PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II Report Results for the Fiscal Quarter and Year Ended May 31, 2007


NEW YORK, Aug. 3, 2007 (PRIME NEWSWIRE) -- 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, 2007. 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 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 May 31,                   At May 31,
                     ------------                 ------------
                   2007         2006          2007         2006
                   ----         ----          ----         ----
 Net
  Assets(a)   $715,284,090  $703,378,868  $246,217,890  $244,088,210
 Common
  Shares
  Out-
  standing      30,570,529    30,411,879    10,565,374    10,513,038
 Net Asset
  Value
  ("NAV")           $14.89        $14.58        $14.79        $14.66
 Market Price       $15.96        $14.62        $15.49        $14.14
 Premium
  (Discount)
  to NAV              7.19%         0.27%         4.73%        (3.55)%


                  Quarter ended May 31,        Quarter ended May 31,
                  --------------------         --------------------
                    2007       2006               2007      2006
                    ----       ----               ----      ----

 Net
  Investment
  Income       $8,407,996    $8,477,717    $3,158,049    $2,801,302
  Per Common
   Share            $0.27         $0.28         $0.31         $0.27
 Net Realized
  and Change
  in
  Unrealized
  (Loss)      $(6,859,639)  $(6,769,469)  $(4,007,063)  $(2,753,644)
 Per Common
  Share            $(0.22)       $(0.22)       $(0.38)       $(0.26)
 Undistributed
  (Over-
  distributed)
  Net
 Investment
  Income Per
  Common
  Share (d)      $(0.0633)(b)  $(0.0312)(c)   $0.0496(b)   $(0.0731)(c)


                  Year ended May 31,           Year ended May 31,
                  -----------------            -----------------
                  2007         2006            2007         2006
                  ----         ----            ----         ----
 Net
  Invest-
  ment
  Income      $33,005,824   $32,096,363   $11,516,932   $11,187,579
 Per Share          $1.08         $1.06         $1.10         $1.07
 Net
  Realized
  and
  Change in
  Unrealized
  Gain        $10,388,191    $1,497,549    $1,160,602    $1,143,325
 Per
  Share             $0.34         $0.05         $0.11         $0.11


 (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) Calculated using the accumulated fiscal year ended May 31, 2007
     balance.

 (c) Calculated using the average fiscal year-to-date month-end
     balances for the three months ended May 31, 2006.

 (d) Please 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
     modestly 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.

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). 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.



            

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