PIMCO Municipal Income Fund II Reports Results for the Fiscal Quarter and Six Months Ended November 30, 2007


NEW YORK, Jan. 31, 2008 (PRIME 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 six months ended November 30, 2007.



                                           At November 30,
                                           ---------------
                                    2007                   2006
                                    ----                   ----
 Net Assets (a)                $1,352,696,742        $1,401,445,568
 Common Shares Outstanding         59,029,006            58,795,859
 Net Asset Value ("NAV")               $14.36                $15.25
 Market Price                          $13.73                $15.90
 Premium (Discount) to NAV              (4.39)%               4.26%


                                     Quarter ended November 30,
                                    ---------------------------
                                    2007                   2006
                                    ----                   ----
 Net Investment Income            $15,849,700           $15,612,746
 Per Common Share                       $0.26                 $0.26
 Net Realized and Change in
  Unrealized Gain                  $3,807,559           $21,400,664
 Per Common Share                       $0.07                 $0.37
 Undistributed
  (Overdistributed) Net
  Investment Income Per
  Common Share (d)                    $0.0023 (b)          $(0.0223)(c)


                                      Six months ended November 30,
                                     ------------------------------
                                      2007                    2006
                                      ----                    ----
 Net Investment Income            $32,090,836           $31,387,958
 Per Common Share                       $0.54                 $0.53
 Net Realized and Change in
  Unrealized Gain (Loss)         $(40,770,125)          $33,305,714
 Per Common Share                      $(0.69)                $0.57




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

 (b) Calculated using the accumulated balance at November 30, 2007.

 (c) Calculated using the average fiscal year-to-date month-end
     balances for the three months ended November 30, 2006.

 (d) 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 rate or the
     undistributed (overdistributed) net investment income balance
     will remain constant.

                          Top 5 State Positions at November 30, 2007
                               (as a percentage of investments)
                          ------------------------------------------
 Illinois                               18.3  %
 Texas                                   9.3
 South Carolina                          5.3
 Colorado                                5.3
 Rhode Island                            5.1

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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