Alliance California Municipal Income Fund Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings

Portfolio%

   1)Los Angeles CA USD GO NPFGC Series 02E 5.125%, 1/01/27 (Prerefunded/ETM)

5.44%

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

5.01%

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

4.77%

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

3.75%

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

3.51%

   6)Los Angeles CA Cmnty Redev Agy (Los Angeles, CA CRA Grand Ctrl) AMBAC

       Series 02 5.375%, 12/01/26

3.30%

   7)Puerto Rico Elec Pwr Auth XLCA Series 02-2 5.25%, 7/01/31 (Prerefunded/ETM)

3.30%

   8)California Infra & Eco Dev Bk (YMCA of Metro Los Angeles) AMBAC Series 01

        5.25%, 2/01/32

3.02%

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

2.93%

  10)Temecula CA Redev Agy NPFGC Series 02 5.25%, 8/01/36

2.80%

Sector/Industry Breakdown

Portfolio%

       Prerefunded/ETM

20.64%

       Special Tax

14.39%

       Health Care - Not-for-Profit

7.81%

       Airport/Ports

7.70%

       Higher Education

6.44%

       Water & Sewer

6.15%

       Tax-Supported Local Lease

5.75%

       Housing - Multi-Family

5.14%

       Revenue - Miscellaneous

4.92%

       Assessment District

4.86%

       State G.O.

4.18%

       Local G.O.

3.49%

       Toll Roads/Transit

2.14%

       Tax-Supported State Lease

1.63%

       Insured

1.60%

       Electric Utility

1.33%

       Primary/Secondary Ed. - Private

1.08%

       Higher Education - Private

0.75%

       Total

100.00%

State Breakdown

Portfolio%

       California

90.15%

       Puerto Rico

8.43%

       Nevada

1.06%

       Ohio

0.22%

       Colorado

0.14%

       Total

100.00%

Credit Quality Breakdown

Portfolio%

               AAA

38.53%

               AA

24.32%

               A

26.87%

               BBB

8.84%

               BB

1.44%

               Total Investments

100.00%

Portfolio Statistics

AMT Percentage:

16.73%

Average Coupon:

5.01%

Percentage of Leverage:

  Bank Loans:

0.00%

  Investment Operations:

4.61%

  Preferred Stock:

37.61%

Total Fund Leverage:

42.22%*

Avg. Maturity:

9.31 Years

Effective Duration:

6.18 Years

Total Net Assets:

$194.3 Million**

Common Stock Net Asset Value:

$14.27

Number of Holdings:

73