Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Alliance California Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1) Los Angeles CA USD GO     NPFGC Series 02E

5.32%

   5.125%,     1/01/27      (Prerefunded/ETM)

2) Los Angeles CA Dept W&P Pwr     NPFGC-RE Series     01A

4.94%

   5.125%,     7/01/41

3) California GO     5.25%,     4/01/30    (Prerefunded/ETM)

4.65%

4) Palo Alto CA Univ Ave AD     Series 02A     5.875%,    9/02/30

3.93%

5) Puerto Rico Hwy & Trnsp Auth     Series 02D

3.43%

   5.375%,     7/01/36     (Prerefunded/ETM)

6) Los Angeles CA Cmnty Redev Agy     (Los Angeles CA

3.25%

   CRA Grand Ctrl) AMBAC Series 02     5.375%,     12/01/26

7) California Infra & Eco Dev Bk     (YMCA of Metro Los Angeles)

3.09%

   AMBAC Series 01     5.25%,     2/01/32

8) Los Angeles CA Harbor Dept     5.00%,     8/01/26

3.03%

9) Temecula CA Redev Agy     NPFGC Series 02     5.25%,     8/01/36

2.92%

10) California Hlth Fac Fin Auth     (Sutter Health)

2.47%

     Series 00A     6.25%,     8/15/35

Sector/Industry Breakdown

Portfolio %

Prerefunded/ETM

18.99%

Special Tax

13.52%

Insured

8.29%

Health Care - Not-for-Profit

7.79%

Tax-Supported Local Lease

6.95%

Water & Sewer

6.09%

Revenue - Miscellaneous

5.88%

Airport

5.66%

Assessment District

4.91%

State G.O.

4.19%

Local G.O.

3.57%

Port

3.03%

Housing - Multi-Family

2.87%

Toll Roads/Transit

2.22%

Higher Education - Private

1.73%

Tax-Supported State Lease

1.72%

Electric Utility

1.39%

Primary/Secondary Ed. - Private

1.20%

Total

100.00%

State Breakdown

Portfolio %

California

91.57%

Puerto Rico

7.11%

Nevada

1.10%

Ohio

0.22%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

11.16%

AAA(Pre-refunded Bonds)

19.01%

AA

30.67%

A

28.77%

BBB

7.64%

N/R

2.75%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

12.26%

Average Coupon:

4.97%

Percentage of Leverage:

    Bank Borrowing:

0.00%

    Investment Operations:

0.00%

    Preferred Stock:

36.39%

    Tender Option Bonds:

4.24%

    Term Asset-Backed Loans Facility (TALF):

0.00%

    Total Fund Leverage:

40.63%*

Average Maturity:

6.88 Years

Effective Duration:

4.79 Years

Total Net Assets:

$199.4 Million**

Common Stock Net Asset Value:

$14.86

Number of Holdings:

75