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

3.46%

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 Public Facilities Financing Authority      5.00%, 5/15/36

2.86%

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

2.85%

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)

2.81%

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

2.63%

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

2.60%

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

2.38%

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

2.37%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

9.28%

Water & Sewer

9.23%

Revenue - Miscellaneous

8.51%

Toll Roads/Transit

4.71%

Electric Utility

4.37%

Primary/Secondary Ed. - Public

4.15%

Port

3.72%

Airport

3.01%

Higher Education - Public

2.38%

Senior Living

1.64%

Higher Education - Private

1.63%

Primary/Secondary Ed. - Private

1.41%

SUBTOTAL

54.04%

Tax Supported

Special Tax

10.13%

Local G.O.

9.38%

Tax-Supported Local Lease

9.20%

Assessment District

4.10%

State G.O.

2.81%

SUBTOTAL

35.62%

Prerefunded/ETM

8.71%

Asset-Backed

Housing - Multi-Family

1.29%

SUBTOTAL

1.29%

Cash Equivalents

Investment Companies

0.34%

SUBTOTAL

0.34%

Total

100.00%

State Breakdown

Portfolio %

California

91.96%

New York

2.63%

Florida

1.44%

Guam

1.42%

Minnesota

0.61%

New Jersey

0.54%

Missouri

0.53%

Pennsylvania

0.53%

Other

0.34%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.30%

AA

50.42%

A

11.55%

BBB

14.74%

B

1.29%

Not Rated

2.65%

Pre-refunded Bonds

8.71%

Short-Term Investments

0.34%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.34%

1 to 5 years

0.00%

5 to 10 years

13.32%

10 to 20 years

64.53%

20 to 30 years

21.81%

More Than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

3.32%

Average Coupon:

5.22%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.59%

Auction Preferred Shares (APS):

15.35%

Tender Option Bonds:

4.10%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.61%

Total Fund Leverage:

40.65%*

Average Effective Maturity:

5.59  Years

Effective Duration:

4.97  Years

Total Net Assets:

$157.07 Million**

Common Stock Net Asset Value:

$14.87

Number of Holdings:

87

Portfolio Turnover:

18%

* The total percentage of leverage constitutes 4.10% through the use of tender option bonds, 15.35% in issued and outstanding APS,20.61%  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.

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.