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                

5.20%

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

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

4.54%

        (Prerefunded/ETM)

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

4.48%

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

4.06%

        9/02/30

    5) Los Angeles Cnty CA Met Trnsp Auth (Los                  

3.78%

        Angeles Cnty CA MTA Sales Tax)    5.00%,

        7/01/25

    6) Puerto Rico Hwy & Trnsp Auth   Series 02D                

3.36%

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

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

3.34%

        Cra Grand Ctrl) AMBAC Series 02  5.375%,

        12/01/26

    8) California Infra & Eco Dev Bk (YMCA of Metro             

3.18%

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

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

3.07%

    10) California Hlth Fac Fin Auth (Sutter Health)             

2.52%

        Series 00A  6.25%,  8/15/35

Sector/Industry Breakdown 

Portfolio %

Revenue

    Electric Utility                                      

7.59%

    Health Care - Not-for-Profit                           

6.84%

    Revenue - Miscellaneous                                 

6.11%

    Water & Sewer                                          

5.43%

    Port                                                   

5.31%

    Airport                                                

2.95%

    Toll Roads/Transit                                      

1.94%

    Higher Education - Private                             

1.76%

    Primary/Secondary Ed. - Private                        

1.22%

    Industrial Development - Utility                       

0.21%

SUBTOTAL                                                     

39.36%

Tax Supported

    Special Tax                                           

10.65%

    Assessment District                                     

5.57%

    Tax-Supported Local Lease                               

3.89%

    Local G.O.                                             

3.60%

    State G.O.                                             

2.25%

    Tax-Supported State Lease                               

1.74%

SUBTOTAL                                                    

27.70%

Prerefunded/ETM                                              

19.12%

Insured/Guaranteed

    Insured                                                

10.03%

SUBTOTAL                                                     

10.03%

Asset-Backed

    Housing - Multi-Family                                  

2.92%

SUBTOTAL                                                     

2.92%

Note/VRDBs

    Money Market                                           

0.76%

SUBTOTAL                                                     

0.76%

Cash Equivalents

    Investment Companies                                   

0.11%

SUBTOTAL                                                      

0.11%

Total                                                      

100.00%

State Breakdown  

Portfolio %

California                                                  

91.60%

Puerto Rico                                                  

6.99%

Nevada                                                       

1.09%

Ohio                                                         

0.21%

Other                                                       

0.11%

Total Investments                                          

100.00%

    Credit Quality Breakdown 

Portfolio %

        AAA                                              

10.43%

        AAA(Pre-refunded Bonds)                          

19.12%

        AA                                              

37.68%

        A                                                

19.38%

        BBB                                              

9.75%

        Short Term Investments                            

0.86%

        Not Rated                                        

2.78%

         Total Investments                               

100.00%

Portfolio Statistics:

    AMT Percentage:                                         

12.79%

    Average Coupon:                                           

5.42

      Percentage of Leverage:

        Bank Borrowing:                                      

0.00%

        Investment Operations:                                

0.00%

        Preferred Stock:                                    

37.69%

        Tender Option Bonds:                                

4.39%

        Term Asset-Backed Loans Facility (TALF):             

0.00%

        Total Fund Leverage:                               

42.08%*

Average Maturity:                                  

5.47 Years

Effective Duration:                               

5.03 Years

Total Net Assets:                          

$192.52 Million**

Common Stock Net Asset Value:                         

$14.05

Number of Holdings:                                       

75

* The total percentage of leverage constitutes 4.39% through the use
of tender option bonds, 37.69% in issued and outstanding preferred
stock and 0.00% in investment operations, which may include the use of
certain portfolio management techniques such as credit default swaps,
dollar rolls, negative cash, reverse repurchase agreements and when-
issued securities.

** Includes 72,550,000 of preferred stock at liquidation value.

The foregoing portfolio characteristics are as of the date indicated
and can be expected to change. The Fund is a closed-end U.S.-
registered management investment company advised by AllianceBernstein L. P.