PIMCO California Municipal Income Fund and PIMCO New York Municipal Income Fund Report Results for the Fiscal Quarter Ended July 31, 2008


NEW YORK, Sept. 30, 2008 (GLOBE 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 ended July 31, 2008. 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,
                         -----------                  -----------

                      2008        2007             2008         2007
                      ----        ----             ----         ----
 Net Assets (a)  $389,294,536 $411,308,680    $156,078,325 $162,838,915
 Common Shares 
  Outstanding      18,126,229   18,022,920       7,545,256    7,511,278
 Net Asset Value  
  ("NAV")              $13.20       $14.50          $12.34       $13.29
 Market Price          $15.75       $15.75          $12.44       $13.25
 Premium (Discount) 
  to NAV               19.32%        8.62%           0.81%      (0.30)%


                    Quarter ended July 31,       Quarter ended July 31,
                    ----------------------       ----------------------

                      2008        2007             2008         2007
                      ----        ----             ----         ----
 Net Investment 
  Income           $4,774,058   $4,773,656      $1,728,899   $1,778,966
 Per Common Share       $0.26        $0.26           $0.23        $0.24
 Net Realized and 
  Change in 
  Unrealized Loss $(7,203,223) $(5,498,431)    $(2,739,183) $(3,284,596)
 Per Common Share      $(0.40)      $(0.30)         $(0.36)      $(0.45)
 Undistributed 
  (Overdistributed) 
  Net Investment 
  Income Per 
  Common Share 
  (b)(c)             $(0.0270)     $0.0704        $(0.0018)    $(0.0073)


 (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 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, 2008
     and July 31, 2007, respectively.

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 what is 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 recommendations 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. There can be no assurance that the Funds will meet their investment objective. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.


            

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