NEW YORK, Sept. 21 /PRNewswire-FirstCall/ -- Alliance California Municipal Income Fund, Inc. [NYSE: AKP] (the "Fund") today released its monthly portfolio update as of August 31, 2005. Alliance California Municipal Income Fund, Inc. Top 10 Fixed-Income Holdings Portfolio% 1) LA CA Usd MBIA 5.125% (01/01/27) 5.09% 2) California Go 5.250% (04/01/30) 5.08% 3) LA Dept Of Wtr And Pwr FGIC 5.125% (07/01/41) 4.97% 4) Palo Alto A.D. CA Ser 02-A 5.875% (09/02/30) 3.89% 5) Puerto Rico Hwy 5.375% (07/01/36) 3.28% 6) CA Infrastructure AMBAC 5.250% (02/01/32) 3.22% 7) Temecula CA Redev Agy MBIA 5.250% (08/01/36) 3.16% 8) LA CA AMBAC AMT 5.375% (12/01/26) 3.16% 9) Puerto Rico Elec Pwr Auth 5.250% (07/01/31) 3.08% 10) CA State Hlth Fac Fin Auth 6.250% (08/15/35) 2.70% Sector/Industry Breakdown Portfolio% Muni: Special Tax 16.48% General Obligation 16.46% Cop/Lease Rental 11.33% Hospital/Health Care 10.60% Utility 7.05% Transportation 5.76% Housing-Rental Units 5.13% Assessment District 4.85% Higher Education 3.25% Community Facility 3.22% Miscellaneous 3.20% Corporate - Utility (Electric) 3.08% Port Facility 3.06% Education 2.32% Resource Recovery/ Solid Waste 2.21% Airport Facility 1.76% SUBTOTAL 99.76% Short-term 0.24% Total 100.00% Credit Quality Breakdown Portfolio% AAA 70.31% AA 2.70% A 16.19% BBB 8.31% BB 2.49% Total 100.00% Portfolio Statistics Percentage of Leverage: Bank Loans: 0% Investment Operations: 0% Preferred Stock: 37.89%* Total: 37.89% Avg. Maturity: 25.71 Years Duration: 5.78 Years Total Net Assets: $213.8 Million Net Asset Value: $15.58 Number of Holdings: 62 * Represents issued and outstanding preferred stock. 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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