PIMCO Municipal Income Fund II Reports Results for the Fiscal Quarter Ended August 31, 2006


NEW YORK, Oct. 26, 2006 (PRIMEZONE) -- 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 ended August 31, 2006.



                                         At August 31,
                                         -------------
                                 2006                   2005
                                 ----                   ----
 Net Assets (a)              $1,379,727,348       $1,385,785,131
 Common Shares Outstanding       58,714,347           58,349,959
 Net Asset Value ("NAV")             $14.90               $15.09
 Market Price                        $15.26               $15.59
 Premium to NAV                        2.42%                3.31%


                                   Quarter ended August 31,
                                   ------------------------

                                 2006                   2005
                                 ----                   ----
 Net Investment Income       $   15,775,212       $   15,808,946
 Per Common Share                     $0.27                $0.27
 Net Realized and Change in 
  Unrealized Gain            $   11,905,050       $   18,611,187
 Per Common Share                     $0.20                $0.31
 3 Month Average 
  Undistributed (Overdistributed)
  Net Investment Income Per 
   Common Share (b)                $(0.0317)             $0.0734

 (a) Net assets are inclusive of market value of Preferred Shares of 
     $505 million.

 (b) Calculated using the month-end balances for the three months
     ended August 31, 2006 and August 31, 2005, 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 (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 rate or the undistributed
     (overdistributed) net investment income balance will remain
     constant.

                Top 5 State Positions at August 31, 2006
                     (as a percentage of investments)
                     --------------------------------

 Illinois                                        22.0  %
 Texas                                           11.9
 South Carolina                                   5.8
 Colorado                                         5.3
 Rhode Island                                     4.8

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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