Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings

Portfolio %

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

4.47%

2) Los Angeles County Metropolitan Transportation Authority Series 2009 5.00%, 7/01/25

3.72%

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

3.58%

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

3.48%

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

3.19%

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

3.11%

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

2.85%

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

2.74%

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

2.63%

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

2.61%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

13.03%

Toll Roads/Transit

7.77%

Revenue - Miscellaneous

7.00%

Electric Utility

6.80%

Higher Education - Public

4.47%

Port

3.11%

Higher Education - Private

2.38%

Airport

1.77%

Primary/Secondary Ed. - Private

1.40%

Health Care - Not-for-Profit

1.33%

Industrial Development - Utility

0.20%

SUBTOTAL

49.26%

Tax Supported

Local G.O.

17.51%

Special Tax

16.53%

Assessment District

2.28%

Tax-Supported Local Lease

1.99%

Tax-Supported State Lease

1.75%

State G.O.

1.12%

SUBTOTAL

41.18%

Prerefunded/ETM

3.58%

Insured/Guaranteed

Insured

3.29%

SUBTOTAL

3.29%

Asset-Backed

Housing - Multi-Family

2.69%

SUBTOTAL

2.69%

Total

100.00%

State Breakdown

Portfolio %

California

93.75%

New York

2.61%

New Jersey

1.43%

Guam

1.05%

Nevada

0.96%

Ohio

0.20%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.40%

AA

62.44%

A

13.55%

BBB

6.67%

BB

1.38%

Not Rated

1.98%

Pre-refunded Bonds

3.58%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.00%

1 to 5 years

0.96%

5 to 10 years

12.83%

10 to 20 years

77.35%

20 to 30 years

8.86%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

9.22%

Average Coupon:

5.37%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.01%

Preferred Stock:

36.33%

Tender Option Bonds:

3.85%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

41.19%*

Average Effective Maturity:

6.53 Years

Effective Duration:

5.71 Years

Total Net Assets:

$200.89 Million**

Common Stock Net Asset Value:

$15.00

Number of Holdings:

68

Portfolio Turnover:

25%

* The total percentage of leverage constitutes 3.85% through the use

of tender option bonds, 36.33% in issued and outstanding preferred

stock and 1.01% 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.