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PIMCO New York Municipal Incom$13.25$.01.08%

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 PIMCO California Municipal Income Fund, PIMCO New York Municipal Income Fund Report Results for the Fiscal Quarter and Six Months Ended October 31, 2004
   Monday, December 27, 2004 4:27:22 PM ET

NEW YORK, Dec 27, 2004 (BUSINESS WIRE) -- PIMCO California Municipal Income Fund (PCQ ) and PIMCO New York Municipal Income Fund (PNF ) (the "Funds") today announced their results for the fiscal quarter and six months ended October 31, 2004.

               California Municipal Income  New York Municipal Income
               --------------------------- ---------------------------

                      At October 31,              At October 31,
                      -------------               --------------
                    2004          2003          2004          2003
               --------------------------- ---------------------------
Net Assets(*)   $404,556,364  $393,522,471  $163,117,682  $161,679,280
Shares
 Outstanding     17,811,229    17,811,229     7,366,004     7,337,418
Net Assets
 Value ("NAV")       $14.29        $13.67        $13.59        $13.45
Market Price         $14.03        $13.37        $13.87        $13.50
Premium
 (Discount) to
 NAV                 (1.82)%       (2.19)%         2.06%         0.37%

(*) Net assets are inclusive of Preferred Shares issuance of $150
    million and $63 million for the California Municipal Income and
    New York Municipal Income Funds, respectively.


                Quarter ended October 31,   Quarter ended October 31,
               --------------------------- ---------------------------
                    2004          2003          2004          2003
               --------------------------- ---------------------------
Net Investment
 Income          $4,800,071    $4,569,996    $1,884,556    $1,844,711
Per Share             $0.27         $0.25         $0.25         $0.25
Net Realized
 and Unrealized
 Gain            $8,800,629    $9,825,860    $2,718,642    $6,728,786
Per Share             $0.49         $0.55         $0.37         $0.92



                     Six months ended            Six months ended
                        October 31,                 October 31,
               --------------------------- ---------------------------
                    2004          2003          2004          2003
               --------------------------- ---------------------------
Net Investment
 Income          $9,547,796    $9,327,232     3,772,981    $3,664,233
Per Share             $0.54         $0.52         $0.51         $0.50
Net Realized
 and Unrealized
 Gain/Loss       $6,174,736   $(9,432,160)   $1,008,371     $(421,882)
Per Share             $0.34        $(0.53)        $0.14        $(0.06)

The Funds are closed-end management investment companies. The investment objective of each fund is to provide current income exempt from federal income tax. The California Municipal Income Fund also seeks to provide current income exempt from California state income taxes. The New York Municipal Income Fund also seeks to provide current income exempt New York state and city income taxes.

PA 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, a PA Fund Management affiliate, serves as the Funds’ sub-adviser. Allianz is a leading global financial services company.

The Funds’ daily New York Stock Exchange closing prices, net asset values per share as well as other information is available at www.pimcoadvisors.com or by calling the Funds’ transfer agent at 1-800-331-1710.

SOURCE: PIMCO

CONTACT:          PIMCO
                  Jed Koenigsberg, 203-352-1258

Copyright (C) 2004 Business Wire. All rights reserved.



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