Alliance California Municipal Income Fund, Inc. News

Alliance California Municipal Income Fund Releases Monthly Portfolio Update

NEW YORK, June 17 PRNewswire-FirstCall — Alliance California Municipal Income Fund, Inc. (NYSE: AKP) (the "Fund") today released its monthly portfolio update as of May 31, 2008.

Alliance California Municipal Income Fund, Inc. Top 10 Fixed-Income Holdings* Portfolio% 1) Los Angeles CA Usd MBIA Go Ser 5.125% (01/01/27) 5.31% 2) LA Dept Of Wtr And Pwr FGIC 5.125% (07/01/41) 4.93% 3) California St 5.250% (04/01/30) 4.69% 4) Palo Alto CA Univ Ave Ad 5.875% (09/02/30) 3.87% 5) Puerto Rico Hwy Transp Rev Ser 5.375% (07/01/36) 3.40% 6) LA CA AMBAC AMT 5.375% (12/01/26) 3.25% 7) Puerto Rico Elec Pwr Auth Elec 5.250% (07/01/31) 3.22% 8) CA Infrastructure AMBAC 5.250% (02/01/32) 3.18% 9) Temecula CA Redev Agy 5.250% (08/01/36) 3.13% 10) Golden St Tob Stlmt Xlca 5.500% (06/01/33) 2.67% Sector/Industry Breakdown Portfolio% Muni: Education 16.13% Special Tax 13.21% Hospital/Health Care 8.22% Higher Education 8.15% Assessment District 6.01% Community Facility 5.88% Corporate — Utility (Water) 5.86% Transportation 5.85% Housing-Rental Units 5.06% Cop/Lease Rental 4.41% General Obligation 4.22% Corporate — Utility (Electric) 3.22% Miscellaneous 2.92% Port Facility 2.69% Water/SWR 2.47% Utility 2.15% Resource Recovery/Solid Waste 1.88% Airport Facility 1.67% SUBTOTAL 100.00% Total 100.00% State Breakdown Portfolio% California 90.16% Puerto Rico 8.18% Nevada 1.21% Ohio 0.25% Colorado 0.20% Total 100.00% Credit Quality Breakdown Portfolio% AAA 61.99% AA 11.34% A 16.36% BBB 8.59% BB 1.72% Total 100.00% Portfolio Statistics AMT Percentage: 16.00% Average Coupon: 5.32% Percentage of Leverage: Bank Loans: 0% Investment Operations: 0.50% Preferred Stock: 28.05% Total: 28.55%* Avg. Maturity: 14.31 Years Duration: 4.66 Years Total Net Assets: $206.3 Million Net Asset Value: $14.68 Number of Holdings: 70

* The total percentage of leverage constitutes 28.05% in issued and outstanding preferred stock and 0.50% 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.

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.

SOURCE Alliance California Municipal Income Fund, Inc.

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