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      

4.98%

5.125%,  1/01/27 (Prerefunded/ETM)

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

4.58%

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

4.34%

(Prerefunded/ETM)

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

3.97%

9/02/30

5) Los Angeles Cnty CA Met Trnsp Auth (Los       

3.84%

Angeles Cnty CA Mta Sales Tax)    5.00%,

7/01/25

6) California Pub Wks Brd (Univ Of California          

3.53%

Lease)   Series 2011A 5.25%,  12/01/26

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

3.24%

Cra Grand Ctrl) AMBAC Series 02  5.375%,

12/01/26

8) Puerto Rico Hwy & Trnsp Auth   Series 02D         

3.21%

5.375%,  7/01/36 (Prerefunded/ETM)

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

3.14%

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

3.10%

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

Sector/Industry Breakdown

 Portfolio %

Revenue

Water & Sewer

9.26%

Revenue - Miscellaneous

6.06%

Electric Utility

5.86%

Port

5.34%

Health Care - Not-for-Profit

4.21%

Higher Education - Public

3.53%

Airport

3.00%

Toll Roads/Transit

2.08%

Higher Education - Private

1.75%

Primary/Secondary Ed. - Private

1.33%

Industrial Development - Utility

0.20%

SUBTOTAL

42.62%

Tax Supported

Special Tax

10.68%

Assessment District

6.55%

Tax-Supported Local Lease

4.42%

Local G.O.

3.63%

State G.O.

2.23%

Tax-Supported State Lease

1.77%

SUBTOTAL

29.28%

Prerefunded/ETM

18.29%

Insured/Guaranteed

Insured

6.66%

SUBTOTAL

6.66%

Asset-Backed

Housing - Multi-Family

2.83%

SUBTOTAL

2.83%

Cash Equivalents

Investment Companies

0.32%

SUBTOTAL

0.32%

Total

100.00%

State Breakdown

Portfolio %

California                   

91.63%

Puerto Rico                  

6.76%

Nevada                    

1.09%

Ohio                               

0.20%

Other                             

0.32%

Total Investments            

100.00%

Credit Quality Breakdown

Portfolio %

AAA

10.50%

AA

38.95%

A

19.26%

BBB

9.78%

Not Rated

2.90%

Pre-refunded Bonds

18.29%

Short Term Investments

0.32%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

13.71%

Average Coupon:

5.43

Percentage of Leverage:

    Bank Borrowing:

0.00%

    Investment Operations:

0.10%

    Preferred Stock:

36.55%

    Tender Option Bonds:

4.26%

    Term Asset-Backed Loans Facility (TALF):

0.00%

    Total Fund Leverage:

              40.91%*

Average Maturity:

           4.46 Years

Effective Duration:

           3.97 Years

Total Net Assets:

    $198.48 Million**

Common Stock Net Asset Value:

$14.75

Number of Holdings:

74