Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Alliance California Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

1) State of California    Series 2009A  0.68%, 5/01/33

3.52%

2) State of California    Series 2004A5  0.42%, 5/01/34

3.52%

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

2.78%

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

2.71%

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

2.67%

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

2.63%

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

2.47%

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

2.25%

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

2.24%

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

2.11%

Sector/Industry Breakdown

Portfolio %

Revenue

Revenue - Miscellaneous

6.37%

Water & Sewer

5.33%

Health Care - Not-for-Profit

4.10%

Port

2.63%

Tobacco Securitization

2.33%

Higher Education - Public

2.24%

Airport

2.06%

Electric Utility

1.81%

Toll Roads/Transit

1.62%

Senior Living

1.60%

Higher Education - Private

1.55%

Primary/Secondary Ed. - Public

0.76%

SUBTOTAL

32.40%

U.S. Treasury

23.42%

Tax Supported

Local G.O.

8.31%

Tax-Supported Local Lease

5.93%

Special Tax

4.46%

Assessment District

2.70%

State G.O.

1.06%

SUBTOTAL

22.46%

Note/VRDBs

Money Market

12.33%

SUBTOTAL

12.33%

Prerefunded/ETM

9.39%

Total

100.00%

State Breakdown

Portfolio %

California

71.78%

New York

1.62%

New Jersey

1.23%

Illinois

0.54%

Missouri

0.51%

Pennsylvania

0.51%

Guam

0.39%

Other

23.42%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

6.58%

AA

29.76%

A

10.15%

BBB

6.15%

BB

2.16%

Not Rated

0.07%

Pre-refunded Bonds

9.39%

Short-Term Investments

35.74%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

35.74%

1 to 5 years

0.00%

5 to 10 years

9.23%

10 to 20 years

41.36%

20 to 30 years

12.51%

More Than 30 years

1.16%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

3.85%

Average Coupon:

3.24%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

17.51%

Tender Option Bonds:

4.68%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

23.51%

Total Fund Leverage:

45.70%*

Average Effective Maturity:

3.20  Years

Effective Duration:

2.80  Years

Total Net Assets:

$158.15 Million**

Common Stock Net Asset Value:

$14.99

Number of Holdings:

72

Portfolio Turnover:

17%

* The total percentage of leverage constitutes 4.68% through the use of tender option bonds, 17.51% in issued and outstanding APS,23.51%  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.