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

4.37%

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

3.56%

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

3.44%

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

3.26%

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

2.96%

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

2.89%

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

2.76%

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

2.72%

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

2.63%

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

2.62%

Sector/Industry Breakdown

Portfolio %

Revenue

Revenue - Miscellaneous

9.59%

Water & Sewer

9.22%

Toll Roads/Transit

7.32%

Electric Utility

4.97%

Higher Education - Public

4.37%

Health Care - Not-for-Profit

3.73%

Port

2.96%

Primary/Secondary Ed. - Public

2.55%

Airport

1.68%

Senior Living

1.62%

Higher Education - Private

1.57%

Primary/Secondary Ed. - Private

1.45%

SUBTOTAL

51.03%

Tax Supported

Special Tax

14.64%

Local G.O.

13.42%

Tax-Supported Local Lease

7.91%

Assessment District

5.31%

State G.O.

1.10%

SUBTOTAL

42.38%

Prerefunded/ETM

4.57%

Asset-Backed

Housing - Multi-Family

1.26%

SUBTOTAL

1.26%

Cash Equivalents

Investment Companies

0.76%

SUBTOTAL

0.76%

Total

100.00%

State Breakdown

Portfolio %

California

91.08%

New York

2.63%

Florida

1.96%

Guam

1.05%

Nevada

0.89%

Minnesota

0.60%

Missouri

0.53%

Pennsylvania

0.50%

Other

0.76%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

11.08%

AA

59.18%

A

9.23%

BBB

10.90%

B

1.26%

Not Rated

3.02%

Pre-refunded Bonds

4.57%

Short-Term Investments

0.76%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.76%

1 to 5 years

1.18%

5 to 10 years

7.19%

10 to 20 years

72.77%

20 to 30 years

18.10%

More Than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

7.10%

Average Coupon:

5.25%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.76%

Auction Preferred Shares (APS):

15.48%

Tender Option Bonds:

4.14%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.80%

Total Fund Leverage:

42.18%*

Average Effective Maturity:

6.98  Years

Effective Duration:

5.39  Years

Total Net Assets:

$155.33 Million**

Common Stock Net Asset Value:

$14.67

Number of Holdings:

78

Portfolio Turnover:

18%

* The total percentage of leverage constitutes 4.14% through the use of tender option bonds, 15.48% in issued and outstanding APS, 20.80%  in issued and outstanding VMTPs and 1.76% 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.