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

4.44%

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

3.71%

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

3.54%

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

3.22%

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

3.07%

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

2.71%

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

2.59%

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

11.18%

Revenue - Miscellaneous

9.19%

Toll Roads/Transit

8.73%

Electric Utility

4.47%

Higher Education - Public

4.44%

Port

3.07%

Health Care - Not-for-Profit

3.02%

Higher Education - Private

2.24%

Airport

1.75%

Primary/Secondary Ed. - Private

1.40%

Primary/Secondary Ed. - Public

0.89%

Industrial Development - Industry

0.52%

Industrial Development - Utility

0.21%

SUBTOTAL

51.11%

Tax Supported

Special Tax

15.66%

Local G.O.

11.48%

Tax-Supported Local Lease

4.56%

Assessment District

2.32%

Tax-Supported State Lease

1.72%

State G.O.

1.11%

SUBTOTAL

36.85%

Prerefunded/ETM

6.11%

Insured/Guaranteed

Insured

3.25%

SUBTOTAL

3.25%

Asset-Backed

Housing - Multi-Family

2.68%

SUBTOTAL

2.68%

Total

100.00%

State Breakdown

Portfolio %

California

90.77%

New York

2.59%

Florida

1.43%

New Jersey

1.41%

Guam

1.03%

Nevada

0.99%

Missouri

0.53%

Indiana

0.52%

Pennsylvania

0.52%

Ohio

0.21%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.30%

AA

53.40%

A

16.31%

BBB

10.53%

B

1.36%

Not Rated

1.99%

Pre-refunded Bonds

6.11%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.00%

1 to 5 years

3.56%

5 to 10 years

8.11%

10 to 20 years

72.23%

20 to 30 years

16.10%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

8.68%

Average Coupon:

5.34%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.25%

Preferred Stock:

36.59%

Tender Option Bonds:

3.88%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

40.72%*

Average Effective Maturity:

6.52 Years

Effective Duration:

5.70 Years

Total Net Assets:

$198.92 Million**

Common Stock Net Asset Value:

$14.77

Number of Holdings:

72

Portfolio Turnover:

32%

* The total percentage of leverage constitutes 3.88% through the use

of tender option bonds, 36.59% in issued and outstanding preferred

stock and 0.25% 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.