PIMCO Municipal Income Fund Reports Results for the Fiscal Quarter and Six Months Ended October 31, 2007


NEW YORK, Jan. 7, 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 six months ended October 31, 2007.



                                           At October 31,
                                           --------------
                                       2007               2006
                                       ----               ----
 Net Assets (a)                   $547,333,615       $569,044,518
 Common Shares Outstanding          24,716,760         24,561,909
 Net Asset Value ("NAV")                $14.05             $15.03
 Market Price                           $16.25             $16.80
 Premium to NAV                         15.66%             11.78%


                                      Quarter ended October 31,
                                      -------------------------
                                       2007               2006
                                       ----               ----
 Net Investment Income              $6,891,198         $6,585,512
 Per Common Share                        $0.28              $0.26
 Net Realized and Change in
  Unrealized Gain (Loss)           $(5,178,308)       $12,830,380
 Per Common Share                       $(0.20)             $0.54
 Undistributed (Overdistributed)
  Net Investment Income Per
  Common Share (b)                    $(0.0013)(c)         0.2072 (d)


                                     Six months ended October 31,
                                     ----------------------------
                                       2007               2006
                                       ----               ----
 Net Investment Income             $12,992,654        $13,118,275
 Per Common Share                        $0.53              $0.53
 Net Realized and Change in
  Unrealized Gain (Loss)          $(17,217,045)       $13,991,575
 Per Common Share                       $(0.69)             $0.59

 (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 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 rates or the
     undistributed (overdistributed) net investment income balances
     will remain constant.

 (c) Calculated using the accumulated balance at October 31, 2007.

 (d) Calculated using the average fiscal year-to-date month-end
     balances for the three months ended October 31, 2006.


                          Top 5 State Positions at October 31, 2007
                              (as a percentage of investments)
                              --------------------------------
 Illinois                                   13.0%
 Texas                                      12.0
 Pennsylvania                                5.9
 Louisiana                                   5.6
 New Jersey                                  5.0

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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