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

4.32%

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

3.47%

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

3.42%

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

2.87%

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

2.83%

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

2.73%

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

2.72%

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

2.59%

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

2.57%

10) San Diego County Water Authority Financing Corp.    Series 2013  5.00%, 5/01/31

2.36%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

9.11%

Revenue - Miscellaneous

8.32%

Toll Roads/Transit

7.29%

Electric Utility

6.48%

Higher Education - Public

4.32%

Health Care - Not-for-Profit

4.15%

Port

2.87%

Primary/Secondary Ed. - Public

2.48%

Airport

2.18%

Senior Living

1.60%

Higher Education - Private

1.53%

Primary/Secondary Ed. - Private

1.41%

SUBTOTAL

51.74%

Tax Supported

Special Tax

12.53%

Local G.O.

11.91%

Tax-Supported Local Lease

8.87%

Assessment District

5.19%

State G.O.

1.09%

SUBTOTAL

39.59%

Prerefunded/ETM

4.46%

Cash Equivalents

Investment Companies

2.97%

SUBTOTAL

2.97%

Asset-Backed

Housing - Multi-Family

1.24%

SUBTOTAL

1.24%

Total

100.00%

State Breakdown

Portfolio %

California

88.60%

New York

2.59%

Florida

1.89%

Guam

0.98%

Nevada

0.86%

Minnesota

0.59%

Missouri

0.52%

New Jersey

0.50%

Pennsylvania

0.50%

Ohio

0.00%

Other

2.97%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.86%

AA

57.44%

A

10.58%

BBB

9.50%

B

1.24%

Not Rated

2.95%

Pre-refunded Bonds

4.46%

Short-Term Investments

2.97%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

2.97%

1 to 5 years

1.14%

5 to 10 years

9.05%

10 to 20 years

69.15%

20 to 30 years

17.15%

More Than 30 years

0.54%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

6.80%

Average Coupon:

5.17%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

2.96%

Auction Preferred Shares (APS):

15.22%

Tender Option Bonds:

4.07%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.44%

Total Fund Leverage:

42.69%*

Average Effective Maturity:

7.06  Years

Effective Duration:

5.48  Years

Total Net Assets:

$157.19 Million**

Common Stock Net Asset Value:

$14.88

Number of Holdings:

83

Portfolio Turnover:

12%

* The total percentage of leverage constitutes 4.07% through the use of tender option bonds, 15.22% in issued and outstanding APS,20.44%  in issued and outstanding VMTPs and 2.960% 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.