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

3.48%

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

3.46%

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

2.89%

5) Bay Area Toll Authority Series 2013S 5.00%, 4/01/33 (Prerefunded/ETM)

2.88%

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

2.87%

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

2.85%

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

2.67%

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

2.62%

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

2.41%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

9.34%

Revenue - Miscellaneous

8.59%

Health Care - Not-for-Profit

8.54%

Toll Roads/Transit

4.75%

Higher Education - Public

4.44%

Electric Utility

4.42%

Airport

3.04%

Primary/Secondary Ed. - Public

2.94%

Port

2.87%

Senior Living

1.64%

Higher Education - Private

1.61%

Primary/Secondary Ed. - Private

1.41%

SUBTOTAL

53.59%

Tax Supported

Special Tax

13.10%

Local G.O.

9.56%

Tax-Supported Local Lease

9.25%

Assessment District

4.11%

State G.O.

2.84%

SUBTOTAL

38.86%

Prerefunded/ETM

6.08%

Asset-Backed

Housing - Multi-Family

1.26%

SUBTOTAL

1.26%

Cash Equivalents

Investment Companies

0.21%

SUBTOTAL

0.21%

Total

100.00%

State Breakdown

Portfolio %

California

92.45%

New York

2.67%

Florida

1.44%

Guam

1.01%

Minnesota

0.61%

New Jersey

0.54%

Pennsylvania

0.54%

Missouri

0.53%

Other

0.21%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.46%

AA

56.48%

A

10.61%

BBB

12.21%

B

1.26%

Not Rated

2.69%

Pre-refunded Bonds

6.08%

Short-Term Investments

0.21%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.21%

1 to 5 years

0.28%

5 to 10 years

10.86%

10 to 20 years

69.22%

20 to 30 years

18.86%

More Than 30 years

0.57%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

4.12%

Average Coupon:

5.21%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

15.03%

Tender Option Bonds:

4.02%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.19%

Total Fund Leverage:

39.24%*

Average Effective Maturity:

6.00 Years

Effective Duration:

5.31 Years

Total Net Assets:

$161.08 Million**

Common Stock Net Asset Value:

$15.34

Number of Holdings:

86

Portfolio Turnover:

12%

* The total percentage of leverage constitutes 4.02% through the use of tender option bonds, 15.03% in issued and outstanding APS,20.19%  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.