An investigation on behalf of Pacific Investment Management Company LLC Funds investors in shares of the Pimco CA Muni. Income Fund II (NYSE:PCK) and Pimco Municipal Income Fund II (NYSE:PML) between May 22, 2007 and December 1, 2008 and shares of Pimco Municipal Income Fund III (NYSE:PMX), Pimco NY Muni. Income Fund III (NYSE:PYN) and Pimco CA Muni. Income Fund III (NYSE:PZC) between June 6, 2007 and December 1, 2008 over possible violations of Federal Securities Laws by Pacific Investment Management Company, LLC announced.

According to the press release the investigation by a law firm focuses potential violations of the Securities Exchange Act of 1934 by Pacific Investment Management Company, LLC relating to disclosures Pacific Investment Management Company, LLC made regarding certain mutual funds offered by Allianz Global Investors Fund Management LLC and on specific disclosures Pacific Investment Management Company, LLC and others made relating to PIMCO California Municipal Income Fund II , PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund III and PIMCO California Municipal Income Fund III.

PIMCO California Municipal Income Fund II, PIMCO Municipal Income Fund II, Pimco NY Muni. Income Fund III, and Pimco CA Muni. Income Fund III are non-diversified, closed-end management investment companies. PIMCO California Municipal Income Fund II and III invest substantially all of its assets in municipal bonds, the interest from which is exempt from federal and California State income tax. PIMCO Municipal Income Fund II invests substantially all of its assets in a portfolio of municipal bonds, the interest from which is exempt from federal income tax. PIMCO New York Municipal Income Fund III invests substantially all of its assets in municipal bonds, which pay interest that is exempt from federal, New York State and New York City income taxes.