PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II Report Results for the Fiscal Quarter and Nine Months Ended February 28, 2009

• Press Release
• Source: PIMCO California Municipal Income Fund II; PIMCO New York Municipal Income Fund II
• On 4:04 pm EDT, Thursday April 30, 2009

NEW YORK, April 30, 2009 (GLOBE NEWSWIRE) -- PIMCO California Municipal Income Fund II (NYSE:PCK - News) and PIMCO New York Municipal Income Fund II (NYSE:PNI - News; the "Funds") today announced their results for the fiscal quarter and nine months ended February 28, 2009. The investment objective of each fund is to provide current income exempt from federal income tax. California Municipal Income Fund II also seeks to provide current income exempt from California state income taxes. New York Municipal Income Fund II also seeks to provide current income exempt from New York state and city income taxes.

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Symbol	Price	Change
PCK	9.16	-0.01

{"s" : "pck,pni","k" : "c10,l10,p20,t10","o" : "","j" : ""}

                                  California Municipal Income II
                                  ------------------------------

                              February 28, 2009     February 29, 2008
                              -----------------     -----------------
 Net Assets (a)                    $381,401,040          $623,630,278
 Common Shares Outstanding           30,885,751            30,677,287
 Net Asset Value ("NAV")                  $7.07                $11.85
 Market Price                             $7.99                $13.55
 Premium to NAV                           13.01%                14.35%


                                     New York Municipal Income II
                                     ----------------------------
                             
                               February 28, 2009    February 29, 2008
                               -----------------    -----------------
 Net Assets (a)                     $172,064,914         $222,710,562
 Common Shares Outstanding            10,663,728           10,597,053
 Net Asset Value ("NAV")                   $8.73               $12.52
 Market Price                              $9.69               $13.39
 Premium to NAV                            11.00%                6.95%


                                   California Municipal Income II
                                   ------------------------------

                                            Quarter Ended
                                            -------------

                               February 28, 2009    February 29, 2008
                               -----------------    -----------------
 Net Investment Income                $4,638,597           $8,326,320 
 Per Common Share                          $0.15                $0.27 
 Net Realized and Change         
  in Unrealized Loss                 $(8,247,976)        $(60,560,851)
 Per Common Share                         $(0.27)              $(1.98)
 Overdistributed Net             
  Investment Income              
  Per Common Share (c) (d)              $(0.1450)            $(0.0390)


                                      New York Municipal Income II
                                      ----------------------------

                                             Quarter Ended
                                             -------------

                               February 28, 2009    February 29, 2008
                               -----------------    -----------------
 Net Investment Income                $2,573,925 (b)       $2,954,924
 Per Common Share                          $0.24 (b)            $0.28
 Net Realized and Change                              
  in Unrealized Loss                 $(2,206,120)(b)     $(15,788,518)
 Per Common Share                         $(0.20)(b)           $(1.49)
 Overdistributed Net                                  
  Investment Income                                   
  Per Common Share (c) (d)              $(0.0221)            $(0.0091)
                                                      

                                   California Municipal Income II
                                   -------------------------------

                                         Nine Months Ended
                                         -----------------

                               February 28, 2009    February 29, 2008
                               -----------------    -----------------
 Net Investment Income               $20,299,150          $24,540,333 
 Per Common Share                          $0.66                $0.80 
 Net Realized and Change 
  in Unrealized Loss               $(188,538,239)        $(91,990,570)
 Per Common Share                         $(6.13)              $(3.00)


                                     New York Municipal Income II
                                     ----------------------------

                                          Nine Months Ended
                                          -----------------

                               February 28, 2009    February 29, 2008
                               -----------------    -----------------
 Net Investment Income                $7,962,587 (b)       $8,514,973
 Per Common Share                          $0.75 (b)            $0.80
 Net Realized and Change                             
  in Unrealized Loss                $(52,334,688)(b)     $(23,866,571)
 Per Common Share                         $(4.91)(b)           $(2.25)
                                                    
 (a) California Municipal Income II net assets are inclusive of market
 value of Preferred Shares of $163 million and $260 million at 
 February 28, 2009 and February 29, 2008, respectively. New York 
 Municipal Income II net assets are inclusive of market value of 
 Preferred Shares of $79 million and $90 million at February 28, 2009 
 and February 29, 2008, respectively.

 (b) The information provided is in accordance with generally accepted
 accounting principles ("GAAP"), which requires New York Municipal
 Income II 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 
 February 28, 2009 was $5,573 ($0.0005 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 February 28, 2009 and
 February 29, 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 - News). 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 objectives. 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.

PIMCO Closed-End Funds
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(800) 628-1237
Shareholders:
(800) 285-4086
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