PIMCO California Municipal Income Fund and PIMCO New York Municipal Income Fund Report...

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

NEW YORK, April 10, 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 nine months
ended January 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 New York Municipal
Income Fund Income Fund
----------- ------------

At January 31, At January 31,
-------------- --------------
2008 2007 2008 2007
---- ---- ---- ----
Net
Assets(a) $407,039,704 $416,819,310 $161,016,783 $165,884,520
Common
Shares
Outstanding 18,075,512 17,974,533 7,522,894 7,490,576
Net Asset
Value ("NAV") $14.22 $14.84 $13.03 $13.74
Market Price $15.79 $17.25 $13.30 $14.20
Premium to NAV 11.04% 16.24% 2.07% 3.35%

Quarter ended Quarter ended
January 31, January 31,
----------- ------------
2008 2007 2008 2007
---- ---- ---- ----
Net Investment
Income $4,933,920 $4,802,344 $1,830,454 $1,790,422
Per Common
Share $0.28 $0.27 $0.25 $0.23
Net Realized
and Change
in Unrealized
Loss $(2,407,979) $(1,965,382) $(1,404,462) $(1,169,789)
Per Common
Share $(0.14) $(0.12) $(0.18) $(0.15)
Undistributed
(Overdistributed)
Net Investment
Income
Per Common
Share(b) $0.0057(c) $0.1106(d) ($0.0238)(c) ($0.1080)(d)

Nine months ended Nine months ended
January 31, January 31,
----------- -----------
2008 2007 2008 2007
---- ---- ---- ----
Net
Investment
Income $14,462,391 $14,384,880 $5,392,431 $5,349,463
Per Common
Share $0.80 $0.80 $0.72 $0.71
Net Realized
and Change
in
Unrealized
Gain (Loss) $(9,374,975) $8,164,680 $(5,135,596) $2,817,492
Per Common
Share $(0.52) $0.45 $(0.68) $0.38

(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 January 31, 2008.

(d) Calculated using the average fiscal year-to-date month-end
balances for the three months ended January 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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CONTACT: Christoph Hofmann
(800) 285-4086