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)
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 California Minicipal Income Fund
Portfolio of Investments
January 31, 2008 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||
| MUNICIPAL OBLIGATIONS - 161.2% |
||||||
| Long-Term Municipal Bonds - 160.3% |
||||||
| California - 144.2% |
||||||
| Assoc Bay Area Gov MFHR |
$ | 2,735 | $ | 2,759,068 | ||
| Banning Util Auth Wtr & Enterprise Rev |
1,850 | 1,927,478 | ||||
| Beaumont Fin Auth |
755 | 783,879 | ||||
| Bellflower Redev Agy MFHR |
3,000 | 3,106,680 | ||||
| California Ed Fac Auth |
550 | 593,664 | ||||
| California Ed Fac Auth |
1,250 | 1,257,650 | ||||
| California Ed Fac Auth |
4,035 | 4,452,542 | ||||
| California Ed Fac Auth |
260 | 266,690 | ||||
| California Hlth Fac Fin Auth |
2,770 | 2,887,531 | ||||
| California Hlth Fac Fin Auth |
3,295 | 3,420,507 | ||||
| California Hlth Fac Fin Auth |
5,000 | 5,272,300 | ||
| California Infra & Econ Dev Bank |
6,295 | 6,581,674 | ||
| California Pub Wks Brd Lease Rev |
3,500 | 3,471,545 | ||
| California St Dept of Wtr Res Pwr Sup Rev |
4,000 | 4,487,040 | ||
| California St GO |
1,500 | 1,569,750 | ||
| California St GO |
8,825 | 9,758,597 | ||
| 5.30%, 4/01/29 |
1,000 | 1,136,780 | ||
| California St GO |
175 | 179,646 | ||
| California St GO AMT |
4,000 | 4,030,040 | ||
| California Statewide CDA |
775 | 777,317 | ||
| California Statewide CDA |
4,000 | 4,049,480 | ||
| California Statewide CDA |
2,500 | 2,632,325 | ||
| Cucamonga Sch Dist COP |
820 | 836,572 | ||
| Fontana Pub Fin Auth |
4,800 | 5,239,824 | ||
| Fontana Spec Tax |
2,000 | 1,976,140 | ||
| Fullerton Redev Agy |
2,200 | 2,245,232 |
| Golden St Tobacco Securitization Corp. |
5,000 | 5,628,750 | ||
| Huntington Park Pub Fin Auth |
1,000 | 1,130,470 | ||
| La Quinta Fin Auth Loc Agy |
3,000 | 3,189,810 | ||
| Loma Linda Hosp |
500 | 487,690 | ||
| Los Angeles Cnty Metro Transp Auth |
4,700 | 5,078,585 | ||
| Los Angeles Comnty Redev Agy |
1,000 | 1,026,060 | ||
| Los Angeles Comnty Redev Agy |
6,635 | 6,643,625 | ||
| Los Angeles Dept of Wtr & Pwr Wtrwks Rev |
10,000 | 10,160,200 | ||
| Los Angeles Uni Sch Dist |
10,000 | 11,044,400 | ||
| Murrieta Valley Uni Sch Dist CFD ETM |
945 | 963,550 | ||
| Murrieta Valley Uni Sch Dist CFD No. 2000-2 |
1,000 | 1,153,950 | ||
| Napa MFHR |
4,500 | 4,649,400 | ||
| Ohlone Comnty Coll Dist |
1,150 | 1,216,919 | ||
| Orange Cnty |
5,000 | 5,060,650 |
| Palo Alto Assess Dist |
8,020 | 8,127,709 | ||
| Perris Union High Sch Dist |
1,200 | 1,242,780 | ||
| Pomona COP |
1,640 | 1,758,572 | ||
| Port of Oakland AMT |
5,000 | 5,124,450 | ||
| Riverside Cnty Pub Fin Auth Tax Alloc Rev |
2,860 | 2,880,414 | ||
| Riverside Comnty Coll Dist |
455 | 484,343 | ||
| Salinas Valley Solid Waste Auth |
3,930 | 4,011,744 | ||
| San Diego Uni Sch Dist |
2,000 | 2,141,520 | ||
| San Francisco City & Cnty Arpt Rev |
1,000 | 1,052,150 | ||
| San Francisco City & Cnty Arpt Rev |
2,500 | 2,477,525 | ||
| San Francisco City & Cnty Lease Rev |
5,000 | 5,171,000 | ||
| San Ramon Valley Uni Sch Dist |
1,425 | 1,514,932 | ||
| Sequoia Uni Sch Dist |
1,770 | 1,961,886 |
| Temecula Redev Agy |
6,270 | 6,464,621 | ||
| Torrance COP |
2,275 | 2,376,283 | ||
| AMBAC Series 05B 5.00%, 6/01/24 (b) |
665 | 694,606 | ||
| Yorba Linda Rec Rev |
4,500 | 4,628,970 | ||
| 185,247,515 | ||||
| Colorado - 0.3% |
||||
| Murphy Creek Metro Dist No 3 |
500 | 439,080 | ||
| Nevada - 2.0% Henderson Loc Impr Dist |
2,275 | 2,536,762 | ||
| Ohio - 0.4% Port Auth of Columbiana Cnty Swr |
500 | 514,070 | ||
| Puerto Rico - 13.4% Puerto Rico Comwlth GO |
500 | 520,300 | ||
| Puerto Rico Comwlth GO |
500 | 547,475 | ||
| Series 04A 5.25%, 7/01/19 |
900 | 945,846 | ||
| Puerto Rico Comwlth Govt Dev Bank |
500 | 537,095 | ||
| Puerto Rico Elec Pwr Auth |
6,000 | 6,716,520 | ||
| Puerto Rico Hwy & Transp Auth |
6,450 | 7,153,501 |
| Puerto Rico Pub Bldg Auth |
700 | 744,331 | ||||
| 17,165,068 | ||||||
| Total Long-Term Municipal Bonds |
205,902,495 | |||||
| Short-Term Municipal Notes - 0.9% |
||||||
| California - 0.4% |
||||||
| California St Dept of Wtr Res Pwr Sup Rev |
500 | 500,000 | ||||
| Alaska - 0.5% |
||||||
| Valdez Alaska Marine Term Rev |
500 | 500,000 | ||||
| Valdez Alaska Marine Term Rev |
200 | 200,000 | ||||
| 700,000 | ||||||
| Total Short-Term Municipal Notes |
1,200,000 | |||||
| Total Investments - 161.2% |
207,102,495 | |||||
| Other assets less liabilities - 1.8% |
2,364,542 | |||||
| Preferred Stock at redemption value - (63.0)% |
(81,000,000 | ) | ||||
| Net Assets Applicable to Common Shareholders - 100.0% (d) |
$ | 128,467,037 | ||||
INTEREST RATE SWAP TRANSACTIONS
| Rate Type | |||||||||||||||
| Swap |
Notional Amount (000) |
Termination Date |
Payments made by the Portfolio |
Payments received by the Portfolio |
Unrealized Appreciation/ (Depreciation) |
||||||||||
| Citibank, N.A. (e) |
$ | 2,140 | 2/20/08 | MMD | + | MMD | ++ | $ | 56,648 | ||||||
| Merrill Lynch |
27,000 | 9/06/09 | 3.375 | % | BMA | * | (496,177 | ) | |||||||
| Merrill Lynch |
2,300 | 10/21/16 | BMA | * | 4.128 | % | 168,451 | ||||||||
| Merrill Lynch |
3,000 | 8/09/26 | 4.063 | % | BMA | * | (170,174 | ) | |||||||
| + | 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).
| Type |
Contracts | Month | Value | 2008 | Unrealized Appreciation/ (Depreciation) |
|||||||||
| Sold Contracts |
||||||||||||||
| U.S. T-Note 5 |
18 | March 2008 |
$ | 1,981,057 | $ | 2,034,000 | $ | (52,943 | ) | |||||
| (a) | Variable rate coupon, rate shown as of January 31, 2008. |
| (b) | Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. The market value of this security amounted to $20,995. |
| (c) | 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. |
| (d) | Portfolio percentages are calculated based on net assets applicable to common shareholders. |
| (e) | 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 62% of total investments in insured bonds (of this amount 24% represents the Fund’s holding in pre-refunded bonds).
Glossary:
| AMBAC | - | American Bond Assurance Corporation | ||
| AMT | - | Alternative Minimum Tax (subject to) | ||
| CDA | - | Community Development Administration | ||
| CFD | - | Community Facilities District | ||
| COP | - | Certificate of Participation | ||
| ETM | - | Escrow to Maturity | ||
| FGIC | - | Financial Guaranty Insurance Company | ||
| FNMA | - | Federal National Mortgage Association | ||
| FSA | - | Financial Security Assurance Inc. | ||
| GO | - | General Obligation | ||
| MBIA | - | Municipal Bond Investors Assurance | ||
| MFHR | - | Multi-Family Housing Revenue | ||
| RADIAN | - | Radian Group, Inc. | ||
| XLCA | - | 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 California 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