Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings

Portfolio %

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

4.52%

2) Los Angeles County Metropolitan Transportation Authority 5.00%, 7/01/25

3.79%

3) California State Public Works Board Series 2011G 5.25%, 12/01/21 (Prerefunded/ETM)

3.61%

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

3.49%

5) Los Angeles Community Redevelopment Agency AMBAC Series 2002A 5.375%, 12/01/26

3.24%

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

3.15%

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

2.87%

8) Bay Area Toll Authority Series 2013S 5.00%, 4/01/33

2.75%

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

2.65%

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

2.65%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

13.10%

Revenue - Miscellaneous

7.07%

Electric Utility

6.86%

Toll Roads/Transit

6.85%

Higher Education - Public

4.52%

Port

3.15%

Higher Education - Private

2.41%

Airport

1.79%

Primary/Secondary Ed. - Private

1.42%

Health Care - Not-for-Profit

1.35%

Industrial Development - Utility

0.20%

SUBTOTAL

48.72%

Tax Supported

Local G.O.

17.66%

Special Tax

16.71%

Assessment District

2.31%

Tax-Supported Local Lease

1.98%

Tax-Supported State Lease

1.75%

State G.O.

1.12%

SUBTOTAL

41.53%

Prerefunded/ETM

3.61%

Insured/Guaranteed

Insured

3.30%

SUBTOTAL

3.30%

Asset-Backed

Housing - Multi-Family

2.73%

SUBTOTAL

2.73%

Cash Equivalents

Investment Companies

0.11%

SUBTOTAL

0.11%

Total

100.00%

State Breakdown

Portfolio %

California

93.57%

New York

2.65%

New Jersey

1.44%

Guam

1.06%

Nevada

0.97%

Ohio

0.20%

Other

0.11%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.49%

AA

62.99%

A

13.65%

BBB

5.75%

BB

1.40%

Not Rated

2.00%

Pre-refunded Bonds

3.61%

Short Term Investments

0.11%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.11%

1 to 5 years

0.97%

5 to 10 years

12.41%

10 to 20 years

77.49%

20 to 30 years

9.02%

More than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

9.28%

Average Coupon:

5.37%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

36.87%

Tender Option Bonds:

3.91%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

40.78%*

Average Effective Maturity:

6.50 Years

Effective Duration:

5.70 Years

Total Net Assets:

$199.58 Million**

Common Stock Net Asset Value:

$14.85

Number of Holdings:

68

Portfolio Turnover:

25%

* The total percentage of leverage constitutes 3.91% through the use

of tender option bonds, 36.87% in issued and outstanding preferred

stock 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 72,550,000 of preferred stock at liquidation value.

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.