Alliance California Municipal Income Fund RELEASES MONTHLY PORTFOLIO UPDATE

Top 10 Fixed-Income Holdings

Portfolio %

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

3.45%

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

3.42%

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

2.86%

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

2.84%

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

2.84%

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

2.66%

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

2.59%

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

2.38%

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

2.38%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

9.22%

Health Care - Not-for-Profit

8.56%

Revenue - Miscellaneous

8.54%

Toll Roads/Transit

4.77%

Electric Utility

4.37%

Port

3.71%

Primary/Secondary Ed. - Public

3.22%

Airport

3.01%

Higher Education - Public

2.38%

Senior Living

1.64%

Higher Education - Private

1.62%

Primary/Secondary Ed. - Private

1.40%

SUBTOTAL

52.44%

Tax Supported

Special Tax

11.97%

Local G.O.

9.40%

Tax-Supported Local Lease

9.18%

Assessment District

4.08%

State G.O.

2.81%

SUBTOTAL

37.44%

Prerefunded/ETM

8.41%

Asset-Backed

Housing - Multi-Family

1.28%

SUBTOTAL

1.28%

Cash Equivalents

Investment Companies

0.43%

SUBTOTAL

0.43%

Total

100.00%

State Breakdown

Portfolio %

California

92.24%

New York

2.66%

Florida

1.43%

Guam

1.02%

Minnesota

0.61%

New Jersey

0.54%

Pennsylvania

0.54%

Missouri

0.53%

Other

0.43%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.32%

AA

53.00%

A

10.11%

BBB

13.46%

B

1.28%

Not Rated

2.99%

Pre-refunded Bonds

8.41%

Short-Term Investments

0.43%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.43%

1 to 5 years

0.00%

5 to 10 years

12.60%

10 to 20 years

67.84%

20 to 30 years

19.13%

More Than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

3.35%

Average Coupon:

5.17%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.59%

Auction Preferred Shares (APS):

15.20%

Tender Option Bonds:

4.06%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.41%

Total Fund Leverage:

40.26%*

Average Effective Maturity:

6.19  Years

Effective Duration:

5.11  Years

Total Net Assets:

$158.73 Million**

Common Stock Net Asset Value:

$15.06

Number of Holdings:

88

Portfolio Turnover:

18%

* The total percentage of leverage constitutes 4.06% through the use of tender option bonds, 15.20% in issued and outstanding APS,20.41%  in issued and outstanding VMTPs and 0.590% 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.