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


NEW YORK, Jan. 7, 2008 (PRIME NEWSWIRE) -- PIMCO California Municipal Income Fund (NYSE: PCQ) and PIMCO New York Municipal Income Fund (NYSE: PNF) (the "Funds') today announced their results for the fiscal quarter and six months ended October 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        New York Municipal
                        Income Fund                Income Fund

                       At October 31,             At October 31,
                --------------------------  --------------------------
                     2007         2006          2007         2006
                ------------  ------------  ------------  ------------
 Net
  Assets (a)    $409,524,339  $418,987,276  $162,481,469  $167,115,192
 Common Shares
  Outstanding     18,049,491    17,950,284     7,522,894     7,478,924
 Net Asset Value
  ("NAV")       $      14.38  $      14.99  $      13.22  $      13.92
 Market Price   $      16.20  $      16.67  $      12.93  $      15.85
 Premium (Discount)
  to NAV               12.66%        11.21%        (2.19)%       13.86%


                                Quarter ended October 31,
                ------------------------------------------------------
                     2007         2006          2007         2006
                ------------  ------------  ------------  ------------
 Net Investment
  Income          $4,754,815    $4,825,847    $1,783,011    $1,753,800
 Per Common
  Share           $     0.26    $     0.26    $     0.23    $     0.24
 Net Realized
  and Change in
  Unrealized Gain
  (Loss)          (1,468,565)   $8,729,703    $ (446,538)   $3,636,490
 Per Common Share $    (0.08)   $     0.49    $    (0.05)   $     0.48
 Undistributed
  (Overdistributed)
  Net Investment
  Income Per
  Common
  Share(b)        $ 0.0313(c)   $ 0.1403(d)   ($0.0157)(c) ($0.0671)(d)


                              Six months ended October 31,
                ------------------------------------------------------
                     2007         2006          2007         2006
                ------------  ------------  ------------  ------------
 Net Investment
  Income        $  9,528,471  $  9,582,536  $  3,561,977  $  3,559,041
 Per Common
  Share         $       0.52  $       0.53  $       0.47  $       0.48
 Net Realized
  and Change in
  Unrealized
  Gain (Loss)   $(6,966,996)  $ 10,130,062  $ (3,731,134) $  3,987,281
 Per Common
  Share         $     (0.38)  $       0.57  $      (0.50) $       0.53

 (a)  Net assets are inclusive of market value of Preferred Shares of
      $150 million and $63 million for California Municipal Income
      Fund and New York Municipal Income Fund, 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 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 October 31, 2007.

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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