Contact: Christoph Hofmann

(800) 285-4086

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Allianz Global Investors Provides an Update On Auction Rate Preferred Shares Issued by Its Closed-End Funds

NEW YORK, Feb. 21, 2008 (PRIME NEWSWIRE) -- Allianz Global Investors Fund Management LLC (the "Investment Manager") announced today that information regarding the Auction-Rate Preferred Shares issued by the following funds (the "Funds") has been posted to the company's website at http://www.allianzinvestors.com/closedendfunds:

PIMCO Municipal Income Fund (NYSE:PMF)
PIMCO New York Municipal Income Fund (NYSE:PNF)

PIMCO California Municipal Income Fund (NYSE:PCQ)

PIMCO Municipal Income Fund II (NYSE:PML)

PIMCO New York Municipal Income Fund II (NYSE:PNI)

PIMCO California Municipal Income Fund II (NYSE:PCK)

PIMCO Municipal Income Fund III (NYSE:PMX)

PIMCO New York Municipal Income Fund III (NYSE:PYN)

PIMCO California Municipal Income Fund III (NYSE:PZC)

PIMCO Municipal Advantage Fund Inc. (NYSE:MAF)

PIMCO Corporate Income Fund (NYSE:PCN)

PIMCO Corporate Opportunity Fund (NYSE:PTY)

PIMCO High Income Fund (NYSE:PHK)

PIMCO Floating Rate Income Fund (NYSE:PFL)

PIMCO Floating Rate Strategy Fund (NYSE:PFN)

Nicholas-Applegate Convertible & Income Fund (NYSE:NCV)

Nicholas-Applegate Convertible & Income Fund II (NYSE:NCZ)

The Investment Manager is an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., a member of the Munich-based Allianz Group (NYSE:AZ).

The Funds' daily New York Stock Exchange closing prices for common shares, the latest available net asset values per common share, as well as other information, is available by calling the Funds' shareholder servicing agent at 1-800-331-1710. In addition, this information plus updated portfolio statistics and performance numbers are available at: http://www.allianzinvestors.com/closedendfunds/index.jsp