PIMCO Municipal Income Fund Reports Results for the Fiscal Quarter and Six Months Ended October 31, 2008


NEW YORK, Jan. 12, 2009 (GLOBE 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, 2008.



                                              At October 31,
                                              --------------
                                        2008                  2007
                                        ----                  ----
 Net Assets (a)                     $448,117,130          $547,333,615
 Common Shares Outstanding            24,846,370            24,716,760
 Net Asset Value ("NAV")                   $9.99                $14.05
 Market Price                             $11.70                $16.25
 Premium to NAV                           17.12%                15.66%


                                         Quarter ended October 31,
                                         -------------------------
                                        2008                  2007
                                        ----                  ----
 Net Investment Income                $6,726,859            $6,891,198
 Per Common Share                          $0.28                 $0.28
 Net Realized and Change
  in Unrealized Loss                $(63,712,730)          $(5,178,308)
 Per Common Share                         $(2.56)               $(0.20)
 Overdistributed Net Investment
  Income
  Per Common Share (b)(c)               $(0.0918)             ($0.0013)


                                       Six Months ended October 31,
                                       ----------------------------
                                        2008                  2007
                                        ----                  ----
 Net Investment Income               $13,676,087           $12,992,654
 Per Common Share                          $0.56                 $0.53
 Net Realized and Change in
  Unrealized Loss                   $(71,755,045)         $(17,217,045)
 Per Common Share                         $(2.88)               $(0.69)



 (a) Net assets are inclusive of Preferred Shares issuance of $200
     million. The Fund has announced it will redeem $10 million of
     its Preferred Shares beginning January 26, 2009 and concluding
     January 30, 2009.

 (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 overdistributed net
     investment income balance. Fund management analyzes 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
     overdistributed net investment income balance will remain
     constant.

 (c) Calculated using the accumulated balance at October 31, 2008 and
     October 31, 2007, respectively.


                     Top 5 State Positions at October 31, 2008
                         (as a percentage of investments)
                         --------------------------------
 Illinois                             11.0%
 Texas                                 9.4
 Pennsylvania                          7.6
 California                            5.7
 New York                              5.4

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 that the Fund will meet its investment objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, 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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