NEW YORK, Jan. 25, 2012 /PRNewswire/ -- Alliance California Municipal Income Fund, Inc. (NYSE: AKP) (the "Fund") today released its monthly portfolio update as of December 31, 2011. 


                                 Alliance California Municipal Income Fund, Inc.
    Top 10 Fixed-Income Holdings
                                                                                       Portfolio %
    1) Los Angeles CA USD GO     NPFGC Series 02E                                             5.08%
    5.125%,  1/01/27 (Prerefunded/ETM)
    2) Los Angeles CA Wstwtr Sys     5.00%,  6/01/26                                          4.51%
    3) California GO     5.25%,  4/01/30                                                      4.43%
    (Prerefunded/ETM)
    4) Palo Alto CA Univ Ave AD   Series 02A
     5.875%,                                                                                  4.01%
    9/02/30
    5) Los Angeles Cnty CA Met Trnsp Auth (Los                                                3.80%
    Angeles Cnty CA Mta Sales Tax)    5.00%,
    7/01/25
    6) California Pub Wks Brd (Univ of California                                             3.43%
    Lease)   Series 2011A 5.25%,  12/01/26
    7) Los Angeles CA Cmnty Redev Agy (Los Angeles
     CA                                                                                       3.29%
    Cra Grand Ctrl) AMBAC Series 02  5.375%,
    12/01/26
    8) Puerto Rico Hwy & Trnsp Auth   Series 02D                                              3.28%
    5.375%,  7/01/36 (Prerefunded/ETM)
    9) California Infra & Eco Dev Bk (YMCA of Metro                                           3.15%
    Los Angeles) AMBAC Series 01  5.25%,  2/01/32
    10) Los Angeles CA Harbor Dept     5.00%,
     8/01/26                                                                                  3.10%

    Sector/Industry Breakdown
                                                                                       Portfolio %
    Revenue
        Electric Utility                                                                      7.77%
        Water & Sewer                                                                         7.17%
        Revenue - Miscellaneous                                                               6.13%
        Port                                                                                  5.32%
        Health Care - Not-for-Profit                                                          4.27%
        Higher Education - Public                                                             3.43%
        Airport                                                                               2.96%
        Toll Roads/Transit                                                                    2.03%
        Higher Education - Private                                                            1.74%
        Primary/Secondary Ed. - Private                                                       1.34%
        Industrial Development - Utility                                                      0.20%
    SUBTOTAL                                                                                 42.36%
    Tax Supported
        Special Tax                                                                          10.69%
        Assessment District                                                                   6.61%
        Tax-Supported Local Lease                                                             4.42%
        Local G.O.                                                                            3.60%
        State G.O.                                                                            2.25%
        Tax-Supported State Lease                                                             1.76%
    SUBTOTAL                                                                                 29.33%
    Prerefunded/ETM                                                                          18.67%
    Insured/Guaranteed
        Insured                                                                               6.69%
    SUBTOTAL                                                                                  6.69%
    Asset-Backed
        Housing - Multi-Family                                                                2.88%
    SUBTOTAL                                                                                  2.88%
    Cash Equivalents
        Investment Companies                                                                  0.07%
    SUBTOTAL                                                                                  0.07%
    Total                                                                                   100.00%

    State Breakdown
                                                                                       Portfolio %
    California                                                                               91.76%
    Puerto Rico                                                                               6.87%
    Nevada                                                                                    1.10%
    Ohio                                                                                      0.20%
    Other                                                                                     0.07%
    Total Investments                                                                       100.00%

            Credit Quality Breakdown
                                                                                       Portfolio %
                AAA                                                                          10.49%
                AA                                                                           38.71%
                A                                                                            19.37%
                BBB                                                                           9.79%
                Not Rated                                                                     2.90%
                Pre-refunded Bonds                                                           18.67%
                Short Term Investments                                                        0.07%
                Total Investments                                                           100.00%

    Portfolio Statistics:
        AMT Percentage:                                                                      13.73%
        Average Coupon:                                                                       5.47
        Percentage of Leverage:
            Bank Borrowing:                                                                   0.00%
            Investment Operations:                                                            0.32%
            Preferred Stock:                                                                 37.09%
            Tender Option Bonds:                                                              4.32%
            Term Asset-Backed Loans Facility (TALF):                                          0.00%
            Total Fund Leverage:                                                           41.73%*
        Average Maturity:                                                               4.92 Years
        Effective Duration:                                                             4.48 Years
        Total Net Assets:                                                        $195.59 Million**
        Common Stock Net Asset Value:                                                       $14.41
        Number of Holdings:                                                                     74

* The total percentage of leverage constitutes 4.32% through the use of tender option bonds, 37.09% in issued and outstanding preferred stock and 0.32% 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.

** Includes 72,550,000 of preferred stock at liquidation value.

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.