Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Portfolio %

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

4.46%

2) San Francisco City/Cnty CA Pub Util Wtr              

4.31%

    Series 2012C  5.00%,  11/01/26 

3) Los Angeles Cnty CA Met Trnsp Auth (Los           

3.89%

    Angeles Cnty CA MTA Sales Tax)    5.00%, 

    7/01/25 

4) California Pub Wks Brd (Univ Of California          

3.47%

    Lease)  Series 2011A  5.25%,  12/01/26 

5) Los Angeles CA Cmnty Redev Agy (Los Angeles Ca       

3.41%

    Cra Grand Ctrl) AMBAC Series 02  5.375%, 

    12/01/26 

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

3.13%

7) Port of Oakland CA   Series 2012P  5.00%,       

2.78%

    5/01/29 

8) Puerto Rico Sales Tax Fin Corp.   Series 2011A       

2.59%

    5.00%,  8/01/43 

9) Coast CA CCD GO   AGM  5.00%,  8/21/24         

2.49%

10) Clovis CA USD GO   Series 2012A  5.00%,          

2.42%

      8/01/28 

Sector/Industry Breakdown 

Portfolio %

Revenue 

Water & Sewer     

15.08%

Electric Utility       

7.94%

Port                

5.91%

Revenue - Miscellaneous         

5.81%

Higher Education - Public       

3.47%

Airport                       

2.62%

Higher Education - Private       

2.43%

Primary/Secondary Ed. - Private   

1.46%

Health Care - Not-for-Profit       

1.43%

Industrial Development - Utility          

0.20%

SUBTOTAL           

46.35%

Tax Supported  

Special Tax           

23.13%

Local G.O.                  

10.06%

Tax-Supported Local Lease       

2.79%

Assessment District                 

2.12%

Tax-Supported State Lease              

1.85%

State G.O.                

1.52%

SUBTOTAL                  

41.47%

Insured/Guaranteed 

Insured                

6.92%

SUBTOTAL               

6.92%

Asset-Backed 

Housing - Multi-Family              

2.94%

SUBTOTAL               

2.94%

Cash Equivalents 

Investment Companies          

1.73%

SUBTOTAL                  

1.73%

Prerefunded/ETM           

0.59%

Total                          

100.00%

State Breakdown 

Portfolio %

California                 

91.81%

Puerto Rico             

4.19%

Nevada                   

1.08%

Guam                      

0.99%

Ohio                          

0.20%

Other                             

1.73%

Total Investments                         

100.00%

Credit Quality Breakdown 

Portfolio %

AAA          

15.37%

AA          

53.01%

A           

18.81%

BBB         

5.89%

BB            

1.53%

Not Rated                

3.07%

Pre-refunded Bonds         

0.59%

Short Term Investments        

1.73%

Total Investments        

100.00%

Bonds By Maturity 

Portfolio % 

Less than 1 year       

2.31%

1 to 5 years        

1.35%

5 to 10 years        

7.80%

10 to 20 years       

77.93%

20 to 30 years         

8.01%

More than 30 years    

2.60%

Other                        

0.00%

Total Investments        

100.00%

Portfolio Statistics: 

AMT Percentage:     

13.73%

Average Coupon:       

5.26%

Percentage of Leverage: 

Bank Borrowing:       

0.00%

Investment Operations:    

0.00%

Preferred Stock:        

38.48%

Tender Option Bonds:        

4.48%

Term Asset-Backed Loans Facility (TALF):    

0.00%

Total Fund Leverage:           

              42.96%*

Average Effective Maturity:         

         6.93 Years

Effective Duration:                  

          5.89 Years

Total Net Assets:                    

       $188.53 Million**

Common Stock Net Asset Value:      

$13.56

Number of Holdings:                       

76

Portfolio Turnover:                         

46%