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

5.37%

5.125%,     1/01/27 (Prerefunded/ETM)

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

4.69%

(Prerefunded/ETM)

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

4.34%

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

3.98%

9/02/30

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

3.97%

2001A     5.125%,     7/01/41

6) Los Angeles Cnty CA Met Trnsp Auth     (Los

3.73%

Angeles Cnty CA Mta Sales Tax)     5.00%,

7/01/25

7) Puerto Rico Hwy & Trnsp Auth     Series 02D

3.47%

5.375%,     7/01/36 (Prerefunded/ETM)

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

3.40%

Cra Grand Ctrl) AMBAC Series 02     5.375%,

12/01/26

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

3.08%

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

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

3.04%

Sector/Industry Breakdown

Portfolio %

 Revenue

   Water & Sewer

9.26%

   Health Care - Not-for-Profit

6.93%

   Revenue - Miscellaneous

5.88%

   Port

5.27%

   Airport

3.41%

   Electric Utility

3.36%

   Toll Roads/Transit

1.96%

   Higher Education - Private

1.74%

   Primary/Secondary Ed. - Private

1.23%

   Industrial Development - Utility

0.22%

 SUBTOTAL

39.26%

 Tax Supported

   Special Tax

10.64%

   Assessment District

5.47%

   Tax-Supported Local Lease

3.85%

   Local G.O.

3.57%

   State G.O.

2.26%

   Tax-Supported State Lease

1.71%

 SUBTOTAL

27.50%

 Prerefunded/ETM

19.20%

 Insured/Guaranteed

   Insured

9.97%

 SUBTOTAL

9.97%

 Asset-Backed

   Housing - Multi-Family

2.96%

 SUBTOTAL

2.96%

 Note/VRDBs

   Money Market

1.03%

 SUBTOTAL

1.03%

 Cash Equivalents

   Investment Companies

0.08%

 SUBTOTAL

0.08%

 Total

100.00%

 State Breakdown

Portfolio %

 California

91.42%

 Puerto Rico

7.18%

 Nevada

1.10%

 Ohio

0.22%

 Other

0.08%

 Total Investments

100.00%

     Credit Quality Breakdown

Portfolio %

       AAA

11.87%

       AAA(Pre-refunded Bonds)

19.20%

       AA

35.86%

       A

21.16%

       BBB

8.05%

       Short Term Investments

1.10%

       Not Rated

2.76%

       Total Investments

100.00%

 Portfolio Statistics:

   AMT Percentage:

12.59%

   Average Coupon:

5.34

   Percentage of Leverage:

     Bank Borrowing:

0.00%

     Investment Operations:

0.00%

     Preferred Stock:

38.30%

     Tender Option Bonds:

4.46%

     Term Asset-Backed Loans Facility (TALF):

0.00%

     Total Fund Leverage:

42.76%*

   Average Maturity:

8.70 Years

   Effective Duration:

6.19 Years

   Total Net Assets:

$189.42 Million**

   Common Stock Net Asset Value:

$13.69

   Number of Holdings:

74