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

3.72%

3) California State Public Works Board Series 2011G 5.25%, 12/01/21 (Prerefunded/ETM)

3.57%

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

3.16%

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

3.09%

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

2.82%

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

2.70%

9) Metropolitan Transportation Authority Series 2014C 5.00%, 11/15/32

2.61%

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

2.60%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

12.88%

Electric Utility

7.26%

Revenue - Miscellaneous

6.90%

Toll Roads/Transit

6.73%

Higher Education - Public

4.38%

Port

3.09%

Higher Education - Private

2.36%

Airport

1.75%

Primary/Secondary Ed. - Private

1.38%

Health Care - Not-for-Profit

1.32%

Industrial Development - Utility

0.20%

SUBTOTAL

48.25%

Tax Supported

Special Tax

17.81%

Local G.O.

17.30%

Assessment District

2.27%

Tax-Supported Local Lease

1.95%

Tax-Supported State Lease

1.72%

State G.O.

1.11%

SUBTOTAL

42.16%

Prerefunded/ETM

3.57%

Insured/Guaranteed

Insured

3.26%

SUBTOTAL

3.26%

Asset-Backed

Housing - Multi-Family

2.67%

SUBTOTAL

2.67%

Cash Equivalents

Investment Companies

0.09%

SUBTOTAL

0.09%

Total

100.00%

State Breakdown

Portfolio %

California

93.68%

New York

2.61%

New Jersey

1.42%

Guam

1.04%

Nevada

0.96%

Ohio

0.20%

Other

0.09%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.32%

AA

62.28%

A

14.80%

BBB

5.62%

BB

1.37%

Not Rated

1.95%

Pre-refunded Bonds

3.57%

Short Term Investments

0.09%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.09%

1 to 5 years

0.96%

5 to 10 years

12.09%

10 to 20 years

76.99%

20 to 30 years

9.87%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

9.34%

Average Coupon:

5.42%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

2.20%

Preferred Stock:

37.29%

Tender Option Bonds:

3.95%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

43.44%*

Average Maturity:

6.63 Years

Effective Duration:

5.81 Years

Total Net Assets:

$200.01 Million**

Common Stock Net Asset Value:

$14.90

Number of Holdings:

69

Portfolio Turnover:

25%

* The total percentage of leverage constitutes 3.95% through the use of tender option bonds, 37.29% in issued and outstanding preferred stock and 2.20% 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.