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)

3.72%

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

3.47%

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

3.31%

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

2.81%

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

2.69%

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

2.61%

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

2.39%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

12.98%

Revenue - Miscellaneous

7.21%

Electric Utility

5.93%

Higher Education - Public

4.40%

Port

3.14%

Toll Roads/Transit

2.69%

Higher Education - Private

2.41%

Airport

1.76%

Primary/Secondary Ed. - Private

1.41%

Health Care - Not-for-Profit

1.38%

Industrial Development - Utility

0.19%

SUBTOTAL

43.50%

Tax Supported

Special Tax

18.09%

Local G.O.

14.94%

Tax-Supported Local Lease

2.74%

State G.O.

2.18%

Assessment District

2.03%

Tax-Supported State Lease

1.81%

SUBTOTAL

41.79%

Insured/Guaranteed

Insured

6.75%

SUBTOTAL

6.75%

Prerefunded/ETM

3.72%

Asset-Backed

Housing - Multi-Family

2.82%

SUBTOTAL

2.82%

Cash Equivalents

Investment Companies

1.42%

SUBTOTAL

1.42%

Total

100.00%

State Breakdown

Portfolio %

California

92.84%

Puerto Rico

3.54%

Nevada

1.03%

Guam

0.98%

Ohio

0.19%

Other

1.42%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.60%

AA

56.16%

A

17.99%

BBB

4.35%

BB

2.78%

Not Rated

2.98%

Pre-refunded Bonds

3.72%

Short Term Investments

1.42%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.42%

1 to 5 years

1.27%

5 to 10 years

15.06%

10 to 20 years

70.06%

20 to 30 years

12.19%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

10.61%

Average Coupon:

5.46%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

37.35%

Tender Option Bonds:

4.35%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

41.70%*

Average Effective Maturity:

6.78 Years

Effective Duration:

5.56 Years

Total Net Assets:

$194.26 Million**

Common Stock Net Asset Value:

$14.23

Number of Holdings:

72

Portfolio Turnover:

25%

* The total percentage of leverage constitutes 4.35% through the use

of tender option bonds, 37.35% in issued and outstanding preferred

stock and 0.00% 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.