Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings

Portfolio %

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

4.52%

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

3.55%

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

3.54%

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

2.94%

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

2.93%

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

2.85%

7) Bay Area Toll Authority    Series 2013S  5.00%, 4/01/33

2.82%

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

2.66%

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

2.65%

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

2.44%

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

9.43%

Revenue - Miscellaneous

8.64%

Toll Roads/Transit

7.54%

Health Care - Not-for-Profit

5.89%

Higher Education - Public

4.52%

Electric Utility

4.45%

Airport

3.05%

Port

2.95%

Primary/Secondary Ed. - Public

2.58%

Senior Living

1.64%

Higher Education - Private

1.59%

Primary/Secondary Ed. - Private

1.44%

SUBTOTAL

53.72%

Tax Supported

Local G.O.

11.78%

Special Tax

11.21%

Tax-Supported Local Lease

9.23%

Assessment District

5.31%

State G.O.

2.82%

SUBTOTAL

40.35%

Prerefunded/ETM

4.57%

Asset-Backed

Housing - Multi-Family

1.28%

SUBTOTAL

1.28%

Cash Equivalents

Investment Companies

0.08%

SUBTOTAL

0.08%

Total

100.00%

State Breakdown

Portfolio %

California

91.75%

New York

2.66%

Florida

1.44%

Guam

1.02%

Nevada

0.86%

Minnesota

0.61%

Missouri

0.53%

Pennsylvania

0.53%

New Jersey

0.52%

Other

0.08%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.62%

AA

60.02%

A

10.50%

BBB

9.89%

B

1.28%

Not Rated

3.04%

Pre-refunded Bonds

4.57%

Short-Term Investments

0.08%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.94%

1 to 5 years

0.29%

5 to 10 years

9.29%

10 to 20 years

72.33%

20 to 30 years

16.59%

More Than 30 years

0.56%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

4.79%

Average Coupon:

5.18%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

15.21%

Tender Option Bonds:

4.06%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.43%

Total Fund Leverage:

39.70%*

Average Effective Maturity:

6.86 Years

Effective Duration:

5.34 Years

Total Net Assets:

$158.95 Million**

Common Stock Net Asset Value:

$15.09

Number of Holdings:

84

Portfolio Turnover:

12%