Alliance California Municipal Income Fund (the Fund) is a closed-end fund. The Fund seeks to provide high current income exempt from regular federal and California state income tax by investing substantially all of its net assets in municipal securities that are exempt from state taxes. The Fund invests at least 80%, and normally substantially all, of its net assets in municipal securities paying interest that is exempt from regular federal and California state income tax. In addition, the Fund normally invests at least 75% of its net assets in investment-grade municipal securities or unrated municipal securities. The Fund may invest up to 25% of its net assets in municipal securities rated below investment-grade and unrated municipal securities. AllianceBernstein, L.P. is the investment advisor of the Fund.