PIMCO Closed-End Funds Report Results for the Fiscal Quarter and Year Ended May 31, 2009

* PIMCO California Municipal Income Fund II
* PIMCO New York Municipal Income Fund II

NEW YORK--(Business Wire)--
PIMCO California Municipal Income Fund II (NYSE: PCK) and PIMCO New York
Municipal Income Fund II (NYSE: PNI) (the "Funds") today announced their results
for the fiscal quarter and year ended May 31, 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.

California Municipal Income II New York Municipal Income II

At May 31,
2009 2008 2009 2008
Net Assets (a) $ 394,414,517 $ 669,769,349 $ 181,125,877 $ 235,100,144
Common Shares Outstanding 30,950,140 30,720,927 10,684,803 10,613,890
Net Asset Value ("NAV") $ 7.48 $ 13.34 $ 9.56 $ 13.67
Market Price $ 8.78 $ 14.25 $ 10.26 $ 14.42
Premium to NAV 17.38 % 6.82 % 7.32 % 5.49 %
Overdistributed Net Investment Income Per Common Share (c) $ (0.1774 ) $ (0.0723 ) $ (0.0438 ) $ (0.0585 )

Quarter ended May 31,
2009 2008 2009 2008
Net Investment Income $ 6,015,533 $ 7,898,817 $ 2,699,150 $ 2,875,338
Per Common Share $ 0.19 $ 0.26 $ 0.25 $ 0.27
Net Realized and Change in Unrealized Gain $ 13,328,368 $ 46,329,809 $ 8,436,375 $ 12,169,661
Per Common Share $ 0.44 $ 1.51 $ 0.78 $ 1.14

Year ended May 31,
2009 2008 2009 2008
Net Investment Income $ 26,314,683 $ 32,439,150 $ 10,661,737 (b) $ 11,390,311
Per Common Share $ 0.85 $ 1.06 $ 1.00 (b) $ 1.07
Net Realized and Change in Unrealized Loss $ (175,209,871 ) $ (45,660,761 ) $ (43,898,313 ) (b) $ (11,696,910 )
Per Common Share $ (5.69 ) $ (1.49 ) $ (4.13 ) (b) $ (1.11 )

(a) California Municipal Income II net assets are inclusive of market value of Preferred Shares of $163 million and $260 million at May 31, 2009 and May 31, 2008, respectively. New York Municipal Income II net assets are inclusive of market value of Preferred Shares of $79 million and $90 million at May 31, 2009 and May 31, 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 by the Fund under swap agreements as net realized gain (loss). However, these amounts are treated as net income (loss) for federal income tax purposes. Consequently, pursuant to GAAP, Net Investment Income for the year ended May 31, 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) 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' 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 overdistributed net investment income balances will remain constant.

Allianz Global Investors Fund Management LLC ("AGIFM"), 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). Pacific Investment Management Company LLC, an affiliate of AGIFM,
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) 254-5197.

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 stated 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.

For Information on PIMCO Closed-End Funds:
Financial advisors: 800-628-1237
Shareholders: 800-285-4086
Media Relations: 212-739-3501

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