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    Series 2013B  5.00%, 7/01/32

3.42%

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

3.37%

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

2.82%

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

2.82%

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

2.80%

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

2.79%

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

2.57%

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

2.36%

9) University of California    Series 2012G  5.00%, 5/15/31

2.36%

10) California Statewide Communities Development Authority(Buck Institute for Research on Aging)  AGM  Series 2014  5.00%, 11/15/44

2.16%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

10.02%

Water & Sewer

9.48%

Revenue - Miscellaneous

8.42%

Electric Utility

4.33%

Primary/Secondary Ed. - Public

4.11%

Toll Roads/Transit

3.74%

Port

3.67%

Airport

2.97%

Tobacco Securitization

2.44%

Higher Education - Public

2.36%

Higher Education - Private

1.63%

Senior Living

1.63%

Primary/Secondary Ed. - Private

1.38%

SUBTOTAL

56.18%

Tax Supported

Local G.O.

9.83%

Special Tax

9.18%

Tax-Supported Local Lease

7.87%

Assessment District

3.50%

State G.O.

1.10%

SUBTOTAL

31.48%

Prerefunded/ETM

9.88%

Asset-Backed

Housing - Multi-Family

1.26%

SUBTOTAL

1.26%

Cash Equivalents

Investment Companies

1.20%

SUBTOTAL

1.20%

Total

100.00%

State Breakdown

Portfolio %

California

90.80%

New York

1.67%

Guam

1.44%

Florida

1.42%

New Jersey

1.27%

Minnesota

0.61%

Illinois

0.54%

Pennsylvania

0.53%

Missouri

0.52%

Other

1.20%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.21%

AA

46.55%

A

11.81%

BBB

15.65%

BB

0.83%

B

1.26%

Not Rated

2.61%

Pre-refunded Bonds

9.88%

Short-Term Investments

1.20%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

1.20%

1 to 5 years

0.00%

5 to 10 years

13.14%

10 to 20 years

61.33%

20 to 30 years

24.33%

More Than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

3.31%

Average Coupon:

5.14%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.20%

Auction Preferred Shares (APS):

15.33%

Tender Option Bonds:

4.10%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.59%

Total Fund Leverage:

41.22%*

Average Effective Maturity:

5.23  Years

Effective Duration:

4.68  Years

Total Net Assets:

$156.92 Million**

Common Stock Net Asset Value:

$14.85

Number of Holdings:

87

Portfolio Turnover:

18%

* The total percentage of leverage constitutes 4.10% through the use of tender option bonds, 15.33% in issued and outstanding APS,20.59%  in issued and outstanding VMTPs and 1.200% 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.