NEW YORK, Oct. 28, 2008 (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 ended August 31, 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 Municipal       New York Municipal
                         Income II                 Income II
                    --------------------       ------------------
                                      At August 31,
                    --------------------------------------------------
                    2008          2007          2008          2007
                    ----          ----          ----          ----
 Net
  Assets (a)    $644,703,478  $688,182,222  $228,994,628  $238,049,459
 Common Shares
  Outstanding     30,764,498    30,610,379    10,630,296    10,581,051
 Net Asset
  Value ("NAV")       $12.50        $13.99        $13.08        $13.99
 Market Price         $14.00        $14.47        $14.04        $14.61
 Premium to
  NAV                 12.00%         3.43%         7.34%         4.43%

                                   Quarter ended August 31,
                   ---------------------------------------------------
                      2008       2007          2008          2007
                      ----       ----          ----          ----
 Net Investment
  Income          $8,180,646    $8,251,834    $2,784,666    $2,772,350
 Per Common
  Share                $0.26         $0.27         $0.26         $0.26
 Net Realized
  and Change
  in Unrealized
  Loss          $(25,571,968) $(27,246,866)  $(6,378,175)  $(8,316,240)
 Per Common
  Share               $(0.83)       $(0.89)       $(0.60)       $(0.79)
 Undistributed
  (Overdistri-
  buted) Net
  Investment
  Income Per
  Common
  Share (b) (c)     $(0.0022)     $(0.0108)      $0.0050      $(0.0076)


 (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 August 31, 2008 and
     August 31, 2007, 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 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. There can be no assurance that the Funds will meet their objectives. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

          Christoph Hofmann
          (800) 285-4086