Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Alliance California Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

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

4.38%

2) Los Angeles County Metropolitan Transportation Authority 5.00%, 7/01/25

3.77%

3) California State Public Works Board Series 2011G 5.25%, 12/01/26

3.60%

4) Los Angeles Department of Water & Power WTR Series 2013B 5.00%, 7/01/32

3.43%

5) Los Angeles Community Redevelopment Agency AMBAC Series 2002A 5.375%, 12/01/26

3.23%

6) Port of Los Angeles Series 2009C 5.00%, 8/01/26

3.12%

7) San Diego Unified School District/CA Series 2013C 5.00%, 7/01/32

2.82%

8) New Jersey State Turnpike Authority Series 2014A 5.00%, 1/01/33

2.72%

9) Bay Area Toll Authority Series 2013S 5.00%, 4/01/33

2.71%

10) City of San Francisco CA Public Utilities Commission Wastewater Revenue Series 2013B 5.00%, 10/01/32

2.59%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

12.91%

Toll Roads/Transit

8.01%

Electric Utility

7.29%

Revenue - Miscellaneous

6.96%

Higher Education - Public

4.38%

Port

3.12%

Higher Education - Private

2.39%

Airport

1.75%

Primary/Secondary Ed. - Private

1.41%

Health Care - Not-for-Profit

1.35%

Industrial Development - Utility

0.19%

SUBTOTAL

49.76%

Tax Supported

Special Tax

18.01%

Local G.O.

15.32%

Assessment District

2.32%

Tax-Supported Local Lease

1.94%

Tax-Supported State Lease

1.75%

State G.O.

1.11%

SUBTOTAL

40.45%

Prerefunded/ETM

3.60%

Insured/Guaranteed

Insured

3.31%

SUBTOTAL

3.31%

Asset-Backed

Housing - Multi-Family

2.73%

SUBTOTAL

2.73%

Cash Equivalents

Investment Companies

0.15%

SUBTOTAL

0.15%

Total

100.00%

State Breakdown

Portfolio %

California

92.31%

New Jersey

2.72%

New York

2.59%

Guam

1.05%

Nevada

0.99%

Ohio

0.19%

Other

0.15%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.42%

AA

60.50%

A

16.26%

BBB

5.70%

BB

1.40%

Not Rated

1.97%

Pre-refunded Bonds

3.60%

Short Term Investments

0.15%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.15%

1 to 5 years

0.99%

5 to 10 years

8.65%

10 to 20 years

78.24%

20 to 30 years

11.97%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

9.42%

Average Coupon:

5.47%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

37.27%

Tender Option Bonds:

3.95%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

41.22%*

Average Effective Maturity:

6.61 Years

Effective Duration:

5.79 Years

Total Net Assets:

$197.21 Million**

Common Stock Net Asset Value:

$14.57

Number of Holdings:

67

Portfolio Turnover:

25%

* The total percentage of leverage constitutes 3.95% through the use

of tender option bonds, 37.27% 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.