PIMCO Municipal Income Fund II Reports Results for the Fiscal Quarter and Nine Months Ended February 28, 2006


NEW YORK, May 5, 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 and nine months ended February 28, 2006.


                                           At February 28,
                                           ---------------
                                       2006                2005
                                       ----                ----
 Net Assets (a)                 $1,369,403,677      $1,367,299,695
 Common Shares Outstanding          58,571,914          58,134,255
 Net Asset Value ("NAV")                $14.76              $14.83
 Market Price                           $14.86              $14.86
 Premium to NAV                           0.68%               0.20%


                                      Quarter ended February 28,
                                      --------------------------
                                       2006                2005
                                       ----                ----
 Net Investment Income             $15,733,278         $16,031,163
 Per Common Share                        $0.26               $0.27
 Net Realized and Change
  in Unrealized Gain               $19,563,508         $25,067,223
 Per Common Share                        $0.34               $0.43
 3 Month Average Overdistributed
    Net Investment Income Per
     Common Share (b)                 $(0.0032)                N/A


                                    Nine Months ended February 28,
                                    ------------------------------
                                       2006                2005
                                       ----                ----
 Net Investment Income             $47,145,526         $49,025,341
 Per Common Share                        $0.80               $0.84
 Net Realized and Change
  in Unrealized Gain                $3,232,907         $48,118,621
 Per Common Share                        $0.06               $0.83

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

 (b) Calculated using the month-end balances for the three months
     ended February 28, 2006. 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
     overdistributed net investment income balance will remain
     constant.

                          Top 5 State Positions at February 28, 2006
                               (as a percentage of investments)
                          ------------------------------------------
 Illinois                                    21.1 %
 Texas                                       11.8
 South Carolina                               5.9
 Colorado                                     5.3
 Massachusetts                                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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