Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Dec 21, 2015, 15:08 ET from Alliance California Municipal Income Fund, Inc.

NEW YORK, Dec. 21, 2015 /PRNewswire/ -- Alliance California Municipal Income Fund, Inc. (AKP) (the "Fund") is rereleasing its monthly portfolio update as of October 31, 2015, previously released on November 23, 2015, to revise certain information relating to its leverage levels. The revised information may be found below under the heading "Percentage of Leverage." 

 

Alliance California Municipal Income Fund, Inc.






Top 10 Fixed-Income Holdings

Portfolio %

1) University of California Series 2012G 5.00%, 5/15/31

4.49%

2) Los Angeles County Metropolitan Transportation Authority (Los Angeles County Metropolitan Transportation Authority Sales Tax)  Series 2009 5.00%, 7/01/25

3.71%

3) California State Public Works Board Series 2011G 5.25%, 12/01/26 (Prerefunded/ETM)

3.56%

4) Los Angeles Department of Water & Power WTR Series 2013B 5.00%, 7/01/32

3.47%

5) Los Angeles Community Redevelopment Agency (Los Angeles Community Redevelopment Agency Sales Tax) AMBAC Series 2002A 5.375%, 12/01/26

3.22%

6) Port of Los Angeles Series 2009C 5.00%, 8/01/26

3.05%

7) San Diego Unified School District/CA Series 2013C 5.00%, 7/01/32

2.89%

8) Bay Area Toll Authority Series 2013S 5.00%, 4/01/33

2.71%

9) Metropolitan Transportation Authority Series 2014C 5.00%, 11/15/32

2.62%

10) City of San Francisco CA Public Utilities Commission Wastewater Revenue Series 2013B 5.00%, 10/01/32

2.60%



Sector/Industry Breakdown

Portfolio %

Revenue


Revenue - Miscellaneous

9.71%

Water & Sewer

9.30%

Toll Roads/Transit

8.75%

Higher Education - Public

4.49%

Electric Utility

4.48%

Health Care - Not-for-Profit

3.61%

Port

3.05%

Higher Education - Private

2.22%

Airport

1.74%

Primary/Secondary Ed. - Public

1.62%

Senior Living

1.62%

Primary/Secondary Ed. - Private

1.39%

Industrial Development - Utility

0.11%

SUBTOTAL

52.09%

Tax Supported


Special Tax

15.68%

Local G.O.

11.56%

Tax-Supported Local Lease

5.19%

Assessment District

2.31%

State G.O.

1.13%

SUBTOTAL

35.87%

Prerefunded/ETM

6.13%

Insured/Guaranteed


Insured

3.22%

SUBTOTAL

3.22%

Asset-Backed


Housing - Multi-Family

2.69%

SUBTOTAL

2.69%

Total

100.00%



State Breakdown

Portfolio %

California

90.26%

New York

2.62%

Florida

1.43%

New Jersey

1.42%

Guam

1.04%

Nevada

0.96%

Minnesota

0.60%

Indiana

0.53%

Pennsylvania

0.52%

Missouri

0.51%

Ohio

0.11%

Total Investments

100.00%



Credit Quality Breakdown

Portfolio %

AAA

10.28%

AA

58.76%

A

11.70%

BBB

9.89%

B

1.36%

Not Rated

1.88%

Pre-refunded Bonds

6.13%

Total Investments

100.00%



Bonds By Maturity

Portfolio %

Less than 1 year

0.00%

1 to 5 years

0.96%

5 to 10 years

8.80%

10 to 20 years

72.55%

20 to 30 years

17.69%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%



Portfolio Statistics:


AMT Percentage:

8.80%

Average Coupon:

5.32%

Percentage of Leverage:


Bank Borrowing:

0.00%

Investment Operations:

0.62%

Auction Preferred Shares (APS):

15.22%

Tender Option Bonds:

4.33%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.44%

Total Fund Leverage:

40.61%*

Average Effective Maturity:

6.29 Years

Effective Duration:

5.56 Years

Total Net Assets:

$159.49 Million**

Common Stock Net Asset Value:

$15.15

Number of Holdings:

73

Portfolio Turnover:

32%



* The total percentage of leverage constitutes 4.33% through the use


of tender option bonds, 15.22% in issued and outstanding APS,


20.44% in issued and outstanding VMTPs and 0.62% in investment operations,


which may include the use of certain portfolio management 


techniques such as credit default swaps, dollar rolls, negative cash,


reverse repurchase agreements and when - issued securities.




** Includes $29,875,000 of APS at liquidation value.


The Fund also had outstanding $40,125,000 of VMTPs at liquidation value, which 


is not included in Total Net Assets because it is treated as a liability for financial reporting purposes. 

 

The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.

SOURCE Alliance California Municipal Income Fund, Inc.



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