PIMCO California Municipal Income Fund and PIMCO New York Municipal Income Fund Report Results for the Fiscal Quarter and Nine Months Ended January 31, 2009

NEW YORK, April 8, 2009 (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 and nine months ended January 31, 2009. 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                   New York
                       Municipal Income           Municipal Income
                       ----------------           ----------------
 
                        At January 31,             At January 31,
                        --------------             --------------
                     2009          2008          2009          2008
                     ----          ----          ----          ----
  Net Assets (a) $331,865,190  $407,039,704  $111,687,638  $161,016,783
  Common Shares
   Outstanding     18,162,605    18,075,512     7,557,384     7,522,894
  Net Asset
   Value ("NAV")       $10.01        $14.22         $8.56        $13.03
  Market Price          $9.70        $15.79         $8.12        $13.30
  Premium
   (Discount)
   to NAV             (3.10)%        11.04%       (5.14)%         2.07%
 
                  Quarter ended January 31,   Quarter ended January 31,
                  -------------------------   -------------------------
                     2009          2008          2009          2008
                     ----          ----          ----          ----
  Net Investment
   Income       $4,782,753    $4,933,920    $1,630,627(b)    $1,830,454
  Per Common
   Share             $0.26         $0.28         $0.21(b)         $0.25
  Net Realized
   and Change in
   Unrealized
   Loss       $(16,885,682)  $(2,407,979)  $(9,947,801)(b)  $(1,404,462)
  Per Common
   Share            $(0.94)       $(0.14)       $(1.31)(b)       $(0.18)
  Undistributed
   (Overdis-
   tributed)
   Net
   Investment
   Income
   Per Common
   Share (c)(d)   $(0.1065)      $0.0057      $(0.0506)        $(0.0238)
 
                        Nine Months                  Nine Months
                      ended January 31,           ended January 31,
                      -----------------           -----------------
                     2009          2008          2009          2008
                     ----          ----          ----          ----
  Net Investment
   Income      $14,101,153   $14,462,391      $4,966,765(b)  $5,392,431
  Per Common
   Share             $0.77         $0.80           $0.65(b)       $0.72
  Net Realized
   and Change
   in
   Unrealized
   Loss       $(63,675,176)  $(9,374,975) $(30,923,392)(b)  $(5,135,596)
  Per Common
   Share            $(3.51)       $(0.52)       $(4.09)(b)       $(0.68)
 
 

(a) California Municipal Income Fund's net assets are inclusive of market value of Preferred Shares of $150 million. New York Municipal Income Fund's net assets are inclusive of market value of Preferred Shares of $47 million and $63 million at January 31, 2009 and January 31, 2008, respectively.

(b) The information provided is in accordance with generally accepted accounting principles ("GAAP"), which requires the Fund to treat amounts accrued under swap agreements as net realized gain (loss). However, these amounts are treated as net income (loss) for federal income tax purposes. By using GAAP, Net Investment Income for the fiscal quarter and nine months ended January 31, 2009 was $23,877 - $0.003 per common share) higher (and Net Realized and Change in Unrealized Loss correspondingly higher) than those figures would have been if swap amounts were treated as net income in accordance with federal income tax treatment.

(c) 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 dividends, 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.

(d) Calculated using the accumulated balance at January 31, 2009 and January 31, 2008, 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. The Funds' ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, by-laws and other governing documents, as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

CONTACT: PIMCO Closed-End Funds:

Financial Advisors: (800) 628-1237

Shareholders: (800) 285-4086

Media Relations: (212) 739-3501