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

4.38%

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

3.47%

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

3.43%

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

2.87%

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

2.87%

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

2.85%

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

2.84%

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

2.69%

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

2.61%

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

2.39%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

9.27%

Health Care - Not-for-Profit

8.64%

Revenue - Miscellaneous

8.58%

Toll Roads/Transit

4.81%

Electric Utility

4.40%

Higher Education - Public

4.38%

Port

3.73%

Primary/Secondary Ed. - Public

3.26%

Airport

3.04%

Higher Education - Private

1.64%

Senior Living

1.64%

Primary/Secondary Ed. - Private

1.42%

SUBTOTAL

54.81%

Tax Supported

Special Tax

13.01%

Local G.O.

9.46%

Tax-Supported Local Lease

9.25%

Assessment District

4.12%

State G.O.

2.85%

SUBTOTAL

38.69%

Prerefunded/ETM

5.17%

Asset-Backed

Housing - Multi-Family

1.28%

SUBTOTAL

1.28%

Cash Equivalents

Investment Companies

0.05%

SUBTOTAL

0.05%

Total

100.00%

State Breakdown

Portfolio %

California

92.55%

New York

2.69%

Florida

1.45%

Guam

1.03%

Minnesota

0.62%

New Jersey

0.54%

Pennsylvania

0.54%

Missouri

0.53%

Other

0.05%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.37%

AA

56.27%

A

10.61%

BBB

13.57%

B

1.28%

Not Rated

2.68%

Pre-refunded Bonds

5.17%

Short-Term Investments

0.05%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.05%

1 to 5 years

0.28%

5 to 10 years

12.66%

10 to 20 years

67.73%

20 to 30 years

19.28%

More Than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

4.00%

Average Coupon:

5.22%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

15.13%

Tender Option Bonds:

4.04%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.32%

Total Fund Leverage:

39.49%*

Average Effective Maturity:

5.87  Years

Effective Duration:

5.19  Years

Total Net Assets:

$159.69 Million**

Common Stock Net Asset Value:

$15.17

Number of Holdings:

86

Portfolio Turnover:

12%

* The total percentage of leverage constitutes 4.04% through the use of tender option bonds, 15.13% in issued and outstanding APS,20.32%  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.