Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings

Portfolio %

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

3.38%

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

2.88%

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

2.87%

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

2.83%

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

2.80%

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

2.62%

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

2.39%

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

2.39%

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

10.90%

Health Care - Not-for-Profit

10.07%

Water & Sewer

9.09%

Primary/Secondary Ed. - Public

4.98%

Higher Education - Private

3.78%

Toll Roads/Transit

3.76%

Airport

3.53%

Electric Utility

2.96%

Port

2.80%

Tobacco Securitization

2.41%

Higher Education - Public

2.39%

Senior Living

1.68%

Primary/Secondary Ed. - Private

1.38%

SUBTOTAL

59.73%

Tax Supported

Local G.O.

9.93%

Special Tax

9.02%

Tax-Supported Local Lease

6.15%

Assessment District

2.83%

State G.O.

1.12%

SUBTOTAL

29.05%

Prerefunded/ETM

9.97%

Asset-Backed

Housing - Multi-Family

1.25%

SUBTOTAL

1.25%

Total

100.00%

State Breakdown

Portfolio %

California

92.57%

New York

1.67%

Florida

1.45%

Guam

1.45%

New Jersey

1.25%

Illinois

0.55%

Missouri

0.53%

Pennsylvania

0.53%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

11.28%

AA

40.60%

A

14.83%

BBB

16.36%

BB

3.08%

B

1.25%

Not Rated

2.63%

Pre-refunded Bonds

9.97%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.00%

1 to 5 years

0.00%

5 to 10 years

13.19%

10 to 20 years

56.02%

20 to 30 years

26.66%

More Than 30 years

4.13%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

3.25%

Average Coupon:

5.17%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

1.41%

Auction Preferred Shares (APS):

15.13%

Tender Option Bonds:

4.04%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.33%

Total Fund Leverage:

40.91%*

Average Effective Maturity:

5.17  Years

Effective Duration:

4.49  Years

Total Net Assets:

$155.72 Million**

Common Stock Net Asset Value:

$14.71

Number of Holdings:

86

Portfolio Turnover:

17%