PIMCO Municipal Income Fund Reports Results For The Fiscal Quarter Ended July 31, 2005


NEW YORK, Sept. 15, 2005 (PRIMEZONE) -- PIMCO Municipal Income Fund (the "Fund") (NYSE:PMF), 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 July 31, 2005.


                                            At July 31,
                                      2005               2004
                                  ------------       ------------
 Net Assets (a)                   $566,076,818       $537,273,058
 Common Shares Outstanding          24,340,159         24,226,493
 Net Assets Value ("NAV")         $      15.04       $      13.92
 Market Price                     $      15.61       $      13.81
 Premium (Discount) to NAV                3.79%             (0.79)%

 (a) Net assets are inclusive of Preferred Shares issuance of $200
     million.

                                       Quarter ended July 31,
                                      2005               2004
                                  ------------       ------------
 Net Investment Income            $  6,697,345       $  7,078,831
 Per Common Share                 $       0.27       $       0.29
 Net Realized and Change in
  Unrealized Gain (Loss)          $  5,258,479       $ (5,155,169)
 Per Common Share                 $       0.22       $      (0.21)

 3 Month Average Undistributed
  Net Investment Income Per
  Common Share (b)                $     0.3668               N/A

 (b) Calculated using the month-end balances for the three months
     ended July 31, 2005. Please 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 modestly 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.

                                Top 5 State Positions at July 31, 2005
                                   (as a percentage of investments)
                                --------------------------------------
 Texas                                           14.2%
 Illinois                                        13.0
 Louisiana                                        7.4
 South Carolina                                   4.9
 Pennsylvania                                     4.8

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 transfer 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. In making an investment decision, individuals should utilize other information sources and the advice of their own professional adviser.



            

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