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: 811-5207
ACM 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: December 31, 2005
Date of reporting period: March 31, 2005
ITEM 1. SCHEDULE OF INVESTMENTS.
PORTFOLIO OF INVESTMENTS
March 31, 2005 (Unaudited) ACM Income Fund
-------------------------------------------------------------------------------------------------
Principal
Amount
(000) U.S. $ Value
-------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND GOVERNMENT
SPONSORED AGENCY OBLIGATIONS-100.9%
U.S. Treasury Bonds-38.7%
6.25%, 5/15/30(a)(b) U.S.$ 62,230 $ 74,768,349
11.25%, 2/15/15(a) 160,000 245,037,343
12.00%, 8/15/13(b) 82,000 102,339,854
12.50%, 8/15/14(b) 70,300 93,490,775
13.25%, 5/15/14(a)(b) 150,000 201,410,100
----------------
717,046,421
----------------
U.S. Treasury Strips-14.6%
Zero coupon, 5/15/17(a) 260,000 145,958,280
Zero coupon, 11/15/21(a) 285,350 125,158,505
----------------
271,116,785
----------------
U.S. Treasury Notes-7.1%
2.375%, 8/15/06(b) 34,000 33,430,228
2.625%, 5/15/08(a)(b) 24,615 23,645,784
3.50%,11/15/09(a) 154 149,825
3.875%, 2/15/13(a) 3,030 2,924,777
4.00%, 11/15/12(a) 4,664 4,553,230
4.25%, 11/15/13-8/15/14(a) 4,895 4,826,134
4.375%, 8/15/12(a) 700 701,641
4.75%, 5/15/14(b) 58,900 60,004,375
4.875%, 2/15/12(a) 250 258,154
----------------
130,494,148
----------------
Federal National Mortgage Association-26.3%
4.00%, 1/25/27(a) 10,605 10,515,494
4.50%, 4/25/13 I/O(a) 16,995 1,672,988
4.526%, 2/01/35(c) 6,606 6,548,025
4.60%, 12/01/34 VRN(a) 35,883 35,983,536
4.60%, 4/1/35 VRN(c) 19,680 19,570,838
4.623%, 2/1/35 VRN(c) 11,830 11,773,274
5.00%, 9/25/23-10/25/30(a) 64,604 63,826,111
5.50%, TBA 64,415 64,495,519
5.50%, 6/25/31(a) 6,620 6,683,098
6.00%, 5/25/30(a) 8,143 8,245,385
6.50%, TBA 185,090 191,759,000
6.50%, 9/25/42-1/25/44(a) 10,326 10,728,394
7.00%, 11/01/17(a) 53,128 55,910,352
----------------
487,712,014
----------------
Federal Home Loan Mortgage Corporation-10.2%
4.47%, 4/01/35 VRN(c) 11,150 11,011,496
4.749%, 3/01/35 VRN(c) 14,915 14,852,077
5.00%, 1/15/17-7/15/26 I/O(a) 27,074 2,723,131
5.00%, 11/15/26-6/15/33(a) 131,375 129,568,323
5.50%, 7/15/17(a) 15,680 16,003,925
6.00%, 2/15/32(a) 9,890 10,217,656
6.50%, 3/15/28(a) 4,360 4,516,562
----------------
188,893,170
----------------
Resolution Funding Corp.-3.7%
Zero coupon, 10/15/20 150,000 68,456,550
----------------
Government National Mortgage Association-0.3%
7.00%, 12/15/26(a) 5,809 6,175,151
----------------
Total U.S. Government and Government
Sponsored Agency Obligations
(cost $1,825,766,299) 1,869,894,239
----------------
SOVEREIGN DEBT OBLIGATIONS-35.3%
Argentina-1.5%
Republic of Argentina
3.01%, 8/03/12 FRN(c) 17,728 14,962,432
8.00%, 2/26/08(c) EUR 500 161,065
11.375%, 3/15/10(d) U.S.$ 1,330 372,400
11.75%, 6/15/15(d) 3,675 1,130,063
12.00%, 6/19/31(d) 7,563 2,306,746
12.25%, 6/19/18(d) 13,182 3,954,536
14.00%, 2/26/08(c) EUR 300 89,445
15.50%, 12/19/08(d) U.S.$ 12,737 4,934,100
----------------
27,910,787
----------------
PORTFOLIO OF INVESTMENTS
March 31, 2005 (Unaudited) ACM Income Fund
-------------------------------------------------------------------------------------------------
Principal
Amount
(000) U.S. $ Value
-------------------------------------------------------------------------------------------------
Brazil-7.5%
Brazilian Real Structured Note
Zero coupon, 9/20/07(e) BRL 120,551 $ 29,843,776
Zero coupon, 1/03/08(e) 59,180 14,024,831
Zero coupon, 1/05/09(e) 76,692 15,525,174
Zero coupon, 1/05/10(e) 180,614 31,732,944
Republic of Brazil
9.25%, 10/22/10(c) 1,480 1,554,000
10.50%, 7/14/14(c) U.S.$ 2,577 2,841,143
11.00%, 8/17/40(b) 16,710 18,573,165
12.00%, 4/15/10(c) 13,100 15,248,400
12.75%, 1/15/20(c) 2,380 2,927,400
14.50%, 10/15/09(c) 1,260 1,583,190
C-Bonds
8.00%, 4/15/14(c) 4,436 4,397,868
DCB FRN
3.125%, 4/15/12(c) 1,032 969,137
----------------
139,221,028
----------------
Bulgaria-0.0%
Republic of Bulgaria
8.25%, 1/15/15(e) 346 423,504
----------------
Canada-3.2%
Canadian Government
3.00%, 6/01/07(c) 66,064 54,295,138
5.00%, 6/01/14(c) 3,515 3,052,416
5.75%, 6/01/33(c) 1,570 1,504,849
----------------
58,852,403
----------------
Colombia-1.3%
Republic of Colombia
10.75%, 1/15/13(c) 1,239 1,384,583
11.75%, 3/01/10(c) COP 14,062,000 5,927,240
11.75%, 2/25/20(c) U.S.$ 13,780 16,398,200
----------------
23,710,023
----------------
Ecuador-2.9%
Republic of Ecuador
Zero coupon, 10/11/05(e) 6,438 6,246,083
8.00%, 8/15/30(e)(f) 52,409 47,037,078
----------------
53,283,161
----------------
El Salvador-0.0%
Republic of El Salvador
7.625%, 9/21/34(e) 527 532,270
----------------
Indonesia-0.6%
Republic of Indonesia
6.75%, 3/10/14(e) U.S.$ 965 956,556
14.00%, 6/17/09(e) IDR 4,000,000 468,484
14.275%, 12/15/13(e) U.S.$ 80,000,000 9,886,496
----------------
11,311,536
----------------
Jamaica-0.0%
Government of Jamaica
10.50%, 10/27/14(c) EUR 200 281,038
10.625%, 6/20/17(c) U.S.$ 59 61,950
12.75%, 9/01/07(e) 200 228,500
----------------
571,488
----------------
Japan-1.1%
Government of Japan
0.1%, 6/20/06(c) JPY 2,121,000 19,793,560
----------------
Lebanon-0.0%
Lebanese Republic
7.875%, 5/20/11(e) U.S.$ 270 263,250
10.125%, 8/06/08(c) 270 294,840
11.625%, 5/11/16(c) 120 132,420
----------------
690,510
----------------
Mexico-4.1%
Mexican Bonos
8.00%, 12/07/23(c) MXP 148,040 10,554,184
9.00%, 12/20/12(c) 265,666 21,926,256
9.50%, 3/08/07(c) 328,855 29,832,083
United Mexican States
6.375%, 1/16/13(c) U.S.$ 426 440,910
7.50%, 1/14/12(c) 775 855,600
8.00%, 9/24/22(c) 1,701 1,930,635
8.125%, 12/30/19(c) 4,025 4,612,650
9.875%, 2/01/10(c) 2,180 2,588,750
10.00%, 12/05/24(c) MXP 16,869 1,410,242
11.375%, 9/15/16(c) U.S.$ 1,201 1,717,430
----------------
75,868,740
----------------
PORTFOLIO OF INVESTMENTS
March 31, 2005 (Unaudited) ACM Income Fund
-------------------------------------------------------------------------------------------------
Principal
Amount
(000) U.S. $ Value
-------------------------------------------------------------------------------------------------
Panama-0.3%
Republic of Panama
2.75%, 7/17/14 VRN(c) U.S.$ 2,463 $ 2,352,050
8.875%, 9/30/27(c) 675 725,625
9.375%, 7/23/12-4/01/29(c) 904 1,020,637
9.625%, 2/08/11(c) 480 542,400
10.75%, 5/15/20(c) 730 938,050
----------------
5,578,762
----------------
Peru-0.4%
Republic of Peru
8.375%, 5/03/16(c) 3,753 3,921,885
8.750%, 11/21/33(c) 850 884,000
9.125%, 2/21/12(c) 1,892 2,133,230
9.875%, 2/06/15(c) 1,156 1,335,180
----------------
8,274,295
----------------
Philippines-0.9%
Republic of Philippines
9.00%, 2/15/13(c) 450 463,500
9.50%, 2/02/30(c) 7,648 7,447,240
9.875%, 1/15/19(c) 750 781,125
10.625%, 3/16/25(c) 6,912 7,395,840
----------------
16,087,705
----------------
Russia-5.7%
Russian Federation
5.00%, 3/31/30(e)(f) 103,580 103,766,198
Russian Ministry of Finance
3.00%, 5/14/08-5/14/11(c) 2,430 2,033,667
----------------
105,799,865
----------------
Turkey-4.5%
Republic of Turkey
7.375%, 2/05/25(c) 462 434,280
11.00%, 1/14/13(c) 1,860 2,253,390
11.50%, 1/23/12(c) 860 1,049,200
11.75%, 6/15/10(c) 475 576,650
11.875%, 1/15/30(c) 836 1,124,420
Turkish Lira Structured Notes
Zero coupon, 12/08/05(e) TRL 63,936,550,000 42,236,556
Zero coupon, 2/23/06(e) 55,243,366,523 35,154,610
----------------
82,829,106
----------------
Ukraine-0.4%
Government of Ukraine
6.875%, 3/04/11(e) U.S.$ 5,825 5,985,063
7.65%, 6/11/13(e) 1,066 1,143,285
11.00%, 3/15/07(e) 1,032 1,108,394
----------------
8,236,742
----------------
Uruguay-0.3%
Republic of Uruguay
7.25%, 2/15/11(c) 1,060 916,989
7.50%, 3/15/15(c) 4,360 3,989,400
7.875%, 1/15/33 PIK(c) 500 475,000
----------------
5,381,389
----------------
Venezuela-0.6%
Republic of Venezuela
3.6925%, 4/20/11 FRN(e) 420 372,750
5.375%, 8/07/10(e) 2,680 2,385,200
8.50%, 10/08/14(c) 99 97,268
9.25%, 9/15/27(c) 8,284 8,213,586
----------------
11,068,804
----------------
Total Sovereign Debt Obligations
(cost $593,530,494) 655,425,678
----------------
CORPORATE DEBT - HIGH YIELD OBLIGATIONS-7.1%
American Cellular Corp.
10.00%, 8/01/11(c) 5,000 4,600,000
Amkor Technologies Inc.
7.75%, 5/15/13(c) * 6,500 5,460,000
Amtrol Inc.
10.625%, 12/31/06(c) 625 550,000
Associated Materials Inc.
11.25%, 3/01/14(f) 12,545 8,718,775
Berry Plastics Corp.
10.75%, 7/15/12(c) 3,820 4,307,050
Calpine Corp.
8.50%, 7/15/10(e) 6,700 5,259,500
Charter Communications Holdings
10.75%, 10/01/09(c) 4,655 3,817,100
11.75%, 5/15/11(c)(g) * 10,000 6,900,000
Dex Media, Inc.
9.00%, 11/15/13(c)(g) 7,000 5,320,000
PORTFOLIO OF INVESTMENTS
March 31, 2005 (Unaudited) ACM Income Fund
-------------------------------------------------------------------------------------------------
Principal
Amount
(000) U.S. $ Value
-------------------------------------------------------------------------------------------------
Fairfax Financial Holdings Ltd. (Canada)
7.375%, 4/15/18(c) * U.S.$ 4,500 $ 4,005,000
8.30%, 4/15/26(c) * 5,000 4,550,000
Inmarsat Finance II Plc (United Kingdom)
10.375%, 11/15/12(c)(g) 7,475 5,269,875
Insight Communications Inc.
12.25%, 2/15/11(c)(g) * 7,000 6,965,000
Milacron Escrow Corp
11.50%, 5/15/11(c) 5,000 5,450,000
NCL Corp. LTD (Bermuda)
10.625%, 7/15/14(e) 4,845 5,008,519
Panamsat Holding Corp.
10.375%, 11/01/14(e)(g) 8,405 5,463,250
Paxson Communications Corp.
12.25%, 1/15/09(c)(g) 10,000 9,300,000
Pliant Corp.
13.00%, 6/01/10(c) * 7,625 6,443,125
Quality Distribution LLC
9.00%, 11/15/10(c) 1,775 1,739,500
Qwest Services Corp.
14.50%, 12/15/14(e) 11,907 14,377,702
Rainbow National Services LLC
10.375%, 9/01/14(e)* 2,500 2,793,750
Rural Cellular Corp.
9.75%, 1/15/10(c) * 10,000 9,150,000
Triton PCS Inc.
9.375%, 2/01/11(c) * 3,500 2,476,250
Williams Cos Inc. Series A
7.50%, 1/15/31(c) 4,025 4,226,250
----------------
Total Corporate Debt - High Yield Obligations
(cost $128,830,663) 132,150,646
----------------
CORPORATE DEBT - HIGH GRADE OBLIGATIONS-2.1%
Amerada Hess Corp.
7.125%, 3/15/33(c) 500 556,009
Barclays Bank (United Kingdom)
8.55%, 9/29/49(e) 638 753,842
Berkley W R Corp
6.15%, 8/15/19(c) 100 98,738
British Telecommunications PLC (United Kingdom)
7.125%, 2/15/11(c)(f) EUR 1,500 2,312,815
Capital One Bank
6.50%, 6/13/13(c) U.S.$ 1,200 1,288,578
Chuo Mitsui Trust and Banking Company
5.506%, 12/29/49(e) 1,000 956,169
Clear Channel Communications, Inc.
5.75%, 1/15/13(c) 220 216,518
Columbia/HCA HealthCare Corp.
6.25%, 2/15/13(c) 175 173,636
7.58%, 9/15/25(c) 630 640,745
7.69%, 6/15/25(c) 355 365,043
Comerica Bank
8.375%, 7/15/24 2,000 2,419,806
Continental Airlines, Inc.
6.703%, 12/15/22(c) 1,816 1,737,357
6.748%, 3/15/17(c) 62 50,429
7.033%, 6/15/11(c) 460 389,439
Dominion Resources Capital Trust III
8.40%, 1/15/31(c) 500 635,495
Duke Capital Corp.
5.50%, 3/01/14(c) 500 498,724
6.25%, 2/15/13(c) 1,500 1,582,865
Farmers Exchange Capital
7.05%, 7/15/28(e) 200 208,841
Farmers Insurance Exchange
8.625%, 5/01/24(e) 250 302,412
First Energy Corp.
7.375%, 11/15/31(c) 849 961,664
Ford Motor Co.
6.375%, 2/01/29(c) 473 389,101
7.45%, 7/16/31(c)* 653 590,694
Ford Motor Credit Co.
4.95%, 1/15/08(c) 152 145,780
7.00%, 10/1/13(c)* 3,000 2,906,145
General Motors Corp.
8.375%, 7/15/33(c)* 3,779 3,765,611
HSBC Bank USA
4.625%, 4/01/14(c) 1,000 965,369
International Lease Finance Corp.
3.50%, 4/01/09(c) 496 474,731
Ipalco Enterprises Inc.
8.375%, 11/14/08(c) 100 109,000
PORTFOLIO OF INVESTMENTS
March 31, 2005 (Unaudited) ACM Income Fund
-------------------------------------------------------------------------------------------------
Principal
Amount
(000) U.S. $ Value
-------------------------------------------------------------------------------------------------
J.P. Morgan Chase & Co.
5.125%, 9/15/14(c) U.S.$ 250 $ 246,045
6.625%, 3/15/12 1,400 1,530,623
Kerr-Mcgee Corporation
6.875%, 9/15/11(c) 1,360 1,454,434
Liberty Mutual Group Inc.
5.75%, 3/15/14(e) 170 167,084
Merrill Lynch & Co.
6.00%, 2/17/09(c) 100 104,602
Rogers Cable Inc. (Canada)
5.50%, 3/15/14(c) 360 330,300
Sprint Capital Corp.
8.75%, 3/15/32(c) 5,663 7,346,955
Time Warner Entertainment Co. LP
8.38%, 3/15/23(c) 145 177,665
Union Carbide Corp.
7.75%, 10/01/96(c) 1,785 1,785,893
WPP Finance Corp. (United Kingdom)
5.875%, 6/15/14(c) 180 186,116
Zurich Capital Trust
8.376%, 6/01/37(e) 261 284,647
----------------
Total Corporate Debt - High Grade Obligations
(cost $38,474,501) 39,109,920
----------------
NON - U.S. CORPORATE DEBT OBLIGATIONS-1.6%
Australia-0.0%
WMC Finance USA
5.125%, 5/15/13(c) 500 500,926
----------------
China-0.0%
Chaoda Modern Agriculture Limited
7.75%, 2/08/10(e) 150 137,250
----------------
Germany-0.8%
Aries Vermogensverwaltng
9.60%, 10/25/14(e) 11,750 14,137,600
----------------
Indonesia-0.0%
Freeport-McMoran Copper & Gold, Inc.
10.125%, 2/01/10(c) 500 555,000
----------------
Hong Kong-0.0%
Noble Group Ltd.
6.625%, 3/17/15(e) 360 334,457
----------------
Japan-0.1%
Mizuho Finance
5.79%, 4/15/14(e) 100 101,330
8.375%, 12/29/49(c) 2,295 2,479,137
----------------
2,580,467
----------------
Kazakhstan-0.1%
Hurricane Finance BV
9.625%, 2/12/10(e) 200 218,000
Kazkommerts International BV
8.50%, 4/16/13(e) 125 126,250
Tengizchevroil Fin Co
6.124%, 11/15/14(e) 2,172 2,150,280
----------------
2,494,530
----------------
Mexico-0.1%
Pemex Project
9.125%, 10/13/10(c) 500 577,500
Vitro Envases
10.75%, 7/23/11(e) 700 714,000
----------------
1,291,500
----------------
Romania-0.4%
Mobifon Holdings BV
12.50%, 7/31/10(c) 5,205 6,356,606
----------------
Russia-0.1%
Citigroup (JSC Severstal)
9.25%, 4/19/14(e) 230 235,957
Gazprom OAO
9.625%, 3/01/13(e) 370 422,453
Mobile Telesystems Finance S.A.
9.75%, 1/30/08(e) 1,185 1,262,025
Tyumen Oil Co.
11.00%, 11/06/07(e) 90 100,333
----------------
2,020,768
----------------
PORTFOLIO OF INVESTMENTS
March 31, 2005 (Unaudited) ACM Income Fund
-------------------------------------------------------------------------------------------------
Principal
Amount
(000) U.S. $ Value
-------------------------------------------------------------------------------------------------
Ukraine-0.0%
Kyivstar
10.375%, 8/17/09(e) U.S.$ 200 $ 220,000
----------------
Total Non-U.S. Corporate Debt Obligations
(cost $29,512,605) 30,629,104
----------------
Total Corporate Debt Obligations
(cost $196,817,769) 201,889,670
----------------
BANK LOANS-5.3%
Advanced Medical Optics, Inc.
4.84-4.97%, 6/26/09 1,161 1,178,400
Advertising Directory Solutions, Inc.
4.85%, 10/01/11 1,982 1,983,977
6.60%, 4/01/12 998 1,019,113
Alderwoods Group, Inc.
4.54-5.29625%, 9/17/09 1,349 1,367,986
Allegheny Energy Supply Company, LLC
4.81-5.95%, 2/28/11 810 820,276
Allied Waste North America, Inc.
5.00%, 1/15/12 2,000 2,012,948
AMR HoldCo, Inc.
5.27-5.50%, 2/02/12 1,000 1,000,000
American Safety Razor Company
5.64-5.88%, 8/28/12 1,500 1,526,250
Atrium Companies, Inc.
5.30-5.60%, 12/15/11 1,000 1,014,167
Boise Cascade Holdings, L.L.C.
5.125%, 10/26/11 898 913,958
Builders FirstSource, Inc.
5.41%, 7/11/11 1,000 1,015,000
Celanese Holdings LLC
0.75-5.625%, 4/06/11 2,993 3,053,364
Central Garden & Pet Company
4.52125-4.60%, 5/30/09 997 1,007,453
Cognis
7.2225%, 11/10/13 1,000 1,039,167
Coinstar, Inc.
4.59%, 7/01/11 829 843,835
Consolidated Communications, Inc.
5.32-5.35%, 9/18/11 993 1,000,783
DynCorp International LLC
6.0625%, 2/08/11 1,000 1,009,583
Fairpoint Communications, Inc.
4.9375-5.4375%, 2/08/12 1,000 1,013,250
Fender Musical Instruments Corporation
7.71%, 9/30/12 500 500,625
Freedom Communications, Inc.
4.59-4.60%, 4/04/12 3,000 3,048,750
General Growth Properties, Inc.
5.10%, 12/01/08 1,996 2,028,170
Graham Packaging Company, L.P.
7.3125%, 3/04/12 1,000 1,029,583
Healthsouth Corp
2.98875-5.52%, 3/02/11 1,000 1,007,813
Holmes Group, Inc.
6.06-6.0975%, 4/14/11 993 1,007,388
Huntsman International LLC
5.375%, 12/31/10 1,805 1,838,823
Jarden Corporation
5.0925%, 1/01/12 998 1,009,761
Key Automotive
5.64-5.89%, 6/01/10 922 933,801
Kranson Industries, Inc.
5.85%, 7/31/11 993 1,004,906
Maax, Inc.
5.31438-5.70%, 6/01/11 1,985 2,002,369
Maxim Crane Works, L.P.
5.625-5.8125%, 1/25/10 950 966,625
MGM Studios
5.35%, 4/30/11 2,985 2,983,134
PORTFOLIO OF INVESTMENTS
March 31, 2005 (Unaudited) ACM Income Fund
-------------------------------------------------------------------------------------------------
Principal
Amount
(000) U.S. $ Value
-------------------------------------------------------------------------------------------------
Midwest Generation, LLC
4.22-6.10%, 4/05/11 U.S.$ 907 $ 920,317
Motorsport Aftermarket Group, Inc.
6.35%, 12/30/11 1,494 1,501,658
Mueller Group, Inc.
5.52-5.8425%, 3/24/11 2,776 2,800,187
NewQuest, Inc.
7.75%, 3/01/11 1,000 1,010,000
Nextel Partners Operating Corp.
5.4375%, 5/18/11 4,000 4,056,668
Ntelos, Inc.
7.85%, 2/24/12 1,000 1,017,500
Owens-Illinois Group, Inc.
5.58%, 4/01/08 788 802,423
PanAmSat Corporation
5.31%, 7/01/11 985 990,647
Prestige Brands, Inc.
5.1812-7.00%, 4/15/11 2,693 2,732,977
RailAmerica Transportation Corp.
4.875%, 9/29/11 995 1,013,348
Rainbow National Services LLC
5.69%, 3/03/12 3,000 3,039,375
Regency Gas Services, LLC
5.53-5.85%, 5/15/10 1,995 2,034,900
Reliant Energy, Inc.
5.225-6.08875%, 12/22/10. 1,000 1,011,250
Resolution Specialty Materials, LLC
5.5625%, 8/01/10 1,990 2,009,900
Resorts International Holdings LLC
8.00%, 3/31/13 500 504,791
Riverside Energy Center
6.98%, 6/22/11 1,633 1,665,464
RJ Tower Corporation
6.1875%, 2/07/12 2,000 2,041,666
Rocky Mountain Energy Center, LLC
4.35-6.98%, 6/22/11 1,287 1,313,139
Sealy Mattress Company
4.66-4.91%, 3/31/12 2,076 2,113,950
Semgroup LP
6.50%, 8/27/08 1,077 1,087,692
6.50%, 3/01/11 923 932,308
Simmons Company
4.75-7.25%, 12/19/11 2,477 2,518,244
Smurfit Stone Container
2.77%, 10/01/10 349 355,651
4.6875-4.9375%, 10/01/11 1,095 1,115,325
Stewart Enterprises
4.47-4.75%, 11/01/11 489 496,564
Texas Genco LLC
1.25-5.0925%, 12/14/11 1,996 2,023,080
Universal City Development Partners, Ltd.
4.66-5.10%, 6/09/11 997 1,013,541
UPC Financing
5.752%, 3/03/12 2,000 2,020,000
Venetian Casino Resort, LLC
0.75-4.81%, 6/15/11(c) 1,000 1,012,293
VWR International, Inc.
5.17%, 4/05/11 2,204 2,240,854
Warner Chilcott Company
5.58375%, 1/01/10 603 608,018
1.375%, 1/01/12 397 399,961
Warner Music Group
4.72-5.37%, 3/22/11 3,463 3,487,044
Western Wireless Corporation
5.57-5.85%, 5/30/11 3,474 3,491,841
----------------
Total Bank Loans
(cost $96,475,168) 97,563,834
----------------
NON-CONVERTIBLE - PREFERRED STOCKS-0.1%
Banco Santander
6.41%(c) 4,000 102,200
Duquesne Light Co.
6.50%(c) 14,950 811,262
Zurich Funding Trust
1.71%(e) 500 497,900
----------------
Total Non-Convertible Preferred Stocks
(cost $1,335,000) 1,411,362
----------------
PORTFOLIO OF INVESTMENTS
March 31, 2005 (Unaudited) ACM Income Fund
-------------------------------------------------------------------------------------------------
Principal
Amount
(000) U.S. $ Value
-------------------------------------------------------------------------------------------------
WARRANTS(h)-0.0%
Central Bank of Nigeria
Warrants, expiring 11/15/20 4,500 $ --
Republic of Venezuela
Warrants, expiring 4/15/20 1,785 --
----------------
Total Warrants
(cost $0) --
----------------
SHORT-TERM INVESTMENTS-15.7%
Repurchase Agreement-12.5%
Merrill Lynch Repo Treasury
2.80%, 3/31/05, due
4/01/05 in the amount of
$232,018,044 (collateralized by
$238,430,000 FNMA, zero coupon due
9/21/05; value - $236,641,775)
(cost $232,000,000) U.S.$ 232,000 232,000,000
----------------
U.S. Treasury Obligation-3.1%
U.S. Treasury Bill
Zero Coupon, 4/28/05 48,000 47,907,300
Zero Coupon, 6/09/05(i) 9,000 8,952,701
(cost $56,859,998) ----------------
56,860,001
----------------
Time Deposit-0.1%
State Street Euro Dollar Time Deposit
2.10%, 4/01/05
(cost $2,122,000) 2,122 2,122,000
----------------
Total Short-Term Investments
(cost $290,981,998) 290,982,001
----------------
Total Investments Before Security
Lending Collateral-168.1%
(cost $3,004,906,728) 3,117,166,784
----------------
INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED-1.5%
Short-Term Investment
UBS Private Money Market Fund, LLC
2.66%
(cost $28,258,330) 28,258,330 28,258,330
----------------
Total Investments-169.6%
(cost $3,033,165,058) 3,145,425,114
Other assets less liabilities-(69.6%) (1,291,465,921)
----------------
Net Assets-100.0% $ 1,853,959,193
================
FINANCIAL FUTURES CONTRACTS SOLD
Value at
Number of Expiration March 31, Unrealized
Type Contracts Month Original Value 2005 Appreciation
-------------------------------------------------------------------------------------------------------
5 Year Swap June
Futures 6,568 2005 $699,094,185 $694,258,125 $ 4,836,060
10 Year Swap June
Futures 2,117 2005 231,638,354 228,172,906 3,465,448
U.S. Treasury June
Futures 200 2005 22,474,020 22,275,000 199,020
PORTFOLIO OF INVESTMENTS
March 31, 2005 (Unaudited) ACM Income Fund
--------------------------------------------------------------------------------------------------
FORWARD EXCHANGE CURRENCY CONTRACTS
U.S. $
Contract Value on U.S. $ Unrealized
Amount Origination Current Appreciation/
(000) Date Value (Depreciation)
--------------------------------------------------------------------------------------------------
Buy Contracts
Canadian Dollar,
settling 4/08/05 38,321 $31,423,497 $31,676,015 $252,518
Japanese Yen,
settling 4/04/05 1,193,636 11,377,932 11,163,401 (214,531)
Japanese Yen,
settling 6/06/05 802 7,517 7,542 25
Sale Contracts
Canadian Dollar,
settling 4/08/05 110,287 90,231,766 91,163,292 (931,526)
Euro,
settling 4/26/05 8,528 11,406,886 11,089,653 317,233
Japanese Yen,
settling 4/04/05 1,193,636 11,382,970 11,163,401 219,569
Mexican Peso,
settling 5/02/05 366,699 32,459,882 32,588,381 (128,499)
CREDIT DEFAULT SWAP CONTRACTS
Notional Unrealized
Swap Counterparty & Amount Interest Termination Appreciation/
Referenced Obligation (000) Rate Date (Depreciation)
--------------------------------------------------------------------------------------------------
Buy Contracts
Citigroup Global Markets, Inc.
Republic of Colombia
8.375%, 2/15/27 1,900 3.02% 1/20/10 $ 77,900
Citigroup Global Markets, Inc.
Republic of Hungary
4.50%, 2/06/13 10,250 0.50 11/26/13 (197,928)
Citigroup Global Markets, Inc.
Republic of Philippines
10.625%, 3/16/25 3,360 5.60 3/20/14 (147,370)
Sale Contracts
Citigroup Global Markets, Inc.
Republic of Brazil
12.25%, 3/06/30 3,000 6.35 8/20/05 69,900
Citigroup Global Markets, Inc.
Republic of Brazil
12.25%, 3/06/30 6,275 4.40 5/20/06 239,705
Citigroup Global Markets, Inc.
Republic of Colombia
8.375%, 2/15/27 3,750 1.13 1/20/07 (46,125)
Citigroup Global Markets, Inc.
Republic of Philippines
10.625%, 3/16/25 3,360 4.95 3/20/09 160,373
Credit Suisse First Boston
Republic of Brazil
12.25%, 3/06/30 600 6.90 6/20/07 55,980
Morgan Stanley
Republic of Brazil
12.25%, 3/06/30 4,800 3.80 8/20/06 132,960
PORTFOLIO OF INVESTMENTS
March 31, 2005 (Unaudited) ACM Income Fund
--------------------------------------------------------------------------------
REVERSE REPURCHASE AGREEMENTS
Interest
Broker Rate Maturity Amount
--------------------------------------------------------------------------------
Barclays Securities 0.10% 4/04/05 $ 9,084,701
Barclays Securities 0.10 4/04/05 4,974,955
Chase Manhattan Bank 2.58 4/06/05 23,292,764
Chase Manhattan Bank 2.63 4/06/05 32,831,573
Chase Manhattan Bank 2.65 4/06/05 59,233,716
Merrill Lynch 2.63 4/06/05 73,390,740
Merrill Lynch 2.66 4/06/05 101,227,935
Merrill Lynch 2.69 4/06/05 169,975,699
Merrill Lynch 2.69 4/06/05 92,336,814
------------
$566,348,897
------------
* Represents entire or partial securities out on loan.
(a) Positions, or portion thereof, with an aggregate market value of
$1,285,653,101 have been segregated to collateralize the loan payable
outstanding.
(b) Positions, or portion thereof, with an aggregate market value of
$553,675,531 have been segregated to collateralize reverse repurchase
agreements.
(c) Positions, or portion thereof, with an aggregate market value of
$482,545,643 have been segregated to collateralize open forward exchange
currency contracts.
(d) Security is in default and is non-income producing.
(e) 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 March 31, 2005, the aggregate market value of these securities
amounted to $405,554,553 or 21.88% of net assets.
(f) Coupon increases periodically based upon a predetermined schedule. Stated
interest rate in effect at March 31, 2005.
(g) 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
(h) Non-income producing security.
(i) Positions, or portion thereof, with an aggregate market value of
$8,952,701 has been segregated to as collateral collateralize for the
futures transaction outstanding at March 31, 2005.
Currency Abbreviations: Glossary of Terms:
BRL - Brazilian Real DCB - Debt Conversion Bond
COP - Colombian Peso FNMA - Federal National Mortgage Association
EUR - Euro FRN - Floating Rate Note
IDR - Indonesian Rupiah I/O - Interest Only
JPY - Japanese Yen PIK - Pay-In-Kind Payments
MXP - Mexican Peso TBA - (To Be Assigned) - Securities are
TRL - Turkish Lira purchased on a forward commitment
U.S. $ - United States Dollar with an approximate principal amount
(generally +/- 1.0%) and no definite
maturity date. The actual principal
amount and maturity will be determined
upon settlement when the specific
mortgage pools are assigned.
VRN - Variable Rate Note
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
----------- ----------------------
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 Income Fund, Inc.
By: /s/ Marc O. Mayer
-----------------
Marc O. Mayer
President
Date: May 27, 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: May 27, 2005
By: /s/ Mark D. Gersten
-------------------
Mark D. Gersten
Treasurer and Chief Financial Officer
Date: May 27, 2005