Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Alliance California Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Univ of California Series 2012G 5.00%, 5/15/31

4.40%

2) Los Angeles Cnty CA Met Trnsp Auth (Los Angeles Cnty Ca Mta Sales Tax) 5.00%, 7/01/25

3.85%

3) California Pub Wks Brd Series 2011G 5.25%, 12/01/21 (Prerefunded/ETM)

3.70%

4) Los Angeles CA Dept W&P Wtr Series 2013B 5.00%, 7/01/32

3.43%

5) Los Angeles CA Cmnty Redev Agy (Los Angeles Ca Cra Grand Ctrl) AMBAC Series 2002A 5.375%, 12/01/26

3.33%

6) Los Angeles CA Harbor Dept Series 2009C 5.00%, 8/01/26

3.14%

7) San Diego CA USD GO Series 2013C 5.00%, 7/01/32

2.80%

8) Bay Area Toll Auth CA Series 2013S 5.00%, 4/01/33

2.68%

9) San Francisco City/Cnty CA Pub Util Wtr Series 2013B 5.00%, 10/01/32

2.60%

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

2.41%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

16.51%

Electric Utility

5.90%

Revenue - Miscellaneous

5.45%

Higher Education - Public

4.40%

Port

3.33%

Toll Roads/Transit

2.68%

Higher Education - Private

2.41%

Airport

1.74%

Primary/Secondary Ed. - Private

1.42%

Health Care - Not-for-Profit

1.39%

SUBTOTAL

45.23%

Tax Supported

Special Tax

17.16%

Local G.O.

14.84%

Assessment District

2.82%

Tax-Supported Local Lease

2.75%

State G.O.

2.07%

Tax-Supported State Lease

1.81%

SUBTOTAL

41.45%

Insured/Guaranteed

Insured

6.78%

SUBTOTAL

6.78%

Prerefunded/ETM

3.70%

Asset-Backed

Housing - Multi-Family

2.84%

SUBTOTAL

2.84%

Total

100.00%

State Breakdown

Portfolio %

California

94.55%

Puerto Rico

3.23%

Nevada

1.05%

Guam

0.98%

Ohio

0.19%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.64%

AA

55.96%

A

19.79%

BBB

5.47%

BB

1.46%

Not Rated

2.98%

Pre-refunded Bonds

3.70%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.00%

1 to 5 years

1.27%

5 to 10 years

14.97%

10 to 20 years

71.85%

20 to 30 years

11.91%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

10.71%

Average Coupon:

5.31%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.69%

Preferred Stock:

37.80%

Tender Option Bonds:

4.40%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

42.89%*

Average Effective Maturity:

7.09 Years

Effective Duration:

5.84 Years

Total Net Assets:

$191.92 Million**

Common Stock Net Asset Value:

$13.95

Number of Holdings:

72

Portfolio Turnover:

25%

* The total percentage of leverage constitutes 4.40% through the use of tender option bonds, 37.80% in issued and outstanding preferred stock and 0.69% 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. 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.