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

5.31%

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

4.64%

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

4.34%

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

4.05%

    5) Los Angeles CA Dept W&P Pwr     NPFGC-RE Series    2001A    5.125%,    7/01/41

3.94%

    6) Los Angeles Cnty CA Met Trnsp Auth    (Los Angeles Cnty CA Mta Sales Tax)    5.00%,    7/01/25

3.71%

    7) Puerto Rico Hwy & Trnsp Auth    Series 02D    5.375%,    7/01/36 (Prerefunded/ETM)

3.43%

    8) Los Angeles CA Cmnty Redev Agy    (Los Angeles CA    Cra Grand Ctrl) AMBAC Series 02    5.375%,    12/01/26

3.37%

    9) California Infra & Eco Dev Bk    (Ymca Of Metro Los Angeles) AMBAC Series 01    5.25%,    2/01/32

3.09%

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

3.03%

Sector/Industry Breakdown

Portfolio %

    Revenue

        Water & Sewer

9.22%

        Health Care - Not-for-Profit

6.89%

        Revenue - Miscellaneous

5.90%

        Port

5.30%

        Airport

3.43%

        Electric Utility

3.35%

        Toll Roads/Transit

1.98%

        Higher Education - Private

1.76%

        Primary/Secondary Ed. - Private

1.22%

        Industrial Development - Utility

0.22%

SUBTOTAL

39.27%

Tax Supported

        Special Tax

10.58%

        Assessment District

5.56%

        Tax-Supported Local Lease

3.84%

        Local G.O.

3.53%

        State G.O.

2.25%

        Tax-Supported State Lease

1.74%

SUBTOTAL

27.50%

Prerefunded/ETM

18.98%

Insured/Guaranteed

        Insured

9.91%

SUBTOTAL

9.91%

Asset-Backed

        Housing - Multi-Family

2.94%

SUBTOTAL

2.94%

Note/VRDBs

        Money Market

1.02%

SUBTOTAL

1.02%

Cash Equivalents

        Investment Companies

0.38%

SUBTOTAL

0.38%

Total

100.00%

State Breakdown

Portfolio %

California

91.20%

Puerto Rico

7.11%

Nevada

1.09%

Ohio

0.22%

Other

0.38%

Total Investments

100.00%

        Credit Quality Breakdown

Portfolio %

                AAA

11.81%

                AAA(Pre-refunded Bonds)

18.98%

                AA

35.65%

                A

21.22%

                BBB

8.15%

                Short Term Investments

1.40%

                Not Rated

2.79%

                Total Investments

100.00%

Portfolio Statistics:

        AMT Percentage:

12.67%

        Average Coupon:

5.36

Percentage of Leverage:

        Bank Borrowing:

0.00%

        Investment Operations:

0.00%

        Preferred Stock:

38.09%

        Tender Option Bonds:

4.44%

        Term Asset-Backed Loans Facility (TALF):

0.00%

        Total Fund Leverage:

42.53%*

Average Maturity:

7.01 Years

Effective Duration:

5.69 Years

Total Net Assets:

$190.47 Million**

Common Stock Net Asset Value:

$13.81

Number of Holdings:

74