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

3.45%

2) Los Angeles County Metropolitan Transportation Authority  (Los Angeles County

Metropolitan Transportation Authority Sales Tax)  Series 2009  5.00%, 7/01/25

3.36%

3) San Diego Public Facilities Financing Authority    Series 2010A  5.00%, 5/15/36

2.87%

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

2.86%

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

2.82%

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

2.79%

7) San Francisco City & County Public Utilities Commission Wastewater Revenue   

Series 2013B  5.00%, 10/01/32

2.61%

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

2.38%

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

2.37%

10) California Statewide Communities Development Authority(Buck Institute for

Research on Aging) AGM  Series 2014  5.00%, 11/15/44

2.21%

Sector/Industry Breakdown

Portfolio %

Revenue

Revenue - Miscellaneous

10.86%

Health Care - Not-for-Profit

10.07%

Water & Sewer

9.06%

Primary/Secondary Ed. - Public

5.05%

Higher Education - Private

3.79%

Toll Roads/Transit

3.76%

Airport

3.53%

Electric Utility

2.95%

Port

2.79%

Tobacco Securitization

2.43%

Higher Education - Public

2.38%

Senior Living

1.67%

Primary/Secondary Ed. - Private

1.37%

SUBTOTAL

59.71%

Tax Supported

Local G.O.

9.91%

Special Tax

8.98%

Tax-Supported Local Lease

6.14%

Assessment District

2.83%

State G.O.

1.12%

SUBTOTAL

28.98%

Prerefunded/ETM

9.93%

Asset-Backed

Housing - Multi-Family

1.25%

SUBTOTAL

1.25%

Cash Equivalents

Investment Companies

0.13%

SUBTOTAL

0.13%

Total

100.00%

State Breakdown

Portfolio %

California

92.45%

New York

1.67%

Florida

1.44%

Guam

1.44%

New Jersey

1.26%

Illinois

0.55%

Missouri

0.53%

Pennsylvania

0.53%

Other

0.13%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

11.22%

AA

38.37%

A

16.93%

BBB

16.45%

BB

3.09%

B

1.25%

Not Rated

2.63%

Pre-refunded Bonds

9.93%

Short-Term Investments

0.13%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.13%

1 to 5 years

0.00%

5 to 10 years

13.13%

10 to 20 years

55.92%

20 to 30 years

26.69%

More Than 30 years

4.13%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

3.49%

Average Coupon:

5.15%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

15.41%

Tender Option Bonds:

4.11%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.70%

Total Fund Leverage:

40.22%*

Average Effective Maturity:

5.11  Years

Effective Duration:

4.43  Years

Total Net Assets:

$156.04 Million**

Common Stock Net Asset Value:

$14.75

Number of Holdings:

87

Portfolio Turnover:

17%

* The total percentage of leverage constitutes 4.11% through the use of tender option bonds,

15.41% in issued and outstanding APS,20.70%  in issued and outstanding VMTPs 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 $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.