AKP Alliance California Municipal Income Fund

Alliance California Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

1) Los Angeles Department of Water    Series 2013B  5.00%, 7/01/32

3.42%

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

3.40%

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

2.85%

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

2.84%

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

2.82%

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

2.80%

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

2.59%

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

2.37%

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

2.37%

10) California Statewide Communities Development Authority(Buck Institute for Research on Aging)  AGM  Series 2014  5.00%, 11/15/44

2.16%

Sector/Industry Breakdown

Portfolio %

Revenue

Health Care - Not-for-Profit

10.11%

Revenue - Miscellaneous

10.01%

Water & Sewer

8.38%

Electric Utility

4.36%

Primary/Secondary Ed. - Public

4.12%

Toll Roads/Transit

3.76%

Port

3.68%

Airport

2.99%

Tobacco Securitization

2.45%

Higher Education - Public

2.37%

Senior Living

1.64%

Higher Education - Private

1.61%

Primary/Secondary Ed. - Private

1.39%

SUBTOTAL

56.87%

Tax Supported

Local G.O.

9.86%

Special Tax

9.24%

Tax-Supported Local Lease

7.21%

Assessment District

4.21%

State G.O.

1.11%

SUBTOTAL

31.63%

Prerefunded/ETM

9.92%

Asset-Backed

Housing - Multi-Family

1.28%

SUBTOTAL

1.28%

Cash Equivalents

Investment Companies

0.30%

SUBTOTAL

0.30%

Total

100.00%

State Breakdown

Portfolio %

California

91.64%

New York

1.68%

Guam

1.46%

Florida

1.43%

New Jersey

1.27%

Minnesota

0.61%

Illinois

0.55%

Missouri

0.53%

Pennsylvania

0.53%

Other

0.30%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.25%

AA

45.64%

A

13.95%

BBB

14.11%

BB

1.92%

B

1.28%

Not Rated

2.63%

Pre-refunded Bonds

9.92%

Short-Term Investments

0.30%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

0.30%

1 to 5 years

0.00%

5 to 10 years

13.22%

10 to 20 years

60.95%

20 to 30 years

23.29%

More Than 30 years

2.24%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

3.31%

Average Coupon:

5.24%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.72%

Auction Preferred Shares (APS):

15.51%

Tender Option Bonds:

4.14%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

20.83%

Total Fund Leverage:

41.20%*

Average Effective Maturity:

5.21  Years

Effective Duration:

4.64  Years

Total Net Assets:

$154.86 Million**

Common Stock Net Asset Value:

$14.61

Number of Holdings:

87

Portfolio Turnover:

18%

* The total percentage of leverage constitutes 4.14% through the use of tender option bonds, 15.51% in issued and outstanding APS,20.83%  in issued and outstanding VMTPs and 0.720% 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 $29,875,000 of APS at liquidation value.The Fund also had outstanding $40,125,000 of VMTPs at liquidation value, which is not included in Total Net Assets because it is treated as a liability for financial reporting purposes.

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.