Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Alliance California Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

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

3.43%

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

3.40%

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

2.84%

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

2.82%

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

2.82%

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

2.60%

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

2.38%

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

2.37%

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

2.18%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

10.59%

Revenue - Miscellaneous

10.01%

Water & Sewer

8.41%

Primary/Secondary Ed. - Public

4.96%

Electric Utility

4.37%

Toll Roads/Transit

3.74%

Port

3.69%

Tobacco Securitization

2.41%

Higher Education - Public

2.37%

Airport

2.13%

Senior Living

1.66%

Higher Education - Private

1.60%

Primary/Secondary Ed. - Private

1.39%

SUBTOTAL

57.33%

Tax Supported

Local G.O.

9.90%

Special Tax

9.06%

Tax-Supported Local Lease

7.85%

Assessment District

3.29%

State G.O.

1.11%

SUBTOTAL

31.21%

Prerefunded/ETM

9.95%

Asset-Backed

Housing - Multi-Family

1.27%

SUBTOTAL

1.27%

Cash Equivalents

Investment Companies

0.24%

SUBTOTAL

0.24%

Total

100.00%

State Breakdown

Portfolio %

California

91.75%

New York

1.68%

Guam

1.45%

Florida

1.43%

New Jersey

1.25%

Minnesota

0.61%

Illinois

0.54%

Missouri

0.53%

Pennsylvania

0.52%

Other

0.24%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.30%

AA

44.39%

A

13.97%

BBB

15.37%

BB

1.88%

B

1.27%

Not Rated

2.63%

Pre-refunded Bonds

9.95%

Short-Term Investments

0.24%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.24%

1 to 5 years

0.00%

5 to 10 years

13.24%

10 to 20 years

59.69%

20 to 30 years

24.62%

More Than 30 years

2.21%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

3.27%

Average Coupon:

5.18%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.55%

Auction Preferred Shares (APS):

15.59%

Tender Option Bonds:

4.17%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.93%

Total Fund Leverage:

41.24%*

Average Effective Maturity:

5.19  Years

Effective Duration:

4.49  Years

Total Net Assets:

$153.90 Million**

Common Stock Net Asset Value:

$14.50

Number of Holdings:

88

Portfolio Turnover:

18%

* The total percentage of leverage constitutes 4.17% through the use of tender option bonds, 15.59% in issued and outstanding APS,20.93%  in issued and outstanding VMTPs and 0.550% 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.