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

4.49%

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

3.57%

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

3.52%

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

3.47%

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

3.14%

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

2.95%

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

2.89%

8) San Diego Public Facilities Financing Authority 5.00%, 5/15/36

2.89%

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

2.79%

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

2.69%

Sector/Industry Breakdown

Portfolio %

Revenue

Revenue - Miscellaneous

9.77%

Water & Sewer

9.46%

Toll Roads/Transit

7.50%

Higher Education - Public

4.49%

Electric Utility

4.46%

Health Care - Not-for-Profit

3.68%

Port

2.95%

Higher Education - Private

2.64%

Airport

1.69%

Senior Living

1.66%

Primary/Secondary Ed. - Public

1.64%

Primary/Secondary Ed. - Private

1.47%

SUBTOTAL

51.41%

Tax Supported

Special Tax

15.55%

Local G.O.

12.91%

Tax-Supported Local Lease

8.17%

Assessment District

2.28%

State G.O.

1.16%

SUBTOTAL

40.07%

Prerefunded/ETM

5.93%

Asset-Backed

Housing - Multi-Family

2.59%

SUBTOTAL

2.59%

Total

100.00%

State Breakdown

Portfolio %

California

91.11%

New York

2.69%

Florida

2.02%

Guam

1.06%

Nevada

0.90%

Minnesota

0.61%

Indiana

0.54%

Missouri

0.53%

Pennsylvania

0.53%

Ohio

0.01%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

9.27%

AA

60.99%

A

11.21%

BBB

9.47%

B

1.29%

Not Rated

1.84%

Pre-refunded Bonds

5.93%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.00%

1 to 5 years

1.90%

5 to 10 years

4.15%

10 to 20 years

71.97%

20 to 30 years

20.69%

More than 30 years

1.29%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

8.43%

Average Coupon:

5.27%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.58%

Auction Preferred Shares (APS):

14.73%

Tender Option Bonds:

3.94%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

19.78%

Total Fund Leverage:

39.03%*

Average Effective Maturity:

6.24 Years

Effective Duration:

5.51 Years

Total Net Assets:

$165.55 Million**

Common Stock Net Asset Value:

$15.86

Number of Holdings:

72

Portfolio Turnover:

18%

* The total percentage of leverage constitutes 3.94% through the use

of tender option bonds, 14.73% in issued and outstanding APS,

19.78% in issued and outstanding VMTPs and 0.58% 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.