NEW YORK, Nov. 19 /PRNewswire-FirstCall/ -- Alliance California Municipal Income Fund, Inc. (NYSE: AKP) (the "Fund") today released its monthly portfolio update as of October 31, 2008.

    Alliance California Municipal Income Fund, Inc.

           Top 10 Fixed-Income Holdings
                                                                  Portfolio%
    1)  Los Angeles Uni Sch Dist (Prerefunded) MBIA Series 02E
         5.125% 1/01/27                                                5.75%
    2)  California (Prerefunded) 5.25% 4/01/30                         5.09%
    3)  Los Angeles Dept of Wtr & Pwr (Wtrwks Rev) FGIC Series 01A
         5.125% 7/01/41                                                4.90%
    4)  Puerto Rico Hwy & Transp Auth (Prerefunded) Series 02D
         5.375% 7/01/36                                                3.66%
    5)  Puerto Rico Elec Pwr Auth XLCA Series 02-2 5.25% 7/01/31       3.48%
    6)  Los Angeles Comnty Redev Agy (Grand Central Square)
         AMT AMBAC Series 02 5.375% 12/01/26                           3.46%
    7)  Palo Alto Assess Dist (Univ Ave Area Off Street Parking)
         Series 02A 5.875% 9/02/30                                     3.44%
    8)  Temecula Redev Agy MBIA Series 02 5.25% 8/01/36                3.14%
    9)  California Infra & Econ Dev Bank (YMCA Metro L.A. Proj)
         AMBAC Series 01 5.25% 2/01/32                                 3.05%
    10)  California Hlth Fac Fin Auth (Sutter Hlth) Series 00A
          6.25% 8/15/35                                                2.68%


           Sector/Industry Breakdown
                                                     Portfolio%
            Education                                    15.64%
            Special Tax                                  13.03%
            Higher Education                             12.69%
            Hospital/Health Care                          7.62%
            Transportation                                6.02%
            Corporate - Utility (Water)                   5.81%
            Community Facility                            5.77%
            Assessment District                           5.53%
            Housing-Rental Units                          4.56%
            COP/Lease Rental                              4.40%
            General Obligation                            4.09%
            Corporate - Utility (Electric)                3.48%
            Water/SWR                                     2.44%
            Port Facility                                 2.44%
            Utility                                       2.34%
            Resource Recovery/Solid Waste                 1.76%
            Airport Facility                              1.55%
            Miscellaneous                                 0.83%
            Total                                       100.00%


           State Breakdown
                                                Portfolio%
            California                              89.71%
            Puerto Rico                              8.67%
            Nevada                                   1.20%
            Ohio                                     0.23%
            Colorado                                 0.19%
            Total                                  100.00%


    Credit Quality Breakdown
                                         Portfolio%
                    AAA                      45.56%
                    AA                       38.61%
                    A                         5.87%
                    BBB                       8.45%
                    BB                        1.51%
                    Total Investments       100.00%

    Portfolio Statistics
           AMT Percentage:                   16.09%
           Average Coupon:                    5.23%
           Percentage of Leverage:
                  Bank Loans:                    0%
                  Investment Operations:      1.83%
                  Preferred Stock:           28.21%
           Total:                            30.04%*

           Avg. Maturity:                    14.55 Years
           Duration:                          8.50 Years
           Total Net Assets:                $180.0 Million
           Net Asset Value:                 $12.58
           Number of Holdings:                  70


    * The total percentage of leverage constitutes 28.21% in issued and
    outstanding preferred stock and 1.83% 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.