AZ Allianz Se

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, 2009. The Funds are non-diversified 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, 2009   2008 2009   2008 Net Assets (a) $345,511,463 $389,294,536 $119,390,037 $156,078,325 Common Shares Outstanding 18,202,242 18,126,229 7,565,836 7,545,256 Net Asset Value ("NAV") $10.74 $13.20 $9.57 $12.34 Market Price $11.76 $15.75 $10.14 $12.44 Premium to NAV 9.50% 19.32% 5.96% 0.81%

Undistributed (Overdistributed) Net Investment Income Per Common Share (b)

$0.0682 $(0.0270) $0.0433 $(0.0018)     Quarter ended July 31, Quarter ended July 31, 2009 2008 2009 2008 Net Investment Income $5,644,362 $4,774,058 $1,684,405 $1,728,899 Per Common Share $0.31 $0.26 $0.22 $0.23 Net Realized and Change in Unrealized Gain (Loss) $1,088,183 $(7,203,223) $2,500,366 $(2,739,183) Per Common Share $0.06 $(0.40) $0.32 $(0.36)

(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 July 31, 2009 and July 31, 2008, respectively.

(b) 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.

Allianz Global Investors Fund Management LLC ("AGIFM"), 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 AGIFM 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) 254-5197.

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 stated 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.