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

5.38%

5.125%,   1/01/27 (Prerefunded/ETM)

2) California GO       5.25%,      4/01/30

4.70%

(Prerefunded/ETM)

3) Los Angeles CA Wstwtr Sys    5.00%,6/01/26

4.35%

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

4.01%

9/02/30

5) Los Angeles CA Dept W&P Pwr     NPFGC-RE Series

3.97%

2001A     5.125%,    7/01/41

6) Puerto Rico Hwy & Trnsp Auth   Series 02D

3.47%

5.375%,   7/01/36 (Prerefunded/ETM)

7) Los Angeles CA Cmnty Redev Agy    (Los Angeles Ca

3.39%

Cra Grand Ctrl) AMBAC Series 02    5.375%,

12/01/26

8) California Infra & Eco Dev Bk   (Ymca Of Metro

3.09%

Los Angeles) AMBAC Series 01     5.25%,      2/01/32

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

3.01%

10) Los Angeles Cnty CA Met Trnsp Auth   (Los

2.82%

Angeles Cnty Ca Mta Sales Tax)    5.00%,

7/01/25

Sector/Industry Breakdown

Portfolio %

Revenue

Water & Sewer

9.25%

Health Care - Not-for-Profit

6.89%

Revenue - Miscellaneous

5.92%

Port

5.25%

Airport

3.43%

Electric Utility

3.36%

Toll Roads/Transit

1.95%

Higher Education - Private

1.73%

Primary/Secondary Ed. - Private

1.22%

Industrial Development - Utility

0.22%

SUBTOTAL

39.22%

Tax Supported

Special Tax

9.72%

Assessment District

5.49%

Tax-Supported Local Lease

3.84%

Local G.O.

3.51%

State G.O.

2.24%

Tax-Supported State Lease

1.71%

SUBTOTAL

26.51%

Prerefunded/ETM

19.23%

Insured/Guaranteed

Insured

9.96%

SUBTOTAL

9.96%

Asset-Backed

Housing - Multi-Family

2.96%

SUBTOTAL

2.96%

Cash Equivalents

Investment Companies

1.10%

SUBTOTAL

1.10%

Note/VRDBs

Money Market

1.02%

SUBTOTAL

1.02%

Total

100.00%

State Breakdown

Portfolio %

California

90.39%

Puerto Rico

7.18%

Nevada

1.11%

Ohio

0.22%

Other

1.10%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

12.34%

AAA(Pre-refunded Bonds)

19.23%

AA

34.40%

A

21.12%

BBB

8.04%

Short Term Investments

2.12%

Not Rated

2.75%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

12.71%

Average Coupon:

5.33

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

38.25%

Tender Option Bonds:

4.45%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

42.70%*

Average Maturity:

8.31 Years

Effective Duration:

5.88 Years

Total Net Assets:

$189.69 Million**

Common Stock Net Asset Value:

$13.72

Number of Holdings:

74