PIMCO California Municipal Income Fund and PIMCO New York Municipal Income Fund Report Results for the Fiscal Quarter Ended July 31, 2007


NEW YORK, Oct. 2, 2007 (PRIME NEWSWIRE) -- PIMCO California Municipal Income Fund (NYSE:PCQ) and PIMCO New York Municipal Income Fund (NYSE:PNF) (the "Fund") today announced their results for the fiscal quarter ended July 31, 2007. The Funds are closed-end management investment companies.

The investment objective of each Fund is to provide current income exempt from federal income tax. California Municipal Income Fund also seeks to provide current income exempt from California state income taxes. New York Municipal Income Fund also seeks to provide current income exempt from New York state and city income taxes.



            California Municipal Income      New York Municipal Income
           ---------------------------      -------------------------
                    At July 31,                   At July 31,
                    -----------                  -----------
                2007          2006           2007             2006
                ----          ----           ----             ----
 Net
  Assets
  (a)      $411,308,680   $410,337,231   $162,838,915     $163,620,411
 Common
  Shares
  Out-
  standing   18,022,920     17,925,478      7,511,278        7,466,584
 Net
  Asset
  Value
  ("NAV")  $      14.50   $      14.52   $      13.29     $      13.48
 Market
  Price    $      15.75   $      16.53   $      13.25     $      15.05
 Premium
  (Dis-
  count)
  to NAV           8.62%         13.84%         (0.30)%          11.65%


              Quarter ended July 31,         Quarter ended July 31,
              ----------------------         ----------------------
                 2007          2006           2007            2006
                 ----          ----           ----            ----
 Net
  Invest-
  ment
  Income   $  4,773,656   $  4,756,689   $  1,778,966     $  1,805,241
 Per
  Common
  Share    $       0.26   $       0.27   $       0.24     $       0.24
 Net
  Realized
  and
  Change
  in
  Unreal-
  ized
  Gain
  (Loss)   $ (5,498,431)  $  1,400,359   $ (3,284,596)    $    350,791
 Per
  Common
  Share    $      (0.30)  $       0.08   $      (0.45)    $       0.05
 Un-
  dis-
  tributed
  (Over-
  dis-
  tribut-
  ed)
  Net
   Invest-
   ment
   Income
   Per
   Common
   Share
   (b)      $    0.0704   $     0.1682  ($     0.0073)    ($    0.0380)
                    (c)            (d)             (c)              (d)


 (a) Net assets are inclusive of Preferred Shares issuance of $150
     million and $63 million for California Municipal Income and
     New York Municipal Income, respectively.

 (b) Note that generally there is a close correlation between what
     the Funds earn (net of expenses) and what they pay in monthly
     dividends. However, since net earning rates fluctuate from
     month to month while monthly dividends have remained
     relatively stable, there will be periods when the Funds may
     modestly over-earn or under-earn their monthly dividend, which
     would have the effect of adding to or subtracting from the
     Funds' undistributed (overdistributed) net investment income
     balances.  The Funds' management analyzes current and projected
     net earning rates prior to recommending dividend amounts to
     the Board of Trustees for declaration.  There can be no
     assurance that the current dividend rates or the undistributed
     (overdistributed) net investment income balances will remain
     constant.

 (c) Calculated using the accumulated balance at July 31, 2007.

 (d) Calculated using the average fiscal year-to-date month-end
     balances for the three months ended July 31, 2006.

Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Funds' investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, serves as the Funds' sub-adviser.

The Funds' daily New York Stock Exchange closing prices, net asset values per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Funds' shareholder servicing agent at (800) 331-1710.

The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to the results reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendation to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Funds will fluctuate. In making an investment decision, individuals should utilize other information sources and the advice of their own professional adviser.


            

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