PIMCO Corporate Income Fund, PIMCO Municipal Income Fund, PIMCO California Municipal Income Fund, PIMCO New York Municipal Income Fund Declare Monthly Dividends

Business Wire, Nov 1, 2002

    Business Editors

    NEW YORK--(BUSINESS WIRE)--Nov. 1, 2002--The Boards of Trustees of
PIMCO Corporate Income Fund (NYSE: PCN), PIMCO Municipal Income Fund
(NYSE: PMF), PIMCO California Municipal Income Fund (NYSE: PCQ) and
PIMCO New York Municipal Income Fund (NYSE: PNF) (collectively, the
"Funds") announced today that they have declared the following
dividends on the Funds' common shares:

 &#x 1;   PIMCO Corporate Income Fund             $0.10625 per common share
 &#x 1;   PIMCO Municipal Income Fund             $0.08125 per common share
 &#x 1;   PIMCO California Municipal Income Fund  $0.077 per common share
 &#x 1;   PIMCO New York Municipal Income Fund    $0.075 per common share

    The dividends will be payable on December 2, 2002 to shareholders
of record on November 15, 2002, with an ex-dividend date of November
13, 2002.

    At October 31, 2002, the Funds' net assets(a) were approximately:

                                             &#x 1;   (in millions)

 &#x 1;   PIMCO Corporate Income Fund             $730.3
 &#x 1;   PIMCO Municipal Income Fund             $542.7
 &#x 1;   PIMCO California Municipal Income Fund  $400.9
 &#x 1;   PIMCO New York Municipal Income Fund    $164.1

    (a) Net assets are inclusive of Preferred Shares of $300 million,
$200 million, $150 million and $63 million for the Corporate Income,
Municipal Income, California Municipal Income and New York Municipal
Income Funds, respectively.

    The Funds are closed-end management investment companies. The
Corporate Income Fund's primary investment objective is to provide
high current income with secondary objectives of capital preservation
and appreciation. The investment objective of the Municipal Income,
California Municipal Income and New York Municipal Income funds is to
provide current income exempt from federal income tax. The California
and New York Municipal Income Funds also seek to provide current
income exempt from California state and New York state and city income
taxes, respectively.
    PIMCO Advisors Fund Management LLC, formerly PIMCO Funds Advisors
LLC, an indirect, majority-owned subsidiary of Allianz Dresdner Asset
Management 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 PIMCO Advisors 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 now available at
www.pimcofunds.com. For those who wish to receive information and do
not have internet access, please call 1-800-331-1710.

    --30--jtp/ny

    CONTACT: Lawrence G. Altadonna, 212/739-3371

    KEYWORD: NEW YORK
    INDUSTRY KEYWORD: BANKING DIVIDEND
    SOURCE: PIMCO