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

4.45%

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%, 12/01/26 (Prerefunded/ETM)

3.54%

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

3.44%

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

3.06%

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

2.87%

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

2.60%

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

10.15%

Revenue - Miscellaneous

9.71%

Toll Roads/Transit

8.73%

Electric Utility

4.49%

Higher Education - Public

4.45%

Health Care - Not-for-Profit

3.60%

Port

3.06%

Higher Education - Private

2.23%

Airport

1.75%

Primary/Secondary Ed. - Private

1.40%

Primary/Secondary Ed. - Public

0.87%

Industrial Development - Utility

0.14%

SUBTOTAL

50.58%

Tax Supported

Special Tax

15.73%

Local G.O.

11.54%

Tax-Supported Local Lease

4.59%

Assessment District

2.31%

Tax-Supported State Lease

1.71%

State G.O.

1.13%

SUBTOTAL

37.01%

Prerefunded/ETM

6.12%

Insured/Guaranteed

Insured

3.24%

SUBTOTAL

3.24%

Asset-Backed

Housing - Multi-Family

2.69%

SUBTOTAL

2.69%

Cash Equivalents

Investment Companies

0.36%

SUBTOTAL

0.36%

Total

100.00%

State Breakdown

Portfolio %

California

89.90%

New York

2.60%

Florida

1.42%

New Jersey

1.42%

Guam

1.04%

Nevada

0.97%

Minnesota

0.60%

Indiana

0.53%

Missouri

0.51%

Pennsylvania

0.51%

Ohio

0.14%

Other

0.36%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.32%

AA

57.37%

A

13.40%

BBB

9.14%

B

1.37%

Not Rated

1.92%

Pre-refunded Bonds

6.12%

Short Term Investments

0.36%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.36%

1 to 5 years

0.97%

5 to 10 years

8.73%

10 to 20 years

75.19%

20 to 30 years

14.75%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

8.77%

Average Coupon:

1.47%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.19%

Preferred Stock:

36.76%

Tender Option Bonds:

4.30%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

41.25%*

Average Effective Maturity:

6.15 Years

Effective Duration:

5.46 Years

Total Net Assets:

$198.62 Million**

Common Stock Net Asset Value:

$14.74

Number of Holdings:

73

Portfolio Turnover:

32%

* The total percentage of leverage constitutes 4.30% through the use

of tender option bonds, 36.76% in issued and outstanding preferred

stock and 0.19% 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