Market Overview

Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Share:

Alliance California Municipal Income Fund Releases Monthly Portfolio Update

PR Newswire

NEW YORK, Aug. 24, 2018 /PRNewswire/ -- Alliance California Municipal Income Fund, Inc. (NYSE:AKP) (the "Fund") today released its monthly portfolio update as of July 31, 2018.

Alliance California Municipal Income Fund, Inc.








Top 10 Fixed-Income Holdings


Portfolio %

1) Los Angeles Department of Water    Series 2013B  5.00%, 7/01/32

3.42%

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

3.37%

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

2.82%

4) San Diego Public Facilities Financing Authority      5.00%, 5/15/36

2.82%

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

2.80%

6) Bay Area Toll Authority    Series 2013S  5.00%, 4/01/33 (Prerefunded/ETM)

2.79%

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

2.57%

8) San Diego County Water Authority Financing Corp.    Series 2013  5.00%, 5/01/31

2.36%

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

2.36%

10) California Statewide Communities Development Authority(Buck Institute for Research on Aging)  AGM  Series 2014  5.00%, 11/15/44

2.16%




Sector/Industry Breakdown


Portfolio %

Revenue



Health Care - Not-for-Profit


10.02%

Water & Sewer


9.48%

Revenue - Miscellaneous


8.42%

Electric Utility


4.33%

Primary/Secondary Ed. - Public


4.11%

Toll Roads/Transit


3.74%

Port


3.67%

Airport


2.97%

Tobacco Securitization


2.44%

Higher Education - Public


2.36%

Higher Education - Private


1.63%

Senior Living


1.63%

Primary/Secondary Ed. - Private


1.38%

SUBTOTAL


56.18%

Tax Supported



Local G.O.


9.83%

Special Tax


9.18%

Tax-Supported Local Lease


7.87%

Assessment District


3.50%

State G.O.


1.10%

SUBTOTAL


31.48%

Prerefunded/ETM


9.88%

Asset-Backed



Housing - Multi-Family


1.26%

SUBTOTAL


1.26%

Cash Equivalents



Investment Companies


1.20%

SUBTOTAL


1.20%

Total


100.00%




State Breakdown


Portfolio %

California


90.80%

New York


1.67%

Guam


1.44%

Florida


1.42%

New Jersey


1.27%

Minnesota


0.61%

Illinois


0.54%

Pennsylvania


0.53%

Missouri


0.52%

Other


1.20%

Total Investments


100.00%




Credit Quality Breakdown


Portfolio %

AAA


10.21%

AA


46.55%

A


11.81%

BBB


15.65%

BB


0.83%

B


1.26%

Not Rated


2.61%

Pre-refunded Bonds


9.88%

Short-Term Investments


1.20%

Total Investments


100.00%




Bonds By Maturity


Portfolio %

Less than 1 year


1.20%

1 to 5 years


0.00%

5 to 10 years


13.14%

10 to 20 years


61.33%

20 to 30 years


24.33%

More Than 30 years


0.00%

Other


0.00%

Total Investments


100.00%




Portfolio Statistics:



AMT Percent:


3.31%

Average Coupon:


5.14%

Percentage of Leverage:



Bank Borrowing:


0.00%

Investment Operations:


1.20%

Auction Preferred Shares (APS):


15.33%

Tender Option Bonds:


4.10%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.59%

Total Fund Leverage:


41.22%*

Average Effective Maturity:


5.23  Years

Effective Duration:


4.68  Years

Total Net Assets:


$156.92 Million**

Common Stock Net Asset Value:


$14.85

Number of Holdings:


87

Portfolio Turnover:


18%




* The total percentage of leverage constitutes 4.10% through the use of tender option bonds, 15.33% in issued and outstanding APS,20.59%  in issued and outstanding VMTPs and 1.200% 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.

 

Cision View original content:http://www.prnewswire.com/news-releases/alliance-california-municipal-income-fund-releases-monthly-portfolio-update-300702192.html

SOURCE Alliance California Municipal Income Fund, Inc.

View Comments and Join the Discussion!