PNF Pimco New York Municipal Income Fund

SCHEDULE 14A

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. )

PIMCO Municipal Income Fund

PIMCO California Municipal Income Fund

PIMCO New York Municipal Income Fund

PIMCO Municipal Income Fund II

PIMCO California Municipal Income Fund II

PIMCO New York Municipal Income Fund II

PIMCO Municipal Income Fund III

PIMCO California Municipal Income Fund III

(Name of Registrant as Specified in its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

PIMCO has received notice that, at the upcoming annual meeting, Dryden Capital Fund, LP intends to nominate another non-incumbent candidate for election as a preferred share Trustee of each Municipal Closed-End Fund.

The current Board-Nominated Trustees do not support the Dryden Nominee and urge you to vote in favor of re-electing the incumbent preferred share Board Nominee,

James A. Jacobson.

What is the purpose of the Annual Meeting?

The Meeting is scheduled as a joint meeting of the holders of all shares of the Funds, which consist of holders of common shares of each Fund (the “Common Shareholders”) and holders of preferred shares of each Fund (the “Preferred Shareholders” and, together with the Common Shareholders, the “Shareholders”). The Shareholders of each Fund will vote on whether to elect the current Board-Nominated Trustees’ nominees for Trustees of the Funds (the “Board Nominees”) (the “Proposal”).

What is the proxy contest about?

In addition to the Board Nominees, Dryden Capital, LLC, operating in concert with a hedge fund it manages (“Dryden”), has nominated Derrick A. Clark as a competing preferred shares Trustee nominee for each Fund (the “Dryden Nominee”). Dryden is a Preferred Shareholder that owns less than 1% of each Fund’s Auction Rate Preferred Shares (“ARPS”).

What is the Board’s recommendation?

How does this proxy contest affect voting by Common Shareholders?

For Common Shareholders, the upcoming annual shareholder meeting for the Funds will be similar to previous meetings. As has been the case at previous meetings, you will be asked to vote, together with the Preferred Shareholders, on the Funds’ incumbent Board Nominees. You will not be asked to vote for any Dryden Nominee.

Who is paying for the costs of the proxy solicitation?

The solicitation will be primarily by mail and by telephone and the cost of soliciting proxies for each Fund will be borne by PIMCO. PIMCO serves as the investment manager of each Fund.

What are Shareholders being asked to vote on?

For Internal Distribution Only

THE CURRENT BOARD-NOMINATED TRUSTEES RECOMMEND A VOTE “FOR”

THE BOARD NOMINEES

How does the Board fulfill its fiduciary obligations to Preferred Shareholders?

The Funds’ Trustees (including preferred share Trustees) have a fiduciary duty to act in the best interests of the Fund, and in carrying out this duty, they must consider the interests of all shareholders, both common and preferred. This applies to all aspects of the Trustees’ oversight responsibilities, including, without limitation, their oversight of the Funds’ performance and the use of leverage.

For Internal Distribution Only

What actions has the Board taken to provide value for preferred holders?

In 2018, at PIMCO’s recommendation, each Fund offered all holders of ARPS, including Dryden, an opportunity to tender up to 100% of their ARPS at a price of 85% of the ARPS’ liquidation preference (i.e., “face value”) in a tender offer.

Has the Board ever engaged in discussions with Dryden regarding their concerns?

Prior to Dryden’s nomination of Mr. Buffington to stand for election as a preferred share Trustee at the Funds’ 2018 annual shareholder meeting, PIMCO and certain of the Funds’ Trustees met with and responded to various questions from Dryden to the extent possible without disclosing material, non-public information.

PIMCO and those Trustees explained their views on the value of the permanency of the ARPS to the Funds as compared to available financing alternatives, and explained the Trustees’ fiduciary duty to consider the best interests of all shareholders (both common and preferred), including when considering the Funds’ use of leverage. Following Mr. Buffington’s election last year, PIMCO and the Trustees have continued to closely monitor the Funds’ leverage and actively consider alternative primary forms of financing that are in the best interests of Funds and all of their shareholders (both common and preferred), and will continue to do so.

How does the Board continue to monitor the Funds’ use of leverage?

At each quarterly Board meeting, PIMCO continues to provide the Trustees with extensive materials and engage in robust discussions regarding the Funds’ use of leverage, including, without limitation, PIMCO’s assessment of the relative costs of ARPS, VMTPS and other forms of leverage available to the Funds.

For Internal Distribution Only

What is Dryden’s ownership of preferred shares?

Dryden is a Preferred Shareholder that owns less than 1% of each Fund’s ARPS. Dryden first purchased ARPS of each Fund in 2016, and continued to purchase ARPS of certain of the Funds at a substantial discount to their face value as recently as June 2018.

Proxy Materials Are Available Online At:

www.pimco.com/closedendfunds and https://vote.proxyonline.com/PIMCOFunds/docs/PIMCO2019.pdf

AST Fund Solutions LLC is mentioned on page 7 of the Proxy Statement.

For Internal Distribution Only

Good (morning, afternoon, evening), my name is (AGENT’S FULL NAME).

May I please speak with (SHAREHOLDER’S FULL NAME)?

(Re-Greet If Necessary)

I am calling on a recorded line regarding your current investment with the PIMCO Funds. You should have received a proxy statement and a WHITE proxy card for the Annual Meeting of Shareholders scheduled for December 17, 2019. Do you still have Management’s WHITE proxy card?

(Pause For Response)

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