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

4.47%

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

3.62%

3) California State Public Works Board Series 2011G 5.25%, 12/01/26 (Prerefunded/ETM)

3.50%

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

3.48%

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

3.18%

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

2.98%

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

2.90%

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

2.80%

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

2.66%

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

2.66%

Sector/Industry Breakdown

Portfolio %

Revenue

Revenue - Miscellaneous

9.72%

Water & Sewer

9.35%

Toll Roads/Transit

7.48%

Electric Utility

5.02%

Higher Education - Public

4.47%

Health Care - Not-for-Profit

3.63%

Port

3.04%

Primary/Secondary Ed. - Public

2.65%

Higher Education - Private

2.10%

Airport

1.72%

Senior Living

1.63%

Primary/Secondary Ed. - Private

1.38%

SUBTOTAL

52.19%

Tax Supported

Special Tax

15.60%

Local G.O.

11.56%

Tax-Supported Local Lease

5.20%

Assessment District

2.28%

State G.O.

1.14%

SUBTOTAL

35.78%

Prerefunded/ETM

6.00%

Insured/Guaranteed

Insured

3.15%

SUBTOTAL

3.15%

Asset-Backed

Housing - Multi-Family

2.64%

SUBTOTAL

2.64%

Cash Equivalents

Investment Companies

0.24%

SUBTOTAL

0.24%

Total

100.00%

State Breakdown

Portfolio %

California

91.47%

New York

2.66%

Florida

1.43%

Guam

1.04%

Nevada

0.94%

Minnesota

0.60%

Indiana

0.54%

Pennsylvania

0.52%

Missouri

0.51%

Ohio

0.05%

Other

0.24%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

12.44%

AA

57.17%

A

10.06%

BBB

10.96%

B

1.33%

Not Rated

1.80%

Pre-refunded Bonds

6.00%

Short Term Investments

0.24%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.24%

1 to 5 years

0.94%

5 to 10 years

8.43%

10 to 20 years

71.01%

20 to 30 years

19.38%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

7.93%

Average Coupon:

5.38%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.60%

Auction Preferred Shares (APS):

15.04%

Tender Option Bonds:

4.28%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.20%

Total Fund Leverage:

40.12%*

Average Effective Maturity:

6.20 Years

Effective Duration:

5.50 Years

Total Net Assets:

$161.87 Million**

Common Stock Net Asset Value:

$15.43

Number of Holdings:

75

Portfolio Turnover:

18%

* The total percentage of leverage constitutes 4.28% through the use

of tender option bonds, 15.04% in issued and outstanding APS,

20.20% in issued and outstanding VMTPs and 0.60% 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 $29,875,000 of APS at liquidation value.

The Fund also had outstanding $40,125,000 of VMTPs at liquidation value, which

is not included in Total Net Assets because it is treated as a liability for financial reporting purposes.

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.