NEW YORK, May 2, 2008 (PRIME 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 29, 2008. 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.

                       California                     New York 
                --------------------------  --------------------------
                                 Municipal Income II
                ------------------------------------------------------
                  At Feb. 29,  At Feb. 28,   At Feb. 29,   At Feb. 28,
                     2008         2007          2008          2007
                ------------  ------------  ------------  ------------
 Net Assets (a) $623,630,278  $722,662,286  $222,710,562  $249,701,677
 Common Shares
  Outstanding     30,677,287    30,531,515    10,597,053    10,551,243
 Net Asset
  Value ("NAV") $      11.85  $      15.15  $      12.52  $      15.14
 Market Price   $      13.55  $      15.95  $      13.39  $      15.73
 Premium to NAV        14.35%         5.28%         6.95%         3.90%

                                     Quarter ended
                ------------------------------------------------------
                   Feb. 29,     Feb. 28,      Feb. 29,      Feb. 28,
                     2008         2007          2008          2007
                ------------  ------------  ------------  ------------
 Net Investment
  Income        $  8,326,320  $  8,132,005  $  2,954,924  $  2,760,455
 Per Common
  Share         $       0.27  $       0.27  $       0.28  $       0.25
 Net Realized
  and Change in
  Unrealized
  Gain (Loss)   $(60,560,851) $    347,065  $(15,788,518) $   (441,008)
 Per Common
  Share         $      (1.98) $       0.01  $      (1.49) $      (0.04)
 Overdistributed
  Net Investment
  Income Per
  Common
  Share (b)     $ (0.0390)(c) $ (0.0204)(d) $ (0.0091)(c) $    (0.0111)(d)


                                   Nine Months ended
                ------------------------------------------------------
                   Feb. 29,     Feb. 28,      Feb. 29,      Feb. 28,
                     2008         2007          2008          2007
                ------------  ------------  ------------  ------------
 Net Investment
  Income        $ 24,540,333  $ 24,597,828  $  8,514,973  $  8,358,883
 Per Common
  Share         $       0.80  $       0.81  $       0.80  $       0.79
 Net Realized
  and Change in
  Unrealized
  Gain (Loss)   $(91,990,570) $ 17,247,830  $(23,866,571) $  5,167,665
 Per Common
  Share         $      (3.00) $       0.56  $      (2.25) $       0.49


 (a) Net assets are inclusive of market value of Preferred Shares
     of $260 million and $90 million for California Municipal Income
     II and New York Municipal Income II, respectively.

 (b) 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 dividend, 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.

 (c) Calculated using the accumulated balance at February 29, 2008.

 (d) Calculated using the average fiscal year-to-date month-end
     balances for the three months ended February 28, 2007.

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 the results 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.

In making an investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

         Christoph Hofmann
         (800) 285-4086