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

4.56%

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

3.66%

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

3.55%

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

3.50%

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

3.19%

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

3.03%

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

2.91%

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

2.84%

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

2.69%

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

2.69%

Sector/Industry Breakdown

Portfolio %

Revenue

Revenue - Miscellaneous

9.87%

Water & Sewer

9.47%

Toll Roads/Transit

7.57%

Electric Utility

5.10%

Higher Education - Public

4.56%

Health Care - Not-for-Profit

4.22%

Port

3.08%

Higher Education - Private

2.11%

Airport

1.73%

Primary/Secondary Ed. - Public

1.66%

Senior Living

1.64%

Primary/Secondary Ed. - Private

1.48%

SUBTOTAL

52.49%

Tax Supported

Special Tax

15.74%

Local G.O.

12.99%

Tax-Supported Local Lease

5.28%

Assessment District

2.32%

State G.O.

1.16%

SUBTOTAL

37.49%

Prerefunded/ETM

6.07%

Asset-Backed

Housing - Multi-Family

2.65%

SUBTOTAL

2.65%

Cash Equivalents

Investment Companies

1.30%

SUBTOTAL

1.30%

Total

100.00%

State Breakdown

Portfolio %

California

89.77%

New York

2.69%

Florida

1.45%

Guam

1.06%

Nevada

0.92%

Minnesota

0.61%

Vermont

0.56%

Indiana

0.54%

Pennsylvania

0.53%

Missouri

0.52%

Ohio

0.05%

Other

1.30%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

9.41%

AA

59.08%

A

10.83%

BBB

10.08%

B

1.33%

Not Rated

1.90%

Pre-refunded Bonds

6.07%

Short Term Investments

1.30%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.30%

1 to 5 years

0.92%

5 to 10 years

5.33%

10 to 20 years

72.55%

20 to 30 years

18.62%

More than 30 years

1.28%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

8.29%

Average Coupon:

5.19%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.32%

Auction Preferred Shares (APS):

14.82%

Tender Option Bonds:

2.09%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

19.90%

Total Fund Leverage:

38.13%*

Average Effective Maturity:

6.17 Years

Effective Duration:

5.38 Years

Total Net Assets:

$163.99 Million**

Common Stock Net Asset Value:

$15.68

Number of Holdings:

73

Portfolio Turnover:

18%

* The total percentage of leverage constitutes 2.09% through the use

of tender option bonds, 14.82% in issued and outstanding APS,

19.90% in issued and outstanding VMTPs and 1.32% 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.