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

4.40%

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

3.50%

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

3.27%

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

2.90%

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

2.82%

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

2.76%

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

2.66%

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

Water & Sewer

9.32%

Revenue - Miscellaneous

7.98%

Toll Roads/Transit

7.46%

Electric Utility

4.95%

Higher Education - Public

4.40%

Health Care - Not-for-Profit

3.72%

Port

2.96%

Primary/Secondary Ed. - Public

2.53%

Airport

2.23%

Senior Living

1.65%

Higher Education - Private

1.58%

Primary/Secondary Ed. - Private

1.45%

SUBTOTAL

50.23%

Tax Supported

Special Tax

14.70%

Local G.O

12.23%

Tax-Supported Local Lease

9.10%

Assessment District

5.36%

State G.O

1.11%

SUBTOTAL

42.50%

Prerefunded/ETM

4.58%

Cash Equivalents

Investment Companies

1.42%

SUBTOTAL

1.42%

Asset-Backed

Housing - Multi-Family

1.27%

SUBTOTAL

1.27%

Total

100.00%

State Breakdown

Portfolio %

California

90.43%

New York

2.66%

Florida

1.94%

Guam

1.00%

Nevada

0.89%

Minnesota

0.61%

Missouri

0.54%

Pennsylvania

0.51%

Ohio

0.00%

Other

1.42%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

11.12%

AA

58.49%

A

10.91%

BBB

9.17%

B

1.27%

Not Rated

3.04%

Pre-refunded Bonds

4.58%

Short-Term Investments

1.42%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.42%

1 to 5 years

1.18%

5 to 10 years

12.57%

10 to 20 years

68.94%

20 to 30 years

15.89%

More Than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

7.16%

Average Coupon:

5.15%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.15%

Auction Preferred Shares (APS):

15.45%

Tender Option Bonds:

4.13%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.76%

Total Fund Leverage:

41.49%*

Average Effective Maturity:

6.70  Years

Effective Duration:

5.21  Years

Total Net Assets:

$155.84 Million**

Common Stock Net Asset Value:

$14.73

Number of Holdings:

79

Portfolio Turnover:

12%

* The total percentage of leverage constitutes 4.13% through the use of tender option bonds, 15.45% in issued and outstanding APS,20.76%  in issued and outstanding VMTPs and 1.150% 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.