PIMCO Municipal Income Fund II Reports Results for the Fiscal Quarter Ended August 31, 2008


NEW YORK, Oct. 28, 2008 (GLOBE NEWSWIRE) -- PIMCO Municipal Income Fund II (the "Fund") (NYSE:PML), a closed-end management investment company which seeks to provide current income exempt from federal income tax, today announced its results for the fiscal quarter ended August 31, 2008.



                                                At August 31,
                                                ------------
                                           2008             2007
                                           ----             ----
 Net Assets (a)                      $1,281,425,905     $1,348,282,335
 Common Shares Outstanding               59,241,888         58,976,559
 Net Asset Value ("NAV")                     $13.11             $14.30
 Market Price                                $13.20             $14.26
 Premium (Discount) to NAV                     0.69%             (0.28)%


                                           Quarter ended August 31,
                                           -----------------------
                                            2008             2007
                                            ----             ----
 Net Investment Income                  $17,258,576        $16,241,136
 Per Common Share                             $0.29              $0.28
 Net Realized and Change in
  Unrealized Loss                      $(46,801,714)      $(44,577,684)
 Per Common Share                            $(0.79)            $(0.76)
 Undistributed Net Investment
  Income Per Common Share (b) (c)           $0.0741            $0.0042


 (a) Net assets are inclusive of market value of Preferred Shares of
     $505 million.

 (b) Note that generally there is a close correlation between what the
     Fund earns (net of expenses) and what it pays 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 Fund may over-earn or under-earn
     its monthly dividend, which would have the effect of adding to or
     subtracting from the Fund's undistributed net investment income
     balance. Fund management analyzes the Fund's current and
     projected net earning rates prior to recommending dividend
     amounts to the Fund's Board of Trustees for declaration. There
     can be no assurance that the current dividend rate or the
     undistributed net investment income balance will remain constant.

 (c) Calculated using the accumulated balance at August 31, 2008 and
     August 31, 2007, respectively.

                     Top 5 State Positions at August 31, 2008
                         (as a percentage of investments)
                         --------------------------------
 Illinois                              18.7%
 Texas                                  9.0
 Arizona                                5.8
 Colorado                               5.4
 Florida                                5.1

Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's 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 Fund's sub-adviser.

The Fund's daily New York Stock Exchange closing price, net asset value per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Fund's 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 Fund will fluctuate. There can be no assurance the Fund will meet its objective. In making an investment decision, individuals should utilize other information sources and the advice of their own professional adviser.



            

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