Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Alliance California Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

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

3.48%

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

3.41%

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

2.87%

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

2.86%

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

2.83%

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

2.82%

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

2.69%

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

2.60%

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

2.39%

10) University of California      5.00%, 5/15/31

2.39%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

9.28%

Health Care - Not-for-Profit

8.76%

Revenue - Miscellaneous

8.61%

Toll Roads/Transit

4.82%

Electric Utility

4.40%

Higher Education - Public

4.38%

Port

3.73%

Primary/Secondary Ed. - Public

3.26%

Airport

3.04%

Senior Living

1.66%

Higher Education - Private

1.65%

Primary/Secondary Ed. - Private

1.41%

SUBTOTAL

55.00%

Tax Supported

Special Tax

12.61%

Local G.O.

9.44%

Tax-Supported Local Lease

9.26%

Assessment District

4.15%

State G.O.

2.86%

SUBTOTAL

38.32%

Prerefunded/ETM

5.25%

Asset-Backed

Housing - Multi-Family

1.27%

SUBTOTAL

1.27%

Cash Equivalents

Investment Companies

0.16%

SUBTOTAL

0.16%

Total

100.00%

State Breakdown

Portfolio %

California

92.40%

New York

2.69%

Florida

1.46%

Guam

1.04%

Minnesota

0.62%

New Jersey

0.55%

Pennsylvania

0.55%

Missouri

0.53%

Other

0.16%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.33%

AA

54.38%

A

10.27%

BBB

13.67%

B

1.27%

Not Rated

4.67%

Pre-refunded Bonds

5.25%

Short-Term Investments

0.16%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.16%

1 to 5 years

0.00%

5 to 10 years

12.58%

10 to 20 years

67.86%

20 to 30 years

19.40%

More Than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

3.34%

Average Coupon:

5.13%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

15.05%

Tender Option Bonds:

4.02%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.22%

Total Fund Leverage:

39.29%*

Average Effective Maturity:

5.81  Years

Effective Duration:

5.16  Years

Total Net Assets:

$161.07 Million**

Common Stock Net Asset Value:

$15.34

Number of Holdings:

86

Portfolio Turnover:

18%

* The total percentage of leverage constitutes 4.02% through the use of tender option bonds, 15.05% in issued and outstanding APS,20.22%  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.