N-Q 1 dnq.htm ALLIANCE NEW YORK MUNICIPAL INCOME FUND, INC. Alliance New York Municipal 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: 811-10577

 

 

 

 

 

ALLIANCE NEW YORK MUNICIPAL 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: October 31, 2008

 

Date of reporting period: January 31, 2008

ITEM 1. SCHEDULE OF INVESTMENTS.

Alliance New York Municipal Income Fund

Portfolio of Investments

January 31, 2008 (unaudited)

 

     Principal
Amount
(000)		    U.S. $ Value

MUNICIPAL OBLIGATIONS - 161.2%

      

Long-Term Municipal Bonds - 155.2%

      

New York - 132.6%

      

Albany IDA Civic Fac Rev
(St. Peters Hosp Proj)
5.75%, 11/15/22

    $ 205    $ 217,411

Dutchess Cnty IDA
(Civil Fac Rev)
5.00%, 8/01/19

      380      406,969

Erie Cnty IDA
(City of Buffalo Proj)
FSA Series 03
5.75%, 5/01/23

      1,250      1,381,087

Hempstead Hgr Ed
(Adelphi Univ Civic Fac)
Series 02
5.50%, 6/01/32

      1,320      1,369,658

Long Island Pwr Auth Elec Rev
FGIC Series 06A
5.00%, 12/01/19 (a)

      650      690,859

Madison Cnty Hlth Fac
(Oneida Hlth Systems)
ASSET GTY Series 01
5.35%, 2/01/31

      1,500      1,507,800

MTA Dedicated Tax Fund
Series 02A
5.125%, 11/15/31

      5,500      5,619,845

Nassau Cnty Hlth Fac
(Nassau Hlth Sys Rev)
(Prerefunded)
FSA Series 99
5.75%, 8/01/29

      2,400      2,575,752

New York City Ed Fac
(Magen David Yeshivah Proj)
ACA Series 02
5.70%, 6/15/27

      400      372,908

New York City GO
Series 04G
5.00%, 12/01/23

      780      809,141

Series 04I

5.00%, 8/01/21

      1,000      1,046,760

Series 05J

5.00%, 3/01/24

      3,000      3,102,750

New York City GO
(Prerefunded)
5.50%, 9/15/19

    905    1,035,582

5.75%, 3/01/17

    940    1,072,164

Series 01B

5.50%, 12/01/31

    5,000    5,554,950

New York City GO
(Unrefunded)
5.50%, 9/15/19

    95    105,263

5.75%, 3/01/17

    260    288,878

New York City HDC MFHR
(Rental Hsg) AMT
Series 02A
5.50%, 11/01/34

    1,250    1,263,987

New York City IDA
(Brooklyn Navy Yard) AMT
Series 97
5.75%, 10/01/36

    2,000    1,953,180

New York City IDA Spl Fac Rev
(Terminal One Group Assoc Proj)
Series 05
5.50%, 1/01/24 (b)

    200    206,586

New York City Muni Wtr Fin Auth
Series 02A
5.125%, 6/15/34

    5,000    5,134,150

Series 03A

5.00%, 6/15/27

    2,000    2,073,080

New York City Spl Fac
(Museum of Modern Art)
AMBAC Series 01D
5.125%, 7/01/31

    5,000    5,155,650

New York St Dorm Auth Rev
(NYU Hosp Ctr)
5.25%, 7/01/24

    200    199,380

New York St Dorm Auth
(FHA Insured Maimonides)
MBIA Series 04
5.75%, 8/01/29

    5,000    5,483,750

New York St Dorm Auth
(Jewish Brd Fam & Children)
AMBAC Series 03
5.00%, 7/01/23

    1,000    1,044,680

New York St Dorm Auth
(Mental Hlth Svc)
(Prerefunded)
MBIA Series 01B
5.25%, 8/15/31

    3,220    3,529,764

New York St Dorm Auth
(Prerefunded)
MBIA
5.25%, 8/15/31

    285    312,417

New York St Dorm Auth
(Unrefunded)
MBIA
5.25%, 8/15/31

    1,995    2,090,321

New York St Dorm Auth Hlth Fac
(Willow Towers Proj)
GNMA Series 02
5.40%, 2/01/34

    2,500    2,586,250

New York St Dorm Auth Rev
5.00%, 5/01/22

    345    357,372

New York St Dorm Auth Rev
(Cabrini of Westchester)
GNMA
5.10%, 2/15/26

    500    516,350

New York St Dorm Auth Rev
(NYU Hosp Ctr)
Series 07A
5.00%, 7/01/22

    300    296,649

New York St Hsg Fin Agy MFHR
(Patchogue Apts) AMT
SONYMA Series 02A
5.35%, 2/15/29

    2,090    2,113,387

New York St Pwr Auth
MBIA
5.00%, 11/15/19

    1,320    1,465,358

New York St SFMR
(Mtg Rev) AMT
Series 01-29
5.45%, 4/01/31

    11,000    11,096,360

New York St Tobacco Settlement Bonds
AMBAC Series 03A-1
5.25%, 6/01/21

    4,000    4,264,960

New York St Urban Dev Corp
(Empire St)
(Prerefunded)
Series 02A
5.25%, 3/15/32

    5,000    5,527,700

Niagara Cnty Ed Fac
(Niagara Univ Proj)
ASSET GTY Series 01A
5.40%, 11/01/31

    1,435    1,445,002

Onondaga Cnty IDA Arpt Fac
(Cargo ACQ) AMT
Series 02
6.125%, 1/01/32

    1,000    1,007,710

Seneca Cnty IDA
(New York Chiropractic Coll)
5.00%, 10/01/27

    185    179,800

Triborough Brdg & Tunnel Auth
(Prerefunded)
Series 01A
5.00%, 1/01/32

    4,245    4,632,484

Series 02A

5.125%, 1/01/31

    2,500    2,739,750

Triborough Brdg & Tunnel Auth
(Unrefunded)
Series 01A
5.00%, 1/01/32

    755    772,154

Ulster Cnty IDA
6.00%, 9/15/27

    300    291,894

Yonkers IDA Hlth Fac
(Malotz Pavillion Proj)
MBIA Series 99
5.65%, 2/01/39

    1,200    1,239,660
       
      96,137,562
       

California - 1.4%

     

California St GO
Series 04
5.00%, 2/01/33

    1,000    1,005,710
       

Colorado - 0.6%

      

Northwest Metro Dist No. 3 GO
6.125%, 12/01/25

    500    452,015
       

Florida - 5.1%

      

Capital Region CDD
(South Wood)
Series 01A-2
6.85%, 5/01/31

    1,160    1,230,853

Hamal CDD
(Prerefunded)
Series 01
6.65%, 5/01/21

    1,085    1,231,659

Miromar Lakes CDD
Series 00A
7.25%, 5/01/12

    1,185    1,198,841
       
      3,661,353
       

Illinois - 0.7%

      

Bolingbrook Sales Tax Rev
(Bolingbrook)
6.25%, 1/01/24 (c)

    500    494,755
       

Ohio - 0.4%

      

Port Auth of Columbiana Cnty Swr
(Apex Enviro LLC) AMT
Series 04A
7.125%, 8/01/25

    300    308,442
       

Puerto Rico - 14.4%

      

Puerto Rico Comwlth GO
(Pub Impr)
Series 01A
5.50%, 7/01/19

    500    547,475

Series 04A

5.25%, 7/01/19

    510    535,979

Puerto Rico Elec Pwr Auth
XLCA Series 02-2
5.25%, 7/01/31

    3,050      3,414,231  

Puerto Rico Hsg Fin Corp. SFMR
(Mtg Rev) AMT
GNMA Series 01C
5.30%, 12/01/28

    1,690      1,699,109  

Puerto Rico Hwy & Transp Auth
(Prerefunded)
Series 02D
5.375%, 7/01/36

    3,250      3,604,478  

Puerto Rico Pub Bldg Auth Rev GTD
(Govt Facs)
5.50%, 7/01/22

    585      622,048  
           
        10,423,320  
           

Total Long-Term Municipal Bonds
(cost $106,563,117)

         112,483,157  
           

Short-Term Municipal Notes - 6.0%

      

New York - 1.9%

      

New York City Transitional Fin Auth
1.93%, 11/01/22 (d)

    500      500,000  

Port Auth NY & NJ Spl Oblig Rev
1.68%, 6/01/20 (d)

    900      900,000  
           
        1,400,000  
           

Alaska - 0.7%

      

Valdez Marine Term Rev
(BP Pipelines, Inc. Proj)
Series 03B
1.80%, 7/01/37 (d)(e)

    500      500,000  
           

Colorado - 0.6%

      

Colorado Ed & Cultural Fac Auth
(Natl Jewish Fed Bd Prog)
1.60%, 2/01/25 (d)

    450      450,000  
           

Pennsylvania - 2.8%

      

Philadelphia IDA
(Fox Chase Cancer Ctr)
Series A
1.87%, 7/01/31 (d)

    2,000      2,000,000  
           

Total Short-Term Municipal Notes
(cost $4,350,000)

         4,350,000  
           

Total Investments - 161.2%

     

(cost $110,913,117)

         116,833,157  

Other assets less liabilities - 0.9%

         669,819  

Preferred Stock at redemption value - (62.1)%

         (45,000,000 )
           

Net Assets Applicable to
Common Shareholders - 100.0% (f)

       $ 72,502,976  
           

INTEREST RATE SWAP TRANSACTIONS

 

               Rate Type        

Swap Counterparty

    Notional
Amount
(000)		    Termination
Date		    Payments
made by
the Portfolio		     Payments
received by
the Portfolio		     Unrealized
Appreciation/
(Depreciation)		  

Citibank, N.A. (g)

    $ 1,130    2/20/08    MMD +   MMD ++   $ 29,912  

Merrill Lynch

      15,000    9/06/09    3.375 %   BMA *     (275,654 )

Merrill Lynch

      1,200    7/30/26    4.090 %   BMA *     (71,190 )

Merrill Lynch

      1,300    8/09/26    4.063 %   BMA *     (73,742 )

Merrill Lynch

      2,000    11/15/26    4.377 %   BMA *     (194,516 )

 

+ If MMD on February 20, 2008 exceeds the strike rate of 3.29%, the portfolio makes a payment equal to the difference in basis points multipled by .047 multiplied by the Notional Amount.

 

++ If MMD on February 20, 2008 is less than the strike rate of 3.29%, the portfolio receives a payment equal to the difference in basis points multipled by .047 multiplied by the Notional Amount.

 

* Variable interest rate based on the Securities Industry & Financial Markets Association, formerly the Bond Market Association (BMA).

FINANCIAL FUTURES CONTRACTS

 

Type

    Number of
Contracts		    Expiration
Month		    Original
Value		    Value at
January 31,
2008		    Unrealized
Appreciation/
(Depreciation)		  

Sold Contracts

              

U.S. T-Note 5 Yr futures

    10    March 2008    $ 1,100,587    $ 1,130,000    $ (29,413 )

 

(a) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. The market value of this security amounted to $11,266.

 

(b) Variable rate coupon, rate shown as of January 31, 2008.

 

(c) 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.

 

(d) Variable Rate Demand Notes (VRDN) are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

 

(e) Position, or a portion thereof, has been segregated to collateralize interest rate swaps.

(f) Portfolio percentages are calculated based on net assets applicable to common shareholders.

 

(g) Rate lock swap agreement where a payment or receipt of cash is made on the termination date based on the difference between the strike rate and the Municipal Market Data General obligation, 2013, AAA Index (MMD).

As of January 31, 2008, the Fund held 34% of total investments in insured bonds (of this amount 31% represents the Fund’s holding in pre-refunded bonds).

 

Glossary:

 

ACA

AMBAC

AMT

ASSET GTY

CDD

FGIC

FSA

GNMA

GO

HDC

IDA

MBIA

MFHR

SFMR

SONYMA

XLCA

  

    -    

    -    

    -    

    -    

    -    

    -    

    -    

    -    

    -    

    -    

    -    

    -    

    -    

    -    

    -    

    -    

   

ACA Capital

American Bond Assurance Corporation

Alternative Minimum Tax (subject to)

Asset Guaranty Insurance Company AKA Radian

Community Development District

Financial Guaranty Insurance Company

Financial Security Assurance Inc.

Government National Mortgage Association

General Obligation

Housing Development Corporation

Industrial Development Authority/Agency

Municipal Bond Investors Assurance

Multi-Family Housing Revenue

Single Family Mortgage Revenue

State of New York Mortgage Agency

XL Capital Assurance Inc.

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 last fiscal quarter 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): Alliance New York Municipal Income Fund, Inc.

 

By:   /s/ Marc O. Mayer
  Marc O. Mayer
  President

Date: March 26, 2008

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: March 26, 2008

 

By:   /s/ Joseph J. Mantineo
  Joseph J. Mantineo
  Treasurer and Chief Financial Officer

Date: March 26, 2008