Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Alliance California Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1)   Los Angeles CA Wstwtr Sys  5.00%,  6/01/26            

4.34%

2)   San Francisco CA Pub Util Wtr Series 2012C 

       5.00%,  11/01/26

4.25%

3)    Los Angeles Cnty CA Met Trnsp Auth

       (Los Angeles Cnty Ca Mta Sales Tax)  5.00%,  7/01/25

3.74%

4)    Los Angeles CA GO Series 2012A  5.00%,  9/01/23

3.43%

5)    California Pub Wks Brd (Univ Of California Lease)

       Series 2011A  5.25%,  12/01/26

3.33%

6)    Los Angeles CA Cmnty Redev Agy (Los Angeles Ca Cra Grand Ctrl)

       AMBAC Series 02  5.375%,  12/01/26

3.14%

7)    Puerto Rico Hwy & Trnsp Auth Series 02D  5.375%, 

       7/01/36 (Prerefunded/ETM)

3.05%

8)    Los Angeles CA Harbor Dept  5.00%,  8/01/26

3.03%

9)    San Diego Cnty CA Regl Trnsp Commn Series 2012A  5.00%,  4/01/28

2.38%

10)  Coast CA CCD GO AGM Series 06B  5.00%,  8/21/24

2.31%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

Electric Utility

5.60%

Port

5.15%

Revenue - Miscellaneous

3.99%

Higher Education - Public

3.33%

Health Care - Not-for-Profit

3.23%

Higher Education - Private

2.78%

Airport

2.51%

Primary/Secondary Ed. - Private

1.49%

Industrial Development - Utility

0.20%

SUBTOTAL

45.21%

Tax Supported

Special Tax

14.92%

Local G.O.

12.91%

Tax-Supported Local Lease

3.90%

Assessment District

2.48%

State G.O.

2.15%

Tax-Supported State Lease

1.70%

SUBTOTAL

38.06%

Prerefunded/ETM

7.48%

Insured/Guaranteed

Insured

6.51%

SUBTOTAL

6.51%

Asset-Backed

Housing - Multi-Family

2.74%

SUBTOTAL

2.74%

Total

100.00%

State Breakdown

Portfolio %

California

92.31%

Puerto Rico

6.45%

Nevada

1.04%

Ohio

0.20%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

17.43%

AA

51.55%

A

16.88%

BBB

3.64%

Not Rated

3.02%

Pre-refunded Bonds

7.48%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

13.86%

Average Coupon:

5.61

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

3.77%

Preferred Stock:

36.59%

Tender Option Bonds:

4.26%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

44.62%*

Average Maturity:

5.86 Years 

Effective Duration:

5.12 Years 

Total Net Assets:

$198.25 Million**

Common Stock Net Asset Value:

$14.71

Number of Holdings:

79

Portfolio Turnover:

14

* The total percentage of leverage constitutes 4.26% through the use of tender option bonds,

36.59% in issued and outstanding preferred stock and 3.77% 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 72,550,000 of preferred stock at liquidation value.