PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II, PIMCO New York Municipal Income Fund II Declare Monthly Common Share Income Dividends.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 1, 2004

The Boards of Trustees of PIMCO Municipal Income Fund II (NYSE: PML), PIMCO California Municipal Income Fund II (NYSE: PCK) and PIMCO New York Municipal Income Fund II (NYSE: PNI), (collectively, the "Funds") announced today that they have declared the following dividends on the Funds' common shares:

PIMCO Municipal Income Fund II              $0.084375 per common share
PIMCO California Municipal Income Fund II   $0.08125  per common share
PIMCO New York Municipal Income Fund II     $0.08125  per common share

The dividends will be payable on July 1, 2004 to shareholders of record on June 11, 2004, with an ex-dividend date of June 9, 2004.

At May 28, 2004, the Funds' net assets* were approximately:

PIMCO Municipal Income Fund II                       $1.322 bil.
PIMCO California Municipal Income Fund II            $669.4 mil.
PIMCO New York Municipal Income Fund II              $231.2 mil.

* Net assets are inclusive of Preferred Shares of $505 million,

$260 million and $90 million for the Municipal Income II,

California Municipal Income II and New York Municipal Income

II funds, respectively.

The Funds are closed-end management investment companies. 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 income exempt from New York state and city income taxes.

PA Fund Management LLC (formerly PIMCO Advisors Fund Management LLC), an indirect, wholly-owned subsidiary of Allianz Dresdner Asset Management 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, a PA Fund Management affiliate, serves as the Funds' sub-adviser. Allianz is a leading global financial services company.

The Funds' daily New York Stock Exchange closing prices, net asset values per share as well as other information are available at www.pimcoadvisors.com or by calling 1-800-331-1710.