Alliance California Municipal Income Fund Releases Monthly Portfolio Update NEW YORK, May 25 /PRNewswire-FirstCall/ -- Alliance California Municipal Income Fund, Inc. [NYSE: AKP] (the "Fund") today released its monthly portfolio update as of April 30, 2005. Alliance California Municipal Income Fund, Inc. Top 10 Fixed-Income Holdings Portfolio% 1) LA CA Usd MBIA 5.125% (01/01/27) 5.03% 2) California Go 5.250% (04/01/30) 5.01% 3) LA Dept Of Wtr And Pwr FGIC 5.125% (07/01/41) 4.94% 4) Palo Alto A.D. CA Ser 02-A 5.875% (09/02/30) 3.90% 5) Puerto Rico Hwy 5.375% (07/01/36) 3.28% 6) Temecula CA Redev Agy MBIA 5.250% (08/01/36) 3.22% 7) CA Infrastructure AMBAC 5.250% (02/01/32) 3.20% 8) LA CA AMBAC AMT 5.375% (12/01/26) 3.17% 9) Puerto Rico Elec Pwr Auth 5.250% (07/01/31) 3.07% 10) CA State Hlth Fac Fin Auth 6.250% (08/15/35) 2.70% Industry/Sector Breakdown Portfolio% Special Tax 16.79% General Obligation 16.31% Cop/Lease Rental 12.10% Hospital/Health Care 10.57% Utility 7.00% Transportation 5.79% Housing-Rental Units 5.12% Assessment District 4.86% Miscellaneous 3.25% Community Facility 3.20% Corporate - Utility (Electric) 3.07% Port Facility 3.04% Higher Education 2.65% Education 2.31% Resource Recovery/Solid Waste 2.19% Airport Facility 1.75% Total: 100.00% Bond Rating Portfolio% AAA 70.20% AA 2.70% A 16.06% BBB 5.89% BB 5.15% Total 100.00% Percentage of Leverage: Bank Loans: 0% Investment Operations: 4.04% Preferred Stock: 36.26% Total: 40.30%* Avg. Maturity: 23.74 Years Duration: 5.81 Years Total Net Assets: $212.6 Million Net Asset Value: $15.44 Number of Holdings: 62 * The total percentage of leverage constitutes 36.26% in preferred stock, which represents issued and outstanding preferred stock, and 4.04% 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 Alliance Capital Management L. P. DATASOURCE: Alliance California Municipal Income Fund, Inc. CONTACT: Shareholder Contact for Alliance California Municipal Income Fund, Inc., 1-800-221-5672 Web site: http://www.alliancecapital.com/

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