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

3.46%

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

3.45%

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

2.86%

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

2.86%

5) San Diego Public Facilities Financing Authority      5.00%, 5/15/36

2.85%

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

2.83%

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

2.62%

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

2.40%

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

2.40%

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

2.19%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

10.14%

Revenue - Miscellaneous

10.06%

Water & Sewer

8.47%

Primary/Secondary Ed. - Public

5.02%

Electric Utility

4.40%

Toll Roads/Transit

3.77%

Port

3.73%

Tobacco Securitization

2.43%

Higher Education - Public

2.40%

Airport

2.14%

Senior Living

1.66%

Higher Education - Private

1.61%

Primary/Secondary Ed. - Private

1.41%

SUBTOTAL

57.24%

Tax Supported

Local G.O.

9.94%

Special Tax

9.35%

Tax-Supported Local Lease

7.25%

Assessment District

3.10%

State G.O.

1.12%

SUBTOTAL

30.76%

Prerefunded/ETM

10.03%

Asset-Backed

Housing - Multi-Family

1.30%

SUBTOTAL

1.30%

Cash Equivalents

Investment Companies

0.67%

SUBTOTAL

0.67%

Total

100.00%

State Breakdown

Portfolio %

California

91.28%

New York

1.68%

Guam

1.46%

Florida

1.44%

New Jersey

1.25%

Minnesota

0.61%

Illinois

0.55%

Missouri

0.53%

Pennsylvania

0.53%

Other

0.67%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.38%

AA

44.04%

A

14.04%

BBB

14.98%

BB

1.90%

B

1.30%

Not Rated

2.66%

Pre-refunded Bonds

10.03%

Short-Term Investments

0.67%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.67%

1 to 5 years

0.00%

5 to 10 years

13.39%

10 to 20 years

59.46%

20 to 30 years

24.27%

More Than 30 years

2.21%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

3.30%

Average Coupon:

5.08%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

15.68%

Tender Option Bonds:

4.19%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

21.06%

Total Fund Leverage:

40.93%*

Average Effective Maturity:

5.16  Years

Effective Duration:

4.47  Years

Total Net Assets:

$152.96 Million**

Common Stock Net Asset Value:

$14.39

Number of Holdings:

86

Portfolio Turnover:

18%