PIMCO Municipal Income Fund II Reports Results for the Fiscal Quarter and Nine Months Ended February 28, 2009


NEW YORK, April 30, 2009 (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 and nine months ended February 28, 2009.



                                 February 28,       February 29,
                                     2009              2008
                                 ------------     --------------
 Net Assets (a)                  $835,507,875     $1,246,022,604
 Common Shares Outstanding         59,446,683         59,056,305
 Net Asset Value ("NAV")                $7.88             $12.55
 Market Price                           $8.38             $13.56
 Premium to NAV                          6.35%              8.05%



                                 Quarter ended     Quarter ended
                                 February 28,       February 29,
                                     2009               2008
                                 ------------     ---------------
 Net Investment Income            $13,819,911 (b)     $17,559,904
 Per Common Share                       $0.23 (b)           $0.30
 Net Realized and Change
  in Unrealized Loss             $(25,812,023)(b)   $(108,835,079)
 Per Common Share                      $(0.43)(b)          $(1.85)
 Undistributed Net
  Investment Income
  Per Common Share (c)                $0.0565             $0.0319


                                 Nine months        Nine months
                                     ended              ended
                                 February 28,       February 29,
                                     2009                2008
                                 ------------     ---------------
 Net Investment Income            $46,442,433 (b)     $49,650,740
 Per Common Share                       $0.78 (b)           $0.84
 Net Realized and
  Change in
  Unrealized Loss               $(355,577,287)(b)   $(149,605,204)
 Per Common Share                      $(6.00)(b)          $(2.54)

 (a) Net assets are inclusive of market value of Preferred Shares of
 $367 million and $505 million at February 28, 2009 and February 29,
 2008, respectively.

 (b) The information provided is in accordance with generally accepted
 accounting principles ("GAAP"), which requires the Fund to treat
 amounts accrued under swap agreements as net realized gain (loss).
 However, these amounts are treated as net income (loss) for federal
 income tax purposes. By using GAAP, Net Investment Income for the
 fiscal quarter and nine months ended February 28, 2009 was $29,375
 ($0.0005 per common share) higher (and Net Realized and Change in
 Unrealized Loss correspondingly higher) than those figures would have
 been if swap amounts were treated as net income in accordance with
 federal income tax treatment.

 (c) 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.

                  Top 5 State Positions at February 28, 2009
                     (as a percentage of investments)
                     --------------------------------
 Illinois                        13.5 %
 Texas                           12.9
 Arizona                          9.5
 Massachusetts                    8.2
 Florida                          6.2

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 what is 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 investment objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in its registration statement, by-laws and other governing documents, as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.



            

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