd.

         

9.25%, 9/01/12 (a)(d)

       1,344    1,357,440
          

Kazakhstan - 0.8%

        

ALB Finance BV

         

9.25%, 9/25/13 (a)(d)

       1,136    1,061,785

Kazkommerts International BV

         

8.50%, 4/16/13 (a)(d)

       1,150    1,138,500

Tengizchevroil Finance Co.

         

6.124%, 11/15/14 (a)(d)

       1,037    1,011,075
          
         3,211,360
          

Malaysia - 0.6%

        

Petronas Capital Ltd.

         

7.00%, 5/22/12 (a)(d)

       2,322    2,457,117
          

Mexico - 0.2%

        

Monterrey Power SA de CV

         

9.625%, 11/15/09 (a)(d)

       587    623,669
          

Peru - 0.6%

        

IIRSA Norte Finance Ltd.

         

8.75%, 5/30/24 (a)(d)

       836    969,405

Southern Copper Corp.

         

7.50%, 7/27/35 (a)

       1,140    1,179,558
          
         2,148,963
          

Russia - 6.3%

         

Alfa Bond Issuance PLC

         

8.625%, 12/09/15 (a)

       900    902,250

Citigroup (JSC Severstal)

         

9.25%, 4/19/14 (a)(d)

       810    872,775

Evraz Group SA

         

8.25%, 11/10/15 (a)(d)

       1,674    1,669,815

Gallery Capital SA

         

10.125%, 5/15/13 (a)(d)

       960    916,825

Gazprom

         

6.212%, 11/22/16 (a)(d)

       1,374    1,303,651

6.51%, 3/07/22 (a)(d)

       2,280    2,180,364

Gazprom OAO

         

9.625%, 3/01/13 (a)(d)

       6,130    6,949,029

Gazprombank

         

6.50%, 9/23/15 (a)

       750    713,285

Gazstream SA

         

5.625%, 7/22/13 (a)(d)

       585    573,190

JPMorgan Chase

         

7.00%, 6/28/17 (a)(d)

    RUB    14,000    544,345

Mobile Telesystems Finance

         

9.75%, 1/30/08 (a)(d)

    US$    1,500    1,513,375

Red Arrow Intl Leasing PLC

         

8.375%, 3/31/12 (a)

    RUB    41,334    1,669,268

Russia Agriculture Bank Rshb C

         

6.299%, 5/15/17 (a)(d)

    US$    1,060    1,003,078

Russian Standard Finance

         

7.50%, 10/07/10 (a)(d)

       1,273    1,183,890

TNK-BP Finance SA

         

7.50%, 7/18/16 (a)(d)

       2,308    2,321,328

Tyumen Oil Co.

         

11.00%, 11/06/07 (a)(d)

       280    282,660
          
         24,599,128
          

South Korea - 0.1%

        

C&M Finance Ltd.

         

8.10%, 2/01/16 (a)(d)

       530    532,014
          

Total Corporates
(cost $43,248,577)

          42,687,345
          

INFLATION-LINKED SECURITIES - 1.1%

        

Cayman Islands - 0.4%

        

Unibanco Grand Cayman

         

8.70%, 2/11/10 (a)(d)

    BRL    3,100    1,665,470
          

Uruguay - 0.7%

        

Uruguay Government International Bond

         

3.70%, 6/26/37 (a)

    UYU    37,642    1,413,957

4.25%, 4/05/27 (a)

       5,647    239,357

5.00%, 9/14/18 (a)

       25,807    1,193,332
          
         2,846,646
          

Total Inflation-Linked Securities
(cost $4,298,109)

          4,512,116
          

          Shares       

EQUITIES - WARRANTS - 0.2%

        

Central Bank of Nigeria, expiring 11/15/20 (a)(g)

       2,500      637,500  
              

Republic of Venezuela, expiring 4/15/20 (a)(g)

       48,195      0  
              

Total Equities - Warrants
(cost $0)

            637,500  
              
          Principal
Amount
(000)		       

REGIONALS - 0.1%

        

Colombia - 0.1%

        

Bogota Distrio Capital

         

9.75%, 7/26/28 (a)(d)
(cost $537,923)

    COP    1,033,000      528,066  
              

SHORT-TERM INVESTMENTS - 0.9%

        

Time Deposit - 0.9%

        

The Bank of New York

         

4.25%, 8/01/07

    US$    860      860,000  

Societe Generale

         

5.29%, 8/01/07

       2,500      2,500,000  
              

Total Short-Term Investments
(cost $3,360,000)

            3,360,000  
              

Total Investments - 102.2%
(cost $383,706,733)

            399,923,586  

Other assets less liabilities - (2.2)%

            (8,721,848 )
              

Net Assets - 100.0%

          $ 391,201,738  
              

CREDIT DEFAULT SWAP CONTRACTS

 

Swap Counterparty &

Referenced Obligation

    Notional
Amount
(000)		    Interest
Rate		     Termination
Date		    Unrealized
Appreciation/
(Depreciation)

Buy Contracts:

           

Lehman Brothers (Republic of Venzuela 9.25% 9/15/27)

    $ 3,820    1.26 %   4/20/10    $ 141,191

Sale Contracts:

           

Citigroup Global Markets, Inc. (Federal Republic of Brazil 12.25% 3/6/30)

      7,110    3.09     8/20/10      555,317

Citigroup Global Markets, Inc. (Republic of Philippines 10.625% 3/16/25)

      1,410    4.95     3/20/09      93,829

Swap Counterparty &

Referenced Obligation

    Notional
Amount
(000)		    Interest
Rate		     Termination
Date		    Unrealized
Appreciation/
(Depreciation)		  

Sale Contracts:

           

JPMorgan Chase (Gazprom OAO 10.50% 10/21/09)

    $ 4,560    1.04 %   10/20/10    $ 44,411  

Lehman Brothers (Republic of Venzuela 9.25% 9/15/27)

      3,820    0.69     4/20/08      (22,816 )

Morgan Stanley (Federal Republic of Brazil 10.125% 5/15/27)

      2,000    17.75     2/13/08      353,234  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

     Contract
Amount
(000)		   

U.S. $

Value on
Origination
Date

    U.S. $ Value
at July 31,
2007		    Unrealized
Appreciation/
(Depreciation)		  

Buy Contracts:

            

Mexican Nuevo Peso settling 8/03/07

    29,206    $ 2,666,701    $ 2,659,081    $ (7,620 )

Mexican Nuevo Peso settling 8/03/07

    46,532      4,229,549      4,236,644      7,095  

Sale Contracts:

            

Mexican Nuevo Peso settling 8/03/07

    66,648      6,157,908      6,068,081      89,827  

Mexican Nuevo Peso settling 10/05/07

    79,093      7,267,543      7,174,243      93,300  

REVERSE REPURCHASE AGREEMENTS

 

Broker

    Interest
Rate		     Maturity    Amount

ABN Amro Securities

    4.85 %   12/31/07    $ 3,200,376

ABN Amro Securities

    5.05     12/31/07      3,526,908

ABN Amro Securities

    5.10     12/31/07      5,693,398

UBS AG London

    2.50     12/31/07      2,332,837

UBS AG London

    5.00     12/31/07      7,864,594
           
        $ 22,618,113
           

 

(a) Position, or a portion thereof, has been segregated to collateralize forward currency exchange contracts. The aggregate market value of these securities amounted to $372,620,447.

 

(b) Floating Rate Security. Stated interest rate was in effect at July 31, 2007.

 

(c) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements. The aggregate market value of these securities amounted to $22,700,461.

(d) 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 July 31, 2007, the aggregate market value of these securities amounted to $96,305,911 or 24.6% of net assets.

 

(e) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at July 31, 2007.

 

(f) Pay-In-Kind Payments (PIK).

 

(g) Non-income producing security.

Currency Abbreviations:

 

ARS

    -    Argentine Peso

BRL

    -    Brazilian Real

COP

    -    Colombian Peso

HUF

    -    Hungarian Forint

MXN

    -    Mexican Peso

PEN

    -    Peruvian New Sol

RUB

    -    Russia Ruble

TRY

    -    New Turkish Lira

UYU

    -    Uruguayan Peso

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 Emerging Market Debt Fund, Inc.
By:   /s/ Marc O. Mayer
  Marc O. Mayer
  President
Date:   September 24, 2007

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:   September 24, 2007
By:   /s/ Joseph J. Mantineo
  Joseph J. Mantineo
  Treasurer and Chief Financial Officer
Date:   September 24, 2007