Contact: Christoph Hofmann
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PIMCO California Municipal Income Fund II

PIMCO New York Municipal Income Fund II

Report Results for Fiscal Quarter, 6 Months Ended 11-30-07

NEW YORK, January 31, 2008 -- 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 six months ended November 30, 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 Income Fund II also seeks to provide current income exempt from New York state and city income taxes.  

(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 balance at November 30, 2007.

(c) Calculated using the average fiscal year-to-date month-end balances for the three months ended November 30, 2006.

(d) 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.

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.