<DOCUMENT>
<TYPE>EX-99.77D POLICIES
<SEQUENCE>2
<FILENAME>r77d_calif_muni.txt
<DESCRIPTION>10/15 PIMCO POLICIES
<TEXT>
Investment Strategy Updates

Effective October 6, 2015, each of PIMCO Municipal
Income Fund, PIMCO California Municipal Income Fund
and PIMCO New York Municipal Income Fund (each a
"Fund" and together the "Funds") rescinded the following
non-fundamental investment policy:

The staff of the SEC has taken the position that purchased
over-the-counter ("OTC") options and the assets used as
cover for written OTC options are illiquid securities.
Therefore, the Fund has adopted an investment policy
pursuant to which it will not purchase or sell OTC options
if, as a result of such transactions, the sum of: 1) the market
value of OTC options currently outstanding which are held
by the Fund, 2) the market value of the underlying
securities covered by OTC call options currently
outstanding which were sold by the Fund and 3) margin
deposits on the Fund's existing OTC options on futures
contracts, exceeds 15% of the net assets of the Fund, taken
at market value, together with all other assets of the Fund
which are illiquid or are otherwise not readily marketable.
However, if an OTC option is sold by the Fund to a
primary U.S. Government securities dealer recognized by
the Federal Reserve Bank of New York and if the Fund has
the unconditional contractual right to repurchase such OTC
option from the dealer at a predetermined price, then the
Fund will treat as illiquid such amount of the underlying
securities equal to the repurchase price less the amount by
which the option is "in-the-money" (i.e., current market
value of the underlying securities minus the option's strike
price). The repurchase price with the primary dealers is
typically a formula price which is generally based on a
multiple of the premium received for the option, plus the
amount by which the option is "in-the-money." This policy
is not a fundamental policy of the Fund and may be
amended by the Trustees without the approval of
shareholders. However, the Fund will not change or modify
this policy prior to the change or modification by the SEC
staff of its position.

Effective October 6, 2015, each Fund adopted the
following non-fundamental investment policy:

The staff of the SEC has taken the position that purchased
OTC options and the assets used as cover for written OTC
options should generally be treated as illiquid. However,
the staff of the SEC has also taken the position that the
determination of whether a particular instrument is liquid
should be made under guidelines and standards established
by a fund's board of trustees/directors. The SEC staff has
provided examples of factors that may be taken into
account in determining whether a particular instrument
should be treated as liquid. Pursuant to policies adopted by
the Fund's Board of Trustees, purchased OTC options and
the assets used as cover for OTC options written by a Fund
may be treated as liquid under certain circumstances, such
as when PIMCO has the contractual right to terminate or
close out the OTC option on behalf of a Fund within seven
days. These policies are not fundamental policies of the
Funds and may be changed or modified by the Board of
Trustees without the approval of shareholders, provided
that any such change or modification will be consistent
with applicable positions of the SEC staff.






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</DOCUMENT>
