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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 HuZL9y2Nk0xYtXomAvgG5g==

<SEC-DOCUMENT>0000927797-06-000221.txt : 20060906
<SEC-HEADER>0000927797-06-000221.hdr.sgml : 20060906
<ACCEPTANCE-DATETIME>20060906170559
ACCESSION NUMBER:		0000927797-06-000221
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060901
FILED AS OF DATE:		20060906
DATE AS OF CHANGE:		20060906

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAPITAL ALLIANCE INCOME TRUST REAL ESTATE & INVESTMENT TRUS
		CENTRAL INDEX KEY:			0001021422
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				943240473
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		50 CALIFORNIA STREET
		STREET 2:		SUITE 2020
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		4152889575

	MAIL ADDRESS:	
		STREET 1:		50 CALIFORNIA STREET
		STREET 2:		SUITE 2020
		CITY:			SAN FRANCISO
		STATE:			CA
		ZIP:			94111

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WRENSEN RICHARD J
		CENTRAL INDEX KEY:			0001166701

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12941
		FILM NUMBER:		061077324

	MAIL ADDRESS:	
		STREET 1:		50 CALIFORNIA STREET
		STREET 2:		#2020
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>cait-form4wrensen_090106ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-09-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001021422</issuerCik>
        <issuerName>CAPITAL ALLIANCE INCOME TRUST REAL ESTATE &amp; INVESTMENT TRUS</issuerName>
        <issuerTradingSymbol>CAA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001166701</rptOwnerCik>
            <rptOwnerName>WRENSEN RICHARD J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>100 PINE STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 2450</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94111</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Financial Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

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            <securityTitle>
                <value>Common Shares</value>
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            <transactionDate>
                <value>2006-09-01</value>
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            <transactionCoding>
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                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>3293</value>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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            </transactionAmounts>
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                <transactionPricePerShare>
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            <transactionAmounts>
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                <transactionPricePerShare>
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            <transactionAmounts>
                <transactionShares>
                    <value>100</value>
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                <transactionPricePerShare>
                    <value>7.50</value>
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                <transactionAcquiredDisposedCode>
                    <value>A</value>
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                <sharesOwnedFollowingTransaction>
                    <value>76825</value>
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                <directOrIndirectOwnership>
                    <value>D</value>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
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            <transactionDate>
                <value>2006-09-01</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>7.55</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>77325</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
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            <transactionDate>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>700</value>
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                <transactionPricePerShare>
                    <value>8.39</value>
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                <transactionAcquiredDisposedCode>
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            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>78025</value>
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                    <value>D</value>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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                <transactionPricePerShare>
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                    <value>81825</value>
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    <ownerSignature>
        <signatureName>/s/Richard J. Wrensen</signatureName>
        <signatureDate>2006-09-06</signatureDate>
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</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----