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

4.46%

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

3.51%

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

3.50%

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

3.11%

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

2.93%

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

2.92%

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

2.91%

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

2.82%

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

2.72%

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

2.66%

Sector/Industry Breakdown

Portfolio %

Revenue

Revenue - Miscellaneous

9.80%

Water & Sewer

9.39%

Toll Roads/Transit

7.66%

Higher Education - Public

4.46%

Electric Utility

4.45%

Health Care - Not-for-Profit

3.72%

Port

2.91%

Higher Education - Private

2.66%

Primary/Secondary Ed. - Public

2.61%

Senior Living

1.69%

Airport

1.66%

Primary/Secondary Ed. - Private

1.45%

SUBTOTAL

52.46%

Tax Supported

Special Tax

15.08%

Local G.O.

13.11%

Tax-Supported Local Lease

8.21%

Assessment District

2.65%

State G.O.

1.15%

SUBTOTAL

40.20%

Prerefunded/ETM

4.54%

Asset-Backed

Housing - Multi-Family

2.56%

SUBTOTAL

2.56%

Cash Equivalents

Investment Companies

0.24%

SUBTOTAL

0.24%

Total

100.00%

State Breakdown

Portfolio %

California

90.81%

New York

2.72%

Florida

2.04%

Guam

1.05%

Nevada

0.88%

Minnesota

0.61%

Pennsylvania

0.55%

Indiana

0.55%

Missouri

0.54%

Ohio

0.01%

Other

0.24%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

11.77%

AA

58.57%

A

11.20%

BBB

10.58%

B

1.28%

Not Rated

1.82%

Pre-refunded Bonds

4.54%

Short Term Investments

0.24%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.24%

1 to 5 years

2.15%

5 to 10 years

3.80%

10 to 20 years

75.62%

20 to 30 years

16.87%

More than 30 years

1.32%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

8.52%

Average Coupon:

5.17%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

14.48%

Tender Option Bonds:

3.87%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

19.45%

Total Fund Leverage:

37.80%*

Average Effective Maturity:

5.95 Years

Effective Duration:

5.31 Years

Total Net Assets:

$168.39 Million**

Common Stock Net Asset Value:

$16.19

Number of Holdings:

74

Portfolio Turnover:

18%

* The total percentage of leverage constitutes 3.87% through the use

of tender option bonds, 14.48% in issued and outstanding APS,

19.45% in issued and outstanding VMTPs and 0.00% 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.