PIMCO Municipal Income Fund Reports Results for the Fiscal Quarter Ended July 31, 2009

                                                   At July 31,
                                                   2009                 2008
Net Assets (a)                                     $   435,535,147      $   513,149,623
Common Shares Outstanding                              24,934,641           24,817,141
Net Asset Value ("NAV")                            $   9.85             $   12.62
Market Price                                       $   12.38            $   16.04
Premium to NAV                                         25.69       %        27.10       %
Undistributed (Overdistributed) Net Investment
Income Per Common Share (b)                        $   0.0537           $   (0.0216     )
                                                   Quarter ended July 31,
                                                   2009                 2008
Net Investment Income                              $   7,668,180        $   6,949,228
Per Common Share                                   $   0.31             $   0.28
Net Realized and Change in Unrealized Gain (Loss)  $   10,281,644       $   (8,042,315  )
Per Common Share                                   $   0.41             $   (0.32       )

(a) Net assets are inclusive of market value of Preferred Shares of $190 million and $200 million at July 31, 2009 and July 31, 2008, respectively.

(b) 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 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 July 31, 2009
              (as a percentage of investments)
Texas         8.2%
Illinois      7.8
California    7.7
New York      6.4
Pennsylvania  5.7

Allianz Global Investors Fund Management LLC ("AGIFM"), 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 AGIFM 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) 254-5197.

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 stated 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.

SOURCE: PIMCO Municipal Income Fund

PIMCO Closed-End Funds: 
Financial Advisors: 800-628-1237 
Shareholders: 800-285-4086 
Media Relations: 212-739-3501