Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Alliance California Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

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

4.43%

2) Los Angeles Department of Water & Power WTR    Series 2013B  5.00%, 7/01/32

3.51%

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

3.46%

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

2.91%

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

2.90%

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

2.87%

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

2.84%

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

2.69%

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

2.64%

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

2.43%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

9.37%

Revenue - Miscellaneous

8.64%

Health Care - Not-for-Profit

8.57%

Toll Roads/Transit

4.77%

Higher Education - Public

4.43%

Electric Utility

4.40%

Airport

3.05%

Primary/Secondary Ed. - Public

2.93%

Port

2.87%

Senior Living

1.64%

Higher Education - Private

1.62%

Primary/Secondary Ed. - Private

1.41%

SUBTOTAL

53.70%

Tax Supported

Special Tax

13.12%

Local G.O.

9.59%

Tax-Supported Local Lease

9.25%

Assessment District

4.12%

State G.O.

2.85%

SUBTOTAL

38.93%

Prerefunded/ETM

6.11%

Asset-Backed

Housing - Multi-Family

1.26%

SUBTOTAL

1.26%

Total

100.00%

State Breakdown

Portfolio %

California

92.63%

New York

2.69%

Florida

1.44%

Guam

1.01%

Minnesota

0.62%

New Jersey

0.54%

Pennsylvania

0.54%

Missouri

0.53%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.47%

AA

56.62%

A

10.63%

BBB

12.21%

B

1.26%

Not Rated

2.70%

Pre-refunded Bonds

6.11%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.00%

1 to 5 years

0.28%

5 to 10 years

10.87%

10 to 20 years

69.39%

20 to 30 years

18.89%

More Than 30 years

0.57%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

4.20%

Average Coupon:

5.22%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

14.97%

Tender Option Bonds:

4.00%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.10%

Total Fund Leverage:

39.07%*

Average Effective Maturity:

6.88  Years

Effective Duration:

5.38  Years

Total Net Assets:

$162.70 Million**

Common Stock Net Asset Value:

$15.53

Number of Holdings:

85

Portfolio Turnover:

12%