Alliance California Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, May 22, 2015 /PRNewswire/ -- Alliance California Municipal Income Fund, Inc. (NYSE: AKP) (the "Fund") today released its monthly portfolio update as of April 30, 2015.

Alliance California Municipal Income Fund, Inc.
Top 10 Fixed-Income Holdings	Portfolio %
1) University of California Series 2012G 5.00%, 5/15/31	4.44%
2) Los Angeles County Metropolitan Transportation Authority Series 2009 5.00%, 7/01/25	3.71%
3) California State Public Works Board Series 2011G 5.25%, 12/01/21 (Prerefunded/ETM)	3.56%
4) Los Angeles Department of Water & Power WTR Series 2013B 5.00%, 7/01/32	3.43%
5) Los Angeles Community Redevelopment Agency AMBAC Series 2002A 5.375%, 12/01/26	3.20%
6) Port of Los Angeles Series 2009C 5.00%, 8/01/26	3.07%
7) San Diego Unified School District/CA Series 2013C 5.00%, 7/01/32	2.77%
8) Bay Area Toll Authority Series 2013S 5.00%, 4/01/33	2.71%
9) Metropolitan Transportation Authority Series 2014C 5.00%, 11/15/32	2.60%
10) City of San Francisco CA Public Utilities Commission Wastewater Revenue Series 2013B 5.00%, 10/01/32	2.59%
Sector/Industry Breakdown	Portfolio %
Revenue
Water & Sewer	11.18%
Revenue - Miscellaneous	9.18%
Toll Roads/Transit	8.78%
Electric Utility	4.47%
Higher Education - Public	4.44%
Port	3.07%
Health Care - Not-for-Profit	3.03%
Higher Education - Private	2.24%
Airport	1.75%
Primary/Secondary Ed. - Private	1.40%
Primary/Secondary Ed. - Public	0.89%
Industrial Development - Industry	0.52%
Industrial Development - Utility	0.21%
SUBTOTAL	51.16%
Tax Supported
Special Tax	15.63%
Local G.O.	11.40%
Tax-Supported Local Lease	4.56%
Assessment District	2.34%
Tax-Supported State Lease	1.72%
State G.O.	1.11%
SUBTOTAL	36.76%
Prerefunded/ETM	6.14%
Insured/Guaranteed
Insured	3.25%
SUBTOTAL	3.25%
Asset-Backed
Housing - Multi-Family	2.69%
SUBTOTAL	2.69%
Total	100.00%
State Breakdown	Portfolio %
California	90.73%
New York	2.60%
Florida	1.44%
New Jersey	1.41%
Guam	1.04%
Nevada	0.99%
Missouri	0.53%
Indiana	0.53%
Pennsylvania	0.52%
Ohio	0.21%
Total Investments	100.00%
Credit Quality Breakdown	Portfolio %
AAA	10.30%
AA	53.28%
A	16.31%
BBB	10.61%
B	1.37%
Not Rated	1.99%
Pre-refunded Bonds	6.14%
Total Investments	100.00%
Bonds By Maturity	Portfolio %
Less than 1 year	0.00%
1 to 5 years	3.57%
5 to 10 years	8.14%
10 to 20 years	72.11%
20 to 30 years	16.18%
More than 30 years	0.00%
Other	0.00%
Total Investments	100.00%
Portfolio Statistics:
AMT Percentage:	8.63%
Average Coupon:	5.42%
Percentage of Leverage:
Bank Borrowing:	0.00%
Investment Operations:	0.24%
Preferred Stock:	36.39%
Tender Option Bonds:	3.86%
Term Asset-Backed Loans Facility (TALF):	0.00%
Total Fund Leverage:	40.49%*
Average Effective Maturity:	6.51 Years
Effective Duration:	5.75 Years
Total Net Assets:	$199.88 Million**
Common Stock Net Asset Value:	$14.88
Number of Holdings:	72
Portfolio Turnover:	32%

* The total percentage of leverage constitutes 3.86% through the use of tender option bonds, 36.39% in issued and outstanding preferred stock and 0.24% 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 72,550,000 of preferred stock at liquidation value.

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.

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SOURCE Alliance California Municipal Income Fund, Inc.

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