NEW YORK, Jan. 17 /PRNewswire-FirstCall/ -- Alliance California Municipal Income Fund, Inc. [NYSE: AKP] (the "Fund") today released its monthly portfolio update as of December 31, 2007. 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) 5.26% 2) LA Dept Of Wtr And Pwr FGIC 5.125% (07/01/41) 4.97% 3) California St 5.250% (04/01/30) 4.64% 4) Palo Alto A.D. CA Ser 02-A 5.875% (09/02/30) 3.94% 5) Puerto Rico Hwy Transp Rev Ser 5.375% (07/01/36) 3.41% 6) LA CA AMBAC AMT 5.375% (12/01/26) 3.23% 7) CA Infrastructure AMBAC 5.250% (02/01/32) 3.22% 8) Puerto Rico Elec Pwr Auth Elec 5.250% (07/01/31) 3.19% 9) Temecula CA Redev Agy MBIA 5.250% (08/01/36) 3.14% 10) Golden St Tob Stlmt Xlca 5.500% (06/01/33) 2.68% Sector/Industry Breakdown Portfolio% Muni: Education 16.01% Special Tax 13.19% Community Facility 8.20% Hospital/Health Care 8.20% Assessment District 6.22% Corporate -- Utility (Water) 5.92% Transportation 5.87% Housing-Rental Units 5.10% Higher Education 5.06% Cop/Lease Rental 4.45% General Obligation 4.22% Corporate -- Utility (Electric) 3.19% Miscellaneous 2.93% Port Facility 2.74% Water/SWR 2.52% Utility 2.13% Resource Recovery/Solid Waste 1.96% Airport Facility 1.75% SUBTOTAL 99.66% Short-term 0.34% Total 100.00% State Breakdown Portfolio% California 89.71% Puerto Rico 8.16% Nevada 1.33% Alaska 0.34% Ohio 0.25% Colorado 0.21% Total 100.00% Credit Quality Breakdown Portfolio% AAA 79.88% AA 4.28% A 5.48% BBB 8.62% BB 1.74% Total 100.00% Portfolio Statistics AMT Percentage: 16.23% Average Coupon: 5.37% Percentage of Leverage: Bank Loans: 0% Investment Operations: 0% Preferred Stock: 38.86% Total: 38.86%* Avg. Maturity: 16.76 Years Duration: 3.81 Years Total Net Assets: $208.4 Million Net Asset Value: $14.93 Number of Holdings: 71 * 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 AllianceBernstein L. P. DATASOURCE: Alliance California Municipal Income Fund, Inc. CONTACT: Shareholder Contact, 1-800-221-5672 Web site: http://www.alliancebernstein.com/

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