PIMCO Municipal Income Fund Reports Results for the Fiscal Quarter and Year Ended April 30, 2007


NEW YORK, July 10, 2007 (PRIME NEWSWIRE) -- 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 and year ended April 30, 2007.



                                                 At April 30,
                                                 ------------
                                         2007                  2006
                                         ----                  ----
 Net Assets (a)                     $565,983,663          $555,876,814
 Common Shares Outstanding            24,639,128            24,473,102
 Net Asset Value ("NAV")                  $14.85                $14.54
 Market Price                             $18.00                $16.22
 Premium to NAV                           21.21%                11.55%


                                           Quarter ended April 30,
                                           -----------------------
                                          2007                 2006
                                          ----                 ----
 Net Investment Income                $6,632,012            $6,602,060
 Per Common Share                          $0.27                 $0.27
 Net Realized and Change in 
  Unrealized Loss                      $(245,309)          $(6,493,071)
 Per Common Share                         $(0.00)#              $(0.27)
 3 Month Average 
  Undistributed Net
  Investment Income Per 
  Common Share (b)                       $0.1246               $0.2990


                                            Year ended April 30,
                                            --------------------
                                          2007                 2006
                                          ----                 ----
 Net Investment Income               $26,280,189           $26,839,436
 Per Share                                 $1.07                 $1.10
 Net Realized and Change in 
  Unrealized Gain (Loss)             $11,930,849           $(5,112,326)
 Per Share                                 $0.50                $(0.21)



 #   Less than $(0.005) per common share.

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

(b)  Calculated using the estimated accumulated month-end tax-basis
     balances for the three months ended April 30, 2007 and April 30,
     2006, respectively. 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 balances. 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 rates or the undistributed net investment income
     balances will remain constant.

                              Top 5 State Positions at April 30, 2007
                                  (as a percentage of investments)
                              ---------------------------------------
 Texas                                         13.8%
 Illinois                                      13.1
 Louisiana                                      6.0
 California                                     4.7
 South Carolina                                 4.6

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



            

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