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

4.50%

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

3.73%

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

3.50%

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

3.21%

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

2.89%

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

2.78%

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

2.68%

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

2.66%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

10.67%

Revenue - Miscellaneous

9.24%

Toll Roads/Transit

7.91%

Electric Utility

5.11%

Higher Education - Public

4.50%

Health Care - Not-for-Profit

3.86%

Port

3.12%

Airport

1.76%

Primary/Secondary Ed. - Private

1.41%

Higher Education - Private

1.20%

Industrial Development - Utility

0.20%

SUBTOTAL

48.98%

Tax Supported

Special Tax

16.14%

Local G.O.

13.14%

Tax-Supported Local Lease

4.59%

Assessment District

2.38%

Tax-Supported State Lease

1.75%

State G.O.

1.13%

SUBTOTAL

39.13%

Prerefunded/ETM

5.90%

Insured/Guaranteed

Insured

3.29%

SUBTOTAL

3.29%

Asset-Backed

Housing - Multi-Family

2.70%

SUBTOTAL

2.70%

Total

100.00%

State Breakdown

Portfolio %

California

92.12%

New York

2.68%

New Jersey

1.46%

Florida

1.46%

Guam

1.06%

Nevada

1.02%

Ohio

0.20%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.45%

AA

55.64%

A

16.43%

BBB

8.20%

B

1.38%

Not Rated

2.00%

Pre-refunded Bonds

5.90%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.00%

1 to 5 years

3.33%

5 to 10 years

9.86%

10 to 20 years

72.08%

20 to 30 years

14.73%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

9.10%

Average Coupon:

5.36%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

36.57%

Tender Option Bonds:

3.87%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

40.44%*

Average Maturity:

6.52 Years

Effective Duration:

5.74 Years

Total Net Assets:

$201.99 Million**

Common Stock Net Asset Value:

$15.13

Number of Holdings:

68

Portfolio Turnover:

32%

* The total percentage of leverage constitutes 3.87% through the use

of tender option bonds, 36.57% 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.