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:
811-10575
ALLIANCE CALIFORNIA 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)
Registrants telephone number, including area code: (800) 221-5672
Date of fiscal year end: October 31, 2014
Date of reporting period: January 31, 2014
ITEM 1.
|
SCHEDULE OF INVESTMENTS.
|
Alliance California Municipal Income Fund
Portfolio of Investments
January 31, 2014 (unaudited)
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Principal
Amount
(000)
|
|
|
U.S. $ Value
|
|
MUNICIPAL OBLIGATIONS - 166.9%
|
|
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|
|
|
|
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|
Long-Term Municipal Bonds - 166.9%
|
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California - 157.8%
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Assn Bay Area Govt CA Non-prof (Bijou Woods Apts)
|
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|
Series 2001A
|
|
|
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|
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|
5.30%, 12/01/31
|
|
$
|
2,735
|
|
|
$
|
2,735,356
|
|
Banning CA Util Auth Wtr
|
|
|
|
|
|
|
|
|
NPFGC-RE Series 05
|
|
|
|
|
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|
5.25%, 11/01/30
|
|
|
1,850
|
|
|
|
1,971,138
|
|
Bay Area Toll Auth CA
|
|
|
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|
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|
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|
Series 2013S
|
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|
|
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|
5.00%, 4/01/33
|
|
|
5,000
|
|
|
|
5,348,250
|
|
Beaumont CA Fing Auth
|
|
|
|
|
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AMBAC Series 2007C
|
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|
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5.00%, 9/01/26
|
|
|
755
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|
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|
740,481
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|
Bellflower CA Redev Agy MFHR (Bellflower Terrace Apts)
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|
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Series 2002A
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|
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|
5.50%, 6/01/35
|
|
|
2,915
|
|
|
|
2,917,390
|
|
California Econ Recovery (California Econ Rec Spl Tax)
|
|
|
|
|
|
|
|
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Series 2009A
|
|
|
|
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|
5.25%, 7/01/21
|
|
|
1,465
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|
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|
1,732,494
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|
California Ed Fac Auth (California Lutheran Univ)
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Series 2004C
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|
5.00%, 10/01/24
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|
|
1,125
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|
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|
1,130,411
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|
California Ed Fac Auth (Pepperdine University)
|
|
|
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5.00%, 9/01/27
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|
1,125
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|
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1,267,650
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California Ed Fac Auth (Univ of The Pacific)
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5.00%, 11/01/21
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260
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275,002
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California GO
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5.00%, 11/01/31
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2,000
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2,178,420
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California Hlth Fac Fin Auth (Cottage Healthcare Sys)
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|
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NPFGC Series 2003B
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5.00%, 11/01/23
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2,770
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2,774,460
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California Poll Cntl Fin Auth (Poseidon Resources LP)
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5.00%, 7/01/37
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3,450
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3,285,297
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|
California Pub Wks Brd
|
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Series 2011G
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5.25%, 12/01/21 (Pre-refunded/ETM)
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6,000
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7,371,180
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California Pub Wks Brd (CA Lease Richmond Lab)
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|
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XLCA Series 2005B
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5.00%, 11/01/30
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3,500
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3,615,185
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California Statewide CDA (Bentley School)
|
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Series 2010A
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7.00%, 7/01/40
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2,625
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2,819,749
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Coast CA CCD GO
|
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AGM
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5.00%, 8/01/23-8/21/24 (a)
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6,000
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6,689,220
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Principal
Amount
(000)
|
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|
U.S. $ Value
|
|
Fontana CA CFD #22 (Fontana CA CFD #22 Sierra Hills South)
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Series 04
|
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5.85%, 9/01/25
|
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$
|
2,000
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|
$
|
2,009,040
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|
Fullerton CA Redev Agy
|
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RADIAN
|
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5.00%, 4/01/21
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2,050
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2,134,173
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|
Garden Grove CA USD GO
|
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Series 2013C
|
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5.00%, 8/01/34
|
|
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3,650
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|
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|
3,923,896
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|
Grossmont-Cuyamaca CCD CA GO
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AGC
|
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5.00%, 8/01/22-8/01/23 (a)
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6,000
|
|
|
|
6,824,023
|
|
La Quinta CA Fin Auth (La Quinta CA Local Agy Pool)
|
|
|
|
|
|
|
|
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AMBAC Series 2004A
|
|
|
|
|
|
|
|
|
5.25%, 9/01/24
|
|
|
3,000
|
|
|
|
3,049,620
|
|
Long Beach CA Bond Fin Auth (Long Beach CA Lease Aquarium)
|
|
|
|
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5.00%, 11/01/27
|
|
|
3,500
|
|
|
|
3,757,285
|
|
Los Angeles CA CCD GO
|
|
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|
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|
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Series 2008F-1
|
|
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5.00%, 8/01/28
|
|
|
4,200
|
|
|
|
4,631,970
|
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Los Angeles CA Cmnty Redev Agy (Los Angeles CA CRA Grand Ctrl)
|
|
|
|
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AMBAC Series 2002A
|
|
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5.375%, 12/01/26
|
|
|
6,635
|
|
|
|
6,638,848
|
|
Los Angeles CA Dept Arpts (Los Angeles Intl Airport)
|
|
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|
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Series 2009A
|
|
|
|
|
|
|
|
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5.25%, 5/15/29
|
|
|
1,700
|
|
|
|
1,901,178
|
|
Series 2010A
|
|
|
|
|
|
|
|
|
5.00%, 5/15/27
|
|
|
1,440
|
|
|
|
1,571,746
|
|
Los Angeles CA Dept W&P Wtr
|
|
|
|
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Series 2013B
|
|
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5.00%, 7/01/32
|
|
|
6,185
|
|
|
|
6,834,116
|
|
Los Angeles CA Harbor Dept
|
|
|
|
|
|
|
|
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Series 2009C
|
|
|
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5.00%, 8/01/26
|
|
|
5,550
|
|
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|
6,260,566
|
|
Los Angeles Cnty CA Met Trnsp Auth (Los Angeles Cnty CA MTA Sales Tax)
|
|
|
|
|
|
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|
5.00%, 7/01/25
|
|
|
6,700
|
|
|
|
7,673,108
|
|
Los Angeles Cnty CA MTA Sales Tax
|
|
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|
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|
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Series 2013B
|
|
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|
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5.00%, 7/01/33
|
|
|
1,675
|
|
|
|
1,842,399
|
|
Mt. Diablo CA USD GO
|
|
|
|
|
|
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|
|
Series 2012B-2
|
|
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5.00%, 7/01/27
|
|
|
3,500
|
|
|
|
3,895,500
|
|
Norco CA Redev Agy (Norco CA Redev Agy Proj #1)
|
|
|
|
|
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Series 2010
|
|
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|
|
|
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|
|
5.875%, 3/01/32
|
|
|
420
|
|
|
|
445,561
|
|
6.00%, 3/01/36
|
|
|
325
|
|
|
|
345,494
|
|
Richmond CA Cmnty Redev Agy (Richmond CA Merged Proj Areas)
|
|
|
|
|
|
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|
|
Series 2010A
|
|
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|
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5.75%, 9/01/24-9/01/25
|
|
|
530
|
|
|
|
580,182
|
|
6.00%, 9/01/30
|
|
|
370
|
|
|
|
396,048
|
|
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|
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|
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|
Principal
Amount
(000)
|
|
|
U.S. $ Value
|
|
Riverside CA CCD GO
|
|
|
|
|
|
|
|
|
NPFGC Series 2007C
|
|
|
|
|
|
|
|
|
5.00%, 8/01/25
|
|
$
|
455
|
|
|
$
|
506,142
|
|
Riverside Cnty CA Trnsp Comm Sales Tax
|
|
|
|
|
|
|
|
|
Series 2013A
|
|
|
|
|
|
|
|
|
5.25%, 6/01/32
|
|
|
2,000
|
|
|
|
2,245,780
|
|
Sacramento CA USD GO
|
|
|
|
|
|
|
|
|
5.50%, 7/01/29
|
|
|
4,000
|
|
|
|
4,408,080
|
|
Salinas Vly CA Solid Wst
|
|
|
|
|
|
|
|
|
AMBAC Series 02
|
|
|
|
|
|
|
|
|
5.25%, 8/01/31
|
|
|
3,930
|
|
|
|
3,941,869
|
|
San Diego CA Pub Fac Fin Auth (San Diego CA Lease)
|
|
|
|
|
|
|
|
|
Series 2010A
|
|
|
|
|
|
|
|
|
5.10%, 9/01/29
|
|
|
2,360
|
|
|
|
2,518,498
|
|
San Diego CA USD GO
|
|
|
|
|
|
|
|
|
Series 2013C
|
|
|
|
|
|
|
|
|
5.00%, 7/01/32
|
|
|
5,125
|
|
|
|
5,573,540
|
|
NPFGC Series 04E-1
|
|
|
|
|
|
|
|
|
5.00%, 7/01/23-7/01/24
|
|
|
2,000
|
|
|
|
2,074,210
|
|
San Diego CA Wtr
|
|
|
|
|
|
|
|
|
5.00%, 5/01/31
|
|
|
4,300
|
|
|
|
4,670,402
|
|
San Francisco CA Bay Area Rapid Transit (San Francisco City/Cnty CA Sales Tax)
|
|
|
|
|
|
|
|
|
Series 2012A
|
|
|
|
|
|
|
|
|
5.00%, 7/01/29-7/01/30
|
|
|
5,355
|
|
|
|
5,944,511
|
|
San Francisco CA Mun Trnsp Agy
|
|
|
|
|
|
|
|
|
5.00%, 3/01/28-3/01/31
|
|
|
6,070
|
|
|
|
6,646,348
|
|
San Francisco City/Cnty CA Pub Util Wtr
|
|
|
|
|
|
|
|
|
Series 2013B
|
|
|
|
|
|
|
|
|
5.00%, 10/01/32
|
|
|
4,735
|
|
|
|
5,172,467
|
|
San Mateo CA UHSD GO
|
|
|
|
|
|
|
|
|
Series 2013A
|
|
|
|
|
|
|
|
|
5.00%, 9/01/33
|
|
|
4,180
|
|
|
|
4,558,206
|
|
Southern CA Pub Pwr Auth (Los Angeles CA Dept W&P Pwr)
|
|
|
|
|
|
|
|
|
5.25%, 7/01/25
|
|
|
4,000
|
|
|
|
4,668,720
|
|
Series 2010 PJ-1
|
|
|
|
|
|
|
|
|
5.00%, 7/01/27
|
|
|
2,525
|
|
|
|
2,803,583
|
|
Torrance CA COP (Torrance CA COP Pub Impt)
|
|
|
|
|
|
|
|
|
AMBAC Series 2004A
|
|
|
|
|
|
|
|
|
5.00%, 6/01/24
|
|
|
2,275
|
|
|
|
2,288,968
|
|
AMBAC Series 2005B
|
|
|
|
|
|
|
|
|
5.00%, 6/01/24
|
|
|
665
|
|
|
|
669,143
|
|
Turlock CA IRR Dist
|
|
|
|
|
|
|
|
|
5.50%, 1/01/41
|
|
|
2,200
|
|
|
|
2,335,938
|
|
Univ of California
|
|
|
|
|
|
|
|
|
Series 2012G
|
|
|
|
|
|
|
|
|
5.00%, 5/15/31
|
|
|
8,000
|
|
|
|
8,771,120
|
|
Upper Santa Clara VY CA JT Pwr
|
|
|
|
|
|
|
|
|
Series 2011A
|
|
|
|
|
|
|
|
|
5.00%, 8/01/23
|
|
|
3,385
|
|
|
|
3,819,126
|
|
Westlands CA Wtr Dist Rev
|
|
|
|
|
|
|
|
|
AGM Series 2012A
|
|
|
|
|
|
|
|
|
5.00%, 9/01/29-9/01/34
|
|
|
3,000
|
|
|
|
3,170,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
188,353,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
(000)
|
|
|
U.S. $ Value
|
|
Guam - 1.6%
|
|
|
|
|
|
|
|
|
Guam Power Auth
|
|
|
|
|
|
|
|
|
Series 2012A
|
|
|
|
|
|
|
|
|
5.00%, 10/01/34
|
|
$
|
2,000
|
|
|
$
|
1,952,060
|
|
|
|
|
|
|
|
|
|
|
Nevada - 1.8%
|
|
|
|
|
|
|
|
|
Henderson NV LID # T-14
|
|
|
|
|
|
|
|
|
AGM Series 2007A
|
|
|
|
|
|
|
|
|
5.00%, 3/01/18
|
|
|
1,960
|
|
|
|
2,083,598
|
|
|
|
|
|
|
|
|
|
|
Ohio - 0.3%
|
|
|
|
|
|
|
|
|
Columbiana Cnty Port Auth OH (Apex Environmental LLC)
|
|
|
|
|
|
|
|
|
Series 2004A
|
|
|
|
|
|
|
|
|
7.125%, 8/01/25 (b)
|
|
|
500
|
|
|
|
373,375
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico - 5.4%
|
|
|
|
|
|
|
|
|
Puerto Rico GO
|
|
|
|
|
|
|
|
|
Series 2001A
|
|
|
|
|
|
|
|
|
5.50%, 7/01/19
|
|
|
500
|
|
|
|
392,025
|
|
Series 2004A
|
|
|
|
|
|
|
|
|
5.25%, 7/01/19
|
|
|
900
|
|
|
|
695,934
|
|
Series 2006A
|
|
|
|
|
|
|
|
|
5.25%, 7/01/22
|
|
|
500
|
|
|
|
358,495
|
|
Puerto Rico Govt Dev Bank
|
|
|
|
|
|
|
|
|
Series 2006B
|
|
|
|
|
|
|
|
|
5.00%, 12/01/15
|
|
|
500
|
|
|
|
445,895
|
|
Puerto Rico Pub Bldgs Auth (Puerto Rico GO)
|
|
|
|
|
|
|
|
|
Series 2007N
|
|
|
|
|
|
|
|
|
5.50%, 7/01/22
|
|
|
700
|
|
|
|
501,977
|
|
Puerto Rico Sales Tax Fin Corp.
|
|
|
|
|
|
|
|
|
Series 2011A
|
|
|
|
|
|
|
|
|
5.00%, 8/01/43
|
|
|
6,000
|
|
|
|
4,046,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,440,846
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 166.9%
(cost $195,233,719) (c)
|
|
|
|
|
|
|
199,203,116
|
|
Other assets less liabilities - (6.1)%
|
|
|
|
|
|
|
(7,284,080
|
)
|
Preferred Shares at liquidation value - (60.8)%
|
|
|
|
|
|
|
(72,550,000
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders - 100.0%
(d)
|
|
|
|
|
|
$
|
119,369,036
|
|
|
|
|
|
|
|
|
|
|
INTEREST RATE SWAPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate Type
|
|
|
|
|
Swap Counterparty
|
|
Notional
Amount
(000)
|
|
|
Termination
Date
|
|
|
Payments
made by
the
Fund
|
|
|
Payments
received
by the
Fund
|
|
|
Unrealized
Appreciation/
(Depreciation)
|
|
Merrill Lynch Capital Services, Inc.
|
|
$
|
2,300
|
|
|
|
10/21/16
|
|
|
|
SIFMA
|
*
|
|
|
4.129
|
%
|
|
$
|
259,387
|
|
*
|
Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.
|
(a)
|
Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund.
|
(c)
|
As of January 31, 2014, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation
of investments was $8,161,989 and gross unrealized depreciation of investments was $(4,192,592), resulting in net unrealized appreciation of $3,969,397.
|
(d)
|
Portfolio percentages are calculated based on net assets applicable to common shareholders.
|
As of January 31, 2014, the Fund held 41.2% of net assets in insured bonds (of this amount 0.0% represents the Funds holding in pre-refunded
or escrowed to maturity bonds).
Glossary:
|
|
|
|
|
AGC
|
|
-
|
|
Assured Guaranty Corporation
|
AGM
|
|
-
|
|
Assured Guaranty Municipal
|
AMBAC
|
|
-
|
|
Ambac Assurance Corporation
|
CCD
|
|
-
|
|
Community College District
|
CDA
|
|
-
|
|
Community Development Authority
|
CFD
|
|
-
|
|
Community Facilities District
|
COP
|
|
-
|
|
Certificate of Participation
|
CRA
|
|
-
|
|
Community Redevelopment Agency
|
GO
|
|
-
|
|
General Obligation
|
LID
|
|
-
|
|
Local Improvement District
|
MFHR
|
|
-
|
|
Multi-Family Housing Revenue
|
MTA
|
|
-
|
|
Metropolitan Transportation Authority
|
NPFGC
|
|
-
|
|
National Public Finance Guarantee Corporation
|
NPFGC-RE
|
|
-
|
|
National Public Finance Guarantee Corporation Reinsuring Financial Guaranty Insurance Company
|
RADIAN
|
|
-
|
|
Radian Asset Assurance Inc.
|
UHSD
|
|
-
|
|
Unified/Union High School District
|
XLCA
|
|
-
|
|
XL Capital Assurance Inc.
|
Alliance California Municipal Income Fund
January 31, 2014 (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. U.S. GAAP establishes 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 (including those valued based on their market values). 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 Funds 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 1quoted prices in active markets for identical investments
|
|
|
|
Level 2other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk,
etc.)
|
|
|
|
Level 3significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
|
The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price
quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in
active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to
calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.
Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which
are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or
proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where
the inputs are not observable, the investments are classified as Level 3.
The following table summarizes the valuation of the Funds
investments by the above fair value hierarchy levels as of January 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities:
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Municipal Bonds
|
|
$
|
0
|
|
|
$
|
193,260,471
|
|
|
$
|
5,942,645
|
|
|
$
|
199,203,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities
|
|
|
0
|
|
|
|
193,260,471
|
|
|
|
5,942,645
|
|
|
|
199,203,116
|
|
Other Financial Instruments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps
|
|
|
0
|
|
|
|
259,387
|
|
|
|
0
|
|
|
|
259,387
|
|
Liabilities
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total+
|
|
$
|
0
|
|
|
$
|
193,519,858
|
|
|
$
|
5,942,645
|
|
|
$
|
199,462,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/depreciation on the
instrument.
|
+
|
There were no transfers between Level 1 and Level 2 during the reporting period.
|
The Fund recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.
The following is a reconciliation of investments in which significant
unobservable inputs (Level 3) were used in determining fair value.
|
|
|
|
|
|
|
|
|
|
|
Long-Term Municipal
Bonds
|
|
|
Total
|
|
Balance as of 10/31/13
|
|
$
|
5,961,154
|
|
|
$
|
5,961,154
|
|
Accrued discounts/(premiums)
|
|
|
539
|
|
|
|
539
|
|
Realized gain (loss)
|
|
|
(67,733
|
)
|
|
|
(67,733
|
)
|
Change in unrealized appreciation/depreciation
|
|
|
87,079
|
|
|
|
87,079
|
|
Purchases
|
|
|
0
|
|
|
|
0
|
|
Sales
|
|
|
(38,394
|
)
|
|
|
(38,394
|
)
|
Transfers in to Level 3
|
|
|
0
|
|
|
|
0
|
|
Transfers out of Level 3
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
Balance as of 1/31/14
|
|
$
|
5,942,645
|
|
|
$
|
5,942,645
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation/depreciation from Investments held as of 1/31/14
|
|
$
|
20,229
|
|
|
$
|
20,229
|
|
|
|
|
|
|
|
|
|
|
The following presents information about significant unobservable inputs related to the Fund with material
categories of Level 3 investments at January 31, 2014:
Quantitative Information about Level 3 Fair Value Measurements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value at
1/31/14
|
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range/
Weighted
Average
|
|
Long-Term Municipal Bonds
|
|
$
|
5,942,645
|
|
|
Third Party Vendor
|
|
Evaluated Quotes
|
|
$
|
74.68 $107.42/$101.84
|
|
The Adviser has established a Valuation Committee (the Committee) which is responsible for overseeing the
pricing and valuation of all securities held in the Fund. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and
processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committees responsibilities
include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Advisers pricing and valuation
policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.
The Committee is also responsible for monitoring the implementation of the pricing policies by the Advisers Pricing Group (the Pricing
Group) and a third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform
a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and process at vendors, 2) daily compare of security valuation versus
prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.
In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution
reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Advisers prices).
ITEM 2.
|
CONTROLS AND PROCEDURES.
|
(a) The
registrants principal executive officer and principal financial officer have concluded that the registrants 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 registrants internal controls over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely
to materially affect, the registrants internal control over financial reporting.
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 California Municipal Income Fund, Inc.
|
|
|
By:
|
|
/s/ Robert M. Keith
|
|
|
Robert M. Keith
|
|
|
President
|
|
|
Date:
|
|
March 17, 2014
|
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:
|
|
March 17, 2014
|
|
|
|
By:
|
|
/s/ Joseph J. Mantineo
|
|
|
Joseph J. Mantineo
|
|
|
Treasurer and Chief Financial Officer
|
|
|
Date:
|
|
March 17, 2014
|
Alliance California Municipal Income Fund (NYSE:AKP)
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