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

4.44%

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

3.49%

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

3.48%

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

2.90%

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

2.89%

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

2.83%

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

2.75%

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

2.64%

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

2.63%

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

2.42%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

9.32%

Revenue - Miscellaneous

8.58%

Health Care - Not-for-Profit

8.48%

Toll Roads/Transit

7.47%

Higher Education - Public

4.44%

Electric Utility

4.40%

Airport

3.04%

Port

2.89%

Primary/Secondary Ed. - Public

2.56%

Senior Living

1.64%

Higher Education - Private

1.60%

Primary/Secondary Ed. - Private

1.42%

SUBTOTAL

55.84%

Tax Supported

Special Tax

11.06%

Local G.O.

9.53%

Tax-Supported Local Lease

9.19%

Assessment District

5.34%

State G.O.

2.82%

SUBTOTAL

37.94%

Prerefunded/ETM

4.48%

Asset-Backed

Housing - Multi-Family

1.25%

SUBTOTAL

1.25%

Cash Equivalents

Investment Companies

0.49%

SUBTOTAL

0.49%

Total

100.00%

State Breakdown

Portfolio %

California

91.38%

New York

2.64%

Florida

1.44%

Guam

1.00%

Nevada

0.84%

Minnesota

0.61%

Pennsylvania

0.54%

Missouri

0.53%

New Jersey

0.52%

Ohio

0.01%

Other

0.49%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.47%

AA

57.99%

A

10.53%

BBB

11.79%

B

1.25%

Not Rated

3.00%

Pre-refunded Bonds

4.48%

Short-Term Investments

0.49%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.33%

1 to 5 years

0.28%

5 to 10 years

9.88%

10 to 20 years

69.46%

20 to 30 years

17.41%

More Than 30 years

1.64%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

4.41%

Average Coupon:

5.22%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.71%

Auction Preferred Shares (APS):

15.10%

Tender Option Bonds:

4.04%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.28%

Total Fund Leverage:

40.13%*

Average Effective Maturity:

6.81  Years

Effective Duration:

5.32  Years

Total Net Assets:

$160.40 Million**

Common Stock Net Asset Value:

$15.26

Number of Holdings:

86

Portfolio Turnover:

12%

* The total percentage of leverage constitutes 4.04% through the use of tender option bonds, 15.10% in issued and outstanding APS, 20.28% in issued and outstanding VMTPs and 0.710% 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.