PIMCO Municipal Income Fund Reports Results for the Fiscal Quarter and Year Ended April 30, 2008


NEW YORK, July 10, 2008 (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, 2008.


                                            At April 30,
                                            ------------
                                       2008             2007
                                       ----             ----
 Net Assets (a)                    $521,267,931     $565,983,663
 Common Shares Outstanding           24,787,319       24,639,128
 Net Asset Value ("NAV")                 $12.96           $14.85
 Market Price                            $16.46           $18.00
 Premium to NAV                           27.01%           21.21%

                                      Quarter ended April 30,
                                      -----------------------
                                       2008             2007
                                       ----             ----
 Net Investment Income             $  7,131,663     $  6,632,012
 Per Common Share                         $0.29            $0.27
 Net Realized and Change in
  Unrealized Loss                  $(16,888,636)    $   (245,309)
 Per Common Share                        $(0.67)          $(0.00)#
 Undistributed (Overdistributed)
  Net Investment Income Per
  Common Share (b)                     $(0.0359)(c)       0.1246 (d)

                                       Year ended April 30,
                                       --------------------
                                       2008             2007
                                       ----             ----
 Net Investment Income             $ 27,581,652     $ 26,280,189
 Per Common Share                         $1.12            $1.07
 Net Realized and Change in
  Unrealized Gain (Loss)           $(43,345,145)    $ 11,930,849
 Per Common Share                        $(1.74)           $0.50

 # Less than $(0.005) per common share.

 (a) Net assets are inclusive of market value of Preferred Shares of
     $200 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
     (overdistributed) 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
     (overdistributed) net investment income balances will remain
     constant.

 (c) Calculated using the accumulated balance at April 30, 2008.

 (d) Calculated using the average fiscal year-to-date month-end
     balances for the three months ended April 30, 2007.

                         Top 5 State Positions at April 30, 2008
                            (as a percentage of investments)
                            --------------------------------
 Illinois                                 11.6%
 Texas                                     9.6
 Louisiana                                 5.7
 California                                5.4
 Pennsylvania                              5.3

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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