AKP Alliance California Municipal Income Fund

Alliance California Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

1) State of California    Series 2009A  1.25%, 5/01/33

4.67%

2) State of California    Series 2004A5  1.35%, 5/01/34

4.67%

3) City of Irvine CA  (City of Irvine CA Assessment District No 97-17)    1.23%, 9/02/23

4.52%

4) State of California    Series 2018B  1.18%, 5/01/40

4.45%

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

4.44%

6) University of California    Series 2018A  1.29%, 5/15/48

4.29%

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

4.10%

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

3.74%

9) State of California      1.20%, 5/01/34

3.21%

10) California State Public Works Board    Series 2011G  5.25%, 12/01/26 (Prerefunded/ETM)

3.17%

Sector/Industry Breakdown

Portfolio %

Cash Equivalents

U.S. Treasury

42.80%

Investment Companies

1.05%

SUBTOTAL

43.85%

Note/VRDBs

Money Market

28.46%

SUBTOTAL

28.46%

Prerefunded/ETM

15.60%

Revenue

Water & Sewer

7.85%

Higher Education - Private

1.71%

Revenue - Miscellaneous

1.13%

SUBTOTAL

10.69%

Tax Supported

Special Tax

1.40%

SUBTOTAL

1.40%

Total

100.00%

State Breakdown

Portfolio %

California

56.15%

Other

43.85%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

3.74%

AA

6.64%

BB

1.71%

Pre-refunded Bonds

15.60%

Short-Term Investments

72.31%

Total Investments

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

72.31%

1 to 5 years

0.00%

5 to 10 years

4.30%

10 to 20 years

22.55%

20 to 30 years

0.84%

More Than 30 years

0.00%

Other

0.00%

Total Investments

100.00%

Portfolio Statistics:

AMT Percent:

3.58%

Average Coupon:

1.66%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Auction Preferred Shares (APS):

0.00%

Tender Option Bonds:

0.00%

Variable Rate MuniFund Term Preferred Shares (VMTPs):

0.00%

Total Fund Leverage:

0.00%

Average Effective Maturity:

0.94  Years

Effective Duration:

0.88  Years

Total Net Assets:

$128.81 Million

Common Stock Net Asset Value:

$15.06

Number of Holdings:

25

Portfolio Turnover:

17%