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<SEC-DOCUMENT>0000930413-07-006476.txt : 20070806
<SEC-HEADER>0000930413-07-006476.hdr.sgml : 20070806
<ACCEPTANCE-DATETIME>20070806172446
ACCESSION NUMBER:		0000930413-07-006476
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20070531
FILED AS OF DATE:		20070806
DATE AS OF CHANGE:		20070806
EFFECTIVENESS DATE:		20070806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170299
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21076
		FILM NUMBER:		071028831

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>c48974_n-csr.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<P align="center">
<FONT face="serif">UNITED STATES </FONT><BR>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT face="serif">Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT size=4 face="serif">FORM N-CSR</FONT></B><FONT face="serif"> </FONT><BR>
<BR>
<B><FONT face="serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED </FONT></B><BR>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANIES</FONT></B><FONT face="serif"> </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=70%>
<FONT size=2 face="serif">Investment Company Act file number <u>811-21076&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=17% >&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=70% style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">PIMCO Municipal Income Fund II </FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=17% style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=70%>
<FONT size=2 face="serif">(Exact name of registrant as specified in charter)</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=left width=17%>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=70% style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1345 Avenue of the Americas, New York,</FONT>&nbsp;
  </TD>
  <TD width=3% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center width=17% style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">New York 10105</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=70%>
<FONT size=2 face="serif">(Address of principal executive offices)</FONT>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD align=center width=17%>
<FONT size=2 face="serif">(Zip code)</FONT>&nbsp;
  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center width=98% colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Lawrence G. Altadonna - 1345 Avenue of the Americas, New York, New York 10105</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="3" align=center>
<FONT size=2 face="serif">(Name and address of agent for service)</FONT>&nbsp;
  </TD>
  </TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: <u>212-739-3371</u><br>
Date of fiscal year end: <u>May 31, 2007</u><br>
Date of reporting period: <u>May 31, 2007</u></FONT></P>
<P align="left">
<FONT size=2 face="serif">Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.</FONT><FONT face="serif">
</FONT></P>
<P align="left">
<FONT size=2 face="serif">A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form
N-CSR unless the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &#167;
 3507.</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>





<P align="justify"><font size="2" face="sans-serif"> Item 1. Report to Shareholders</font></P>
<table  border="0" cellspacing="0" cellpadding="0">
  <tr bgcolor="#0048e0">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#0048e0">
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><div align="right"><FONT color="#FFFFFF" size=6 face="sans-serif">PIMCO Municipal Income Fund II </FONT><font color="#FFFFFF"><BR>
          <FONT size=6 face="sans-serif">PIMCO California Municipal Income Fund II</FONT><BR>
        <FONT size=6 face="sans-serif">PIMCO New York Municipal Income Fund II </FONT></font></div></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
  </tr>
  <tr bgcolor="#0048e0">
    <td>&nbsp;</td>
    <td><font color="#FFFFFF">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#0048e0">
    <td>&nbsp;</td>
    <td><font color="#FFFFFF">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#0048e0">
    <td>&nbsp;</td>
    <td><font color="#FFFFFF">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#0048e0">
    <td>&nbsp;</td>
    <td><font color="#FFFFFF">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#0048e0">
    <td>&nbsp;</td>
    <td><div align="right"><FONT color="#FFFFFF" size=4 face="sans-serif">Annual Report</FONT><font color="#FFFFFF"><BR>
        <FONT size=4 face="sans-serif">May 31, 2007</FONT></font></div></td>
    <td bgcolor="#0048e0">&nbsp;</td>
  </tr>
  <tr bgcolor="#0048e0">
    <td>&nbsp;</td>
    <td bgcolor="#0048e0">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr bgcolor="#9BBCFF">
    <td colspan="3"><p><font size=1>&nbsp;</font></p>
    </td>
  </tr>
</table>
<P align="justify">&nbsp;</P>

<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD rowspan="22" align=left valign="top" nowrap><img src="c48974_n-csrx1x1.jpg" border=0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">Contents</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Letter to Shareholders</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Performance &amp; Statistics</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2-4</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Schedules of Investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5-26</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Statements of Assets and Liabilities</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">28</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Statements of Operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">29</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Statements of Changes in Net Assets</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">30-31</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Statements of Cash Flows</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">32-33</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Notes to Financial Statements</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">34-41</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Financial Highlights</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">42-45</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Report of Independent Registered Public</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Accounting Firm</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">46</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Tax Information/Corporate Changes</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">47</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Privacy Policy/Proxy Voting Policies &amp;</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Procedures</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">48</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Dividend Reinvestment Plan</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">49</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Board of Trustees</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">50-51</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Principal Officers</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">52</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left nowrap><div align="right"><img src="c48974_n-csrx1x2.jpg" border=0></div></TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<BR>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Letter
      to Shareholders</font></b></div>
<P align="justify">&nbsp;</P>
<P align="right"><FONT size=2 face="serif">July 10, 2007</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Dear Shareholder:</FONT></P>
<P align="justify">
<FONT size=2 face="serif">We are pleased to provide you with the annual report for PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II (collectively, the &#147;Funds&#148;) for the
fiscal year ended May 31, 2007.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">The U.S. bond market delivered stable, positive returns during the period as economic growth moderated, although a correction in the US housing market caused some weakness for bonds. The Federal Reserve (the
&#147;Fed&#148;) raised the Federal Funds rate to 5.25% at the beginning of the period and has held the key rate at that level for nearly one year. Inflation continued to track somewhat higher than the central bank&#146;s stated comfort
level.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">For specific information on the Funds and their performance during the reporting period, please review the following pages. If you have any questions regarding the information provided, we encourage you to contact your
financial advisor or call the Funds&#146; shareholder servicing agent at (800) 331-1710. In addition, a wide range of information and resources is available on our Web site, www.allianzinvestors.com/closedendfunds.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Together with Allianz Global Investors Fund Management LLC, the Funds&#146; investment manager, and Pacific Investment Management Company LLC (&#147;PIMCO&#148;), the Funds&#146; sub-adviser, we thank you for investing with
us.</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Sincerely,</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td width="51%"><img src="c48974_n-csrx2x1.jpg" border=0> <br>
      <font size=2 face="serif">Hans W. Kertess</font><br>
      <i><font size=2 face="serif">Chairman</font></i></td>
    <td width="49%"><IMG src="c48974_n-csrx2x2.jpg" border=0> <BR>
      <FONT size=2 face="serif">Brian S. Shlissel</FONT><BR>
      <I><FONT size=2 face="serif">President &amp; Chief Executive Officer</FONT></I> </td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">1</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Performance &amp; Statistics </font></b><br>
    <font size=1 face="sans-serif">May 31, 2007 (unaudited)</font></div>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="32%"><div align="justify">
            <div style="margin-left:20px;text-indent:-20px">
              <p><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<font size=1 face="sans-serif">For
                  the fiscal year ended May 31, 2007, PIMCO Municipal Income
                  Fund II returned 8.02% on net asset value (NAV) and 12.64%
                  on market price, compared to 5.92% and 10.37%, respectively
                  for the Lipper Analytical General Municipal Debt Funds (Leveraged)
                  average. </font></p>
              <p><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<font size=1 face="sans-serif"></font><font size=1 face="sans-serif">Municipal
                  bond yields decreased for the twelve month period (except for
                  the short end of the muncipal yield curve) as the appetite
                  for tax free municipals remained strong </font></p>
              <p><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<font size=1 face="sans-serif">Interest
                  rates for Treasuries and LIBOR Swaps also moved lower for the
                  twelve month period </font></p>
              <p><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<font size=1 face="sans-serif">Municipal
                  bond issuance increased</font></p>
        </div>
        </div></td>
    <td width="2%">&nbsp;</td>
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
      <p align="justify"><font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;significantly over the
          period, supply levels were at &#36;436 billion, with the largest increase
          coming from year-to-date 2007 as supply increased 35% versus the same
          five-month period in 2006. </font></p>
      <p align="justify"> <font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<font size=1 face="sans-serif">The
          municipal yield curve flattened over the period: 10-year, 20-year and
          30-year maturity AAA General Obligation yields decreased by 11, 19,
          and 28 basis points, respectively </font></p>
      <p align="justify"><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<font size=1 face="sans-serif">Municipal
          to Treasury yield ratios ended the twelve month period with 10-year
          ratios at 79.9% and 30-year ratios at 84.8% </font></p>
      <p align="justify"><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<font size=1 face="sans-serif">Long
          municipals underperformed long Treasuries and the taxable debt sector;
          the Lehman Long</font></p>
    </div>      </td>
    <td width="2%">&nbsp;</td>
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
      <p align="justify"><font size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond Index
          returned 6.28%, while the Long Government/Credit and the Lehman Long
          Treasury Indices returned 8.80% and 7.70%, respectively </font></p>
      <p align="justify"><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<font size=1 face="sans-serif">Tobacco
          securitization sector holdings performed well due to favorable news
          related to underlying tobacco companies and the advance refunding of
          older higher cost debt.</font></p>
      <p align="justify"> <font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<font size=1 face="sans-serif">Exposure
          to zero coupon municipals was positive for performance. The Lehman
          Zero Coupon Municipal Bond Index returned 8.14% for the period versus
          6.28% for the Lehman Long Municipal Bond Index.</font></p>
    </div>      </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="49%" align=left nowrap style="border-bottom:1px solid #0048E0;">
<B><FONT size=1 face="sans-serif">Total Return</FONT></B><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>
  </TD>
  <TD width="2%" style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD width="19%" align=right nowrap style="border-bottom:1px solid #0048E0;">
    <div align="left"><B><FONT size=1 face="sans-serif">Market Price</FONT></B>
    </div></TD>
  <TD width="2%" style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD width="26%" align=right nowrap style="border-bottom:1px solid #0048E0;">
<B><FONT size=1 face="sans-serif">Net Asset Value (&#147;NAV&#148;)</FONT></B>
  </TD>
  <TD width="2%" align=right nowrap style="border-bottom:1px solid #0048E0;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">1 Year</FONT>
  </TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
    <div align="left"><FONT size=1 face="sans-serif">12.64%</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">8.02%</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">3 Year</FONT>
  </TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
    <div align="left"><FONT size=1 face="sans-serif">11.84%</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">9.09%</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 5/31/07</FONT>
  </TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;7.34%</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">7.81%</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="46%" rowspan="8" align=left valign="top" nowrap><P align="justify"><B><FONT size=1 face="sans-serif">Common
          Share Market Price/NAV Performance: </FONT></B><BR>
        <FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to
        5/31/07<br>
        </FONT><IMG src="c48974_n-csrx3x1.jpg" width="256" height="218" border=0> </P>
    </TD>
  <TD width="7%" rowspan="5" align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="34%" align=left nowrap style="border-bottom:1px solid #0048E0;">
<B><FONT size=1 face="sans-serif">Market Price/NAV:</FONT></B>
  </TD>
  <TD width="10%" align=left nowrap style="border-bottom:1px solid #0048E0;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market Price</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.42</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">NAV</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.05</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Premium to NAV</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.46%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market Price Yield</FONT><SUP><FONT size=1 face="sans-serif">(2)</FONT></SUP>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5.06%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #0048E0;"><div align="center"><B><FONT size=1 face="sans-serif">Moody&#146;s
          Ratings</FONT></B><BR>
    <B><FONT size=1 face="sans-serif">(as a % of total investments)</FONT></B></div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap><div align="center"><img src="c48974_n-csrx3x2.jpg" width="245" height="207" border=0></div></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">(1) </FONT><B><FONT size=1 face="sans-serif">Past performance is no guarantee of future results. </FONT></B><FONT size=1 face="sans-serif">Total return is determined by subtracting the initial investment from the value
at the end of the period and dividing the remainder by the initial investment and expressing the result as a percentage. The calculation assumes that all income dividends and capital gain distributions have been reinvested at prices obtained under
the Fund&#146;s dividend reinvestment plan. Total return does not reflect broker commissions or sales charges. Total return for a period of less than one year is not annualized. Total return for a period of more than one year represents the average
annual total return. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">An investment in the Fund involves risk, including the loss of principal. Total return, price, yield and net asset value will fluctuate with changes in market conditions. This data is provided for information only and
is not intended for trading purposes. A portion of the income generated by the Fund may be subject to federal, state and local taxes, and may at times be subject to the alternative minimum tax. Closed-end funds, unlike open-end funds, are not
continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value is equal to total assets attributable to common shareholders less total
liabilities divided by the number of common shares outstanding. Holdings are subject to change daily. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">(2) Market Price Yield is determined by dividing the annualized current monthly per share dividend payable to common shareholders by the market price per common share at May 31, 2007.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">2 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Performance &amp; Statistics </font></b><br>
    <font size=1 face="sans-serif">May 31, 2007 (unaudited)</font></div>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="32%"><div align="justify">
        <div style="margin-left:20px;text-indent:-20px">
          <p><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">For the fiscal year ended May 31,
              2007, PIMCO California Municipal Income Fund II returned 8.06%
              on net asset value (NAV) and 15.35% on market price, compared to
              5.88% and 10.15%, respectively for the Lipper California Municipal
          Debt Funds (Leveraged) average.</FONT></p>
          <p><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Municipal bond yields decreased for
              the twelve month period (except for the short end of the municipal
              yield curve) as the appetite for tax free municipals remained strong
          </FONT></p>
          <p><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Interest rates for Treasuries and
              LIBOR Swaps also moved lower for the twelve month period </FONT></p>
          <p><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Municipal
              bond issuance increased significantly over the period, supply levels
              were at &#36;436 billion, with the
                largest increase coming from year-to-date 2007 as supply increased
            35% versus the same five-month period
        in 2006.</FONT></p>
        </div>
    </div></td>
    <td width="2%">&nbsp;</td>
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
        <p align="justify"> <font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">The municipal yield
            curve flattened over the period: 10-year, 20-year and 30-year maturity
            AAA General Obligation yields decreased by 11, 19, and 28 basis points,
        respectively </FONT></p>
        <p align="justify"><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">Municipal to Treasury
            yield ratios ended the twelve month period with 10-year ratios at
        79.9% and 30-year ratios at 84.8% </FONT></p>
        <p align="justify"><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">Long municipals underperformed
            long Treasuries and the taxable debt sector; the Lehman Long Municipal
            Bond Index returned 6.28%, while the Long Government/Credit and the
        Lehman Long Treasury Indices returned 8.80% and 7.70%, respectively </FONT></p>
        <p align="justify"><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">Tobacco
            securitization sector holdings performed well due to favorable news
            related to underlying tobacco companies and the advance refunding
            of older higher cost debt.</FONT></p>
    </div></td>
    <td width="2%">&nbsp;</td>
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
        <p align="justify"> <font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">Exposure to zero coupon
            municipals was positive for performance. The Lehman Zero Coupon Municipal
            Bond Index returned 8.14% for the period versus 6.28% for the Lehman
        Long Municipal Bond Index.</FONT></p>
        <p align="justify"><FONT size=1 face="sans-serif"> </FONT><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">Municipal bonds within
            California outperformed the national index for the period. The Long
            California Index returned 6.64% versus the Long National Index return
            of 6.28%. California was the largest issuer of tax-exempt debt during
        the 12 months.</FONT></p>
        <p align="justify"> <font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">The shape of the California
            State AAA insured municipal yield curve flattened over the 12 months:
            5-year maturity credits increased by 12 basis points, 10-year maturities
            decreased by 5 basis points, and 30-year maturities decreased by
        20 basis points.</FONT></p>
    </div></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="49%" align=left nowrap style="border-bottom:1px solid #0048E0;">
<B><FONT size=1 face="sans-serif">Total Return</FONT></B><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>
  </TD>
  <TD width="3%" style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD width="18%" align=right nowrap style="border-bottom:1px solid #0048E0;">
    <div align="left"><B><FONT size=1 face="sans-serif">Market Price</FONT></B>
    </div></TD>
  <TD width="2%" style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD width="26%" align=right nowrap style="border-bottom:1px solid #0048E0;">
<B><FONT size=1 face="sans-serif">Net Asset Value (&#147;NAV&#148;)</FONT></B>
  </TD>
  <TD width="2%" align=right nowrap style="border-bottom:1px solid #0048E0;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">1 Year</FONT>
  </TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
    <div align="left"><FONT size=1 face="sans-serif">15.35%</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #0048E0;">
    <div align="right"><FONT size=1 face="sans-serif">8.06%</FONT>
    </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #0048E0;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">3 Year</FONT>
  </TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
    <div align="left"><FONT size=1 face="sans-serif">13.18%</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">9.96%</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 5/31/07</FONT>
  </TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;7.87%</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">7.39%</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="47%" rowspan="8" align=left valign="top" nowrap><P align="justify"><B><FONT size=1 face="sans-serif">Common
          Share Market Price/NAV Performance:</FONT></B><BR>
        <FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to
        5/31/07<br>
        </FONT><IMG src="c48974_n-csrx4x1.jpg" width="256" height="226" border=0> </P>
    </TD>
  <TD width="6%" rowspan="5" align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="36%" colspan="2" align=left nowrap style="border-bottom:1px solid #0048E0;">
<B><FONT size=1 face="sans-serif">Market Price/NAV:</FONT></B>
  </TD>
  </TR>
<TR valign="bottom">
  <TD width="36%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market Price</FONT>
  </TD>
  <TD width="11%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.96</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">NAV</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.89</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Premium to NAV</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.19%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market Price Yield</FONT><SUP><FONT size=1 face="sans-serif">(2)</FONT></SUP>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5.26%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #0048E0;"><div align="center"><B><FONT size=1 face="sans-serif">Moody</FONT></B><B><FONT size=1 face="sans-serif">&#146;</FONT></B><B><FONT size=1 face="sans-serif">s
          Ratings</FONT></B><BR>
          <B><FONT size=1 face="sans-serif">(as a % of total investments)</FONT></B></div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap><div align="center"><img src="c48974_n-csrx4x2.jpg" border=0></div></TD>
  </TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">(1) </FONT><B><FONT size=1 face="sans-serif">Past performance is no guarantee of future results. </FONT></B><FONT size=1 face="sans-serif">Total return is determined by subtracting the initial investment from the value
at the end of the period and dividing the the remainder by the initial investment value of the investment at the beginning of the period and expressing the result as a percentage. The calculation assumes that all income dividends have been
reinvested at prices obtained under the Fund</FONT><FONT size=1 face="sans-serif">&#146;</FONT><FONT size=1 face="sans-serif">s dividend reinvestment plan. Total return does not reflect broker commissions or sales charges. Total return for a period
of less than one year is not annualized. Total return for a period of more than one year represents the average annual total return.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">An investment in the Fund involves risk, including the loss of principal. Total return, price, yield and net asset value will fluctuate with changes in market conditions. This data is provided for information only and
is not intended for trading purposes. A portion of the income generated by the Fund may be subject to federal, state and local taxes, and may at times be subject to the alternative minimum tax. Closed-end funds, unlike open-end funds, are not
continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value is equal to total assets attributable to common shareholders less total
liabilities divided by the number of common shares outstanding. Holdings are subject to change daily. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">(2) Market Price Yield is determined by dividing the annualized current monthly per share dividend payable to common shareholders by the market price per common share at May 31, 2007.</FONT></P>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">3</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      New York Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Performance &amp; Statistics </font></b><br>
    <font size=1 face="sans-serif">May 31, 2007 (unaudited)</font></div>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="32%"><div align="justify">
        <div style="margin-left:20px;text-indent:-20px">
          <p> <font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">For the fiscal year ended May 31,
              2007, PIMCO New York Municipal Income Fund II returned 6.41% on
              net asset value (NAV) and 15.51% on market price, compared to 5.51%
              and 10.41%, respectively for the Lipper New York Municipal Debt
          Funds (Leveraged) average. </FONT></p>
          <p><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Municipal bond yields decreased for
              the twelve month period (except for the short end of the municipal
          yield curve) as the appetite for tax free municipals remained strong </FONT></p>
          <p><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Interest rates for Treasuries and
          LIBOR Swaps also moved lower for the twelve month period </FONT></p>
          <p><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">Municipal
              bond issuance increased significantly over the 12 month period,
              supply levels were at &#36;436
              billion, with the largest increase coming from year-to-date 2007
          as supply increased 35% versus the same five-month period
        in 2006.</FONT></p>
        </div>
    </div></td>
    <td width="2%">&nbsp;</td>
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
        <p align="justify"><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">The municipal yield
            curve flattened over the period: 10-year, 20-year and 30-year maturity
            AAA General Obligation yields decreased by 11, 19, and 28 basis points,
        respectively </FONT></p>
        <p align="justify"><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">Municipal to Treasury
            yield ratios ended the twelve month period with 10-year ratios at
        79.9% and 30-year ratios at 84.8% </FONT></p>
        <p align="justify"><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">Long municipals underperformed
            long Treasuries and the taxable debt sector; the Lehman Long Municipal
            Bond Index returned 6.28%, while the Long Government/Credit and the
        Lehman Long Treasury Indices returned 8.80% and 7.70%, respectively </FONT></p>
        <p align="justify"><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">Tobacco securitization
            sector holdings performed well due to favorable news related to underlying
            tobacco companies and the advance refunding of older higher cost
        debt.</FONT></p>
    </div></td>
    <td width="2%">&nbsp;</td>
    <td width="32%"><div style="margin-left:20px;text-indent:-20px">
        <p align="justify"> <font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">Exposure to zero coupon
            municipals was positive for performance. The Lehman Zero Coupon Municipal
            Bond Index returned 8.14% for the period versus 6.28% for the Lehman
        Long Municipal Bond Index. </FONT></p>
        <p align="justify"><font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">Municipal bonds within
            New York underperformed the national index for the period. The Long
            New York Index returned 6.13% versus the Long National Index return
            of 6.28%. New York was the second largest issuer of tax-exempt debt
        during the 12 months.</FONT></p>
        <p align="justify"> <font size=1 face="WINGDINGS 2">&#162;</font>&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif"></FONT><FONT size=1 face="sans-serif">The shape of the New
            York Insured AAA municipal yield curve flattened over the quarter:
            5-year maturity AAA credits increased by 9 basis points, 10-year
            maturities decreased by 13 basis points, and 30-year maturities decreased
        by 25 basis points.</FONT></p>
    </div></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #0048E0;">
<B><FONT size=1 face="sans-serif">Total Return</FONT></B><SUP><FONT size=1 face="sans-serif">(1)</FONT></SUP><B><FONT size=1 face="sans-serif">:</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
    <div align="left"><B><FONT size=1 face="sans-serif">Market Price</FONT></B>
    </div></TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
<B><FONT size=1 face="sans-serif">Net Asset Value (</FONT></B><B><FONT size=1 face="sans-serif">&#147;</FONT></B><B><FONT size=1 face="sans-serif">NAV</FONT></B><B><FONT size=1 face="sans-serif">&#148;</FONT></B><B><FONT size=1 face="sans-serif">)</FONT></B>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">1 Year</FONT>
  </TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
    <div align="left"><FONT size=1 face="sans-serif">15.51%</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #0048E0;">
    <div align="right"><FONT size=1 face="sans-serif">6.41%</FONT>
    </div></TD>
  <TD align=center nowrap style="border-bottom:1px solid #0048E0;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">3 Year</FONT>
  </TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
    <div align="left"><FONT size=1 face="sans-serif">12.56%</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">9.54%</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to 5/31/07</FONT>
  </TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;7.13%</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #0048E0;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">
<FONT size=1 face="sans-serif">7.14%</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #0048E0;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
  <BR>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="46%" rowspan="8" align=left valign="top" nowrap><P align="justify"><B><FONT size=1 face="sans-serif">Common
          Share Market Price/NAV Performance:</FONT></B><BR>
        <FONT size=1 face="sans-serif">Commencement of Operations (6/28/02) to
        5/31/07<br>
        </FONT><IMG src="c48974_n-csrx5x1.jpg" border=0> </P>
    </TD>
  <TD width="11%" rowspan="5" align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #0048E0;"><B><FONT size=1 face="sans-serif">Market
    Price/NAV:</FONT></B> </TD>
  </TR>
<TR valign="bottom">
  <TD width="33%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market Price</FONT>
  </TD>
  <TD width="10%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.49</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">NAV</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.79</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Premium to NAV</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4.73%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market Price Yield</FONT><SUP><FONT size=1 face="sans-serif">(2)</FONT></SUP>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5.13%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #0048E0;"><div align="center"><B><FONT size=1 face="sans-serif">Moody</FONT></B><B><FONT size=1 face="sans-serif">&#146;</FONT></B><B><FONT size=1 face="sans-serif">s
          Ratings </FONT></B><BR>
          <B><FONT size=1 face="sans-serif">(as a % of total investments)</FONT></B></div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap><div align="center"><img src="c48974_n-csrx5x2.jpg" border=0></div></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">(1) </FONT><B><FONT size=1 face="sans-serif">Past performance is no guarantee of future results. </FONT></B><FONT size=1 face="sans-serif">Total return is determined by subtracting the initial investment from the value
at the end of the period and dividing the remainder by the initial investment value of the investment at the beginning of the period and expressing the result as a percentage. The calculation assumes that all income dividends have been reinvested at
prices obtained under the Fund</FONT><FONT size=1 face="sans-serif">&#146;</FONT><FONT size=1 face="sans-serif">s dividend reinvestment plan. Total return does not reflect broker commissions or sales charges. Total return for a period of less than
one year is not annualized. Total return for a period more than one year represents the average annual total return.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">An investment in the Fund involves risk, including the loss of principal. Investment return, price, yield and net asset value will fluctuate with changes in market conditions. This data is provided for information only
and is not intended for trading purposes. A portion of the income generated by the Fund may be subject to federal, state and local taxes, and may at times be subject to the alternative minimum tax. Closed-end funds, unlike open-end funds, are not
continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value is equal to total assets attributable to common shareholders less total
liabilities divided by the number of common shares outstanding. Holdings are subject to change daily. </FONT></P>
<P align="justify"><FONT size=1 face="sans-serif">(2) Market Price Yield is determined
    by dividing the annualized current monthly per share dividend payable to
    common shareholders by the market price per common share at May 31, 2007.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">4 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=2 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="middle" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=right nowrap>
    <div align="left"><B><FONT size=1 face="sans-serif">&nbsp;MUNICIPAL BONDS &amp; NOTES&#151;95.2%</FONT></B>
    </div>

    <div align="center"></div>  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Alabama&#151;4.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; 10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Birmingham Baptist Medical Centers Special Care Facs.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financing Auth. Rev., 5.00%, 11/15/30, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa1/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,102,600</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Birmingham Waterworks &amp; Sewer Board Rev., Ser. B,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 1/1/13) (MBIA)(b),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,145</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,205,742</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,530,500</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 1/1/33 (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,178,100</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Huntsville Health Care Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 6/1/32, Ser. B, (Pre-refunded @ &#36;101, 6/1/12) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,904,105</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">16,580</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 2/1/38, Ser. B, (Pre-refunded @ &#36;100,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/12) (FGIC)(b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,231,594</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">60,152,641</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Alaska&#151;0.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,550</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Housing Finance Corp. Rev., 5.25%, 6/1/32, Ser. C (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,604,706</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Arizona&#151;2.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Hospital System Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 12/1/32, (Pre-refunded @ &#36;101, 12/1/12) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;
 <div align="center"><FONT size=1 face="sans-serif">NR/BBB</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,423,591</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">33,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Salt River Project Agricultural Improvement &amp; Power Dist. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37, Ser. A (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">34,568,160</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">35,991,751</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Arkansas&#151;0.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Arkansas Dev. Finance Auth. Rev., zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7/1/46 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,037,360</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;3.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,610</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Alameda Corridor Transportation Auth. Rev., zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10/1/16, Ser. A (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,487,327</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corp.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tobacco Settlement Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/33, Ser. A-1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,827,800</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/33, Ser. 2003-A-1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,616,833</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39, Ser. 2003-A-1,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded
        @ &#36;100,
        6/1/13) (b)</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,358,190</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Rancho Cucamonga Community Facs. Dist., Special Tax,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/1/23, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,053,210</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Southern California Public Power Auth., Transmission Project</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Rev., zero coupon, 7/1/13</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/A+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,115,160</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Univ. of California Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,430</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/37, Ser. C (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,505,886</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,900</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/38, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,932,393</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">46,896,799</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;5.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">30,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,238,800</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty., CP, 5.50%, 12/1/25, Ser. B,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;101, 12/1/10) (AMBAC) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,315,750</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">5</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;(continued)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">E-470 Public Highway Auth. Rev., Ser. B (MBIA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; 20,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,189,200</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,511,350</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Health Initiatives, 5.50%, 3/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,558,250</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,305</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Exempla, Inc., 5.625%, 1/1/33, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A1/A-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,080,400</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Retirement Fac., Liberty Height, zero coupon, 7/15/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,332,680</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">78,226,430</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">District of Columbia&#151;1.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Washington D.C. Convention Center Auth. Tax Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/28, (Pre-refunded @ &#36;100, 10/1/08)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(AMBAC) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">17,736,425</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Florida&#151;3.9%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,520</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Brevard Cnty. Health Facs. Auth. Rev., 5.00%, 4/1/34</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,631,231</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Highlands Cnty. Health Facs. Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,830</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist, 5.00%, 11/15/31, Ser. C</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,859,036</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist/Sunbelt, 6.00%, 11/15/31, Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded
        @ &#36;101,
        11/15/11) (b)</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,722,720</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,335</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Auth., Pollution Control Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tampa Electric Co. Project, 5.50%, 10/1/23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/BBB-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,430,805</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">635</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Health Fac. Project, 5.625%, 8/15/23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">656,018</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,135</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Jacksonville Health Facs. Auth. Rev., 5.25%, 11/15/32, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,435,312</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Lakeland Hospital System Rev., Regional Health System,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/15/32, (Pre-refunded @ &#36;101, 11/15/12) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,487,620</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Leesburg Hospital Rev., Leesburg Regional Medical Center</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Project, 5.50%, 7/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa1/BBB+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,093,420</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. Health Facs. Auth. Rev., Adventist Health</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">System (b),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,550</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/32, (Pre-refunded @ &#36;101, 11/15/12)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,777,944</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 11/15/24, (Pre-refunded @ &#36;100, 11/15/12)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,558,300</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Sumter Landing Community Dev. Dist. Rev., 4.75%, 10/1/35,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (MBIA) (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,040,750</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Winter Springs Water &amp; Sewer Rev., zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10/1/29 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">535,260</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">58,228,416</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Georgia&#151;0.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Atlanta Water &amp; Wastewater Rev., 5.00%, 11/1/39,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,126,080</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Grantor Trust Gov&#146;t, CP, 4.75%, 6/1/28, Ser. A (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,563,060</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Richmond Cnty. Dev. Auth. Rev., zero coupon, 12/1/21</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,066,496</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">10,755,636</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Hawaii&#151;1.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,170</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Honolulu City &amp; Cnty. Wastewater System Rev., First Board</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Resolution, 4.75%, 7/1/28 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">19,404,257</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">6 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Illinois&#151;19.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Central Lake Cnty. Water Agcy. Rev., Ser. A (AMBAC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;3,610</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/28, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,766,313</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/32, Ser. A, (Pre-refunded @ &#36;100,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/1/12) (b)</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,652,448</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,050</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, GO, 5.125%, 1/1/29 Ser. A (FGIC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,171,250</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, Lake Shore East, Special Assessment,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,162</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.625%, 12/1/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,408,288</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 12/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,234,660</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Chicago Board of Education School Reform, GO (FGIC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,535</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/16, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,413,577</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/28, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,850,300</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,439,100</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Chicago City Colleges, GO (FGIC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">32,670</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,151,492</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">29,145</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/38</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,917,857</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">32,670</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/39</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,375,252</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Chicago Midway Airport Rev., 5.00%, 1/1/31, Ser. B (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,135,730</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Cicero, GO, 5.25%, 12/1/31 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,289,650</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Dev. Finance Auth. Retirement Housing Rev., Regency Park,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/15/23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,851,700</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">134,650</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/15/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">59,400,848</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Condell Medical Center, 5.50%, 5/15/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,156,700</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Elmhurst Memorial Healthcare, 5.625%, 1/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">21,142,185</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Metropolitan Pier &amp; Exposition Auth. Rev. (MBIA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">60,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,532,600</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">50,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,847,000</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,460</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/15/38</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">589,096</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Schaumburg, GO, 5.00%, 12/1/41, Ser. B (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,641,705</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Springfield Rev., 5.00%, 3/1/35 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,438,100</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 5.00%, 3/1/34, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,170,050</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">68,470</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Sports Facs. Auth. Rev., zero coupon, 6/15/30 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">63,993,431</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">287,569,332</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Indiana&#151;0.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Brownsburg 1999 School Building Corp. Rev., Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 9/15/13) (FSA)(b),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/15/25</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,061,820</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/15/25</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,151,240</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,125</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Fort Wayne Pollution Control Rev., 6.20%, 10/15/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Caa1/B-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,278,491</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Bank Rev., Hendricks, 5.25%, 4/1/30, Ser. D,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 4/1/12) (AMBAC) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">530,510</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">8,022,061</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">7</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Iowa&#151;4.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;2,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Higher Education Loan Auth. Rev., Grandview College,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 10/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,347,725</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. of Iowa Rev., Ser. B,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">46,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/34</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">47,289,840</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,850</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.60%, 6/1/35, (Pre-refunded @ &#36;101, 6/1/11) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,480,032</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,117,597</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Kansas&#151;0.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,800</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Univ. of Kansas Hospital Auth. Health Facs. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 9/1/32, (Pre-refunded @ &#36;100, 9/1/12) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,030,832</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Kentucky&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Finance Auth., Hospital Facs. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare Partners, 5.25%, 10/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,586,500</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,945</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">St. Luke&#146;s Hospital, 6.00%, 10/1/19, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A3/A</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,132,265</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,718,765</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Louisiana&#151;4.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Public Facs. Auth. Rev., Ochsner Clinic Foundation,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/32, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A3/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">21,226,608</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., Ser. 2001-B,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">36,395</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 5/15/39</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">38,979,773</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 5/15/39 (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,568,160</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">68,774,541</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Maryland&#151;0.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Health &amp; Higher Educational Facs. Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist Healthcare, 5.75%, 1/1/25, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,054,690</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;3.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Bay Transportation Auth., Special Assessment,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 7/1/34, Ser. A, (Pre-refunded @ &#36;100,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7/1/15) (b)(c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,315,190</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Bay Transportation Auth. Rev., General Transportation System,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 3/1/21, Ser. A (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,319,773</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State College Building Auth. Project Rev., Ser. B (XCLA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,560</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,448,544</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,645</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,950,078</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/39</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,909,050</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,295</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev., 4.75%, 1/1/34, Ser. A (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,311,364</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,050</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Water Res. Auth. Rev., 4.75%, 8/1/37, Ser. A (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,069,400</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">54,323,399</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Michigan&#151;2.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Detroit City School Dist., GO, Ser. A (b),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/32, (Pre-refunded @ &#36;100, 5/1/13) (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,984,075</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/31, (Pre-refunded @ &#36;100, 5/1/12) (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,844,815</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Detroit Water Supply System Rev., 5.00%, 7/1/30, Ser. A (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,567,475</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">8 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Michigan&#151;(continued)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Hospital Finance Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ascension Health, 5.25%, 11/15/26, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,204,800</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Oakwood Group, Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,185,665</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,925</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 4/1/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,067,238</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">34,854,068</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Minnesota&#151;0.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">280</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">City of Minneapolis, Tax Allocation, Grant Park Project,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.35%, 2/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">282,363</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Oronoco Multifamily Housing Rev., 5.40%, 6/1/41</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">495,000</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">777,363</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Mississippi&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,605</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Business Finance Corp., Pollution Control Rev., 5.875%, 4/1/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba1/BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,613,976</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">740</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dev. Bank Special Obligation, Projects &amp; Equipment</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Acquisitions Rev., 5.00%, 7/1/24 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">740,814</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,354,790</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Missouri&#151;0.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">860</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Hanley Road &amp; North of Folk Ave. Transportation Dist. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">864,730</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">St. Louis Parking Facs. Rev., Downtown Parking Fac.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 2/1/28, (Pre-refunded @ &#36;100, 2/1/12) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,631,505</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,496,235</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Nevada&#151;1.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Clark Cnty., GO (FGIC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,450</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,485,772</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,950</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/31, (Pre-refunded @ &#36;100, 6/1/11) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,032,173</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Reno Transportation Project Rev., (Pre-refunded @ &#36;100,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6/1/12) (AMBAC)(b),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,960</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,181,641</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,111,940</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,695,895</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,570</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/1/41</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,036,236</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,290</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Truckee Meadows Water Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/30, Ser. A, (Pre-refunded @ &#36;100,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7/1/11) (FSA) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,446,604</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">24,990,261</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New Hampshire&#151;0.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health &amp; Education Facs. Auth. Rev., Catholic Medical Center,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">360</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 7/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">387,259</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,640</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 7/1/32, (Pre-refunded @ &#36;101, 7/1/12) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,926,995</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,314,254</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New Jersey&#151;2.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Auth., Kapkowski Road Landfill, Special</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Assessment,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 10/1/21</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,431,000</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,405</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,521,892</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">9</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
    </div></TD>
  <TD align=center nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">New Jersey&#151;(continued)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Arbor Glen,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">539,411</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">225</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28, Ser. A, (Pre-refunded @ &#36;102,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/15/09)
        (b)</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">238,327</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Seashore Gardens, 5.375%, 11/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">254,123</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Educational Facs. Auth. Rev., 6.00%, 7/1/25, Ser. D</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,799,320</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev. (b),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,285</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/37, (Pre-refunded @ &#36;100, 6/1/12)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,406,869</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,095</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/42, (Pre-refunded @ &#36;100, 6/1/12)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,408,864</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/43, (Pre-refunded @ &#36;100, 6/1/13)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,908,295</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39, (Pre-refunded @ &#36;100, 6/1/13)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,874,400</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,382,501</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">New Mexico&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Farmington Pollution Control Rev., 5.80%, 4/1/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,044,250</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">New York&#151;3.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev., 6.00%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">11/15/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,262,652</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Liberty Dev. Corp. Rev., Goldman Sachs Headquarters,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 10/1/35 (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,124,700</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Metropolitan Transportation Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/30, Ser. A (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,987,748</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 11/15/32, Ser. B, (Pre-refunded @ &#36;100,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">11/15/13) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">A2/AAA</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,803,900</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth., Water &amp;</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Sewer System Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/37, Ser. D (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,940,950</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/39, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,247,170</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev., Sloan-Kettering Center Memorial,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/34, Ser. 1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,911,988</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Environmental Facs. Corp. Rev., 5.00%, 6/15/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,087,640</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">55,366,748</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">North Carolina&#151;0.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">550</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">North Carolina Medical Care Commission Rev., Salemtowne,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 10/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">553,614</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Ohio&#151;0.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Lorain Cnty. Hospital Rev., Catholic Healthcare,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">7,817,850</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Oklahoma&#151;0.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tulsa Cnty. Industrial Auth. Rev., Legacy Apartments,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.90%, 11/20/46 (FHA-GNMA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">6,658,405</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;2.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Allegheny Cnty. Hospital Dev. Auth. Rev., Ser. B,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;102, 11/15/10) (b),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">530</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Ba3/B+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">611,949</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Ba3/B+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,185,850</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Ba3/B+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,759,345</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">10 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;(continued)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;4,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Cumberland Cnty. Auth., Retirement Community Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Wesley Affiliated Services,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.25%, 1/1/35, Ser. A, (Pre-refunded @ &#36;101, 1/1/13) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,247,675</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Harrisburg Auth. Rev., 6.00%, 9/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,298,312</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Montgomery Cnty. Higher Education &amp; Health Auth.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hospital Rev., Ser. A, Abington Memorial Hospital,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,143,950</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,844,125</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia, GO, 5.25%, 9/15/25, Ser. 2001 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,114,090</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia Auth. Industrial Dev. Lease Rev., 5.25%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10/1/30, Ser. B (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,206,600</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Pittsburgh &amp; Allegheny Cnty. Public Auditorium Auth.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Rev., 5.00%, 2/1/29 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">508,870</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Radnor Township School Dist., GO, Ser. B (FSA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,670</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/15/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,748,740</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">830</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/15/35, (Pre-refunded @ &#36;100, 8/15/15) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">891,661</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,561,167</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">A3/BBB+</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,487,364</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Rhode Island&#151;4.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">62,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/42, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">67,725,080</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">South Carolina&#151;5.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">27,745</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Greenville Cnty. School Dist. Rev., Building Equity</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Sooner Tomorrow,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 12/1/28, (Pre-refunded @ &#36;101, 12/1/12) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AA-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">30,186,837</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,120</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Jobs Economic Dev. Auth. Rev., Bon Secours Health System,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A3/A-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,969,466</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Lexington Cnty., Health Services Dist. Hospital Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,826,050</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,697,120</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 11/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,350,000</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Rev. Management Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 5/15/28, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,476,915</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,180</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Transportation Infrastructure Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/29, Ser. A, (Pre-refunded @ &#36;100, 10/1/11)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(AMBAC) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,234,929</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">78,741,317</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Tennessee&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Knox Cnty. Health Educational &amp; Housing Facs.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Board Hospital Facs. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare Partners, 5.25%, 10/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,886,950</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">11</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;10.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Arlington Independent School Dist., GO (PSF-GTD),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/15/24</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,136</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">990</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/15/24, (Pre-refunded @ &#36;100, 2/15/09) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,010,077</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Aubrey Independent School Dist., GO (PSF-GTD),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">130</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">141,148</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,350</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33, (Pre-refunded @ &#36;100, 8/15/14) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,771,254</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Brazos Cnty. Health Facs. Dev. Corp., Franciscan Services</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Corp. Rev., 5.375%, 1/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,760,260</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Comal Cnty. Health Facs. Dev., McKenna Memorial Hospital</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Project Rev., 6.25%, 2/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/BBB-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,941,299</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Dallas Area Rapid Transit Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 12/1/31, (Pre-refunded @ &#36;100, 12/1/11)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(AMBAC) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,234,950</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Frisco Independent School Dist., GO, zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/15/34 (PSF-GTD)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,520,600</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Harris Cnty.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">GO, 5.125%, 8/15/31, (Pre-refunded @ &#36;100, 8/15/12) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AA+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,876,540</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Health Facs. Dev. Corp. Rev., St. Luke&#146;s Episcopal Hospital,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 2/15/26, Ser. A, (Pre-refunded @ &#36;100,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/15/11) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,552,872</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Senior Lien Toll Road Rev., 5.00%, 8/15/30 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,770,250</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">HFDC of Central Texas, Inc., Village at Gleannloch Farms Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/37, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">713,958</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Keller Independent School Dist., GO (PSF-GTD),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">770</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.875%, 8/15/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">776,722</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,730</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.875%, 8/15/31, (Pre-refunded @ &#36;100, 8/15/09) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,887,684</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,170</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Little Elm Independent School Dist., GO, 5.30%, 8/15/29,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (PSF-GTD)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,352,941</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">North Dallas Thruway Auth. Rev., 4.75%, 1/1/29 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,280,813</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Quinlan Independent School Dist., GO, 5.10%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">2/15/32 (PSF-GTD)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,155,200</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Sabine River Auth. Rev., 5.20%, 5/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa2/BB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,016,160</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State, GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,025</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 4/1/35, Ser. A (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,141,992</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 4/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,700,200</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Central Turnpike System Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (AMBAC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/15/19</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,860,700</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,880</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/15/42</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,099,602</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Water Financial Assistance, GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,343,405</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,650</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 8/1/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,725,586</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Wichita Falls Water &amp; Sewer Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, (Pre-refunded @ &#36;100, 8/1/11) (AMBAC) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,349,760</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">159,994,109</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">12 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Utah&#151;3.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp; 44,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Utah Transit Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 6/15/35, Ser. B, (Pre-refunded @ &#36;100,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">12/15/15) (FSA) (b)(c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,892,603</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Virginia&#151;0.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Fredericksburg Industrial Dev. Auth., Medicorp Health</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">System Rev., Ser. B,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/15/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A3/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,547,050</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/15/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A3/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,113,680</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">6,660,730</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Washington&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tacoma Sewer Rev., 5.00%, 12/1/31, Ser. A (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,129,150</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Wisconsin&#151;0.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Badger Tobacco Asset Securitization Corp. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,125</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/17</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,213,706</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,278,627</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Health &amp; Educational Facs. Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Froedert &amp; Community Health Obligation,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">90</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AA-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">93,685</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">910</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30, (Pre-refunded @ &#36;101, 10/1/11) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AA-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">967,949</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,553,967</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Total Municipal Bonds &amp; Notes (cost-&#36;1,302,938,997)</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><div align="center"></div></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,419,888,414</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="middle" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=right nowrap>
    <div align="left"><B><FONT size=1 face="sans-serif">&nbsp;VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(d) (e)</FONT><B><FONT size=1 face="sans-serif">&#151;4.5%</FONT></B>
    </div>

    <div align="center"></div>  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Alabama&#151;0.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,450</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev., 10.03%, 2/1/36, Ser. 352 (FGIC) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,175,350</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Montgomery Special Care Facs. Financing Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.85%, 11/15/29, Ser. 435 (MBIA) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,538,530</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">6,713,880</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;0.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty. Airport Rev., 8.85%, 11/15/25,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 425 (FSA) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,488,500</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Florida&#151;0.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,782</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. School Board, CP, 8.85%, 8/1/24,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 328 (MBIA) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,092,335</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,241</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Governmental Utilities Auth. Rev., 8.85%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10/1/29, Ser. 327 (AMBAC) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,678,373</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,770,708</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Illinois&#151;0.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, GO (c),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,780</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.47%, 1/1/28, Ser. 332 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,136,979</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.34%, 1/1/40, Ser. 426 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,730,530</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,288</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Cook Cnty., GO, 8.85%, 11/15/28, Ser. 403 (FGIC) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,495,239</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 10.10%, 4/1/27, Ser. 783 (FSA) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,484,600</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">8,847,348</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">13</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;1.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp; 1,400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Boston Water &amp; Sewer Community Rev., 8.88%, 11/1/28,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 434 (FGIC) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,531,390</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 10.13%, 11/1/30, Ser. 785 (FGIC-TCRS) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,933,590</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev. (c),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,366</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.88%, 1/1/37, Ser. 334 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,004,632</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.88%, 1/1/37, Ser. 489 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;
 <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,260,100</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,668</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.88%, 1/1/39, Ser. 335 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,129,118</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,858,830</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Nevada&#151;0.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 8.85%, 5/15/28, Ser. 344 (FGIC) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,308,790</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Ohio&#151;0.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,580</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Hamilton Cnty. Sales Tax Rev., 8.85%, 12/1/27,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. 356 (MBIA) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,758,066</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia School Dist., GO (MBIA) (c),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,670</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.60%, 4/1/27, Ser. 345</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,819,799</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,677</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.60%, 4/1/27, Ser. 496</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,917,127</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,736,926</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;0.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,460</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Denton Utility System Rev., 9.47%, 12/1/29, Ser. 428 (MBIA) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,713,380</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Houston Airport System Rev., 8.85%, 7/1/25, Ser. 404 (FGIC) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,149,500</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Houston Water &amp; Sewer System Rev. (c),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.85%, 12/1/28, Ser. 427 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,518,560</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,070</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.10%, 12/1/30, Ser. 495 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,765,202</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">10,146,642</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Washington&#151;0.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,820</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Central Puget Sound Regional Transit Auth. Sales Tax &amp;</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Motor Rev., 7.60%, 2/1/28, Ser. 360 (FGIC) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,922,921</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Total Variable Rate Notes (cost-&#36;56,795,248)</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">66,552,611</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="middle" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=right nowrap>
    <div align="left"><B><FONT size=1 face="sans-serif">&nbsp;U.S. TREASURY BILLS </FONT></B><FONT size=1 face="sans-serif">(g)</FONT><B><FONT size=1 face="sans-serif">&#151;0.3%</FONT></B>
    </div>

    <div align="center"></div>  </TD>
  </TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,255</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">4.95%-4.955%, 6/14/07 (cost&#151;&#36;5,245,597)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,245,597</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost-&#36;1,364,979,842)</FONT><B><FONT size=1 face="sans-serif">&#151;100.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;"><div align="left"><B><FONT size=1 face="sans-serif">&#36;</FONT></B></div></TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;"><B><FONT size=1 face="sans-serif">1,491,686,622</FONT></B> </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">14 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="middle" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=center nowrap>
    <div align="left"><B><FONT size=1 face="sans-serif">&nbsp;CALIFORNIA MUNICIPAL
          BONDS &amp; NOTES&#151;96.2%</FONT></B>
    </div>  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;96.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp; 2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">ABC Unified School Dist., GO, zero coupon, 8/1/23,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">963,820</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Alpine Union School Dist., GO, zero coupon, 8/1/24,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">465,280</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,115</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Anaheim City School Dist., GO, 5.00%, 8/1/26,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;101, 8/1/11) (FGIC) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,580,801</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap colspan=3>
<FONT size=1 face="sans-serif">Assoc. of Bay Area Gov&#146;t Finance Auth. Rev., Odd Fellows Home,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.20%, 11/15/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,497,955</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">26,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.35%, 11/15/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,132,560</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">23,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Bakersfield, CP, zero coupon, 4/15/21</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,598,480</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Bay Area Gov&#146;t. Assoc.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Lease Rev., 5.00%, 7/1/32, Ser. 2002-1 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,070,920</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,945</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Windmere Ranch Dist. 99-1, Special Assessment,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/2/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,068,858</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,085</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Capistrano Unified School Dist., Community Fac. Dist.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, 5.70%, 9/1/20, (Pre-refunded @ &#36;102,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/09) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,151,380</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,090</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Cathedral City Cove Improvements Dist. 04-02,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Assessment, 5.00%, 9/2/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,090,610</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ceres Unified School Dist., GO, zero coupon, 8/1/27 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">752,859</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chula Vista Community Facs. Dist., Special Tax,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 9/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,031,650</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,825</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.15%, 9/1/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,936,599</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,380</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.20%, 9/1/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,652,655</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Chula Vista, Special Tax, (Pre-refunded @ &#36;102, 9/1/10) (b),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,160</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.05%, 9/1/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,260,410</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,720,175</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Clovis Unified School Dist., GO, Ser. B (FGIC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">971,460</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,535</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,550,840</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">997,675</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,410</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Community College Financing Auth. Lease Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/27, Ser. A (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,462,804</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Corona-Norco Unified School Dist., Public Financing Auth.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,110</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 9/1/25 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,144,354</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">210</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.55%, 9/1/15, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">212,642</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">305</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.65%, 9/1/16, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">309,243</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">160</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 9/1/17, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">162,656</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">530</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/20, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">539,938</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/25, Ser. A (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,019,660</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,244,537</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Coronado Community Dev. Agcy., Tax Allocation,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.875%, 9/1/35 (AMBAC) (h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,074,800</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,800</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Cotati Redev. Agcy., Tax Allocation, 5.00%, 9/1/31,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,860,872</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dinuba Financing Auth. Lease Rev., 5.10%, 8/1/32 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,110,760</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">15</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;(continued)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Educational Facs. Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;3,475</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Loyola Marymount Univ., zero coupon, 10/1/34 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">971,402</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Woodbury Univ., 5.00%, 1/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,030,140</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,520</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Elk Grove Unified School Dist., Community Facs. Dist. No. 1,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, 4.75%, 12/1/33 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,602,174</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Empire Union School Dist., Special Tax (AMBAC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,560</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">523,146</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,265</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">384,370</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Escondido Union School Dist., GO, zero coupon, 8/1/27 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">395,160</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,440</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Eureka Union School Dist., GO, zero coupon, 8/1/27 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">954,723</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Foothill Eastern Corridor Agcy. Toll Road Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/25, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,220,418</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,270</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/26, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,415,387</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/15/27 (MBIA-IBC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,460,280</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,780</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/28, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,483,083</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,860</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/30, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,341,907</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Franklin-McKinley School Dist., GO, 5.00%, 8/1/27, Ser. B,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 8/1/13) (FSA) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">426,556</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,440</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Fremont Community Facs. Dist. No. 1, Special Tax,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.30%, 9/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,457,899</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corp. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/37, Ser. A-2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,533,720</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/33, Ser. A-1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,908,160</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/35, Ser. A-1 (FGIC) (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,400,400</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">45,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/38, Ser. A-1 (FGIC) (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,740,600</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,485</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/45, Ser. A-1 (AMBAC-TCRS) (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,883,022</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/45, Ser. A-1 (FGIC-TCRS) (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,191,280</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/33, Ser. 2003-A-1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,823,317</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">36,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39, Ser. 2003-A-1, (Pre-refunded @ &#36;100,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6/1/13) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">41,662,942</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Finance Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist Health System, 5.00%, 3/1/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,033,440</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare West (b),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">495</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/28, (Partially pre-refunded @ &#36;101, 7/1/08)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">503,410</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">70</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/28, (Pre-refunded @ &#36;101, 7/1/08)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">71,709</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,115</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hope Rehabilitation, 5.375%, 11/1/20 (CA Mtg. Ins.)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,216,943</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Paradise VY Estates (CA Mtg. Ins.),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 1/1/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,703,225</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,875</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 1/1/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/A+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,028,295</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Huntington Beach Community Facs. Dist., Special Tax,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,806,385</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,045</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Industry Urban Dev. Agcy., Transportation Dist. 2,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tax Allocation, 4.75%, 5/1/21 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,065,283</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Infrastructure &amp; Economic Dev. Bank Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Bay Area Toll Bridges, 5.00%, 7/1/36,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 1/1/28) (AMBAC) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">221,012</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">16 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;(continued)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;7,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Irvine Improvement Board Act 1915, Special Assessment,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.70%, 9/2/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,219,170</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Irvine Unified School Dist., Special Tax, 5.125%, 9/1/36, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,012,250</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,900</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Jurupa Unified School Dist., GO, zero coupon, 5/1/27 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">758,233</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,450</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Kings Canyon JT Unified School Dist., GO, zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/27 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">968,142</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Livermore-Amador Valley Water Management Agcy. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/31, Ser. A (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,463,929</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,935</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Long Beach Unified School Dist., GO, 5.00%, 8/1/27,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. C (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,091,269</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Los Angeles, CP (MBIA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,895</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,204,911</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,685</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/27, Ser. AU</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,773,390</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Los Angeles Department of Water &amp; Power Rev., Ser. A (h),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 7/1/30 (FSA) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,332,550</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">30,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/35 (FSA) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,418,400</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">16,950</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/41 (FGIC-TCRS) (c)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,453,923</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Los Angeles Wastewater System Rev., 5.00%, 6/1/30,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,430,616</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Manhattan Beach Unified School Dist., GO, zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/25 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">433,170</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Manteca Redev. Agcy., Tax Allocation,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,295</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/32 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,570,605</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/36 (AMBAC) (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,406,700</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Manteca Unified School Dist., Special Tax (MBIA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,365</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,015,365</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,330</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/29, Ser. C</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,485,369</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Merced Cnty., CP, Juvenile Justice Correctional Fac.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/32 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,108,240</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Modesto Elementary School Dist. Stanislaus Cnty., GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (FGIC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,615</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zero
        coupon, 8/1/23</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,250,284</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,705</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zero
        coupon, 8/1/24</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,227,313</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zero
        coupon, 5/1/27</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">791,720</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Modesto High School Dist. Stanislaus Cnty., GO, zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26, Ser. A (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">891,304</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Modesto Public Financing Auth. Lease Rev. (AMBAC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">55</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/29</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">56,279</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">945</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/29, (Pre-refunded @ &#36;100, 9/1/08) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">970,345</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,385</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Monrovia Financing Auth. Lease Rev., Hillside Wilderness</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Preserve, 5.125%, 12/1/31 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,505,156</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Montebello Unified School Dist., GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">686,310</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,485</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">679,447</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,830</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,230,569</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,775</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/27 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,096,569</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Moreno Valley Unified School Dist. Community Facs. Dist.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, 5.20%, 9/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,763,732</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">17</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;(continued)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;2,400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Morgan Hill Unified School Dist., GO, zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/23 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,184,328</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Mountain View-Whisman School Dist., GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/27, Ser. D, (Pre-refunded @ &#36;101, 6/1/12)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(MBIA) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,597,050</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,800</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Murrieta Redev. Agcy., Tax Allocation, 5.00%, 8/1/32 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,866,690</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,245</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Newark Unified School Dist., GO, zero coupon, 8/1/26,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. D (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,332,722</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,805</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Oakland, GO, 5.00%, 1/15/32, Ser. G (FGIC) (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,386,673</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Oakland Redev. Agcy., Tax Allocation, (Pre-refunded @ &#36;100,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">3/1/13) (b),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,395</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,498,342</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,185</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">NR/A</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,349,181</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. Community Facs. Dist., Special Tax,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">No. 01-1-Ladera Ranch, 6.00%, 8/15/25, Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;101, 8/15/10) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,077,530</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. Sanitation Dist., CP,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 2/1/30, (Pre-refunded @ &#36;100, 8/1/13) (FGIC) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,960,120</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Palmdale Community Redev. Agcy., Tax Allocation (AMBAC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,230</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">413,993</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,230</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">394,301</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,225</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">373,931</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Paramount Unified School Dist., GO, zero coupon, 9/1/23,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">840,175</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Perris Public Financing Auth. Rev., Tax Allocation,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,190</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/23, Ser. B (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,224,022</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">780</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/20, Ser. C</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">814,702</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,800</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 10/1/31, Ser. C</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,910,016</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Placentia-Yorba Linda Unified School Dist., CP, 5.00%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10/1/35 (FGIC) (h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,420,800</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Placer Union High School Dist., GO, zero coupon, 8/1/33 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,003,689</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Poway Unified School Dist., Special Tax,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community Facs. Dist. No. 6,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 9/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,733,264</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 9/1/28, Area B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,337,674</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 9/1/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,530,495</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.60%, 9/1/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,062,010</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.05%, 9/1/25, Area A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,053,610</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 9/1/33, Area A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,787,430</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Community Facs. Dist. No. 10,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.65%, 9/1/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,014,370</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.70%, 9/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,229,722</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Rancho Cucamonga Community Facs. Dist., Special Tax,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 9/1/31, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,107,380</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Richmond Wastewater Rev., zero coupon, 8/1/30 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">531,645</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,510</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Riverside, CP, 5.00%, 9/1/33 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,625,514</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">18 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;(continued)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Riverside Unified School Dist., Community Facs., Dist. No. 15,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Special Tax, Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.15%, 9/1/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,020,100</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,021,370</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,018,930</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Rocklin Unified School Dist., GO (FGIC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,268,600</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,723,960</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,642,800</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,760,760</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Roseville Redev. Agcy., Tax Allocation (MBIA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,730</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,872,001</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,365</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,486,712</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,115</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,191,500</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sacramento City Financing Auth. Rev., Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 12/1/32, (Pre-refunded @ &#36;100, 12/1/12) (FSA) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,776,705</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,610</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">North Natomas CFD No. 2, 6.25%, 9/1/23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,735,899</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,490</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sacramento Cnty. Airport System Rev., 5.00%, 7/1/32,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,861,328</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,350</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sacramento Cnty. Sanitation Dist. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 12/1/35, Ser. A, (Pre-refunded @ &#36;100, 12/1/14)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(AMBAC) (b) (h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,443,757</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Cnty. Water Auth., CP, Ser. A (MBIA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,285</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,601,818</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/29</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,301,680</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Community Facs. Dist. No. 3, Special Tax, Ser. A (c),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.60%, 9/1/21</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,214,352</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">800</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.70%, 9/1/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">809,584</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 9/1/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,330,521</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Public Facs. Financing Auth. Lease Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/15/29, Ser. A (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,025,500</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Fire &amp; Life Safety Facs., 5.00%, 4/1/32 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,539,285</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Public Facs. Financing Auth. Water Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/32 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,487,340</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,775</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Diego Unified School Dist., GO, 5.00%, 7/1/27,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. D (FGIC) (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,172,225</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Francisco City &amp; Cnty. Airport Community, International</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Airport Rev., Ser. 2 (MBIA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,585</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.50%, 5/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,577,293</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,585</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,996,731</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,715</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/32, (Pre-refunded @ &#36;100, 5/1/12) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,198,682</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,405</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Joaquin Hills Transportation Corridor Agcy. Toll Road</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Rev., zero coupon, 1/1/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,719,500</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Jose, Libraries &amp; Parks, GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">14,970</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/32 (MBIA) (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,498,441</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,190</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 9/1/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Aa1/AA+</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,559,897</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,150</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Jose Unified School Dist., GO, 5.00%, 8/1/27,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. A (FSA) (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,528,718</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">19</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;(continued)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Juan Unified School Dist., GO (FSA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;1,770</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">859,742</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,105</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,554,698</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,835</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Mateo Foster City School Dist., GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.10%, 8/1/31, (Pre-refunded @ &#36;101, 8/1/11) (FGIC) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,130,950</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Mateo Union High School Dist., GO, zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9/1/20 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,304,445</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,730</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Rafael City High School Dist., GO, 5.00%, 8/1/27,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,785,360</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,280</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Rafael Elementary School Dist., GO, 5.00%, 8/1/27,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,384,960</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Santa Clara Unified School Dist., GO (MBIA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,755</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,857,210</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,040</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,142,965</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,260</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Santa Cruz Cnty. Rev., 5.25%, 8/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,321,904</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Santa Margarita Water Dist., Special Tax,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 9/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,102,600</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 9/1/29</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,171,750</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Santa Monica Community College Dist., GO, zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26, Ser. C (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">782,780</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Saugus Hart School Facs. Financing Auth., Special Tax,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Community Facs. Dist. 00-1,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,140</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.10%, 9/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,168,899</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,225</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 9/1/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,279,245</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Shasta Union High School Dist., GO, zero coupon, 8/1/24 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">457,540</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,745</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">South Tahoe JT Powers Parking Financing Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.00%, 12/1/27, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,756,035</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,800</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Southern Mono Health Care Dist., GO, zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">732,366</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Public Works Board Lease Rev., UCLA Replacement</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hospital,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,605</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/22, Ser. A (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,981,420</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,095</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 4/1/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Aa2/AA-</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,182,927</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,710</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Univ. Rev., 5.00%, 11/1/33, Ser. A (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,763,797</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Statewide Community Dev. Auth.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,555</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Bentley School Rev., 6.75%, 7/1/32 (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,828,060</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Jewish Home Rev., 5.50%, 11/15/33 (CA St. Mtg.)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,326,426</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,770</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Kaiser Permanente Rev., 5.50%, 11/1/32, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,898,777</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Live Oak School Rev., 6.75%, 10/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,136,950</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Peninsula Project Rev., 5.00%, 11/1/29</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">497,310</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,170</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Wildwood Elementary School, CP, 6.10%, 11/1/15 (a)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,177,289</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Statewide Financing Auth. Tobacco Settlement Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,725</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 5/1/29</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,801,780</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/1/37, Ser. B (h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">21,397,200</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tamalpais Union High School Dist., GO, 5.00%, 8/1/27 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,016,135</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Securitization Agcy. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Alameda Cnty., 6.00%, 6/1/42</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,808,970</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">20 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;(continued)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Fresno Cnty.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp; 3,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%,
        6/1/23</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,779,137</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%,
        6/1/35</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,709,700</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,875</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Gold Cnty., zero coupon, 6/1/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,567,569</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,800</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Stanislaus Funding, 5.875%, 6/1/43, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,880,874</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Securitization Auth. of Southern California Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/37, Ser. A-1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,901,920</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">995</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tracy Community Facs. Dist., Special Tax, No. 99-2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">South Macarthur Area, 6.00%, 9/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,026,542</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Univ. Rev. (c)(h),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/35, Ser. F (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,597,515</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/35, Ser. G (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,088,650</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,650</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 5/15/38, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,713,110</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/27, Ser. O, (Pre-refunded @ &#36;101,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/10)
        (FGIC) (b)</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,481,600</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ventura Cnty. Community College Dist., GO, 5.00%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/27, Ser. A (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,429,400</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,555</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ventura Unified School Dist., GO, 5.00%, 8/1/32, Ser. F (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,609,130</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Vernon Electric System Rev., Malburg Generating Station,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 4/1/33, (Pre-refunded @ &#36;100, 4/1/08) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,031,060</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Victor Elementary School Dist., GO, Ser. A (FGIC),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,125</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">514,733</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,410</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">999,090</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Vista Unified School Dist., GO, zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">8/1/26, Ser. A (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">414,560</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">West Contra Costa Unified School Dist., GO, Ser. A (MBIA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,740</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,817,049</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,690</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,764,056</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,890</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/1/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,940,898</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,375</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Westlands Water Dist. Rev., CP, 5.00%, 9/1/34 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,484,215</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">William S. Hart JT School Financing Auth. Rev., 5.625%, 9/1/34</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/BBB+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,099,060</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,110</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Yuba City Unified School Dist., GO, zero coupon, 9/1/25 (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">930,447</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total California Municipal Bonds &amp; Notes (cost-&#36;845,713,554)</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">893,830,474</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=right valign="middle" nowrap>
    <div align="left"><B><FONT size=1 face="sans-serif">&nbsp;OTHER MUNICIPAL BONDS &amp; NOTES&#151;2.7%</FONT></B>
    </div>

    <div align="center"></div>  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Iowa&#151;1.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">16,100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. of Iowa Rev., zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6/1/34, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">16,551,444</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">New York&#151;0.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Dormitory Auth. Hospital Rev., 6.25%, 8/15/15 (FHA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,588,097</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A3/BBB+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,136,840</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,505</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Public Building Auth. Rev., Gov&#146;t Facs.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/36, Ser. I (GTD)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,577,019</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">4,713,859</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total Other Municipal Bonds &amp; Notes (cost-&#36;23,521,914)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">24,853,400</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">21</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>
  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="middle" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=left nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;CALIFORNIA VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(c) (d) (e)</FONT><B><FONT size=1 face="sans-serif">&#151;0.2%</FONT></B>
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36; &nbsp;&nbsp;1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Modesto Public Financing Auth. Lease Rev.,</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.01%, 9/1/29, Ser. 354 (AMBAC) (cost-&#36;1,482,309)</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;"><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif"> 1,639,275</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="middle" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=left nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;OTHER VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(d) (e)</FONT><B><FONT size=1 face="sans-serif">&#151;0.6%</FONT></B>
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(cost-&#36;5,580,416)</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba1/BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">5,625,367</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="middle" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=left nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;U.S. TREASURY BILLS </FONT></B><FONT size=1 face="sans-serif">(g)</FONT><B><FONT size=1 face="sans-serif">&#151;0.3%</FONT></B>
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,375</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">4.955%, 6/14/07 (cost-&#36;3,368,961)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">3,368,961</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost-&#36;879,667,154)</FONT><B><FONT size=1 face="sans-serif">&#151;100.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;"><div align="left"><B><FONT size=1 face="sans-serif">&#36;</FONT></B></div></TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">&nbsp;&nbsp;929,317,477</FONT></B>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">22 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      New York Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="middle" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=left nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;NEW YORK MUNICIPAL BONDS &amp; NOTES&#151;89.3%</FONT></B>

    <div align="center"></div>  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Buffalo Municipal Water Finance Auth., Water System Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ser. B, (Pre-refunded @ &#36;100, 7/1/12) (FSA) (b),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">263,715</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,060,580</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 11/15/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,525,304</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Erie Cnty. Tobacco Asset Securitization Corp. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.50%, 7/15/32, (Pre-refunded @ &#36;101, 7/15/10) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,867,500</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Liberty Dev. Corp. Rev., 5.25%, 10/1/35 (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,781,175</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Metropolitan Transportation Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,850</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/30, Ser. A (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,917,673</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 11/15/31, Ser. E</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,471,300</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.35%, 7/1/31, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">A1/AAA</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,373,870</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,130</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Mortgage Agcy. Rev., 4.75%, 10/1/27, Ser. 128 (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,209,214</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">New York City, GO, 5.00%, 3/1/33, Ser. I</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A1/AA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,110,080</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">New York City Health &amp; Hospital Corp. Rev., Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 2/15/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,133,671</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.45%, 2/15/26</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">A2/A</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,077,740</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">New York City Industrial Dev. Agcy. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Eger Harbor, 4.95%, 11/20/32 (GNMA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">NR/AA+</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,018,700</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">United Jewish Appeal Fed.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,560,615</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,220</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.45%, 7/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">B2/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,278,743</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Sewer System Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.50%, 6/15/33, Ser. C (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,308,975</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,055</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 6/15/25, Ser. D (MBIA-IBC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,081,976</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/32, Ser. A (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,122,550</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/15/34, Ser. A (h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,629,700</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">New York City Transitional Finance Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/1/27, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa1/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,358,400</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,785</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">New York City Trust for Cultural Res. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/34 (FGIC) (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,115,391</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Port Auth. New York &amp; New Jersey Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 4/15/32, Ser. 125 (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,765,996</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Dormitory Auth. Lease Rev., State Univ. Dormitory Facs.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/32, (Pre-refunded @ &#36;100, 7/1/12) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,904,400</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Dormitory Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Health of Long Island, 5.10%, 7/1/34</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa1/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,649,348</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,490</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Court Facs., 5.50%, 5/15/31, Ser. A (AMBAC) (c)(h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,825,364</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Kaleida Health Hospital, 5.05%, 2/15/25 (FHA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;
 <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,055,860</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Lenox Hill Hospital, 5.50%, 7/1/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Ba2/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,513,431</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Long Island Univ. (Radian),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,320</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,374,159</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">80</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/28, (Pre-refunded @ &#36;102, 9/1/09) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">84,163</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,850</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">North General Hospital, 5.00%, 2/15/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AA-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,042,753</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Rochester Hospital, 5.00%, 12/1/35 (Radian) (h)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,203,400</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Sloan-Kettering Center Memorial, 5.00%, 7/1/34, Ser. 1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa2/AA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,547,460</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">23</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      New York Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp; 5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">St. Barnabas Hospital, 5.00%, 2/1/31, Ser. A (AMBAC-FHA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,190,450</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">State Personal Income Tax, 5.00%, 3/15/32,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded
        @ &#36;100,
        3/15/13) (b)</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,116,602</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,250</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Student Housing Corp., 5.125%, 7/1/34,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded @ &#36;100,
        7/1/14) (FGIC) (b)</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,323,213</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,270</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Teachers College, 5.00%, 7/1/32 (MBIA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,430,381</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Yeshiva Univ., 5.125%, 7/1/34 (AMBAC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,117,140</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Environmental Facs. Corp., State Clean</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Drinking Rev., 5.125%, 6/15/31</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,087,640</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Urban Dev. Corp., Personal Income Tax Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 3/15/33, Ser. C-1, (Pre-refunded @ &#36;100, 3/15/13) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aa3/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,466,427</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Asset Backed, Inc. Rev., Ser. 1,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/34</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 <div align="center"><FONT size=1 face="sans-serif">NR/BBB</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,434,500</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 7/15/32, (Pre-refunded @ &#36;100, 7/15/12) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,159,500</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 7/15/39, (Pre-refunded @ &#36;101, 7/15/09) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,622,100</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Triborough Bridge &amp; Tunnel Auth. Rev. (FGIC-TCRS),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">710</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">734,282</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,990</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/32, (Pre-refunded @ &#36;100, 1/1/12) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,189,101</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Warren &amp; Washington Cntys. Industrial Dev. Agcy. Fac. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Glens Falls Hospital, 5.00%, 12/1/35, Ser. A (FSA)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,076,240</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Westchester Cnty. Industrial Dev. Agcy. Continuing Care</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Retirement Rev., Kendal on Hudson, 6.50%, 1/1/34</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">799,590</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=left nowrap><div align="center"></div></TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Total New York Municipal Bonds &amp; Notes (cost-&#36;239,214,868)</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">251,980,372</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="middle" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=left nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;OTHER MUNICIPAL BONDS &amp; NOTES&#151;6.0%</FONT></B>

    <div align="center"></div>  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;3.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Alameda Unified School Dist., Alameda Cnty., GO, Ser. A (FSA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/24</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,601,390</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/1/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,304,490</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">California Cnty., Tobacco Securitization Agcy. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/1/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,349,400</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,130</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Covina Valley Unified School Dist., GO, zero coupon,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">6/1/25, Ser. B (FGIC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,371,472</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">8,626,752</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;0.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">210</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Aaa/NR</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">106,672</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;3.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,675</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Children&#146;s Trust Fund, Tobacco Settlement Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 5/15/43</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/BBB</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,972,994</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Commonwealth Highway &amp; Transportation Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 7/1/38, Ser. D, (Pre-refunded @ &#36;100, 7/1/12) (b)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Baa3/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,598,010</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Electric Power Auth., Power Rev., 5.125%, 7/1/29, Ser. NN</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">A3/BBB+</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">801,315</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">8,372,319</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Total Other Municipal Bonds &amp; Notes (cost-&#36;15,803,590)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">17,105,743</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">24 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      New York Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Principal</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Amount</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Credit Rating</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:3px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">(000)</FONT>
  </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Moody&#146;s/S&amp;P)*</FONT>
    </div></TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="middle" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=left nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;NEW YORK VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(c) (d) (e)</FONT><B><FONT size=1 face="sans-serif">&#151;2.8%</FONT></B>
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;&nbsp; 5,595</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Long Island Power Auth. Electric System Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">10.10%, 12/1/26, Ser. 339 (MBIA-IBC)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><div align="left"><FONT size=1 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif"> 6,301,089</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Urban Dev. Corp. Rev., 8.977%, 3/15/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">NR/AAA</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,558,440</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Total New York Variable Rate Notes (cost-&#36;7,022,153)</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">7,859,529</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="middle" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=left nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;OTHER VARIABLE RATE NOTES </FONT></B><FONT size=1 face="sans-serif">(e)</FONT><B><FONT size=1 face="sans-serif">&#151;0.7%</FONT></B>
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Puerto Rico&#151;0.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,900</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">(cost-&#36;2,000,526)</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Ba1/BBB-</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,016,641</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="middle" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=left nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;NEW YORK VARIABLE RATE DEMAND NOTES </FONT></B><FONT size=1 face="sans-serif">(e) (f)</FONT><B><FONT size=1 face="sans-serif">&#151;0.8%</FONT></B>

    <div align="center"></div>  </TD>
  </TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Long Island Power Auth. Electric System Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">3.83%, 6/1/07, Ser. 1B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">100,000</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">New York City, GO (MBIA),</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">300</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">3.88%, 6/1/07, Ser. B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">300,000</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">3.89%, 6/1/07, Ser. H</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">VMIG1/A-1</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">400,000</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">New York City Transitional Finance Auth. Rev.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>

    <div align="center"></div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">3.83%, 6/1/07, Ser. 1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000,000</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">3.89%, 6/1/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">500,000</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Total New York Variable Rate Demand Notes (cost-&#36;2,300,000)</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,300,000</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="middle" bgcolor="#9BBCFF">
  <TD height="20" colspan=9 align=left nowrap>
<B><FONT size=1 face="sans-serif">&nbsp;U.S. TREASURY BILLS </FONT></B><FONT size=1 face="sans-serif">(g)</FONT><B><FONT size=1 face="sans-serif">&#151;0.4%</FONT></B>
  </TD>
  </TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,045</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">4.95%-4.955%, 6/14/07 (cost-&#36;1,043,130)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,043,130</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost-&#36;267,384,267)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;"><div align="left"><B><FONT size=1 face="sans-serif">&#36;</FONT></B></div></TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">&nbsp;&nbsp;282,305,415</FONT></B>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">25</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Schedule
      of Investments</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<P align="justify">&nbsp;</P>
<div style="border-bottom:2px solid #000000">&nbsp;</div>
<div>&nbsp;</div>
<table border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td colspan="2" valign=top nowrap><B><FONT size=1 face="sans-serif">Notes to Schedules of Investments:</FONT></B></td>
  </tr>
  <tr>
    <td nowrap valign=top><font size=1 face="sans-serif">*</font></td>
    <td><font size=1 face="sans-serif"> Unaudited</font></td>
  </tr>
  <tr>
    <td nowrap valign=top><font size=1 face="sans-serif">(a)&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100%><p align="justify"><font size=1 face="sans-serif">Illiquid
          security.</font></p></td>
  </tr>
  <tr>
    <td nowrap valign=top><font size=1 face="sans-serif">(b)</font></td>
    <td width=100%><p align="justify"><font size=1 face="sans-serif">Pre-refunded
          bonds are collateralized by U.S. Government or other eligible securities
          which are held in escrow and used to pay principal and interest and
          retire the bonds at the earliest refunding date (payment date) and/or
          whose interest rates vary with changes in a designated base rate (such
          as the prime interest rate).</font></p></td>
  </tr>
  <tr>
    <td nowrap valign=top><font size=1 face="sans-serif">(c)</font></td>
    <td width=100%><p align="justify"><font size=1 face="sans-serif">144A Security&#151;Security
          exempt from registration, under Rule 144A of the Securities Act of
          1933. These securities may be resold in transactions exempt from registration,
          typically only to qualified institutional buyers. Unless otherwise
          indicated, these securities are not considered to be illiquid.</font></p></td>
  </tr>
  <tr>
    <td nowrap valign=top><font size=1 face="sans-serif">(d)</font></td>
    <td width=100%><p align="justify"><font size=1 face="sans-serif">Inverse
          Floater&#151;The interest rate shown bears an inverse relationship
          to the interest rate on another security or the value of an index.</font></p></td>
  </tr>
  <tr>
    <td nowrap valign=top><font size=1 face="sans-serif">(e)</font></td>
    <td width=100%><p align="justify"><font size=1 face="sans-serif">Variable
          Rate Notes&#151;Instruments whose interest rates change on specified
          date (such as a coupon date or interest payment date) and/or whose
          interest rates vary with changes in a designated base rate (such as
          the prime interest rate). The interest rate disclosed reflects the
          rate in effect on May 31, 2007.</font></p></td>
  </tr>
  <tr>
    <td nowrap valign=top><font size=1 face="sans-serif">(f)</font></td>
    <td width=100%><p align="justify"><font size=1 face="sans-serif">Maturity
          date shown is date of next put.</font></p></td>
  </tr>
  <tr>
    <td nowrap valign=top><font size=1 face="sans-serif">(g)</font></td>
    <td width=100%><p align="justify"><font size=1 face="sans-serif">All or partial
          amount segregated as collateral for futures contracts.</font></p></td>
  </tr>
  <tr>
    <td nowrap valign=top><font size=1 face="sans-serif">(h)</font></td>
    <td width=100%><p align="justify"><font size=1 face="sans-serif">Residual
          Interest Bonds held in trust&#151;Securities represent underlying bonds
          transferred to a separate securitization trust established in a tender
          option bond transaction in which the Funds acquired the residual interest
          certificates.</font></p></td>
  </tr>
  <tr>
    <td><p><font size=1>&nbsp;</font></p></td>
    <td width=100%><p align="justify"><font size=1 face="sans-serif">These securities
          serve as collateral in a financing transaction.</font></p></td>
  </tr>
</table>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<P align="justify">
<B><FONT size=1 face="sans-serif">Glossary:</FONT></B><BR>
<FONT size=1 face="sans-serif">AMBAC &#151; insured by American Municipal Bond Assurance Corp.</FONT><BR>
<FONT size=1 face="sans-serif">CA Mtg. Ins. &#151; insured by California Mortgage Insurance</FONT><BR>
<FONT size=1 face="sans-serif">CP &#151; Certificates of Participation</FONT><BR>
<FONT size=1 face="sans-serif">CA St. Mtg. &#151; insured by California State Mortgage</FONT><BR>
<FONT size=1 face="sans-serif">FGIC &#151; insured by Financial Guaranty Insurance Co.</FONT><BR>
<FONT size=1 face="sans-serif">FHA &#151; insured by Federal Housing Administration</FONT><BR>
<FONT size=1 face="sans-serif">FSA &#151; insured by Financial Security Assurance, Inc.</FONT><BR>
<FONT size=1 face="sans-serif">GNMA &#151; insured by Government National Mortgage Association</FONT><BR>
<FONT size=1 face="sans-serif">GO &#151; General Obligation Bond</FONT><BR>
<FONT size=1 face="sans-serif">GTD &#151; Guaranteed</FONT><BR>
<FONT size=1 face="sans-serif">IBC &#151; Insurance Bond Certificate</FONT><BR>
<FONT size=1 face="sans-serif">MBIA &#151; insured by Municipal Bond Investors Assurance</FONT><BR>
<FONT size=1 face="sans-serif">NR &#151; Not Rated</FONT><BR>
<FONT size=1 face="sans-serif">PSF &#151; Public School Fund</FONT><BR>
<FONT size=1 face="sans-serif">Radian &#151; insured by Radian Guaranty, Inc.</FONT><BR>
<FONT size=1 face="sans-serif">TCRS &#151; Temporary Custodian Receipts</FONT><BR>
<FONT size=1 face="sans-serif">XLCA &#151; insured by XL Capital Assurance</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">26 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>
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<P align="center">
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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Statements
      of Assets and Liabilities</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD colspan="2" align=right nowrap>
<B><FONT size=1 face="sans-serif">California&nbsp;&nbsp;&nbsp;</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD colspan="2" align=right nowrap>
<B><FONT size=1 face="sans-serif">New York&nbsp;&nbsp;&nbsp;</FONT></B>
  </TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"> <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
  </div>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"> <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
  </div>  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"> <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
  </div>  </TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Assets:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Investments, at value (cost&#151;&#36;1,364,979,842, &#36;879,667,154</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">and &#36;267,384,267, respectively)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,491,686,622</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">929,317,477</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">282,305,415</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Cash</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,664,936</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">98,840</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,503,419</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Interest receivable</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">18,494,935</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">13,155,037</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,701,654</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Receivable for investments sold</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">420,000</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">323,055</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,000</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Receivable for variation margin on futures contracts</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">34,131</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">50,313</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,719</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Prepaid expenses and other assets</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,083,287</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">38,083</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">347,251</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Total Assets</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,514,383,911</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">942,982,805</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">288,871,458</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=13>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Liabilities:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Payable for floating rate notes</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">115,540,000</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">220,964,639</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">41,028,367</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Dividends payable to common and preferred shareholders</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,978,280</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,212,594</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">716,107</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Interest payable</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,837,961</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,045,103</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">571,861</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Investment management fees payable</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">593,157</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">304,529</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">104,966</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Payable for variation margin on futures contracts</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">355,219</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">138,925</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,719</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Accrued expenses and other payables</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">264,534</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,032,925</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">214,548</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Total Liabilities</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">122,569,151</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">227,698,715</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">42,653,568</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Preferred shares (&#36;0.00001 par value and &#36;25,000 net</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">asset and liquidation value per share applicable</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">to an aggregate of 20,200, 10,400 and 3,600 shares</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">issued and outstanding, respectively)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">505,000,000</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">260,000,000</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">90,000,000</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net Assets Applicable to Common Shareholders</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">886,814,760</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">455,284,090</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">156,217,890</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=13>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Composition of Net Assets Applicable to</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Common Shareholders:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Common Stock:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Par value (&#36;0.00001 per share)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;589</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;306</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;106</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Paid-in-capital in excess of par</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">838,015,300</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">434,511,918</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">149,968,350</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Dividends in excess of net investment income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(719,429</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,935,976</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(524,386</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Accumulated net realized loss</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(87,630,352</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(30,451,047</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(9,345,609</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net unrealized appreciation of investments and futures</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">contracts</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">137,148,652</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">53,158,889</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">16,119,429</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net Assets Applicable to Common Shareholders</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">886,814,760</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">455,284,090</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">156,217,890</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Common Shares Outstanding</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">58,924,633</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">30,570,529</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,565,374</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net Asset Value Per Common Share</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;15.05</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.89</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;14.79</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">28 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Statements
      of Operations</font></b><br>
    <font size=1 face="sans-serif">For the year ended May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD colspan="2" align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD colspan="2" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD colspan="2" align=right nowrap>
    <div align="right"><B><FONT size=1 face="sans-serif">California&nbsp;&nbsp;&nbsp;</FONT></B>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD colspan="2" align=right nowrap>
    <div align="right"><B><FONT size=1 face="sans-serif">New York&nbsp;&nbsp;&nbsp;</FONT></B>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"> <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
  </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Investment Income:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Interest</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">78,724,118</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">46,041,982</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14,795,288</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=13>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Expenses:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Investment management fees</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,013,152</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,636,117</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,606,003</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Interest expense</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,370,148</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,521,828</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,565,412</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Auction agent fees and commissions</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,289,922</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">676,722</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">235,991</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Custodian and accounting agent fees</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">239,821</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">82,291</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">136,131</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Trustees&#146; fees and expenses</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">86,795</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">47,230</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">22,695</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Reports to shareholders</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">70,450</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">31,990</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">29,260</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Audit and tax services</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">61,410</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">52,635</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">38,290</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">New York Stock Exchange listing fees</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">47,735</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">24,580</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">21,483</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Transfer agent fees</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">32,405</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">35,405</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">34,785</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Legal fees</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">30,040</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14,410</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,840</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Insurance expense</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">28,365</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15,358</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,619</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Excise tax expense</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">20,419</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,171</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">679</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Investor relations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,125</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,570</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,025</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Miscellaneous</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">19,830</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">18,800</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">16,450</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Total expenses</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15,319,617</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14,170,107</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,721,663</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Less: investment management fees waived</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,079,958</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,069,873</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(370,616</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;custody
        credits earned on cash balances</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(206,886</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(64,076</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(72,691</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net expenses</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">13,032,773</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">13,036,158</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,278,356</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=13>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net Investment Income</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">65,691,345</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">33,005,824</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">11,516,932</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=13>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Realized and Change in Unrealized Gain (Loss):</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net realized gain (loss) on:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(48,885</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(226,090</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">350,653</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Futures contracts</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(824,014</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,060,084</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(416,343</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Options written</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">960,514</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">355,013</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">204,225</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net change in unrealized appreciation/depreciation of:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">27,692,419</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15,976,904</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,212,450</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Futures contracts</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,177,757</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(4,657,552</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(190,383</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net realized and change in unrealized gain on investments,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">futures contracts and options written</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">19,602,277</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,388,191</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,160,602</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Net Increase in Net Assets Resulting from</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Investment Operations</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">85,293,622</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">43,394,015</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">12,677,534</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends on Preferred Shares from</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Net Investment Income</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(17,388,694</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,273,822</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,954,143</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Net Increase in Net Assets Applicable to Common</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Shareholders Resulting from Investment Operations</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">67,904,928</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">35,120,193</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">9,723,391</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">29</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=18% align=right nowrap>
    <div align="left"><B><FONT color=#0048E0 size=2 face="sans-serif">PIMCO Municipal Income Funds II &nbsp;</FONT></B>    </div></TD>
  <TD width=82% align=right nowrap><div align="left"><B><FONT size=2 face="sans-serif">Statements of Changes
    in Net Assets</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<B>&nbsp;</B>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><B><FONT size=2 face="sans-serif">Applicable
    to Common Shareholders</FONT></B></div></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Municipal II</FONT></B>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap colspan=5 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Year ended May 31,</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Investment Operations:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">65,691,345</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">62,797,656</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net realized gain (loss) on investments, futures contracts and options written</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">87,615</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(15,393,416</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net change in unrealized appreciation/depreciation of investments,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">futures contracts and options written</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">19,514,662</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">16,506,689</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net increase in net assets resulting from investment operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">85,293,622</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">63,910,929</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Dividends to Preferred Shareholders from Net investment income:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(17,388,694</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(13,697,379</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net increase in net assets applicable to common shareholders</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">resulting from investment operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">67,904,928</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">50,213,550</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Dividends to Common Shareholders from Net investment income:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(47,920,349</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(55,835,634</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Capital Share Transactions:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Reinvestment of dividends</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,998,399</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,163,881</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">Total increase in net assets applicable to common shareholders</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">23,982,978</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">541,797</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Net Assets Applicable to Common Shareholders:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Beginning of year</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">862,831,782</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">862,289,985</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">End of year (including dividends in excess of net investment income of</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">&#36;(719,429) and &#36;(1,251,379); &#36;(1,935,976) and &#36;(1,032,143) &#36;(524,386)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">and &#36;(733,605); respectively)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">886,814,760</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">862,831,782</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Common Shares Issued in Reinvestment of Dividends:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">266,561</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">417,928</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">30 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="60%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="sans-serif">California Municipal II</FONT></B>
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=left nowrap colspan=5 style="border-bottom:1px solid #000000;"> <div align="center"><B><FONT size=1 face="sans-serif">New York Municipal II</FONT></B>
  </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap colspan=5 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Year ended May 31,</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=left nowrap colspan=5 style="border-bottom:1px solid #000000;"> <div align="center"><FONT size=1 face="sans-serif">Year ended May 31,</FONT>
  </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="sans-serif">2007</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=15>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;33,005,824</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;32,096,363</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;11,516,932</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;11,187,579</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(931,161</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,003,450</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">138,535</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">143,004</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=15>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">11,319,352</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,500,999</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,022,067</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,000,321</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">43,394,015</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">33,593,912</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,677,534</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,330,904</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=15>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,273,822</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(6,356,144</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,954,143</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(2,367,860</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=15>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">35,120,193</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">27,237,768</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,723,391</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,963,044</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=15>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(25,618,929</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(28,205,349</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(8,378,638</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(9,597,690</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="15" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="15" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="15" align=right nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,403,958</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,750,671</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">784,927</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">910,722</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">11,905,222</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,783,090</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">2,129,680</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,276,076</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=15>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=15>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">443,378,868</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">441,595,778</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">154,088,210</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">152,812,134</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="15" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="15" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">455,284,090</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">443,378,868</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">156,217,890</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">154,088,210</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=15>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">158,649</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">187,096</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">52,337</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">61,504</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>
</p>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">31</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:3px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Statement
      of Cash Flows</font></b><br>
    <font size=1 face="sans-serif">For the year ended May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows used for Operating Activities:</FONT></B>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Purchases of long-term investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(55,863,816</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Proceeds from sales of long-term investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">25,241,927</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Interest received</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">33,811,513</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net cash provided by options written</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">363,979</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Operating expenses paid</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(4,485,025</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net cash provided by futures transactions</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(5,308,146</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net increase in short-term investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,004,550</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash used for operating activities</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(235,018</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows from Financing Activities:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Proceeds from issuance of floating rate notes</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">21,361,644</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Cash dividends paid (excluding reinvestment of dividends of &#36;722,333)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(31,483,959</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash used for financing activities*</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(10,122,315</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net decrease in cash</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(10,357,333</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at beginning of period</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">10,456,173</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at end of period</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">98,840</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Reconciliation of Net Increase in Net Assets From Investment</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Operations to Net Cash Used for Operating Activities:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net increase in net assets resulting from investment operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">43,394,015</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in payable for investments purchased</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,483,300</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in receivable for investments sold</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(193,055</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in interest receivable</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">273,948</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in prepaid expenses and other assets</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(12,498</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in investment management fees payable</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,370</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in variation margin payable on futures contracts</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">81,740</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in variation margin receivable on futures contracts</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">327,749</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in accrued expenses and other payables</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">35,434</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">Net increase in investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(42,665,421</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash used for operating activities</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;
</TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;(235,018</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=1% align=left nowrap>
<B><FONT size=1 face="sans-serif">*&nbsp;&nbsp;&nbsp;</FONT></B>
  </TD>
  <TD width=99% align=left nowrap>
<B><FONT size=1 face="sans-serif">Supplemental Disclosure</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Non-cash financing activity not included consists of interest expense on floating rate notes issued of &#36;8,521,828.</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">32 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:3px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      New York Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Statement
      of Cash Flows</font></b><br>
    <font size=1 face="sans-serif">For the year ended May 31, 2007</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows provided by Operating Activities:</FONT></B>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Purchases of long-term investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(7,157,636</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Proceeds from sales of long-term investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,503,752</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Interest received</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,368,413</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net cash provided by options written</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">210,661</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Operating expenses paid</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,711,458</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net cash used for futures transactions</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(516,146</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Net decrease in short-term investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">35,624</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash provided by operating activities</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">10,733,210</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Cash Flows from Financing Activities:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Cash dividends paid (excluding reinvestment of dividends of &#36;705,924)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(10,565,352</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash used for financing activities*</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(10,565,352</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net increase in cash</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">167,858</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at beginning of period</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,335,562</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Cash at end of period</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">1,503,420</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Reconciliation of Net Increase in Net Assets From Investment</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Operations to Net Cash Provided by Operating Activities:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net increase in net assets resulting from investment operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,677,534</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in receivable for investments sold</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(10,000</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in interest receivable</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(134,767</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in prepaid expenses and other assets</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">303</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Increase in investment management fees payable</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,601</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in variation margin payable on futures contracts</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(26,203</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in variation margin receivable on futures contracts</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">116,783</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Decrease in accrued expenses and other payables</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(418</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">Net increase in investments</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">(1,891,623</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=5>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:2px solid #000000;">
<B><FONT size=1 face="sans-serif">Net cash provided by operating activities</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:2px solid #000000;">
<FONT size=1 face="sans-serif">10,733,210</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:2px solid #000000;">&nbsp;

  </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=1% align=left nowrap>
<B><FONT size=1 face="sans-serif">*&nbsp;&nbsp;&nbsp;</FONT></B>
  </TD>
  <TD width=99% align=left nowrap>
<B><FONT size=1 face="sans-serif">Supplemental Disclosure</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Non-cash financing activity not included consists of interest expense on floating rate notes issued of &#36;1,565,412.</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">33</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies<br>
</FONT></B><FONT size=1 face="sans-serif">PIMCO
Municipal Income Fund II (&#147;Municipal II&#148;), PIMCO California Municipal Income Fund II (&#147;California Municipal II&#148;) and PIMCO New York Municipal Income Fund II (&#147;New York Municipal
II&#148;), collectively referred to as the &#147;Funds&#148;, were organized as Massachusetts business trusts on March 29, 2002. Prior to commencing operations on June 28, 2002, the Funds had no operations other than matters relating to their
organization and registration as non-diversified, closed-end management investment companies registered under the Investment Company Act of 1940 and the rules and regulations thereunder, as amended. Allianz Global Investors Fund Management LLC (the
&#147;Investment Manager&#148;), serves as the investment manager and is an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P. (&#147;Allianz Global&#148;). Allianz Global is an indirect majority-owned subsidiary of
Allianz SE, a publicly traded insurance and financial services company. The Funds have an unlimited amount of &#36;0.00001
par value common stock authorized.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Under normal market conditions, Municipal II invests substantially all of its total assets in a portfolio of municipal bonds, the interest from which is exempt from federal income taxes. Under normal market conditions,
California Municipal II invests substantially all of its total assets in municipal bonds which pay interest that is currently exempt from federal and California state income taxes. Under normal market conditions, New York Municipal II invests
substantially all of its total assets in municipal bonds which pay interest that is currently exempt from federal, New York State and New York City income taxes. The Funds will seek to avoid bonds generating interest income which could potentially
subject individuals to alternative minimum tax. The issuers&#146; abilities to meet their obligations may be affected by economic and political developments in a specific state or region.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual results could differ from those estimates.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In the normal course of business the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds&#146; maximum exposure under these arrangements is unknown as
this would involve future claims that may be made against the Funds based upon events that have not been asserted. However, the Funds expect the risk of any loss to be remote.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, &#147;Accounting for Uncertainty in Income Taxes - an Interpretation of FASB Statement No. 109&#148; (the
&#147;Interpretation&#148;). The Interpretation establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns
(including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. The Interpretation is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as
of the date of effectiveness. Fund management has recently begun to evaluate the application of the Interpretation, and is not in a position at this time to estimate the significance of its impact, if any, on the Funds&#146; financial statements. On
December 22, 2006, the Securities &amp; Exchange Commission announced that it would not object if a fund implements the Interpretation in its NAV calculation as late as its last NAV calculation in the first required financial statement reporting
period for its fiscal year beginning after December 15, 2006. Consequently, the Funds will be required to comply with the Interpretation by November 30, 2007.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards (&#147;SFAS&#148;) 157, Fair Value Measurements, which clarifies the definition of fair value and requires
companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. Adoption of SFAS 157 requires the use of the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. At this time, the Funds are in the process of reviewing the SFAS 157 against their current valuation policies to determine future applicability.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">34 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>
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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<P align="justify">&nbsp;</P>
<P align="justify">
<FONT size=1 face="sans-serif">The following is a summary of significant accounting policies consistently followed by the Funds:</FONT></P>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies (continued)</FONT></B></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(a) Valuation of Investments<br>
</FONT></B><FONT size=1 face="sans-serif">Portfolio
securities and other financial instruments for which market quotations are readily
available are stated at market value. Portfolio securities and other financial
instruments for which market quotations are not readily available or if a development/event
occurs that may significantly impact the value of a security, are fair-valued,
in good faith, pursuant to guidelines established by the Board of Trustees. The
Funds&#146; investments are valued daily
using prices supplied by an independent pricing service or dealer quotations, or using the last sale price on the exchange that is the primary market for such securities, or the last quoted mean price for those securities for which the
over-the-counter market is the primary market or for listed securities in which there were no sales. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to
investments or securities with similar characteristics. Exchange traded options and futures are valued at the settlement price determined by the relevant exchange. Short-term securities maturing in 60 days or less are valued at amortized cost, if
their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. The prices used by the Funds to value securities may differ from the value that
would be realized if the securities were sold and the differences could be material to the financial statements. Each Fund&#146;s net asset value is normally determined daily as of the close of regular trading (normally, 4:00 p.m. Eastern time) on
the New York Stock Exchange (&#147;NYSE&#148;) on each day the NYSE is open for
business.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(b) Investment Transactions and Investment Income<br>
</FONT></B><FONT size=1 face="sans-serif">Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Interest income is recorded on an accrual basis. Original issue
discounts or premiums on debt securities purchased are accreted or amortized, respectively daily to non-taxable interest income. Market discount, if any, is accreted daily to taxable income.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(c) Federal Income Taxes<br>
</FONT></B><FONT size=1 face="sans-serif">The Funds intend to distribute all of their taxable income and to comply with the other requirements of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no
provision for U.S. federal income taxes is required.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(d) Dividends and Distributions &#151; Common Stock<br>
</FONT></B><FONT size=1 face="sans-serif">The
Funds declare dividends from net investment income monthly to common shareholders.
Distributions of net realized capital gains, if any, are paid at least annually.
Each Fund records dividends and distributions to its shareholders on the ex-dividend
date. The amount of dividends and distributions from net investment income and
net realized capital gains are determined in accordance with federal income tax
regulations, which may differ from generally accepted accounting principles.
These &#147;book-tax&#148; differences are considered either temporary or permanent
in nature. To the extent these differences are permanent in nature, such amounts
are reclassified within the capital accounts based on their federal income tax
treatment; temporary differences do not require reclassification. To the extent
dividends and/or distributions exceed current and accumulated earnings and profits
for federal income tax purposes; they are reported as dividends and/or distributions
of paid-in capital.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(e) Futures Contracts<br>
</FONT></B><FONT size=1 face="sans-serif">A
futures contract is an agreement between two parties to buy and sell a financial
instrument at a set price on a future date. Upon entering into such a contract,
the Funds are required to pledge to the broker an amount of cash or securities,
equal to the minimum &#147;initial margin&#148; requirements of the exchange. Pursuant to the contracts, the Funds agree to receive from or pay to the broker an amount of cash or securities equal to the daily
fluctuation in the value of the contracts. Such receipts or payments are known as &#147;variation margin&#148; and
are recorded by the Funds as unrealized appreciation or depreciation. When the
contracts are closed, the Funds record a realized gain or loss equal to the difference
between the value of the contracts at the time they were opened and the value
at the time they were closed. Any unrealized appreciation or depreciation recorded
is simultaneously reversed. The use of futures transactions involves the risk
of an imperfect correlation in the movements in the price of futures contracts,
interest rates and the underlying hedged assets, and the possible inability of
counterparties to meet the terms of their contracts.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="right"><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">35</FONT></B></P>
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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies (continued)</FONT></B></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(f) Option Transactions<br>
</FONT></B><FONT size=1 face="sans-serif">The Funds may purchase and write (sell) put and call options on securities for hedging purposes, risk management purposes or as part of its investment strategy. The risk associated with purchasing an option is that the
Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for
in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options is decreased by the premiums
paid.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">When an option is written, the premium received is recorded as an asset with an equal liability which is subsequently marked to market to reflect the current market value of the option written. These liabilities are
reflected as options written in the Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the
amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a call option
written by the Funds is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written by the Funds is exercised, the premium reduces
the cost basis of the security. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Funds purchasing a security at
a price different from its current market value.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(g) Inverse Floating Rate Transactions &#151; Residual Interest Municipal Bonds (&#147;RIBs&#148;) / Residual Interest Tax Exempt Bonds (&#147;RITEs&#148;)<br>
</FONT></B><FONT size=1 face="sans-serif">The
Funds invest in RIBs and RITEs (&#147;Inverse Floaters&#148;) whose interest rates bear an inverse relationship to the interest rate on another security or the value of an index. In these transactions, the Funds
sell a fixed rate municipal bond (&#147;Fixed Rate Bond&#148;) to a broker who places the Fixed Rate Bond in a special purpose trust (&#147;Trust&#148;) from which floating rate bonds (&#147;Floating Rate Notes&#148;) and Inverse Floaters are
issued. The Funds simultaneously or within a short period of time purchase the Inverse Floaters from the broker. The Inverse Floaters held by the Funds provide the Funds with the right to: (1) cause the holders of the Floating Rate Notes to tender
their notes at par, and (2) cause the broker to transfer the Fixed-Rate Bond held by the Trust to the Funds, thereby collapsing the Trust. Pursuant to Statement of Financial Accounting Standards No. 140 (&#147;FASB Statement No. 140&#148;), the
Funds account for the transaction described above as a secured borrowing by including the Fixed-Rate Bond in their Schedules of Investments, and account for the Floating Rate Notes as a liability under the caption &#147;Payable for floating rate
notes&#148; in the Funds&#146; Statements of Assets and Liabilities. The Floating
Rate Notes have interest rates that generally reset weekly and their holders
have the option to tender their notes to the broker for redemption at par at
each reset date.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Funds may also invest in Inverse Floaters without transferring a fixed rate municipal bond into a special purpose trust, which are not accounted for as secured borrowings.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Inverse Floaters are created by dividing the income stream provided by the underlying bonds to create two securities, one short-term and one long-term. The interest rate on the short-term component is reset by an
index or auction process typically every 7 to 35 days. After income is paid on the short-term securities at current rates, the residual income from the underlying bond(s) goes to the long-term securities. Therefore, rising short-term rates result in
lower income for the long-term component and visa versa. The longer-term bonds may be more volatile and less liquid than other municipal bonds of comparable maturity. Investments in Inverse Floaters typically will involve greater risk than an
investment in Fixed Rate Bonds. The Funds may also invest in Inverse Floaters for the purpose of increasing leverage.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Funds&#146; restrictions on borrowings do not apply to the secured borrowings deemed to have occurred for accounting purposes pursuant to FASB Statement No. 140. Inverse Floaters held by the Funds are exempt from
registration under Rule 144A of the Securities Act of 1933.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">36 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>
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<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">1. Organization and Significant Accounting Policies (continued)</FONT></B></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(h) When-Issued/Delayed-Delivery Transactions<br>
</FONT></B><FONT size=1 face="sans-serif">When-issued or delayed-delivery basis transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period.
When delayed-delivery purchases are outstanding, the Funds will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a
delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, consequently, such fluctuations are taken into account when determining its net asset value. The Funds
may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security on a delayed-delivery basis is sold,
the Funds do not participate in future gains and losses with respect to the security.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(i) Custody Credits Earned on Cash Balances<br>
</FONT></B><FONT size=1 face="sans-serif">The Funds benefit from an expense offset arrangement with their custodian bank whereby uninvested cash balances earn credits which reduce monthly custodian and accounting agent expenses. Had these cash balances been
invested in income producing securities, they would have generated income for the Funds.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">(j) Interest Expense<br>
</FONT></B><FONT size=1 face="sans-serif">Interest
expense relates to the Funds&#146; liability in connection with floating rate
notes held by third parties in conjunction with Inverse Floater transactions.
Interest expense is recorded as incurred.</FONT></P>
<P align="justify">
<B><FONT size=2 face="sans-serif">2. Investment Manager/Sub-Adviser<br>
</FONT></B><FONT size=1 face="sans-serif">Each
Fund has entered into an Investment Management Agreement (collectively the &#147;Agreements&#148;) with the Investment Manager. Subject to the supervision by each Fund&#146;s Board of Trustees, the Investment
Manager is responsible for managing, either directly or through others selected by it, the Fund&#146;s investment activities, business affairs and other administrative matters. Pursuant to the Agreements, the Investment Manager receives an annual
fee, payable monthly, at the annual rate of 0.65% of each Fund&#146;s average daily net assets, inclusive of net assets attributable to any preferred shares that may be outstanding. In order to reduce Fund expenses, the Investment Manager has
contractually agreed to waive a portion of its investment management fee for each Fund at the annual rate of 0.15% of each Fund&#146;s
average daily net assets, including net assets attributable to any preferred
shares that may be outstanding, from the commencement of operations through June
30, 2007, and for a declining amount thereafter through June 30, 2009.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Investment Manager has retained its affiliate, Pacific Investment Management Company LLC (the &#147;Sub-Adviser&#148;) to manage each Fund&#146;s investments. Subject to the supervision of the Investment Manager,
the Sub-Adviser makes all investment decisions for the Funds. The Investment Manager, not the Funds, pays a portion of the fees it receives to the Sub-Adviser in return for its services.</FONT></P>
<P align="justify">
<B><FONT size=2 face="sans-serif">3. Investments in Securities<br>
</FONT></B><FONT size=1 face="sans-serif">For the year ended May 31, 2007, purchases and sales of investments, other than short-term securities, were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">California</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">New York</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Municipal II</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Municipal II</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Municipal II</FONT>
    </div></TD>
</TR>
<TR>
  <TD colspan=7><p><font size=1>&nbsp;</font></p>

  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<FONT size=1 face="sans-serif">Purchases</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;108,875,007</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;54,371,550</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;7,151,200</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width="95%" align=left nowrap>
<FONT size=1 face="sans-serif">Sales</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">52,212,994</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,434,982</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,513,750</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">&nbsp;</P>
<P align="right"><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">37</FONT></B></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">3. Investments in Securities (continued)</FONT></B></P>
<P align="justify">
<FONT size=1 face="sans-serif">(a) Futures contracts outstanding at May 31, 2007:</FONT></P>
<TABLE border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Market</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap colspan=3>
    <div align="center"><FONT size=1 face="sans-serif">Unrealized</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Value</FONT>
  </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Expiration</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap colspan=3>
    <div align="center"><FONT size=1 face="sans-serif">Appreciation</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT style="border-bottom:1px solid #000000;" size=1 face="sans-serif">Municipal II</FONT>
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Contracts</FONT>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Date</FONT>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=right nowrap colspan=3 style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(Depreciation)</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Long: Financial Future Euro&#151;90 day</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><FONT size=1 face="sans-serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif"> 5,442</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6/18/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(27,312</FONT>
  </TD>
  <TD align=left nowrap><FONT size=1 face=sans-serif>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financial Future Euro&#151;90 day</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,443</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9/17/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(26,738</FONT>
  </TD>
  <TD align=left nowrap><FONT size=1 face=sans-serif>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financial Future Euro&#151;90 day</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,446</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12/17/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(24,438</FONT>
  </TD>
  <TD align=left nowrap><FONT size=1 face=sans-serif>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financial Future Euro&#151;90 day</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,450</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3/17/08</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(19,550</FONT>
  </TD>
  <TD align=left nowrap><FONT size=1 face=sans-serif>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Notes 5 yr. Futures</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,789</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">395,714</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9/28/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(473,625</FONT>
  </TD>
  <TD align=left nowrap><FONT size=1 face=sans-serif>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Short: U.S. Treasury Bond Futures</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(34</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(3,712</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6/20/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">137,333</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Bond Futures</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(2,575</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(281,077</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6/30/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap><FONT size=1 face="sans-serif">10,400,580</FONT> </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Bond Futures</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(924</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(100,832</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9/19/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">137,156</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(362</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(38,508</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9/19/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">90,500</FONT>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="sans-serif">&#36;</FONT>
    </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=1 face="sans-serif">10,193,906</FONT></TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT style="border-bottom:1px solid #000000;" size=1 face="sans-serif">California Municipal II</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Long: Financial Future Euro&#151;90 day</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">261</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><FONT size=1 face="sans-serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif"> 61,753</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6/18/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(250,712</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financial Future Euro&#151;90 day</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">251</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">59,402</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9/17/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(229,988</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financial Future Euro&#151;90 day</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">261</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">61,798</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12/17/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(215,513</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financial Future Euro&#151;90 day</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">261</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">61,847</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3/17/08</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(160,050</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Notes 5 yr. Futures</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">960</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">100,260</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9/28/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(120,000</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Short: U.S. Treasury Bond Futures</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(1,116</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(121,818</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6/20/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,237,313</FONT>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Bond Futures</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(560</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(61,110</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9/19/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">83,125</FONT>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(576</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(61,272</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9/19/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">144,000</FONT>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="sans-serif">&#36; </FONT>
    </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=1 face="sans-serif">3,488,175</FONT></TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT style="border-bottom:1px solid #000000;" size=1 face="sans-serif">New York Municipal II</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Long: U.S. Treasury Notes 5 yr. Futures</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">189</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap><FONT size=1 face="sans-serif">&#36;</FONT></TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif"> 19,739</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9/28/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(23,625</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Short: U.S. Treasury Bond Futures</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(303</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(33,074</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6/30/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,150,453</FONT>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Bond Futures</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(65</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(7,093</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9/19/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,649</FONT>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(34</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(3,617</FONT>
  </TD>
  <TD><FONT size=1 face=sans-serif>)</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6/20/07</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">55,781</FONT>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
    <div align="left"><FONT size=1 face="sans-serif">&#36; </FONT>
    </div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=1 face="sans-serif">1,192,258</FONT></TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">(b) Transactions in options written for the year ended May 31, 2007:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Contracts</FONT>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Premiums</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
    <FONT STYLE="border-bottom:1px solid #000000" size=1 face="sans-serif">Municipal II</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, May 31, 2006</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">0</FONT>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options written</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,811</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">988,770</FONT>
  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options terminated in closing transactions</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(1,497</FONT>
  </TD>
  <TD align=left nowrap><FONT size=1 face="sans-serif">)</FONT></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(205,650</FONT>
  </TD>
  <TD align=left nowrap><FONT size=1 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options expired</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(4,314</FONT>
  </TD>
  <TD align=left valign="middle" nowrap><FONT size=1 face="sans-serif">)</FONT></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(783,120</FONT>
  </TD>
  <TD align=left valign="middle" nowrap><FONT size=1 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, May 31, 2007</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">&#36;0</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT STYLE="border-bottom:1px solid #000000" size=1 face="sans-serif">California Municipal II</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, May 31, 2006</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">0</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options written</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,997</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">363,979</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options terminated in closing transactions</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(475</FONT>
  </TD>
  <TD align=left nowrap><FONT size=1 face="sans-serif">)</FONT></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(65,254</FONT>
  </TD>
  <TD align=left nowrap><FONT size=1 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options expired</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,522</FONT>
  </TD>
  <TD align=left valign="middle" nowrap><FONT size=1 face="sans-serif">)</FONT></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(298,725</FONT>
  </TD>
  <TD align=left valign="middle" nowrap><FONT size=1 face="sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, May 31, 2007</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">&#36;0</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
    <FONT STYLE="border-bottom:1px solid #000000" size=1 face="sans-serif">New York Municipal II</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, May 31, 2006</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">0</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options written</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,287</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">210,661</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options terminated in closing transactions</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(341</FONT>
  </TD>
  <TD align=left nowrap><FONT size=1 face=sans-serif>)</FONT></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(46,845</FONT>
  </TD>
  <TD align=left nowrap><FONT size=1 face=sans-serif>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options expired</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(946</FONT>
  </TD>
  <TD align=left valign="middle" nowrap><FONT size=1 face=sans-serif>)</FONT></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(163,816</FONT>
  </TD>
  <TD align=left valign="middle" nowrap><FONT size=1 face=sans-serif>)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, May 31, 2007</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">&#36;0</FONT>
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">38 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<P align="justify">
<B><FONT size=2 face="sans-serif">4. Income Tax Information</FONT></B></P>
<P align="justify">
  <FONT STYLE="border-bottom:1px solid #000000" size=1 face="sans-serif">Municipal II:</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The tax character of dividends paid were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=95% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Year ended</FONT>
      </div></TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Year ended</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">May 31, 2007</FONT>
      </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">May 31, 2006</FONT>
    </div></TD>
  </TR>
<TR>
  <TD colspan=7>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=1 face="sans-serif">Ordinary Income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,763,575</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,296,868</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=1 face="sans-serif">Tax Exempt Income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">58,545,468</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">65,236,145</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">At May 31, 2007, there were no distributable earnings.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">At May 31, 2007, Municipal II had a capital loss carryforward of &#36;77,152,498 (&#36;10,260,913 of which will expire in 2012, &#36;54,505,416 of which will expire in 2013, &#36;4,473,237 of which will expire in 2014
and &#36;7,912,932 of which will expire in 2015), available as a reduction, to the extent provided in the regulations, of any future net realized capital gains. To the extent that these losses are used to offset future realized capital gains, such
gains will not be distributed.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">For the year ended May 31, 2007, permanent &#148;book-tax&#148; differences were primarily attributable to the differing treatment of inverse floater transactions and non-deductible excise taxes. These adjustments were
to decrease distribution in excess of net investment income by &#36;149,648, decrease paid-in capital by &#36;19,711 and increase accumulated net realized loss by &#36;129,937.</FONT></P>
<P align="justify">
  <FONT STYLE="border-bottom:1px solid #000000" size=1 face="sans-serif">California Municipal II:</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The tax character of dividends paid were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=95% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Year ended</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Year ended</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">May 31, 2007</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">May 31, 2006</FONT>
    </div></TD>
  </TR>
<TR>
  <TD colspan=7>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=1 face="sans-serif">Ordinary Income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,663,293</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,211,673</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=1 face="sans-serif">Tax Exempt Income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">32,229,458</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">33,349,820</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">At May 31, 2007, there were no distributable earnings.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">At May 31, 2007, California Municipal II had a capital loss carryforward of &#36;25,780,263 (&#36;3,919,943 of which will expire in 2012, &#36;16,328,922 of which will expire in 2013 and &#36;5,531,398 of which will
expire in 2015), available as a reduction, to the extent provided in the regulations, of any future net realized capital gains. To the extent that these losses are used to offset future realized capital gains, such gains will not be
distributed.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">For the year ended May 31, 2007, permanent &#148;book-tax&#148; differences were primarily attributable to the differing treatment of inverse floater transactions and non-deductible excise taxes. These adjustments were
to increase distribution in excess of net investment income by &#36;16,906, decrease paid-in capital by &#36;5,957 and decrease accumulated net realized loss by &#36;22,863.</FONT></P>
<P align="justify">
  <FONT STYLE="border-bottom:1px solid #000000" size=1 face="sans-serif">New York Municipal II:</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The tax character of dividends paid were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=95% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Year ended</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Year ended</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">May 31, 2007</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">May 31, 2006</FONT>
    </div></TD>
  </TR>
<TR>
  <TD colspan=7>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=1 face="sans-serif">Ordinary Income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=left nowrap> <div align="right"><FONT size=1 face="sans-serif">341,156</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">358,930</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=1 face="sans-serif">Tax Exempt Income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=left nowrap> <div align="right"><FONT size=1 face="sans-serif">10,991,625</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,606,620</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=95% align=left nowrap>
<FONT size=1 face="sans-serif">At May 31, 2007, there were no distributable earnings.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">39</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">4. Income Tax Information (continued)</FONT></B></P>
<P align="justify">
<FONT size=1 face="sans-serif">At May 31, 2007, New York Municipal II had a capital loss carryforward of &#36;6,186,327 (&#36;378,802 of which will expire in 2012, &#36;5,755,677 of which will expire in 2013 and &#36;51,848 of which will expire in
2015) available as a reduction, to the extent provided in the regulations, of any future net realized capital gains. To the extent that these losses are used to offset future realized capital gains, such gains will not be distributed. </FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">For the year ended May 31, 2007, permanent &#148;book-tax&#148; differences were primarily attributable to the differing treatment of inverse floater transactions and non-deductible excise taxes. These adjustments were
to decrease distribution in excess of net investment income by &#36;25,068, decrease paid-in capital by &#36;655 and increase accumulated net realized loss by &#36;24,413.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The cost of investments for federal income tax purposes and gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2007 were:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Gross</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">Gross</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Net</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Cost of</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=center nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Unrealized</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Unrealized</FONT>
    </div></TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">Unrealized</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Investments</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Appreciation</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Depreciation</FONT>
    </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Appreciation</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Municipal II</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;1,251,592,975</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;126,591,806</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;&nbsp;&nbsp;57,999</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;126,533,807</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">California Municipal II</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="right"><FONT size=1 face="sans-serif">660,209,194</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">47,282,632</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">47,282,632</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap> <div align="right"><FONT size=1 face="sans-serif">230,462,609</FONT>
  </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,577,724</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">560,187</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,017,537</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">The difference between book and tax appreciation is primarily attributable to wash sales and inverse floater transactions.</FONT></P>
<P align="justify">
<B><FONT size=2 face="sans-serif">5. Auction Preferred Shares<br>
</FONT></B><FONT size=1 face="sans-serif">Municipal
II has issued 4,040 shares of Preferred Shares Series A, 4,040 shares of Preferred
Shares Series B, 4,040 shares of Preferred Shares Series C, 4,040 shares of Preferred
Shares Series D and 4,040 shares of Preferred Shares Series E, each with a net
asset and liquidation value of &#36;25,000 per share plus accrued dividends.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">California Municipal II has issued 2,080 shares of Preferred Shares Series A, 2,080 shares of Preferred Shares Series B, 2,080 shares of Preferred Shares Series C, 2,080 shares of Preferred Shares Series D and 2,080
shares of Preferred Shares Series E, each with a net asset and liquidation value of &#36;25,000 per share plus accrued dividends.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">New York Municipal II has issued 1,800 shares of Preferred Shares Series A and 1,800 shares of Preferred Shares Series B, each with a net asset and liquidation value of &#36;25,000 per share plus accrued
dividends.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Dividends and distributions of net realized long-term capital gains, if any, are accumulated daily at an annual rate (typically re-set every seven days) through auction procedures.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">For the year ended May 31, 2007, the annualized dividend rates ranged from:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">High</FONT>
    </div></TD>
  <TD nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Low</FONT>
    </div></TD>
  <TD nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At May 31, 2007</FONT>&nbsp;&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD width="90%" align=center nowrap>
    <div align="left"><FONT STYLE="border-bottom:1px solid #000000" size=1 face="sans-serif">Municipal II:</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5.32</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2.90</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.00</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5.32</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.00</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.50</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series C</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5.30</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.00</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.15</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series D</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4.00</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.15</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.50</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series E</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5.32</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.10</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.30</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
    <FONT STYLE="border-bottom:1px solid #000000" size=1 face="sans-serif">California Municipal II:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5.32</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2.00</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.00</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5.32</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2.105</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.50</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series C</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4.875</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2.75</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.25</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series D</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.80</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2.20</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.25</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series E</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5.32</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2.50</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.00</FONT>
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">40 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      Municipal Income Funds II </font></b><b><font size=2 face="sans-serif">Notes
      to Financial Statements</font></b><br>
    <font size=1 face="sans-serif">May 31, 2007</font></div>
<P align="justify">&nbsp;</P>
<P align="justify">
<B><FONT size=2 face="sans-serif">5. Auction Preferred Shares (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
    <FONT STYLE="border-bottom:1px solid #000000" size=1 face="sans-serif">New York Municipal II:</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">4.00%</FONT>
    </div></TD>
  <TD>
    <div align="center"></div></TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">2.85%</FONT>
    </div></TD>
  <TD>
    <div align="center"></div></TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">3.50%</FONT>
    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Series B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">5.32%</FONT>
    </div></TD>
  <TD>
    <div align="center"></div></TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">2.75%</FONT>
    </div></TD>
  <TD>
    <div align="center"></div></TD>
  <TD align=left nowrap>
    <div align="center"><FONT size=1 face="sans-serif">3.20%</FONT>
    </div></TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">The Funds are subject to certain limitations and restrictions while Preferred Shares are outstanding. Failure to comply with these limitations and restrictions could preclude the Funds from declaring any dividends or
distributions to common shareholders or repurchasing common shares and/or triggering the mandatory redemption of Preferred Shares at their liquidation value.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Preferred Shares, which are entitled to one vote per share, generally vote separately as a class to elect two Trustees and on any matters affecting the rights of the Preferred Shares.</FONT></P>
<P align="justify">
<B><FONT size=2 face="sans-serif">6. Subsequent Common Dividend Declarations<br>
</FONT></B><FONT size=1 face="sans-serif">On June 1, 2007, the following dividends were declared to common shareholders payable July 2, 2007 to shareholders of record on June 11, 2007:</FONT></P>
<TABLE border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Municipal II</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.065 per common share</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">California Municipal II</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.07 per common share</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.06625 per common share</FONT>
  </TD>
</TR>
</TABLE><BR>
<P align="justify">
<FONT size=1 face="sans-serif">On July 2, 2007 the following dividends were declared to common shareholders payable August 1, 2007 to shareholders of record on July 12, 2007:</FONT></P>
<TABLE border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Municipal II</FONT>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.065 per common share</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">California Municipal II</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.07 per common share</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">New York Municipal II</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;0.06625 per common share</FONT>
  </TD>
</TR>
</TABLE><BR>
<P align="justify">
<B><FONT size=2 face="sans-serif">7. Legal Proceedings<br>
</FONT></B><FONT size=1 face="sans-serif">In
June and September 2004, the Investment Manager, certain of its affiliates (including
Allianz Global Investors Distributors LLC, PEA Capital LLC and Allianz Global),
agreed to settle, without admitting or denying the allegations, claims brought
by the Securities and Exchange Commission (the &#147;Commission&#148;), the New Jersey Attorney General and the California Attorney General alleging violations of federal and state securities laws with respect to
certain open-end funds for which the Investment Manager serves as investment adviser. Two settlements (with the Commission and New Jersey) related to an alleged &#147;market timing&#148; arrangement in certain open-end funds sub-advised by PEA
Capital LLC. Two settlements (with the Commission and California) related to the alleged use of cash and fund portfolio commissions to finance &#147;shelf-space&#148; arrangements with broker-dealers for open-end funds. The Investment Manager and
its affiliates agreed to pay a total of &#36;68 million to settle the claims related to market timing and &#36;20.6
million to settle the claims related to shelf space. In addition to monetary
payments, the settling parties agreed to undertake certain corporate governance,
compliance and disclosure reforms related to market timing, brokerage commissions,
revenue sharing and shelf space arrangements, and consented to cease and desist
orders and censures. None of the settlements alleged that any inappropriate activity
took place with respect to the Funds.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Since February 2004, the Investment Manager and certain of its affiliates and their employees have been named as defendants a number of pending lawsuits concerning &#148;market timing&#148; and &#148;revenue
sharing/shelf-space/directed brokerage&#148; which allege the same or similair conduct underlying the regulatory settlements discussed above. The market timing lawsuits have been consolidated in a multi-district litigation proceeding in the United
States District Court for the District of Maryland and the revenue sharing/shelf-space/directed brokerage lawsuits have been consolidated in the United States District Court for the District of Connecticut. Any potential resolution of these matters
may include, but not be limited to, judgements or settlements for damages against the Investment Manager or its affiliates or related injunctions.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Investment Manager and the Sub-Adviser believe that these matters are not likely to have a material adverse effect on the Funds or on their ability to perform their respective investment advisory activities
relating to the Funds. The foregoing speaks only as of the date hereof.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">41</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:3px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Financial
      Highlights</font></b><br>
    <font size=1 face="sans-serif">For a share of common stock outstanding throughout
    each period:</font></div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">For the period</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">June 28, 2002*</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="15" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Year ended May 31,</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">through</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2007</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2006</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2005</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2004</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">May 31, 2003</FONT>
      </div>  </TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net asset value, beginning of period</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.71</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.81</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.01</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.66</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.33</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">**</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Investment Operations:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.13</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.08</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.11</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.17</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.93</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net realized and unrealized gain (loss) on</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">investments, futures contracts, options written,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">swaps and foreign currency transactions</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.33</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.01</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.84</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.77</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.53</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Total from investment operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.46</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.09</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.95</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.40</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.46</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends and Distributions on</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Preferred Shares from:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.30</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.23</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.14</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.08</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.08</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net realized gains</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.01</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total dividends and distributions on</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">preferred shares</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.30</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.23</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.14</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.08</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.09</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net increase in net assets applicable to</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">common shareholders resulting from</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">investment operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.16</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.86</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.81</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.32</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.37</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends and Distributions to Common</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="sans-serif">Shareholders from:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.82</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.96</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1.01</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.97</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.84</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net realized gains</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.09</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total dividends and distributions to common</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">shareholders</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.82</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.96</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1.01</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.97</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.93</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Capital Share Transactions:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Common stock offering costs charged to</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">paid-in capital in excess of par</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.02</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Preferred shares offering costs/underwriting</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">discounts charged to paid-in capital in</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">excess of par</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.09</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Total capital share transactions</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.11</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net asset value, end of period</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15.05</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.71</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.81</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.01</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.66</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market price, end of period</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15.42</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.45</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15.02</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">13.31</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.80</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Total Investment Return </FONT></B><FONT size=1 face="sans-serif">(1)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12.64</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.63</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">21.00</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(3.69</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5.19</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">RATIOS/SUPPLEMENTAL DATA:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net assets applicable to common</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">shareholders, end of period (000)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">886,815</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">862,832</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">862,290</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">812,670</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">846,885</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of expenses to average net assets,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">including interest expense (2)(3)(4)(5)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.50</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.30</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%&#134;</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.05</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%&#134;</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.08</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%&#134;</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.97</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#&#134;</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of expenses to average net assets,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">excluding interest expense (2)(3)(5)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.01</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.05</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.02</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.03</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.95</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of net investment income to average</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">net assets (2)(5)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.45</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.31</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.71</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8.16</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6.99</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Preferred shares asset coverage per share</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">68,889</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">67,701</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">67,676</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">65,224</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">66,920</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Portfolio turnover</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">20</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">26</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">27</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">42 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:3px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      California Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Financial
      Highlights</font></b><br>
    <font size=1 face="sans-serif">For a share of common stock outstanding throughout
    each period:</font></div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">For the period</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">June 28, 2002*</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="15" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Year Ended May 31,</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">through</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2007</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2006</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2005</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2004</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">May 31, 2003</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net asset value, beginning of period</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.58</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.61</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">13.53</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.66</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.33</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">**</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Investment Operations:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.08</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.06</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.05</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.13</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.86</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net realized and unrealized gain (loss) on</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">investments, futures contracts, options written,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">swaps and foreign currency transactions</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.34</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.05</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.13</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1.26</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.47</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Total from investment operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.42</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.11</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.18</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.13</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.33</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends on Preferred Shares from:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.27</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.21</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.12</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.07</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.07</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net increase (decrease) in net assets applicable</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">to common shareholders resulting from</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">investment operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.15</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.90</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.06</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.20</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.26</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends to Common Shareholders from:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.84</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.93</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.98</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.93</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.81</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Capital Share Transactions:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Common stock offering costs charged to</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">paid-in capital in excess of par</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.02</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Preferred shares offering costs/underwriting</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">discounts charged to paid-in capital in</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">excess of par</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.10</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Total capital share transactions</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.12</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net asset value, end of period</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.89</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.58</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.61</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">13.53</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.66</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market price, end of period</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15.96</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.62</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.76</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">13.27</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.78</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Total Investment Return </FONT></B><FONT size=1 face="sans-serif">(1)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15.35</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5.50</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">19.14</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(3.92</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4.23</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">RATIOS/SUPPLEMENTAL DATA:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net assets applicable to common</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">shareholders, end of period (000)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">455,284</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">443,379</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">441,596</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">407,659</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">439,970</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of expenses to average net assets,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">including interest expense (2)(3)(4)(6)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.89</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.02</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.36</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.60</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.10</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of expenses to average net assets,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">excluding interest expense (2)(3)(6)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.01</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.06</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.06</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.07</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.97</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of net investment income to average</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">net assets (2)(6)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.28</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.24</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.37</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8.05</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6.51</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Preferred shares asset coverage per share</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">68,765</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">67,620</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">67,451</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">64,191</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">67,301</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Portfolio turnover</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">20</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">39</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">43</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="border-bottom:3px solid #000000"> <b><font color=#0048E0 size=2 face="sans-serif">PIMCO
      New York Municipal Income Fund II </font></b><b><font size=2 face="sans-serif">Financial
      Highlights</font></b><br>
    <font size=1 face="sans-serif">For a share of common stock outstanding throughout
    each period:</font></div>
<P align="justify">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">For the period</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">June 28, 2002*</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="15" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">Year Ended May 31,</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD colspan="3" align=right nowrap>
    <div align="center"><FONT size=1 face="sans-serif">through</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2007</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2006</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2005</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">2004</FONT>
    </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD colspan="3" align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">May 31, 2003</FONT>
    </div></TD>
  </TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net asset value, beginning of period</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.66</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.62</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">13.54</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.45</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.33</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">**</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Investment Operations:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.10</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.07</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.07</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.06</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.86</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net realized and unrealized gain (loss) on</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">investments, futures contracts, options written,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">swaps and foreign currency transactions</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.11</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.11</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.12</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.97</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.28</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Total from investment operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.21</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.18</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.19</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.09</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.14</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends on Preferred Shares from:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.28</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.23</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.13</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.07</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.08</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net increase in net assets applicable to</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">common shareholders resulting from</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">investment operations</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.93</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.95</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.06</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">0.02</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.06</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Dividends to Common Shareholders from:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net investment income</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.80</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.91</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.98</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.93</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.81</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Capital Share Transactions:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Common stock offering costs charged to</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">paid-in capital in excess of par</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.03</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Preferred shares offering costs/underwriting</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">discounts charged to paid-in capital in</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">excess of par</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.10</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Total capital share transactions</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(0.13</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Net asset value, end of period</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.79</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.66</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.62</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">13.54</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.45</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Market price, end of period</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15.49</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.14</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.80</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">13.05</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14.71</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Total Investment Return </FONT></B><FONT size=1 face="sans-serif">(1)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">15.51</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.65</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">21.45</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(5.15</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3.76</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">RATIOS/SUPPLEMENTAL DATA:</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Net assets applicable to common</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">shareholders, end of period (000)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">156,218</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">154,088</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">152,812</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">140,958</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">149,606</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of expenses to average net</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">assets, including interest expense (2)(3)(4)(7)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2.13</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.89</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.25</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.16</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.02</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of expenses to average net assets,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">excluding interest expense (2)(3)(7)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.14</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.13</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.14</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.15</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1.02</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Ratio of net investment income to average</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">net assets (2)(7)</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.33</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.29</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.53</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7.58</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6.47</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%#</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Preferred shares asset coverage per share</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">68,386</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">67,785</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">67,439</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">64,148</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">66,552</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Portfolio turnover</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">26</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">11</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">27</FONT>
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">%</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">44 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT color=#0048E0 size=2 face="sans-serif">PIMCO Municipal Income Funds II </FONT></B><B><FONT size=2 face="sans-serif">Financial Highlights</FONT></B></P>
<div style="border-top:3px solid #000000">&nbsp;</div>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top><FONT size=1 face="sans-serif">*</FONT></TD>
  <TD valign="top"><FONT size=1 face="sans-serif"> Commencement of operations.</FONT></TD>
</TR>
<TR>
  <TD nowrap valign=top><FONT size=1 face="sans-serif">**</FONT></TD>
  <TD valign="top"><FONT size=1 face="sans-serif"> Initial public offering price
    of &#36;15.00 per share less underwriting discount of &#36;0.675 per share.</FONT></TD>
</TR>
<TR>
  <TD nowrap valign=top><FONT size=1 face="sans-serif">#</FONT></TD>
  <TD valign="top"><FONT size=1 face="sans-serif"> Annualized.</FONT></TD>
</TR>
<TR>
  <TD nowrap valign=top><font size="1">&#134;</font></TD>
  <TD valign="top"><div align="justify"><FONT size=1 face="sans-serif">Previously
        reported in prior years&#146; financial
        statements as 1.05%, 1.02%, 1.03% and 0.95% (annualized) for the years
        ended May 31, 2006, May 31, 2005, May 31, 2004 and for the period June
        28, 2002 (commencement of operations) through May 31, 2003, respectively.
    Revised due to the impact of inverse floater transactions.</FONT></div></TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(1)&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current
market price on the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund&#146;s dividend reinvestment plan. Total investment return does not
reflect brokerage commissions or sales charges. Total investment return for a period of less than one year is not annualized.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(2)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(3)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See note 1(i) in Notes to Financial Statements).</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(4)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">Interest expense relates to the liability for floating rate notes issued in connection with inverse floater transactions.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(5)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">During the periods indicated, the Investment Manager waived a portion of its investment management fee. The effect of such waiver relative to the average net assets of common shareholders was 0.24%,
0.24%, 0.24%, 0.25%, and 0.23% (annualized) for the years ended May 31, 2007, May 31, 2006, May 31, 2005, May 31, 2004 and for the period June 28, 2002 (commencement of operations) through May 31, 2003, respectively.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(6)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">During the periods indicated, the Investment Manager waived a portion of its investment management fee. The effect of such waiver relative to the average net assets of common shareholders was 0.24%,
0.24%, 0.24%, 0.24% and 0.23% (annualized) for the years ended May 31, 2007, May 31, 2006, May 31, 2005, May 31, 2004 and for the period June 28, 2002 (commencement of operations) through May 31, 2003. respectively.</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(7)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">During the periods indicated, the Investment Manager waived a portion of its investment management fee. The effect of such waiver relative to the average net assets of common shareholders was 0.24%,
0.24%, 0.24%, 0.24% and 0.23% (annualized) for the years ended May 31, 2007, May 31, 2006, May 31, 2005, May 31, 2004 and for the period June 28, 2002 (commencement of operations) through May 31, 2003. respectively.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="right">
<B><FONT size=1 face="sans-serif">See accompanying Notes to Financial Statements </FONT></B><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">45</FONT></B></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=18% align=left nowrap>
<B><FONT color=#0048E0 size=2 face="sans-serif">PIMCO Municipal Income Funds II&nbsp; </FONT></B></TD>
  <TD width=82% align=left nowrap><B><FONT size=2 face="sans-serif">Report of Independent
    Registered</FONT></B> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">Public
    Accounting Firm</FONT></B> </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">To the Shareholders and the Board of Trustees of:</FONT></B></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">PIMCO Municipal Income Fund II,</FONT></B><BR>
<B><FONT size=1 face="sans-serif">PIMCO California Municipal Income Fund II and</FONT></B><BR>
<B><FONT size=1 face="sans-serif">PIMCO New York Municipal Income Fund II</FONT></B></P>
<P align="justify">
<FONT size=1 face="sans-serif">In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets applicable to common shareholders and
of cash flows (for PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II only) and the financial highlights present fairly, in all material respects, the financial position of PIMCO Municipal Income Fund II, PIMCO
California Municipal Income Fund II and PIMCO New York Municipal Income Fund II (collectively hereafter referred to as the &#147;Funds&#148;) at May 31, 2007, the results of each of their operations and cash flows (for PIMCO California Municipal
Income Fund II and PIMCO New York Municipal Income Fund II only) for the year ended, the changes in each of their net assets applicable to common shareholders for each of the two years in the period then ended and the financial highlights for each
of the four years in the period then ended and for the period June 29, 2001 (commencement of operations) through April 30, 2002, in conformity with accounting principles generally accepted in the United States of America. These financial statements
and financial highlights (hereafter referred to as &#147;financial statements&#148;) are the responsibility of the Funds&#146; management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted
our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify"><FONT size=1 face="sans-serif">PricewaterhouseCoopers LLP</FONT><BR>
  <FONT size=1 face="sans-serif">New York, New York</FONT><BR>
  <FONT size=1 face="sans-serif">July 26, 2007</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">46 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>
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<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=18% align=left nowrap>
<B><FONT color=#0048E0 size=2 face="sans-serif">PIMCO Municipal Income Funds II&nbsp; </FONT></B></TD>
  <TD width=82% align=left nowrap><B><FONT size=2 face="sans-serif">Tax Information/Corporate
    Changes</FONT></B> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">(unaudited)</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><U><FONT size=2 face="sans-serif">Tax Information:</FONT></U></B></P>
<P align="justify">
<FONT size=1 face="sans-serif">Subchapter M of the Internal Revenue Code of 1986, as amended, requires the Funds to advise shareholders within 60 days of the Funds&#146; tax year-end (May 31, 2007) as to the federal tax status of dividends and
distributions received by shareholders during such tax period. Accordingly, please note that substantially all dividends paid from net investment income from the Funds during the tax period ended May 31, 2007 were federally exempt interest
dividends. However, the Funds invested in municipal bonds containing market discount, whose accretion is taxable. Accordingly, the percentage of dividends paid from net investment income during the tax period which are taxable were:</FONT></P>
<TABLE width="75%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Municipal Income II</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10.4%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">California Municipal Income II</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4.9%</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">New York Municipal Income II</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3.0%</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=1 face="sans-serif">Since the Funds&#146; tax year is not the calendar year, another notification will be sent with respect to calendar year 2007. In January 2008, shareholders will be advised on IRS Form 1099 DIV as to the federal tax
status of the dividends and distributions received during calendar 2007. The amount that will be reported will be the amount to use on your 2007 federal income tax return and may differ from the amount which must be reported in connection with each
Fund&#146;s tax year ended May 31, 2007. Shareholders are advised to consult their tax advisers as to the federal, state and local tax status of the dividend income received from the Funds. In January 2008, an allocation of interest income by state
will be provided which may be of value in reducing a shareholder&#146;s state and local tax liability, if any.</FONT></P>
<div style="border-top:1px solid #000000">&nbsp;</div>
  <div>&nbsp;</div>
  <div><B><U><FONT size=1 face="sans-serif">Corporate Changes:</FONT></U></B></div>

<P align="justify">
<FONT size=1 face="sans-serif">On December 12, 2006, the Funds&#146; Board of Trustees appointed Hans W. Kertess as Chairman of the Board of Trustees, effective January 1, 2007.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="right"><FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">47</FONT></B></P>
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<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=18% align=left nowrap>
<B><FONT color=#0048E0 size=2 face="sans-serif">PIMCO Municipal Income Funds II&nbsp; </FONT></B></TD>
  <TD width=82% align=left nowrap><B><FONT size=2 face="sans-serif">Privacy Policy, Proxy
    Voting Policies &amp;</FONT></B> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">Procedures </FONT></B><FONT size=2 face="sans-serif">(unaudited)</FONT> </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><U><FONT size=2 face="sans-serif">Privacy Policy:</FONT></U></B></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">Our Commitment to You<br>
</FONT></B><FONT size=1 face="sans-serif">We
consider customer privacy to be a fundamental aspect of our relationship with
clients. We are committed to maintaining the confidentiality, integrity, and
security of our current, prospective and former clients&#146; personal information.
To ensure clients privacy, we have developed policies designed to protect this
confidentiality, while allowing client needs to be served.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">Obtaining Personal Information<br>
</FONT></B><FONT size=1 face="sans-serif">In
the course of providing you with products and services, we and certain service
providers to the Funds, such as the Funds&#146; investment adviser, may obtain
non-public personal information about you. This information may come from sources
such as account applications and other forms, from other written, electronic
or verbal correspondence, from your transactions, from your brokerage or financial
advisory firm, financial adviser or consultant, and/or from information captured
on our internet web sites.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">Respecting Your Privacy<br>
</FONT></B><FONT size=1 face="sans-serif">As a matter of policy, we do not disclose any personal or account information provided by you or gathered by us to non-affiliated third parties, except as required or permitted by law or as necessary for such third
parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements
and other information, conducting research on client satisfaction, and gathering shareholder proxies. We may also retain non-affiliated companies to market our products and enter in joint marketing agreements with other companies. These companies
may have access to your personal and account information, but are permitted to use the information solely to provide the specific service or as otherwise permitted by law. In most cases you will be clients of a third party, but we may also provide
your personal and account information to your respective brokerage or financial advisory firm and/or to your financial adviser or consultant.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">Sharing Information with Third Parties<br>
</FONT></B><FONT size=1 face="sans-serif">We
do reserve the right to disclose or report personal information to non-affiliated
third parties in limited circumstances where we believe in good faith that disclosure
is required under law, to cooperate with regulators or law enforcement authorities,
to protect our rights or property, or upon reasonable request by any mutual fund
in which you have chosen to invest. In addition, we may disclose information
about a shareholder&#146;s accounts to a
non-affiliated third party with the consent of the shareholder.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">Sharing Information with Affiliates<br>
</FONT></B><FONT size=1 face="sans-serif">We may share client information with our affiliates in connection with servicing your account or to provide you with information about products and services that we or our affiliates believe may be of interest to you.
The information we share may include, for example, your participation in our mutual funds or other investment programs sponsored by us or our affiliates, your ownership of certain types of accounts (such as IRAs), or other data about your accounts.
Our affiliates, in turn, are not permitted to share your information with non-affiliated entities, except as required or permitted by law.</FONT></P>
<P align="justify">
<B><FONT size=1 face="sans-serif">Procedures to Safeguard Private Information<br>
</FONT></B><FONT size=1 face="sans-serif">We take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, we have also implemented procedures that are designed to restrict access to your non-public
personal information only to internal personnel who need to know that information in order to provide products or services to you. In order to guard your non-public personal information, physical, electronic and procedural safeguards are in
place.</FONT></P>
<div style="border-top:1px solid #000000">&nbsp;</div>
<P align="justify"><B><U><FONT size=1 face="sans-serif">Proxy Voting Policies &amp; Procedures:<br>
  </FONT></U></B><FONT size=1 face="sans-serif">A
  description of the policies and procedures that the Funds have adopted to determine
  how to vote proxies relating to portfolio securities and information about how
  the Funds voted proxies relating to portfolio securities held during the twelve
  months ended June 30, 2007 is or will be available (i) without charge, upon request,
  by calling the Funds&#146; shareholder servicing agent at (800) 331-1710; (ii) on the Funds&#146; website at
  www.allianzinvestors.com/closedendfunds; and (iii) on the Securities and Exchange Commission&#146;s
  website at www.sec.gov.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">48 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>
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<P align="justify">
<B><FONT color=#0048E0 size=2 face="sans-serif">PIMCO Municipal Income Funds II </FONT></B><B><FONT size=2 face="sans-serif">Dividend Reinvestment Plan </FONT></B><FONT size=2 face="sans-serif">(unaudited)</FONT></P>
<div style="border-top:1px solid #000000">&nbsp;</div>
<div align="justify"><FONT size=1 face="sans-serif">Pursuant to the Funds&#146; Dividend Reinvestment Plan (the &#147;Plan&#148;), all Common Shareholders whose shares are registered in their own names will have all dividends, including any capital gain dividends,
  reinvested automatically in additional Common Shares by PFPC Inc., as agent for the Common Shareholders (the &#147;Plan Agent&#148;), unless the shareholder elects to receive cash. An election to receive cash may be revoked or reinstated at the
  option of the shareholder. In the case of record shareholders such as banks, brokers or other nominees that hold Common Shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of Common
  Shares certified from time to time by the record shareholder as representing the total amount registered in such shareholder&#146;s name and held for the account of beneficial owners who are to participate in the Plan. Shareholders whose shares are
  held in the name of a bank, broker or nominee should contact the bank, broker or nominee for details. All distributions to investors who elect not to participate in the Plan (or whose broker or nominee elects not to participate on the
  investor&#146;s behalf), will be paid cash by check mailed, in the case of direct shareholder, to the record holder by PFPC Inc., as the Funds&#146; dividend disbursement agent.</FONT></div>
<P align="justify">
<FONT size=1 face="sans-serif">Unless you elect (or your broker or nominee elects) not to participate in the Plan, the number of Common Shares you will receive will be determined as follows:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">If on the payment date the net asset value of the Common Shares is equal to or less than the market price per Common Share plus estimated brokerage commissions that would be incurred upon the
purchase of Common Shares on the open market, the Fund will issue new shares at the greater of (i) the net asset value per Common Share on the payment date or (ii) 95% of the market price per Common Share on the payment date; or</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(2)</FONT></TD>
  <TD width=100%>
<P align="justify"><FONT size=1 face="sans-serif">If on the payment date the net asset value of the Common Shares is greater than the market price per Common Share plus estimated brokerage commissions that would be incurred upon the purchase of
Common Shares on the open market, the Plan Agent will receive the dividend or distribution in cash and will purchase Common Shares in the open market, on the New York Stock Exchange or elsewhere, for the participants&#146; accounts. It is possible
that the market price for the Common Shares may increase before the Plan Agent has completed its purchases. Therefore, the average purchase price per share paid by the Plan Agent may exceed the market price on the payment date, resulting in the
purchase of fewer shares than if the dividend or distribution had been paid in Common Shares issued by the Fund. The Plan Agent will use all dividends and distributions received in cash to purchase Common Shares in the open market on or shortly
after the payment date, but in no event later than the ex-dividend date for the next distribution. Interest will not be paid on any uninvested cash payments.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="justify">
<FONT size=1 face="sans-serif">You may withdraw from the Plan at any time by giving notice to the Plan Agent. If you withdraw or the Plan is terminated, you will receive a certificate for each whole share in your account under the Plan and you will
receive a cash payment for any fraction of a share in your account. If you wish, the Plan Agent will sell your shares and send you the proceeds, minus brokerage commissions.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Plan Agent maintains all shareholders&#146; accounts in the Plan and gives written confirmation of all transactions in the accounts, including information you may need for tax records. The Plan Agent will also
furnish each person who buys Common Shares with written instructions detailing the procedures for electing not to participate in the Plan and to instead receive distributions in cash. Common Shares in your account will be held by the Plan Agent in
non-certificated form. Any proxy you receive will include all Common Shares you have received under the Plan.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">There is no brokerage charge for reinvestment of your dividends or distributions in Common Shares. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes
open market purchases.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">Automatically reinvested dividends and distributions are taxed in the same manner as cash dividends and distributions.</FONT></P>
<P align="justify">
<FONT size=1 face="sans-serif">The Funds and the Plan Agent reserve the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, the Funds reserve the right to amend the Plan to include a service
charge payable by the participants. Additional information about the Plan may be obtained from the Funds&#146; shareholder servicing agent, PFPC Inc., P.O. Box 43027, Providence, RI 02940-3027, telephone number (800) 331-1710.</FONT></P>
<P align="justify">&nbsp;</P>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">49</FONT></B></P>

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<P align="justify">
<B><FONT color=#0048E0 size=2 face="sans-serif">PIMCO Municipal Income Funds II </FONT></B><B><FONT size=2 face="sans-serif">Board of Trustees </FONT></B><FONT size=2 face="sans-serif">(unaudited)</FONT></P>
<div style="border-top:3px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Name, Date of Birth, Position(s) Held with</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Funds, Length of Service, Other Trusteeships/</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Directorships Held by Trustee; Number of</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Portfolios in Fund Complex/Outside Fund</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Complexes Currently Overseen by Trustee</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Principal Occupation(s) During Past 5 years:</FONT></B>
  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">The address of each trustee is 1345 Avenue of the</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Americas, New York, NY 10105</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Hans W. Kertess</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">President, H. Kertess &amp; Co., a financial advisory company;</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 7/12/39</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Formerly, Managing Director, Royal Bank of Canada Capital</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Chairman of the Board of Trustees since: 2007</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Markets.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee since: 2002</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Term of office: Expected to stand for re-election at 2009</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">annual meeting of shareholders.</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of 27 Funds in Fund Complex;</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of no funds outside of Fund Complex</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Paul Belica</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Retired. Formerly Director, Student Loan Finance Corp., Education</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 9/27/21</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Loans, Inc., Goal Funding, Inc., Goal Funding II, Inc. and Surety</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee since: 2002</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Loan Fund, Inc.; formerly, Manager of Stratigos Fund LLC, Whistler</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Term of office: Expected to stand for re-election at</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Fund LLC, Xanthus Fund LLC &amp; Wynstone Fund LLC.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">2007 annual meeting of shareholders.</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of 27 funds in Fund Complex</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of no funds outside of Fund Complex</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Robert E. Connor</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Corporate Affairs Consultant. Formerly, Senior Vice President,</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 9/17/34</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Corporate Office, Smith Barney Inc.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee since: 2002</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Term of office: Expected to stand for re-election at 2009</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">annual meeting of shareholders.</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of 27 funds in Fund Complex</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of no funds outside of Fund Complex</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">John J. Dalessandro II</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Retired. Formerly, President and Director, J.J. Dalessandro II</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 7/26/37</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Ltd., registered broker-dealer and member of the New York</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee since: 2002</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Stock Exchange.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Term of office: Expected to stand for re-election at</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">2007 annual meeting of shareholders.</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of 27 funds in Fund Complex</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of no funds outside of Fund complex</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">William B. Ogden, IV</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Asset Management Industry Consultant; Formerly, Managing</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 1/11/45</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Director, Investment Banking Division of Citigroup Global Markets</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee since: 2006</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Inc.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Term of office: Expected to stand for re-election at 2009</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">annual meeting of shareholders.</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of 27 Funds in Fund Complex;</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of no funds outside of Fund Complex</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">R. Peter Sullivan III</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Retired. Formerly, Managing Partner, Bear Wagner Specialists LLC,</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 9/4/41</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">specialist firm on the New York Stock Exchange.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee since: 2002</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Term of office: Expected to stand for re-election at</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">2008 annual meeting of shareholders.</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of 27 funds in Fund Complex</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of no funds outside of Fund Complex</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
</TABLE><BR>
<P align="justify">
<B><FONT size=1 face="sans-serif">50 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT color=#0048E0 size=2 face="sans-serif">PIMCO Municipal Income Funds II </FONT></B><B><FONT size=2 face="sans-serif">Board of Trustees </FONT></B><FONT size=2 face="sans-serif">(unaudited)</FONT></P>
<div style="border-top:3px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Name, Date of Birth, Position(s) Held with</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Funds, Length of Service, Other Trusteeships/</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Directorships Held by Trustee; Number of</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Portfolios in Fund Complex/Outside Fund</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Complexes Currently Overseen by Trustee</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Principal Occupation(s) During Past 5 years:</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">John C. Maney </FONT></B><FONT size=1 face="sans-serif">&#134;</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Chief Financial Officer of Allianz Global Investors Fund</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 8/3/59</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Management LLC; Managing Director and Chief Financial Officer</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee since 2006</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">of AGIFM and Allianz Global Investors of America L.P. since</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Term of office: Expected to stand for election at 2007</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Jan. 2005 and Chief Operating Officer of Allianz Global Investors</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp; &nbsp;<I><FONT size=1 face="sans-serif">annual meeting of shareholders.</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">of America since Nov. 2006, Executive Vice President and Chief</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of 65 Funds in Fund Complex</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Financial Officer since 2001. Chief Financial Officer of PIMCO,</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Trustee/Director of no Funds outside the Fund Complex</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Oppenheimer Capital LLC, NFJ Investment Group and a number</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">of other affiliated entities. Chief Financial Officer and Executive</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Vice President of Allianz Global Investors Distributors LLC.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Formerly, Executive Vice President and Chief Financial Officer of</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Apria Healthcare Group, Inc. (1998-2001)</FONT>
  </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;
</p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td><font size="1">&#134;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><div align="justify"><FONT size=1 face="sans-serif">Mr. Maney is an &#147;interested person&#148; of
          each Fund due to his affiliation with Allianz Global Investors of America
          L.P. (&#147;AGI&#148;). In addition to Mr. Maney&#146;s positions set
          forth in the table above, he holds the following positions with affiliated
          persons: Managing Director, Chief Operating Officer and Chief Financial
          Officer of AGI, Allianz Global Investors of America Holdings Inc.,
          Allianz Global Investors of America LLC, Allianz Global Investors NY
          Holdings LLC and Allianz Global Investors U.S. Equities LLC; Managing
          Director and Chief Financial Officer of Allianz Hedge Fund Partners
          Holding L.P., Allianz-Pac Life Partners LLC and Allianz Global Investors
          U.S. Retail LLC; Chief Financial Officer of Allianz Global Investors
          Advertising Agency Inc.; Allianz Global Investors Managed Accounts
          LLC, Allianz Global Investors Distributors LLC, Allianz Global Investors
          Fund Management LLC, Allianz Hedge Fund Partners Inc., Alpha Vision
          LLC, Alpha Vision Capital Management LLC, NFJ Investment Group L.P.,
          NFJ Management Inc., Nicholas-Applegate Capital Management LLC, Nicholas-Applegate
          Holdings LLC, Nicholas-Applegate Securities LLC, OpCap Advisors LLC,
          Oppenheimer Capital LLC, Pacific Investment Management Company LLC,
          PIMCO Australia Pty Ltd, PIMCO Canada Holding LLC, PIMCO Canada Management
          Inc., PIMCO Canada Corp., PIMCO Europe Limited, PIMCO Global Advisors
          LLC, PIMCO Global Advisors (Resources) Limited, StocksPLUS Management,
          Inc. and Vision Holdings LLC; Chief Operating Officer and Chief Financial
          Officer of Oppenheimer Group, Inc.; and Executive Vice President and
    Chief Financial Officer of PIMCO Japan Ltd.</FONT></div></td>
  </tr>
</table>
<p align="justify">&nbsp;</p>
<p align="justify">&nbsp;</p>
<p align="justify">&nbsp;</p>
<p align="justify">&nbsp;</p>
<p align="justify">&nbsp;</p>
<P align="justify">
<I><FONT size=1 face="sans-serif">Further information about Funds&#146; Trustees is available in the Funds&#146; Statements of Additional Information, dated June 25, 2002, which can be obtained upon request, without charge, by calling the
Funds&#146; shareholder servicing agent at (800) 331-1710.</FONT></I></P>
<P align="right">
<FONT size=1 face="sans-serif">5.31.07 </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><B><FONT size=1 face="sans-serif">51</FONT></B></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="justify">
<B><FONT color=#0048E0 size=2 face="sans-serif">PIMCO Municipal Income Funds II </FONT></B><B><FONT size=2 face="sans-serif">Principal Officers </FONT></B><FONT size=2 face="sans-serif">(unaudited)</FONT></P>
<div style="border-top:3px solid #000000">&nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Name, Date of Birth, Position(s) Held with</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Funds</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">Principal Occupation(s) During Past 5 years:</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Brian S. Shlissel</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Executive Vice President, Director of Fund Administration, Allianz</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 11/14/64</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Global Investors Fund Management LLC; Director of 8 funds in the</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">President &amp; Chief Executive Officer since: 2002</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Fund Complex; President and Chief Executive Officer of 35 funds in the</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Fund Complex; Treasurer; Principal Financial and Accounting Officer of</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">36 funds in the Fund Complex.</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Lawrence G. Altadonna</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Senior Vice President, Allianz Global Investors Fund Management LLC;</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 3/10/66</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Treasurer, Principal Financial and Accounting officer of 35 funds in the</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Treasurer, Principal Financial and Accounting</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Fund Complex; Assistant Treasurer of 36 funds in the Fund Complex.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="left"><I><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officer </FONT></I><FONT size=1 face="sans-serif">since: 2002</FONT>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Thomas J. Fuccillo</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Senior Vice President, Senior Counsel, Allianz Global Investors of</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 3/22/68</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">America L.P., Secretary of 71 funds in the Fund Complex. Formerly, Vice</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Vice President, Secretary &amp; Chief Legal Officer</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">President and Associate General Counsel, Neuberger Berman LLC.</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
    <div align="left"><I><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;since: 2004</FONT></I>
    </div></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Scott Whisten</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Vice President, Allianz Global Investors Fund Management LLC; Assistant</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 3/13/71</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Treasurer of 71 funds in the Fund Complex. Formerly Accounting</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Assistant Treasurer since: 2007</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Manager Prudential Investments (2002-2005).</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Youse E. Guia</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Senior Vice President, Group Compliance Manager, Allianz Global</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 9/3/72</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Investors of America L.P., Chief Compliance Officer of 71 funds in the</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Chief Compliance Officer since: 2004</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Fund Complex. Formerly, Vice President, Group Compliance Manager,</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Allianz Global Investors of America L.P. (2002-2004), Audit Manager,</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Pricewaterhouse Coopers LLP (1996-2002).</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">William V. Healey</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Executive Vice President and Chief Legal Officer, Allianz Global Investors</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 7/28/53</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">of America L.P., Executive Vice President, Chief Legal Officer and</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Assistant Secretary since: 2006</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Secretary, Allianz Global Investors Fund Management LLC, Allianz</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Global Investors Distributors LLC, Allianz Global Investors Advertising</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Agency Inc., Allianz Global Investors Managed Accounts LLC, Allianz</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Global Investors U.S. Retail LLC and OpCap Advisors LLC. Assistant</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Secretary of 71 funds in the Fund Complex; formerly, Chief Legal</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Officer, Vice President and Associate General Counsel of The Prudential</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Insurance Company of America (1998-2005).</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Richard H. Kirk</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Senior Vice President, Allianz Global Investors of America L.P. (since</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 4/6/61</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">2004). Senior Vice President, Associate General Counsel, Allianz Global</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Assistant Secretary since: 2006</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Investors Distributors LLC. Assistant Secretary of 71 funds in the Fund</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Complex; formerly, Vice President, Counsel, The Prudential Insurance</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Company of America/American Skandia (2002-2004).</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Kathleen A. Chapman</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Assistant Secretary of 71 funds in the Fund Complex; Manager IIG</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 11/11/54</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Advisory Law, Morgan Stanley (2004-2005); The Prudential Insurance</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Assistant Secretary since: 2006</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Company of America and Assistant Corporate Secretary of affiliated</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">American Skandia companies (1996-2004).</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=3>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=1 face="sans-serif">Lagan Srivastava</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Date of Birth: 9/20/77</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Assistant Secretary of 71 funds in the Fund Complex; formerly Research</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<I><FONT size=1 face="sans-serif">Assistant Secretary since: 2006</FONT></I>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Assistant, Dechert LLP (2004-2005); Research Assistant, Swidler Berlin</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">Shereff Friedman LLP (2002-2004).</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">&nbsp;</P>
<P align="justify"><I><FONT size=1 face="sans-serif">Officers hold office at the pleasure of the Board and until their successors are appointed and qualified or until their earlier resignation or removal.</FONT></I></P>
<P align="justify">&nbsp;</P>
<P align="justify"><B><FONT size=1 face="sans-serif">52 </FONT></B><FONT size=1 face="sans-serif">PIMCO Municipal Income Funds II Annual Report </FONT><FONT size=1 face="sans-serif">| </FONT><FONT size=1 face="sans-serif">5.31.07</FONT></P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div align="justify">
<B><FONT face="sans-serif">Trustees and Principal Officers</FONT></B></div>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
<FONT size=1 face="sans-serif">Hans W. Kertess</FONT>
  </TD>
  <TD align=left width=52% nowrap>
<FONT size=1 face="sans-serif">Brian S. Shlissel</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee, Chairman of the Board of Trustees</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left width=52% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">President &amp; Chief Executive Officer</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
<FONT size=1 face="sans-serif">Paul Belica</FONT>
  </TD>
  <TD align=left width=52% nowrap>
<FONT size=1 face="sans-serif">Lawrence G. Altadonna</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee</FONT>
  </TD>
  <TD align=left width=52% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
<FONT size=1 face="sans-serif">Robert E. Connor</FONT>
  </TD>
  <TD align=left width=52% nowrap>
<FONT size=1 face="sans-serif">Thomas J. Fuccillo</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee</FONT>
  </TD>
  <TD align=left width=52% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Vice President, Secretary &amp; Chief Legal Officer</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
<FONT size=1 face="sans-serif">John J. Dalessandro II</FONT>
  </TD>
  <TD align=left width=52% nowrap>
<FONT size=1 face="sans-serif">Scott Whisten</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee</FONT>
  </TD>
  <TD align=left width=52% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Assistant Treasurer</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
<FONT size=1 face="sans-serif">John C. Maney</FONT>
  </TD>
  <TD align=left width=52% nowrap>
<FONT size=1 face="sans-serif">Youse E. Guia</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee</FONT>
  </TD>
  <TD align=left width=52% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Chief Compliance Officer</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
<FONT size=1 face="sans-serif">William B. Ogden, IV</FONT>
  </TD>
  <TD align=left width=52% nowrap>
<FONT size=1 face="sans-serif">Kathleen A. Chapman</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee</FONT>
  </TD>
  <TD align=left width=52% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Assistant Secretary</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
<FONT size=1 face="sans-serif">R. Peter Sullivan III</FONT>
  </TD>
  <TD align=left width=52% nowrap>
<FONT size=1 face="sans-serif">William V. Healey</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trustee</FONT>
  </TD>
  <TD align=left width=52% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Assistant Secretary</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>&nbsp;

  </TD>
  <TD align=left width=52% nowrap>
<FONT size=1 face="sans-serif">Richard H. Kirk</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>&nbsp;

  </TD>
  <TD align=left width=52% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Assistant Secretary</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>&nbsp;

  </TD>
  <TD align=left width=52% nowrap>
<FONT size=1 face="sans-serif">Lagan Srivastava</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=45% nowrap>&nbsp;

  </TD>
  <TD align=left width=52% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="sans-serif">Assistant Secretary</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<B><FONT face="sans-serif">Investment Manager</FONT></B><BR>
<FONT size=1 face="sans-serif">Allianz Global Investors Fund Management LLC</FONT><BR>
<FONT size=1 face="sans-serif">1345 Avenue of the Americas</FONT><BR>
<FONT size=1 face="sans-serif">New York, NY 10105</FONT><BR>
<BR>
<B><FONT face="sans-serif">Sub-Adviser</FONT></B><BR>
<FONT size=1 face="sans-serif">Pacific Investment Management Company LLC</FONT><BR>
<FONT size=1 face="sans-serif">840 Newport Center Drive</FONT><BR>
<FONT size=1 face="sans-serif">Newport Beach, CA 92660</FONT><BR>
<BR>
<B><FONT face="sans-serif">Custodian &amp; Accounting Agent</FONT></B><BR>
<FONT size=1 face="sans-serif">State Street Bank &amp; Trust Co.</FONT><BR>
<FONT size=1 face="sans-serif">801 Pennsylvania</FONT><BR>
<FONT size=1 face="sans-serif">Kansas City, MO 64105-1307</FONT><BR>
<BR>
<B><FONT face="sans-serif">Transfer Agent, Dividend Paying Agent and Registrar</FONT></B><BR>
<FONT size=1 face="sans-serif">PFPC Inc.</FONT><BR>
<FONT size=1 face="sans-serif">P.O. Box 43027</FONT><BR>
<FONT size=1 face="sans-serif">Providence, RI 02940-3027</FONT><BR>
<BR>
<B><FONT face="sans-serif">Independent Registered Public Accounting Firm</FONT></B><BR>
<FONT size=1 face="sans-serif">PricewaterhouseCoopers LLP</FONT><BR>
<FONT size=1 face="sans-serif">300 Madison Avenue</FONT><BR>
<FONT size=1 face="sans-serif">New York, NY 10017</FONT><BR>
<BR>
<B><FONT face="sans-serif">Legal Counsel</FONT></B><BR>
<FONT size=1 face="sans-serif">Ropes &amp; Gray LLP</FONT><BR>
<FONT size=1 face="sans-serif">One International Place</FONT><BR>
<FONT size=1 face="sans-serif">Boston, MA 02210-2624</FONT></P>
<P align="justify">
<I><FONT size=1 face="sans-serif">This report, including the financial information herein, is transmitted to the shareholders of PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II
for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.</FONT></I></P>
<P align="justify">
<I><FONT size=1 face="sans-serif">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time the Fund may purchase shares of its common stock in the open market.</FONT></I></P>
<P align="justify">
<I><FONT size=1 face="sans-serif">The Funds file its complete schedule of portfolio holdings with the Securities and Exchange Commission (&#147;SEC&#148;) for the first and third quarter of its fiscal year on Form N-Q. The Funds&#146; Form N-Qs are
available on the SEC&#146;s website at www.sec.gov and may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The
information on Form N-Q is also available on the Funds&#146; website at www.allianzinvestors.com/closedendfunds. </FONT></I></P>
<P align="justify"><I><FONT size=1 face="sans-serif">On January 3, 2007, each
      Fund submitted a CEO annual certification to the New York Stock Exchange
      (&#147;NYSE&#148;) on which the
  Fund&#146;s principal executive officer certified that he was not aware, as of the date, of any violation by the Fund of the NYSE&#146;s Corporate Governance listing standards. In addition, as required by Section 302 of the Sarbanes-Oxley Act of
  2002 and related SEC rules, each Fund&#146;s principal executive and principal financial officer made quarterly certifications, included in filings with the SEC on Forms N-CSR and N-Q relating to, among other things, the Funds&#146; disclosure
  controls and procedures and internal control over financial reporting, as applicable. </FONT></I></P>
<P align="justify"><I><FONT size=1 face="sans-serif">Information on the Funds
      is available at www.allianzinvestors.com/closedendfunds or by calling the
      Funds&#146; shareholder servicing agent at (800)
    331-1710.</FONT></I></P>
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<P align="left" style="page-break-before:always"></P><PAGE>


<p><IMG src="c48974_n-csrx55x1.jpg" border=0>
</p>
<p>&nbsp;</p>
<p><BR>

</p>
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<P align="left" style="page-break-before:always"></P>
<Page>
<P align="left"><FONT size=2 face="serif">ITEM 2. CODE OF ETHICS</FONT><FONT face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="3%" nowrap valign=top><FONT size=2 face="serif">(a)</FONT></TD>
    <TD width=97%><P align="left"><FONT size=2 face="serif">As of the end
          of the period covered by this report, the registrant has adopted a
          code of ethics (the &#147;Section 406 Standards for Investment Companies &#151; Ethical
          Standards for Principal Executive and Financial Officers&#148;) that
          applies to the registrant&#146;s Principal Executive Officer and Principal
          Financial Officer; the registrant&#146;s Principal Financial Officer
          also serves as the Principal Accounting Officer. The registrant undertakes
          to provide a copy of such code of ethics to any person upon request,
          without charge, by calling 1-800-331-1710. The code of ethics are included
          as an Exhibit 99.CODE ETH hereto.</FONT></P></TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><FONT size=2 face="serif">(b)</FONT></TD>
    <TD><P align="left"><FONT size=2 face="serif">During the period covered
          by this report, there were not any amendments to a provision of the
          code of ethics adopted in 2(a) above.</FONT></P></TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><FONT size=2 face="serif">(c)</FONT></TD>
    <TD><P align="left"><FONT size=2 face="serif">During the period covered
          by this report, there were not any waivers or implicit waivers to a
          provision of the code of ethics adopted in 2(a) above.</FONT></P></TD>
  </TR>
</TABLE>
<P align="left"> <FONT size=2 face="serif">ITEM 3. AUDIT COMMITTEE FINANCIAL
    EXPERT</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">The registrant&#146;s Board has determined
    that Mr. Paul Belica, a member of the Board&#146;s Audit Oversight Committee
    is an &#147;audit committee financial expert,&#148; and that he is &#147;independent,&#148; for
    purposes of this Item.</FONT></p>

	<P align="left"> <FONT size=2 face="serif">ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES</FONT></P>

<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD nowrap valign=top><FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width=100% align="left"><FONT size=2 face="serif">Audit fees. The
        aggregate fees billed for each of the last two fiscal years (the &#147;Reporting
        Periods&#148;) for professional services rendered by the Registrant&#146;s
        principal accountant (the &#147;Auditor&#148;) for the audit of the Registrant&#146;s
        annual financial statements, or services that are normally provided by
        the Auditor in connection with the statutory and regulatory filings or
        engagements for the Reporting Periods, were $47,823 in 2006 and $49,006
        in 2007.</FONT></TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width=100%><P align="left"><FONT size=2 face="serif">Audit-Related
          Fees. The aggregate fees billed in the Reporting Periods for assurance
          and related services by the principal accountant that are reasonably
          related to the performance of the audit registrant&#146;s financial
          statements and are not reported under paragraph (e) of this Item were
          $10,627 in 2006 and $11,558 in 2007. These services consist of accounting
          consultations, agreed upon procedure reports (inclusive of annual review
          of basic maintenance testing associated with the Preferred Shares),
          attestation reports and comfort letters.</FONT></P></TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width=100%><P align="left"><FONT size=2 face="serif">Tax Fees. The
          aggregate fees billed in the Reporting Periods for professional services
          rendered by the Auditor for tax compliance, tax service and tax planning
          (&#147;Tax Services&#148;) were $9,000 in 2006 and $9,000 in 2007.
          These services consisted of review or preparation of U.S. federal,
          state, local and excise tax returns.</FONT></P></TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><FONT size=2 face="serif">d)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width=100%><P align="left"><FONT size=2 face="serif">All Other Fees.
          There were no other fees billed in the Reporting Periods for products
          and services provided by the Auditor to the Registrant.</FONT></P></TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><FONT size=2 face="serif">e)</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width=100%><P align="left"><FONT size=2 face="serif">1. Audit Committee
          Pre-Approval Policies and Procedures. The Registrant&#146;s Audit Committee
          has established policies and procedures for pre-approval of all audit
          and permissible non-audit services by the Auditor for the Registrant,
          as well as the Auditor&#146;s engagements related directly to the operations
          and financial reporting of the Registrant. The Registrant&#146;s policy
          is stated below.</FONT></P></TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD><FONT size=2 face="serif">PIMCO Municipal Income Fund II (the &#147;Fund&#148;)</FONT></TD>
  </TR>
</TABLE>
<P align="left"> <FONT size=2 face="serif">AUDIT OVERSIGHT COMMITTEE POLICY FOR
    PRE-APPROVAL OF SERVICES PROVIDED BY THE INDEPENDENT ACCOUNTANTS</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">The Fund&#146;s Audit Oversight Committee
    (&#147;Committee&#148;) is charged with the oversight of the Fund&#146;s financial
    reporting policies and practices and their internal controls. As part of
    this responsibility, the</FONT><FONT face="serif"> </FONT></P>

<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<P align="left"> <FONT size=2 face="serif">Committee must pre-approve any independent
    accounting firm&#146;s engagement to render audit and/or permissible non-audit
    services, as required by law. In evaluating a proposed engagement by the
    independent accountants, the Committee will assess the effect that the engagement
    might reasonably be expected to have on the accountant&#146;s independence.
    The Committee&#146;s evaluation will be based on: </FONT><FONT face="serif"> </FONT></P>

<P align="left"> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;a review of the nature of the professional
    services expected to provided,</FONT><FONT face="serif"> </FONT><BR>
	<br>
    <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;the fees to be charged in connection with the
    services expected to be provided,</FONT><FONT face="serif"> </FONT><BR>
	<br>
    <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;a review of the safeguards put into place by the
    accounting firm to safeguard independence, and</FONT><FONT face="serif"> </FONT><BR>
	<br>
    <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;periodic meetings with the accounting firm.</FONT><FONT face="serif"> </FONT></P>

<P align="left"> <FONT size=2 face="serif">POLICY FOR AUDIT AND NON-AUDIT SERVICES
    TO BE PROVIDED TO THE FUNDS</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">On an annual basis, the Fund&#146;s
    Committee will review and pre-approve the scope of the audit of the Fund
    and proposed audit fees and permitted non-audit (including audit-related)
    services that may be performed by the Fund&#146;s independent accountants.
    At least annually, the Committee will receive a report of all audit and non-audit
    services that were rendered in the previous calendar year pursuant to this
    Policy. In addition to the Committee&#146;s pre-approval of services pursuant
    to this Policy, the engagement of the independent accounting firm for any
    permitted non-audit service provided to the Fund will also require the separate
    written pre-approval of the President of the Fund, who will confirm, independently,
    that the accounting firm&#146;s engagement will not adversely affect the
    firm&#146;s
    independence. All non-audit services performed by the independent accounting
    firm will be disclosed, as required, in filings with the Securities and Exchange
    Commission.</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">AUDIT SERVICES</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">The categories of audit services and
    related fees to be reviewed and pre-approved annually by the Committee are:<br>
   <br>
  Annual Fund financial statement audits<br>
  Seed audits (related to new product filings, as required)<br>
  SEC and regulatory filings and consents<br>
  Semiannual financial statement reviews</FONT></P>
<P align="left"><FONT size=2 face="serif">AUDIT-RELATED SERVICES</FONT></P>
<P align="left"> <FONT size=2 face="serif">The following categories of audit-related
    services are considered to be consistent with the role of the Fund&#146;s
    independent accountants and services falling under one of these categories
    will be pre-approved by the Committee on an annual basis if the Committee
    deems those services to be consistent with the accounting firm&#146;s independence:<br>
  <br>
  Accounting consultations<br>
  Fund merger support services<br>
  Agreed upon procedure reports (inclusive of quarterly review of Basic Maintenance
  testing associated with issuance of Preferred Shares and semiannual report
  review)<br>
  Other attestation reports<br>
  Comfort letters<br>
  Other internal control reports</FONT></P>
<P align="left"> <FONT size=2 face="serif">Individual audit-related services
    that fall within one of these categories and are not presented to the Committee
    as part of the annual pre-approval process described above, may be pre-approved,
    if deemed consistent with the accounting firm&#146;s independence, by the
    Committee Chair (or any other Committee member who is a disinterested trustee
    under the Investment Company Act to whom this responsibility has been delegated)
    so long as the estimated fee for those services does not exceed $150,000.
    Any such pre-approval shall be reported to the full Committee at its next
    regularly scheduled meeting.</FONT> </P>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>


<P align="left"> <FONT size=2 face="serif"> TAX SERVICES</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">The following categories of tax services
    are considered to be consistent with the role of the Fund&#146;s independent
    accountants and services falling under one of these categories will be pre-approved
    by the Committee on an annual basis if the Committee deems those services
    to be consistent with the accounting firm&#146;s independence:</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">Tax compliance services related to
    the filing or amendment of the following:</FONT></P>
<div style="margin-left:20px">
  <P align="left"><FONT size=2 face="serif">Federal, state and local income tax
      compliance; and, sales and use tax compliance<br>
    Timely RIC qualification reviews<br>
    Tax distribution analysis and planning<br>
    Tax authority examination services<br>
    Tax appeals support services<br>
    Accounting methods studies<br>
    Fund merger support service<br>
    Other tax consulting services and related projects</FONT></P>
</div>
<P align="left"> <FONT size=2 face="serif">Individual tax services that fall
    within one of these categories and are not presented to the Committee as
    part of the annual pre-approval process described above, may be pre-approved,
    if deemed consistent with the accounting firm&#146;s independence, by the
    Committee Chairman (or any other Committee member who is a disinterested
    trustee under the Investment Company Act to whom this responsibility has
    been delegated) so long as the estimated fee for those services does not
    exceed $150,000. Any such pre-approval shall be reported to the full Committee
    at its next regularly scheduled meeting.</FONT> </P>
<P align="left"> <FONT size=2 face="serif">PROSCRIBED SERVICES</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif"> The Fund&#146;s independent accountants
    will not render services in the following categories of non-audit services:<br>
      <br>
  Bookkeeping or other services related to the accounting records or financial
  statements of the Fund<br>
  Financial information systems design and implementation<br>
  Appraisal or valuation services, fairness opinions, or contribution-in-kind
  reports<br>
  Actuarial services<br>
  Internal audit outsourcing services<br>
  Management functions or human resources<br>
  Broker or dealer, investment adviser or investment banking services<br>
  Legal services and expert services unrelated to the audit</FONT></P>
<P align="left"> <FONT size=2 face="serif">Any other service that the Public
    Company Accounting Oversight Board determines, by regulation, is impermissible</FONT></P>
<P align="left"><FONT size=2 face="serif">PRE-APPROVAL OF NON-AUDIT SERVICES
    PROVIDED TO OTHER ENTITIES WITHIN THE FUND COMPLEX</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">The Committee will pre-approve annually
    any permitted non-audit services to be provided to Allianz Global Investors
    Fund Management LLC (Formerly, PA Fund Management LLC) or any other investment
    manager to the Funds (but not including any sub-adviser whose role is primarily
    portfolio management and is sub-contracted by the investment manager) (the &#147;Investment
    Manager&#148;) and any entity controlling, controlled by, or under common
    control with the Investment Manager that provides ongoing services to the
    Fund (including affiliated sub-advisers to the Fund), provided, in each
    case, that the engagement relates directly to the operations and financial
    reporting of the Fund (such entities, including the Investment Manager,
    shall be referred to herein as the &#147;Accounting Affiliates&#148;). Individual
    projects that are not presented to the Committee as part of the annual pre-approval
    process, may be pre-approved, if deemed consistent with the accounting firm&#146;s
    independence, by the Committee Chairman (or any other Committee member who
    is a disinterested trustee under the Investment Company Act to whom this
    responsibility has been delegated) so long as the estimated fee for those
    services does not exceed $150,000. Any such pre-approval shall be reported
    to the full Committee at its next regularly scheduled meeting.</FONT> </P>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<P align="left"> <FONT size=2 face="serif">Although the Committee will not pre-approve
    all services provided to the Investment Manager and its affiliates, the Committee
    will receive an annual report from the Fund&#146;s independent accounting
    firm showing the aggregate fees for all services provided to the Investment
    Manager and its affiliates.</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">DE MINIMUS EXCEPTION TO REQUIREMENT
    OF PRE-APPROVAL OF NON-AUDIT SERVICES</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">With respect to the provision of permitted
    non-audit services to a Fund or Accounting Affiliates, the pre-approval requirement
    is waived if: </FONT><FONT face="serif"> </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="4%" align="right" valign=top><FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="3%" align="left" valign=top><FONT size=2 face="serif">(1)&nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size=2 face="serif">The aggregate amount
        of all such permitted non-audit services provided constitutes no more
        than (i) with respect to such services provided to the Fund, five percent
        (5%) of the total amount of revenues paid by the Fund to its independent
        accountant during the fiscal year in which the services are provided,
        and (ii) with respect to such services provided to Accounting Affiliates,
        five percent (5%) of the total amount of revenues paid to the Fund&#146;s
        independent accountant by the Fund and the Accounting Affiliates during
        the fiscal year in which the services are provided;</FONT></TD>
  </TR>
  <TR>
    <TD align="right" valign=top><font size="2">&nbsp;</font></TD>
    <TD align="left" valign=top nowrap><font size="2">&nbsp;</font></TD>
    <TD colspan="2" align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="right" valign=top><font size="2">&nbsp;</font></TD>
    <TD align="left" valign=top nowrap><FONT size=2 face="serif">(2)&nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top"><FONT size=2 face="serif">Such services were
        not recognized by the Fund at the time of the engagement for such services
    to be non-audit services; and</FONT></TD>
  </TR>
  <TR>
    <TD align="right" valign=top><font size="2">&nbsp;</font></TD>
    <TD align="left" valign=top nowrap><font size="2">&nbsp;</font></TD>
    <TD colspan="2" align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="right" valign=top><FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD align="left" valign=top nowrap><FONT size=2 face="serif">(3)&nbsp; &nbsp; &nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top"><FONT size=2 face="serif">Such
        services are promptly brought to the attention of the Committee and approved
        prior to the completion of the audit by the Committee or by the Committee
        Chairman (or any other Committee member who is a disinterested trustee
        under the Investment Company Act to whom this Committee Chairman or other
        delegate shall be reported to the full Committee at its next regularly
        scheduled meeting.</FONT></TD>
  </TR>
  <TR>
    <TD align="right" valign=top>&nbsp;</TD>
    <TD align="left" valign=top nowrap>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="2%" valign=top><FONT size=2 face="serif">e)</FONT>&nbsp; &nbsp; </TD>
    <TD width="91%" valign=top><FONT size=2 face="serif">2. No services were approved pursuant
        to the procedures contained in paragraph (C) (7) (i) (C) of Rule 2-01
    of Registration S-X.</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="2" valign=top nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD valign=top><FONT size=2 face="serif">f)&nbsp; &nbsp;</FONT></TD>
    <TD valign=top><FONT size=2 face="serif">Not
applicable</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="2" valign=top>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD valign=top><FONT size=2 face="serif">g)</FONT>&nbsp; &nbsp; </TD>
    <TD valign=top><FONT size=2 face="serif">Non-audit fees. The aggregate non-audit
        fees billed by the Auditor for services rendered
to the Registrant, and rendered to the Adviser, for the 2006 Reporting
Period was $2,205,889 and the 2007 Reporting Period
was $2,331,204.</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="2" valign=top>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD valign=top><FONT size=2 face="serif">h)&nbsp; &nbsp; </FONT></TD>
    <TD valign=top><FONT size=2 face="serif">Auditor Independence. The Registrant&#146;s
        Audit Oversight Committee has considered whether the provision of non-audit
        services that were rendered to the Adviser which were not pre- approved
        is compatible with maintaining the Auditor&#146;s
independence.</FONT></TD>
  </TR>
</TABLE>
<P align="left"> <FONT size=2 face="serif">ITEM 5. AUDIT COMMITTEE OF LISTED
    REGISTRANT</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">The Fund has a separately designated
    standing audit committee established in accordance with Section 3(a)(58)(A)
    of the Securities Exchange Act of 1934. The audit committee of the Fund is
    comprised of Robert E. Connor, Paul Belica, John J. Dalessandro II, Hans
    W. Kertess, R. Peter Sullivan III and William B. Ogden, IV.</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">ITEM 6. SCHEDULE OF INVESTMENTS Schedule
    of Investments is included as part of the report to shareholders filed under
    Item 1 of this form. </FONT></P>
<HR noshade width="100%" size=4>

<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="left"> <FONT size=2 face="serif">ITEM 7. DISCLOSURE OF PROXY VOTING
    POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. </FONT></P>
<P align="center"> <B><FONT face="serif">PIMCO MUNICIPAL INCOME FUND II </FONT></B><BR>
    <B><FONT face="serif">PIMCO CALIFORNIA MUNICIPAL INCOME FUND II </FONT></B><BR>
    <B><FONT face="serif">PIMCO NEW YORK MUNICIPAL INCOME FUND II </FONT></B><BR>
    <B><FONT face="serif"> (each a &#147;Trust&#148;) </FONT></B></P>
<P align="center"> <B><U><FONT face="serif">PROXY VOTING POLICY</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="center">&nbsp; </P>
<table border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td nowrap valign=top><font face="serif">1.</font>&nbsp; &nbsp; &nbsp; </td>
    <td width=100%><p align="left"><font face="serif">It is the policy of each
          Trust that proxies should be voted in the interest of its shareholders,
          as determined by those who are in the best position to make this determination.
          Each Trust believes that the firms and/or persons purchasing and selling
          securities for the Trust and analyzing the performance of the Trust&#146;s
          securities are in the best position and have the information necessary
          to vote proxies in the best interests of the Trust and its shareholders,
          including in situations where conflicts of interest may arise between
          the interests of shareholders, on one hand, and the interests of the
          investment adviser, a sub-adviser and/or any other affiliated person
          of the Trust, on the other. Accordingly, each Trust&#146;s policy shall
          be to delegate proxy voting responsibility to those entities with portfolio
          management responsibility for the Trust.</font></p></td>
  </tr>
  <tr>
    <td nowrap valign=top>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td nowrap valign=top><font face="serif">2.</font>&nbsp; &nbsp; &nbsp; </td>
    <td width=100%><p align="left"><font face="serif">Each Trust delegates the
          responsibility for voting proxies to Allianz Global Investors Fund
          Management LLC (&#147;AGIFM&#148;), which will in turn delegate such
          responsibility to the sub-adviser of the particular Trust. AGIFM&#146;s
          Proxy Voting Policy Summary is attached as </font><u><font face="serif">Appendix
          A</font></u> <font face="serif">hereto. Summary of the detailed proxy
          voting policies of the Trust&#146;s current sub-adviser is set forth
          in </font><u><font face="serif">Appendix B</font></u> <font face="serif">attached
          hereto. Such summaries may be revised from time to time to reflect
          changes to the sub-advisers&#146; detailed proxy voting policies.</font></p></td>
  </tr>
  <tr>
    <td nowrap valign=top>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td nowrap valign=top><font face="serif">3.</font>&nbsp; &nbsp; &nbsp; </td>
    <td width=100%><p align="left"><font face="serif">The party voting the proxies
          (i.e., the sub-adviser or portfolio manager) shall vote such proxies
          in accordance with such party&#146;s proxy voting policies and, to
          the extent consistent with such policies, may rely on information and/or
          recommendations supplied by others.</font></p></td>
  </tr>
  <tr>
    <td nowrap valign=top>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td nowrap valign=top><font face="serif">4.</font>&nbsp; &nbsp; &nbsp; </td>
    <td width=100%><p align="left"><font face="serif">AGIFM and the sub-adviser
          of a Trust with proxy voting authority shall deliver a copy of its
          respective proxy voting policies and any material amendments thereto
          to the applicable Board of the Trust promptly after the adoption or
          amendment of any such policies.</font></p></td>
  </tr>
  <tr>
    <td nowrap valign=top>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td nowrap valign=top><font face="serif">5.</font>&nbsp; &nbsp; &nbsp; </td>
    <td width=100%><p align="left"><font face="serif">The party voting the proxy
          shall: (i) maintain such records and provide such voting information
          as is required for the Trusts&#146; regulatory filings including, without
          limitation, Form N-PX and the required disclosure of policy called
          for by Item 18 of Form N-2 and Item 7 of Form N-CSR; and (ii) shall
          provide such additional</font></p></td>
  </tr>
</table>
<P align="center"><FONT size=2 face="serif">-1- </FONT></P>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD width=100%><P align="left"><FONT face="serif">information as may be
          requested, from time to time, by the Board or the Trusts&#146; Chief
          Compliance Officer.</FONT></P></TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><FONT face="serif">6.</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width=100%><P align="left"><FONT face="serif">This Proxy Voting Policy
          Statement (including </FONT><U><FONT face="serif">Appendix B</FONT></U><FONT face="serif">),
          the Proxy Voting Policy Summary of AGIFM and summary of the detailed
          proxy voting policy of the sub- adviser of a Trust with proxy voting
          authority, shall be made available (i) without charge, upon request,
          by calling 1-800-426-0107 and (ii) on the Trusts&#146; website at www.allianzinvestors.com.
          In addition, to the extent required by applicable law or determined
          by the Trusts&#146; Chief Compliance Officer or Board of Trustees,
          the Proxy Voting Policy Summary of AGIFM and summaries of the detailed
          proxy voting policies of each sub-adviser with proxy voting authority
          shall also be included in the Trusts&#146; Registration Statements
          or Form N-CSR filings.</FONT></P></TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=1 face="serif">-</FONT><FONT face="serif">2-</FONT><FONT size=2 face="serif"> </FONT></P>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="right"> <B><U><FONT face="serif">Appendix A</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left"> <B><U><FONT face="serif">ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT
        LLC (&#147;AGIFM&#148;)</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD nowrap valign=top><FONT face="serif">1.</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width=100%><P align="left"><FONT face="serif">It is the policy of
          AGIFM that proxies should be voted in the interest of the shareholders
          of the applicable fund, as determined by those who are in the best
          position to make this determination. AGIFM believes that the firms
          and/or persons purchasing and selling securities for the funds and
          analyzing the performance of the funds&#146; securities are in the
          best position and have the information necessary to vote proxies in
          the best interests of the funds and their shareholders, including in
          situations where conflicts of interest may arise between the interests
          of shareholders, on one hand, and the interests of the investment adviser,
          a sub-adviser and/or any other affiliated person of the fund, on the
          other. Accordingly, AGIFM&#146;s policy shall be to delegate proxy
          voting responsibility to those entities with portfolio management responsibility
          for the funds.</FONT></P></TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><FONT face="serif">2.</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width=100%><P align="left"><FONT face="serif">AGIFM, for each fund
          which it acts as an investment adviser, delegates the responsibility
          for voting proxies to the sub-adviser for the respective fund, subject
          to the terms hereof.</FONT></P></TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><FONT face="serif">3.</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width=100%><P align="left"><FONT face="serif">The party voting the
          proxies (e.g., the sub-adviser) shall vote such proxies in accordance
          with such party&#146;s proxy voting policies and, to the extent consistent
          with such policies, may rely on information and/or recommendations
          supplied by others.</FONT></P></TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><FONT face="serif">4.</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width=100%><P align="left"><FONT face="serif">AGIFM and each sub-adviser
          of a fund shall deliver a copy of its respective proxy voting policies
          and any material amendments thereto to the board of the relevant fund
          promptly after the adoption or amendment of any such policies.</FONT></P></TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><FONT face="serif">5.</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width=100%><P align="left"><FONT face="serif">The party voting the
          proxy shall: (i) maintain such records and provide such voting information
          as is required for such funds&#146; regulatory filings including, without
          limitation, Form N-PX and the required disclosure of policy called
          for by Item 18 of Form N-2 and Item 7 of Form N-CSR; and (ii) shall
          provide such additional information as may be requested, from time
          to time, by such funds&#146; respective boards or chief compliance
          officers.</FONT></P></TD>
  </TR>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top><FONT face="serif">6.</FONT>&nbsp; &nbsp; &nbsp; </TD>
    <TD width=100%><P align="left"><FONT face="serif">This Proxy Voting Policy
          Summary and summaries of the proxy voting policies for each sub-adviser
          of a fund advised by AGIFM shall be available (i) without charge, upon
          request, by calling 1-800-426-0107 and (ii) at www.allianzinvestors.com.
          In addition, to the extent required by applicable law or determined
          by the relevant fund&#146;s board of directors/trustees or chief compliance
          officer, this Proxy Voting Policy Summary and summaries of the detailed
          proxy voting policies of each sub-adviser and each other entity with
          proxy voting authority for a fund advised by AGIFM shall also be included
          in the Registration Statement or Form N-CSR filings for the relevant
          fund.</FONT></P></TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="serif">A-1</FONT></P>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="right"> <B><U><FONT face="serif">Appendix B</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left"> <B><U><FONT size=2 face="serif">PACIFIC INVESTMENT MANAGEMENT
        COMPANY LLC</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="left"> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Investment Management Company
    LLC (&#147;PIMCO&#148;) has adopted written proxy voting policies and procedures
    (&#147;Proxy Policy&#148;) as required by Rule 206(4)-6 under the Investment
    Advisers Act of 1940, as amended. PIMCO has implemented the Proxy Policy
    for each of its clients as required under applicable law, unless expressly
    directed by a client in writing to refrain from voting that client&#146;s
    proxies. Recognizing that proxy voting is a rare event in the realm of fixed
    income investing and is typically limited to solicitation of consent to changes
    in features of debt securities, the Proxy Policy also applies to any voting
    rights and/or consent rights of PIMCO, on behalf of its clients, with respect
    to debt securities, including but not limited to, plans of reorganization,
    and waivers and consents under applicable indentures. </FONT></P>
<P align="left"> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Proxy Policy is designed and
    implemented in a manner reasonably expected to ensure that voting and consent
    rights are exercised in the best interests of PIMCO&#146;s clients. Each
    proxy is voted on a case-bycase basis taking into consideration any relevant
    contractual obligations as well as other relevant facts and circumstances
    at the time of the vote. In general, PIMCO reviews and considers corporate
    governance issues related to proxy matters and generally supports proposals
    that foster good corporate governance practices. PIMCO may vote proxies as
    recommended by management on routine matters related to the operation of
    the issuer and on matters not expected to have a significant economic impact
    on the issuer and/or its shareholders. </FONT></P>
<P align="left"> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO will supervise and periodically
    review its proxy voting activities and implementation of the Proxy Policy.
    PIMCO will review each proxy to determine whether there may be a material
    conflict between PIMCO and its client. If no conflict exists, the proxy will
    be forwarded to the appropriate portfolio manager for consideration. If a
    conflict does exist, PIMCO will seek to resolve any such conflict in accordance
    with the Proxy Policy. PIMCO seeks to resolve any material conflicts of interest
    by voting in good faith in the best interest of its clients. If a material
    conflict of interest should arise, PIMCO will seek to resolve such conflict
    in the client&#146;s best interest by pursuing any one of the following courses
    of action: (i) convening a committee to assess and resolve the conflict;
    (ii) voting in accordance with the instructions of the client; (iii) voting
    in accordance with the recommendation of an independent third-party service
    provider; (iv) suggesting that the client engage another party to determine
    how the proxy should be voted; (v) delegating the vote to a third-party service
    provider; or (vi) voting in accordance with the factors discussed in the
    Proxy Policy. </FONT></P>
<P align="left"> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clients may obtain a copy of PIMCO&#146;s
    written Proxy Policy and the factors that PIMCO may consider in determining
    how to vote a client&#146;s proxy. Except as required by law, PIMCO will
    not disclose to third parties how it voted on behalf of a client. However,
    upon request from an appropriately authorized individual, PIMCO will disclose
    to its clients or the entity delegating the voting authority to PIMCO for
    such clients, how PIMCO voted such client&#146;s proxy. In addition, a client
    may obtain copies of PIMCO&#146;s Proxy Policy and information as to how
    its proxies have been voted by contacting PIMCO.</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="center"> <FONT size=2 face="serif">A</FONT><FONT size=1 face="serif">-</FONT><FONT size=2 face="serif">2</FONT><FONT size=2 face="serif"> </FONT></P>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="left"> <FONT size=2 face="serif">ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END
    MANAGEMENT INVESTMENT COMPANIES </FONT></P>
<P align="left"> <FONT size=2 face="serif">(a)(1) </FONT></P>
<P align="left"> <FONT size=2 face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of August 6, 2007 the following
    individual has primary responsibility for the day-today implementation of
    the PIMCO Municipal Income Fund II (PML), PIMCO California Municipal Income
    Fund II (PCK) and PIMCO New York Municipal Income Fund II (PNI) (each a &#147;Fund&#148; and
    collectively, the &#147;Funds&#148;): </FONT></P>
<P align="left"> <B><FONT size=2 face="sans-serif">Mark V. McCray </FONT></B><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left"> <FONT face="serif">Mr. McCray has been the portfolio manager
    for each of the Funds since inception (June 2002). Mr. McCray is a Managing
    Director and portfolio manager responsible for the firm's municipal bond
    portfolios and tax-sensitive portfolios, and has managed the subject portfolios
    since their inception. He currently serves as Chairman of PIMCO's Shadow
    Investment Committee. He joined the firm in 2000 from Goldman, Sachs &amp; Co.
    in New York, where he was Vice President and co-head of municipal bond trading,
    with primary responsibility for the firm's proprietary municipal trading.
    Mr. McCray has nineteen years of investment experience and holds bachelor's
    degrees in finance and real estate from Temple University and an MBA from
    The Wharton School of the University of Pennsylvania, with concentrations
    in finance, accounting, and strategic management.</FONT></P>
<P align="left"> <FONT size=2 face="serif">(a)(2) </FONT></P>
<P align="left"> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summarizes information
    regarding each of the accounts, excluding the </FONT><FONT size=2 face="serif">Funds </FONT><FONT size=2 face="serif">that
    were managed by the Portfolio Manager as of May 31, 2007, including accounts
    managed by a team, committee, or other group that includes the Portfolio
    Manager. </FONT><FONT size=2 face="serif">Unless mentioned otherwise, the
    advisory fee charged for managing each of the accounts listed below is not
    based on performance. </FONT></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD align=left style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center colspan=3 style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Registered
        Investment Companies</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center colspan=3 style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Other
        Pooled Investment Vehicles</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center colspan=3 style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Other
        Accounts</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">PM</FONT>&nbsp; </TD>
    <TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" align=left style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">Fund</FONT>&nbsp; </TD>
    <TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" align=left style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="10%" align=right style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">AUM($million)</FONT>&nbsp; </TD>
    <TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" align=left style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="10%" align=right style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">AUM($million)</FONT>&nbsp; </TD>
    <TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="8%" align=left style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="10%" align=center style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">AUM($million)</FONT>&nbsp; </TD>
  </TR>
  <TR width="10%" valign="bottom" bgcolor="#E5FFFF">
    <TD align=left ><B><FONT size=2 face="sans-serif">Mark
          V.</FONT></B>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">PML</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">13</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">4,742.83</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">2</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">807.74</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=2 face="serif">18</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,497.53</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">McCray</FONT></B>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">PCK</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">13</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">5,422.43</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">2</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">807.74</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=2 face="serif">18</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,497.53</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E5FFFF">
    <TD align=left style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">PNI</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">13</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">5,893.69</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">2</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">807.74</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;">&nbsp; &nbsp;<FONT size=2 face="serif">18</FONT>&nbsp; </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">1,497.53</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="left"> <FONT size=2 face="serif"> </FONT><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time
    to time, potential conflicts of interest may arise between a portfolio manager&#146;s
    management of the investments of a Fund, on the one hand, and the management
    of other accounts, on the other. The other accounts might have similar investment
    objectives or strategies a Fund, track the same index a Fund tracks or otherwise
    hold, purchase, or sell securities that are eligible to be held, purchased
    or sold by the Funds. The other accounts might also have different investment
    objectives or strategies than the Funds. </FONT></P>
<P align="left"> <I><FONT size=2 face="serif">Knowledge and Timing of Fund Trades</FONT></I><FONT size=2 face="serif">.
    A potential conflict of interest may arise as a result of the portfolio manager&#146;s
    day-to- day management of a Fund. Because of their positions with the Funds,
    the portfolio </FONT></P>
<P align="center"> <FONT size=2 face="serif">A</FONT><FONT size=1 face="serif">-</FONT><FONT size=2 face="serif">3</FONT><FONT size=2 face="serif"> </FONT></P>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="left"> <FONT size=2 face="serif">managers know the size, timing and
    possible market impact of a Fund&#146;s trades. It is theoretically possible
    that the portfolio managers could use this information to the advantage of
    other accounts they manage and to the possible detriment of a Fund. </FONT></P>
<P align="left"> <I><FONT size=2 face="serif">Investment Opportunities</FONT></I><FONT size=2 face="serif">.
    A potential conflict of interest may arise as result of the portfolio manager&#146;s
    management of a number of accounts with varying investment guidelines. Often,
    an investment opportunity may be suitable for both a Fund and other accounts
    managed by the portfolio manager, but may not be available in sufficient
    quantities for both the Fund and the other accounts to participate fully.
    Similarly, there may be limited opportunity to sell an investment held by
    a Fund and another account. PIMCO has adopted policies and procedures reasonably
    designed to allocate investment opportunities on a fair and equitable basis
    over time. </FONT></P>
<P align="left"> <FONT size=2 face="serif">Under PIMCO&#146;s allocation procedures,
    investment opportunities are allocated among various investment strategies
    based on individual account investment guidelines and PIMCO&#146;s investment
    outlook. PIMCO has also adopted additional procedures to complement the general
    trade allocation policy that are designed to address potential conflicts
    of interest due to the side-by- side management of the Funds and certain
    pooled investment vehicles, including investment opportunity allocation issues. </FONT></P>
<P align="left"> <I><FONT size=2 face="serif">Performance Fees</FONT></I><FONT size=2 face="serif">.
    A portfolio manager may advise certain accounts with respect to which the
    advisory fee is based entirely or partially on performance. Performance fee
    arrangements may create a conflict of interest for the portfolio manager
    in that the portfolio manager may have an incentive to allocate the investment
    opportunities that he or she believes might be the most profitable to such
    other accounts instead of allocating them to a Fund. PIMCO has adopted policies
    and procedures reasonably designed to allocate investment opportunities between
    the Funds and such other accounts on a fair and equitable basis over time. </FONT></P>
<P align="left"> <FONT size=2 face="serif"> (a) (3) </FONT></P>
<P align="left"> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of May 31, 2007, </FONT><FONT size=2 face="serif">the
    following explains the compensation structure of the individual that has
    primary responsibility for day-to-day portfolio management of the Funds: </FONT></P>
<P align="left"> <B><FONT size=2 face="serif">Portfolio Manager Compensation </FONT></B></P>
<P align="left"> <FONT size=2 face="serif">PIMCO has adopted a &#147;Total Compensation
    Plan&#148; for its professional level employees, including its portfolio
    managers, that is designed to pay competitive compensation and reward performance,
    integrity and teamwork consistent with the firm&#146;s mission statement.
    The Total Compensation Plan includes a significant incentive component that
    rewards high performance standards, work ethic and consistent individual
    and team contributions to the firm. The compensation of portfolio managers
    consists of a base salary, a bonus, and may include a retention bonus. Portfolio
    managers who are Managing Directors of PIMCO also receive compensation from
    PIMCO&#146;s profits. Certain employees of PIMCO, including portfolio managers,
    may elect to defer compensation through PIMCO&#146;s deferred compensation
    plan. PIMCO also offers its employees a non-contributory defined contribution
    plan through which PIMCO makes a contribution based on the employee&#146;s
    compensation. PIMCO&#146;s contribution rate increases at a specified compensation
    level, which is a level that would include portfolio managers. </FONT></P>
<P align="left"> <I><FONT size=2 face="serif">Salary and Bonus</FONT></I><FONT size=2 face="serif">.
    Base salaries are determined by considering an individual portfolio manager&#146;s
    experience and expertise and may be reviewed for adjustment annually. Portfolio
    managers are entitled to receive bonuses, which may be significantly more
    than their base salary, upon attaining certain performance objectives based
    on predetermined measures of group or department success. These goals are
    specific to individual portfolio managers and are mutually agreed upon annually
    by each portfolio manager and his or her manager. Achievement of these goals
    is an important, but not exclusive, element of the bonus decision process. </FONT></P>
<P align="left"> <FONT size=2 face="serif">In addition, the following non-exclusive
    list of qualitative criteria (collectively, the &#147;Bonus Factors&#148;)
    may be considered when determining the bonus for portfolio managers: </FONT></P>
<P align="center"> <FONT size=2 face="serif">A</FONT><FONT size=1 face="serif">-</FONT><FONT size=2 face="serif">4</FONT><FONT size=2 face="serif"> </FONT></P>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<UL>
  <LI>
    <P align="left"><FONT size=2 face="serif">3-year, 2-year and 1-year dollar-weighted
        and account-weighted, pre-tax investment performance</FONT> <FONT size=2 face="serif">as
        judged against the applicable benchmarks for each account managed by
        a portfolio manager and</FONT> <FONT size=2 face="serif">relative to
        applicable industry peer groups;</FONT></P>
  </LI>
  <LI>
    <P align="left"><FONT size=2 face="serif">Appropriate risk positioning that
        is consistent with PIMCO&#146;s investment philosophy and the</FONT> <FONT size=2 face="serif">Investment
        Committee/CIO approach to the generation of alpha;</FONT></P>
  </LI>
  <LI>
    <P align="left"><FONT size=2 face="serif">Amount and nature of assets managed
        by the portfolio manager;</FONT></P>
  </LI>
  <LI>
    <P align="left"><FONT size=2 face="serif">Consistency of investment performance
        across portfolios of similar mandate and guidelines</FONT> <FONT size=2 face="serif">(reward
        low dispersion);</FONT></P>
  </LI>
  <LI>
    <P align="left"><FONT size=2 face="serif">Generation and contribution of
        investment ideas in the context of PIMCO&#146;s secular and cyclical</FONT> <FONT size=2 face="serif">forums,
        portfolio strategy meetings, Investment Committee meetings, and on a
        day-to-day basis;</FONT></P>
  </LI>
  <LI>
    <P align="left"><FONT size=2 face="serif">Absence of defaults and price defaults
        for issues in the portfolios managed by the portfolio</FONT> <FONT size=2 face="serif">manager;</FONT></P>
  </LI>
  <LI>
    <P align="left"><FONT size=2 face="serif">Contributions to asset retention,
        gathering and client satisfaction;</FONT></P>
  </LI>
  <LI>
    <P align="left"><FONT size=2 face="serif">Contributions to mentoring, coaching
        and/or supervising; and</FONT></P>
  </LI>
  <LI>
    <P align="left"><FONT size=2 face="serif">Personal growth and skills added.</FONT></P>
  </LI>
</UL>
<P align="left"> <FONT size=2 face="serif">A portfolio manager&#146;s compensation
    is not based directly on the performance of any portfolio or any other account
    managed by that portfolio manager. Final bonus award amounts are determined
    by the PIMCO Compensation Committee. </FONT></P>
<P align="left"> <I><FONT size=2 face="serif">Retention Bonuses</FONT></I><FONT size=2 face="serif">.
    Certain portfolio managers may receive a discretionary, fixed amount retention
    bonus, based upon the Bonus Factors and continued employment with PIMCO.
    Each portfolio manager who is a Senior Vice President or Executive Vice President
    of PIMCO receives a variable amount retention bonus, based upon the Bonus
    Factors and continued employment with PIMCO. </FONT></P>
<P align="left"> <FONT size=2 face="serif">Investment professionals, including
    portfolio managers, are eligible to participate in a Long Term Cash Bonus
    Plan (&#147;Cash Bonus Plan&#148;), which provides cash awards that appreciate
    or depreciate based upon the performance of PIMCO&#146;s parent company,
    Allianz Global Investors, and PIMCO over a three-year period. The aggregate
    amount available for distribution to participants is based upon Allianz Global
    Investors&#146;s profit growth and PIMCO&#146;s profit growth. Participation
    in the Cash Bonus Plan is based upon the Bonus Factors, and the payment of
    benefits from the Cash Bonus Plan, is contingent upon continued employment
    at PIMCO. </FONT></P>
<P align="left"> <I><FONT size=2 face="serif">Profit Sharing Plan</FONT></I><FONT size=2 face="serif">.
    Instead of a bonus, portfolio managers who are Managing Directors of PIMCO
    receive compensation from a non-qualified profit sharing plan consisting
    of a portion of PIMCO&#146;s net profits. Portfolio managers who are Managing
    Directors receive an amount determined by the Managing Director Compensation
    Committee, based upon an individual&#146;s overall contribution to the firm
    and the Bonus Factors.</FONT></P>
<P align="left"> <FONT size=2 face="serif">From time to time, under the PIMCO
    Class B Unit Purchase Plan, Managing Directors and certain executive management
    (including Executive Vice Presidents) of PIMCO may become eligible to purchase
    Class B Units of PIMCO. Upon their purchase, the Class B Units are immediately
    exchanged for Class A Units of PIMCO Partners, LLC, a California limited
    liability company that holds a minority interest in PIMCO and is owned by
    the Managing Directors and certain executive management of PIMCO. The Class
    A Units of PIMCO Partners, LLC entitle their holders to distributions of
    a portion of the profits of PIMCO. The PIMCO Compensation Committee determines
    which Managing Directors and executive management may purchase Class B Units
    and the number of Class B Units that each may purchase. The Class B Units
    are purchased pursuant to full recourse notes issued to the holder. The base
    compensation of each Class B Unit holder is increased in an amount equal
    to the principal amortization applicable to the notes given by the Managing
    Director or member of executive management. </FONT></P>
<P align="left"> <FONT size=2 face="serif">Portfolio managers who are Managing
    Directors also have long-term employment contracts, which guarantee severance
    payments in the event of involuntary termination of a Managing Director&#146;s
    employment with PIMCO. </FONT></P>
<P align="center"> <FONT size=2 face="serif">A</FONT><FONT size=1 face="serif">-</FONT><FONT size=2 face="serif">5</FONT><FONT size=2 face="serif"> </FONT></P>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="left"> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(4) </FONT></P>
<P align="left"> <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following summarizes the dollar
    range of securities the portfolio manager for the Funds beneficially owned
    of the Funds that he managed as of 05/31/07.</FONT></P>


<TABLE border=0 width=80% cellspacing=0 cellpadding=0>
<TR align="center" valign="bottom" bgcolor="#999999">
  <TD colspan="2" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">PIMCO Municipal Income Fund II<br>
PIMCO California Municipal Income Fund II<br>
PIMCO New York Municipal Income Fund II</FONT> <FONT size=2 face="serif">&nbsp;
        </FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=66% style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Portfolio Manager</FONT>&nbsp;
  </TD>
  <TD align=center width=66% style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Dollar Range of Equity Securities in the Funds</FONT>&nbsp;
  </TD>
</TR>

<TR valign="bottom">
  <TD align=left width=66% style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Mark V. McCray</FONT></B>&nbsp;</TD>
  <TD align=center width=66% style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif" style="border-bottom:1px solid #000000;">None&nbsp;</FONT>&nbsp;
  </TD>
</TR>
</TABLE>

<BR>
<P align="center"> <FONT size=2 face="serif">A</FONT><FONT size=1 face="serif">-</FONT><FONT size=2 face="serif">6</FONT><FONT size=2 face="serif"> </FONT></P>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="left"> <B><FONT size=2 face="sans-serif">ITEM 9.</FONT></B></P>
<P align="left"><B><FONT size=2 face="sans-serif">Purchase of Equity Securities
      by Closed-End Management Investment Company and Affiliated Companies </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><B><FONT size=1 face="sans-serif">TOTAL
            NUMBER</FONT></B> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=right nowrap><div align="center"><B></B> </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><div align="center"><B><FONT size=1 face="sans-serif">OF
            SHARES PURCHASED</FONT></B> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">MAXIMUM NUMBER
    OF</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">TOTAL NUMBER</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">AVERAGE</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"><B><FONT size=1 face="sans-serif">AS
            PART OF PUBLICLY</FONT></B> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">SHARES THAT MAY
    YET BE</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><B><FONT size=1 face="sans-serif">PERIOD</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">OF SHARES</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">PRICE PAID</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap><div align="center"><B><FONT size=1 face="sans-serif">ANNOUNCED
            PLANS OR</FONT></B> </div></TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">PURCHASED UNDER
    THE PLANS</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=1 face="sans-serif">PURCHASED</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=1 face="sans-serif">PER
          SHARE</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"><div align="center"><B><FONT size=1 face="sans-serif">PROGRAMS</FONT></B> </div></TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><B><FONT size=1 face="sans-serif">OR
    PROGRAMS</FONT></B></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">June 2006</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">July 2006</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">14.43</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">28,300</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">August 2006</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">14.66</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">27,975</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">September 2006</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">14.90</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">27,405</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">October 2006</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">14.96</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">27,498</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">November 2006</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">15.20</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">26,608</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">December 2006</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">15.28</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">26,647</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">January 2007</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">15.20</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">26,445</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">February 2007</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">15.09</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">24,575</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">March 2007</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">April 2007</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">15.21</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">25,254</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT size=1 face="sans-serif">May 2007</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">15.15</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">25,854</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=1 face="sans-serif">N/A</FONT></B> </TD>
  </TR>
</TABLE>
<BR>
<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="left"> <FONT size=2 face="serif">ITEM 10. SUBMISSION OF MATTERS TO
    A VOTE OF SECURITY HOLDERS</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">There have been no material changes
    to the procedures by which shareholders may recommend nominees to the Fund&#146;s
    Board of Trustees since the Fund last provided disclosure in response to
    this item.</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">ITEM 11. CONTROLS AND PROCEDURES</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">(a) The registrant&#146;s President
    and Chief Executive Officer and Principal Financial Officer have concluded
    that the registrant&#146;s disclosure controls and procedures (as defined
    in Rule 30a-2(c) under the Act (17 CFR 270.30a-3(c))), as amended are
    effective based on their evaluation of these controls and procedures as of
    a date within 90 days of the filing date of this document. </FONT></P>
<P align="left"> <FONT size=2 face="serif">(b) There were no significant changes
    over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
    270.30a-3(d))) that ocurred during the second fiscal quarter of the period
    covered by this report that has materially affected, or is reasonably likely
    to materially affect, the registrants control over financial reporting. </FONT></P>
<P align="left"> <FONT size=2 face="serif">ITEM 12. EXHIBITS</FONT><FONT face="serif"> </FONT></P>
<P align="left"> <FONT size=2 face="serif">(a) (1) Exhibit 99.CODE ETH - Code
    of Ethics</FONT><FONT face="serif"> </FONT><BR>
    <BR>
    <FONT size=2 face="serif">(a) (2) Exhibit 99 Cert. - Certification pursuant
    to Section 302 of the Sarbanes-Oxley Act of 2002</FONT><FONT face="serif"> </FONT><BR>
    <BR>
    <FONT size=2 face="serif">(b) Exhibit 99.906 Cert. - Certification pursuant
    to Section 906 of the Sarbanes-Oxley Act of 2002</FONT><FONT face="serif"> </FONT></P>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<FONT size=2 face="serif">Signature</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. </FONT><FONT face="serif"> </FONT></P>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD colspan="2" align=left>
<FONT size=2 face="serif">(Registrant) <u>PIMCO Municipal Income Fund II &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT>&nbsp;  </TD>
  <TD align=left width=50%>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=3%><FONT size=2 face="serif">By</FONT></TD>
  <TD align=left width=47%>
<FONT size=2 face="serif"><u>/s/ Brian S. Shlissel &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
  <TD align=left width=50%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>&nbsp;  </TD>
  <TD align=left width=50%>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="serif">Date <u>August 6, 2007 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
  <TD align=left width=50%>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=3%><FONT size=2 face="serif">By</FONT></TD>
  <TD align=left width=47%>
<FONT size=2 face="serif"><u>/s/ Lawrence G. Altadonna &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
  <TD align=left width=50%>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT>&nbsp;  </TD>
  <TD align=left width=50%>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
<FONT size=2 face="serif">Date <u>August 6, 2007 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT>  </TD>
  <TD align=left width=50%>&nbsp;</TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
the dates indicated. </FONT><FONT face="serif"> </FONT></P>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left width=3%><FONT size=2 face="serif">By</FONT></TD>
    <TD align=left width=47%><FONT size=2 face="serif"><u>/s/ Brian S. Shlissel &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
    <TD align=left width=50%>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">President and Chief
        Executive Officer</FONT>&nbsp; </TD>
    <TD align=left width=50%>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">Date <u>August 6, 2007 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
    <TD align=left width=50%>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left width=3%><FONT size=2 face="serif">By</FONT></TD>
    <TD align=left width=47%><FONT size=2 face="serif"><u>/s/ Lawrence G. Altadonna &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
    <TD align=left width=50%>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">Treasurer, Principal
        Financial &amp; Accounting Officer</FONT>&nbsp; </TD>
    <TD align=left width=50%>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><FONT size=2 face="serif">Date <u>August 6, 2007 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT> </TD>
    <TD align=left width=50%>&nbsp;</TD>
  </TR>
</TABLE>
<p><BR>
</p>
<HR noshade width="100%" size=4>







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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>13
<FILENAME>c48974_ex99codeeth.htm
<TEXT>

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   <TITLE>c48974_ex99codeeth.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<P align="right">
<B><FONT face="serif">Exhibit 99.CODEETH</FONT></B></P>
<P align="center">
<FONT face="serif">ALLIANZ GLOBAL INVESTORS OF AMERICA</FONT></P>
<P align="center">
<FONT face="serif">CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY <br>
ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL<br>
OFFICERS</FONT></P>
<P align="center">
<FONT face="serif">AUGUST 19, 2003</FONT><BR>
<FONT face="serif">(AS REVISED ON OCTOBER 1, 2004)</FONT></P>
<P align="left">
<FONT face="serif">I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COVERED PERSONS/PURPOSE OF THE CODE</FONT></P>
<P align="left">
<FONT face="serif">This Code of Ethics (this &#147;Code&#148;) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the registered investment companies (each a &#147;Fund&#148; and, collectively, the &#147;Funds&#148;)
listed on EXHIBIT A and, except as provided in Section VI below, applies to each Fund&#146;s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the &#147;Covered Officers&#148;) and each Trustee of the Fund
who is an &#147;interested person&#148; of the Fund (as defined in Section 2(a)(19) of the Investment Company Act of 1940) because such Trustee is an interested person of the Fund&#146;s investment adviser or principal underwriter (&#147;Covered
Trustees&#148; and, together with the Covered Officers, the &#147;Covered Persons&#148;). Each Covered Person is identified in EXHIBIT B.</FONT></P>
<P align="left">
<FONT face="serif">This Code has been adopted for the purpose of promoting:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or submits to, the Securities and Exchange Commission (&#147;SEC&#148;) and in other
public communications made by a Fund;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; compliance with applicable laws and governmental rules and regulations;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accountability for adherence to the Code.</FONT></P>
<P align="left">
<FONT face="serif">Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest.</FONT></P>
<P align="left">
<FONT face="serif">II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COVERED PERSONS SHOULD HANDLE ETHICALLY ANY ACTUAL OR APPARENT CONFLICTS OF INTEREST</FONT></P>
<P align="left">
<FONT face="serif">OVERVIEW. A &#147;conflict of interest&#148; occurs when a Covered Person&#146;s private interest interferes with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a Covered
Person, or a member of the Covered Person&#146;s family, receives improper personal benefits as a result of the Covered Person&#146;s position with the relevant Fund.</FONT></P>

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<p style="page-break-before: always"><page>
<P align="left">
<FONT face="serif">Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940 (including
the regulations thereunder, the &#147;1940 Act&#148;) and the Investment Advisers Act of 1940 (including the regulations thereunder, the &#147;Investment Advisers Act&#148;). Indeed, conflicts of interest are endemic for certain registered
management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as &#147;affiliated
persons&#148; of such Fund. The compliance program of each Fund and the compliance programs of its investment advisers (including sub-advisers), principal underwriter and administrator or sub -administrator (each a &#147;Service Provider&#148; and,
collectively, the &#147;Service Providers&#148;) are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code does
not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this Code.</FONT></P>
<P align="left">
<FONT face="serif">Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its Service Providers of which the Covered Persons are also
officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a Service Provider, or for both), be involved in establishing policies and implementing
decisions that will have different effects on the Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their Service Providers and is
consistent with the performance by the Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advis ers Act, other applicable law and the relevant
Fund&#146;s constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, disclosure to and approval by the Directors/Trustees of a Fund who
are not &#147;interested persons&#148; of such Fund under the 1940 Act. In addition, it is recognized by the Funds&#146; Boards of Directors/Trustees (&#147;Boards&#148;) that the Covered Persons may also be officers or employees of one or more
other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.</FONT></P>
<P align="left">
<FONT face="serif">Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of
interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the relevant
Fund, unless the personal interest has been disclosed to and approved by other officers of such Fund or such Fund&#146;s Independent Trustees.</FONT></P>
<P align="center">
<FONT face="serif">* * * *</FONT></P>

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<p style="page-break-before: always"><page>
<P align="left">
<FONT face="serif">Each Covered Person must not:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the relevant Fund whereby the Covered Person would benefit personally
to the detriment of such Fund;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cause the relevant Fund to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than the benefit such Fund; or</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; retaliate against any other Covered Person or any employee of the Funds or their Service Providers for reports of potential violations that are made in good faith.</FONT></P>
<P align="left">
<FONT face="serif">There are some conflict of interest situations that should always be approved by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund). These conflict of
interest situations are listed below:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; service on the board of directors or governing board of a publicly traded entity;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; acceptance of any investment opportunity or of any material gift or gratuity from any person or entity that does business, or desires to do business, with the relevant Fund. For these purposes,
material gifts do not include (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of &#36;100.00 or (ii) attending business meals, business related conferences, sporting events and other entertainment
events at the expense of a giver, so long as the expense is reasonable and both the Covered Person and the giver are present.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any ownership interest in, or any consulting or employment relationship with, any entities doing business with the relevant Fund, other than a Service Provider or an affiliate of a Service
Provider. This restriction shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered Person&#146;s ownership does not exceed more than 2% of the outstanding securities of the relevant class.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a direct or indirect financial interest in commissions, transaction charges or spreads paid by the relevant Fund for effecting portfolio transactions or for selling or redeeming shares other
than an interest arising from the Covered Person&#146;s employment with a Service Provider or its affiliate. This restriction shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered Person&#146;s
ownership does not exceed more than 2% of the particular class of security outstanding.</FONT></P>
<P align="left">
<FONT face="serif">III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISCLOSURE AND COMPLIANCE</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant Fund to others, whether within or outside such Fund, including to such Fund&#146;s
Board and auditors, and to governmental regulators and self-regulatory organizations;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each Covered Person should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and the Service Providers or with counsel to the
Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration statements or periodic reports </FONT></P>

<HR noshade align="center" width="100%" size=2>
<page>
<P align="left">
<FONT face="serif">that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or &#147;tombstone&#148; advertising prepared by the relevant Fund&#146;s principal
underwriter(s)); and</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is the responsibility of each Covered Person to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.</FONT></P>
<P align="left">
<FONT face="serif">IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPORTING AND ACCOUNTABILITY</FONT><BR>
<BR>
<FONT face="serif">Each Covered Person must:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to the relevant Fund that he has received, read, and understands the Code;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by the relevant Fund as well as with respect to any supplemental request for
information; and</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; notify the President of the relevant Fund promptly if he is convinced to a moral certainty that there has been a material violation of this Code (with respect to violations by a President, the
Covered Person shall report to the Chairman of the relevant Fund).</FONT></P>
<P align="left">
<FONT face="serif">The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund&#146;s Chief Compliance Officer (&#147;CCO&#148;), has the
authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the President will be considered by the Chairman of the relevant Fund.</FONT></P>
<P align="left">
<FONT face="serif">The Funds will follow these procedures in investigating and enforcing this Code:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the President will take all appropriate action to investigate any potential material violations reported to him, which actions may include the use of internal or external counsel, accountants
or other personnel;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if, after such investigation, the President believes that no material violation has occurred, the President is not required to take any further action;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any matter that the President believes is a material violation will be reported to the Fund&#146;s CCO;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the Fund&#146;s Board of Trustees, which will consider appropriate action, which may
include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a Service Provider or its board; or a recommendation to dismiss the Covered Officer or remove a Covered Trustee;
and</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Board of Trustees may grant waivers under this Code, as it deems appropriate.</FONT></P>

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<p style="page-break-before: always"><page>
<P align="left">
<FONT face="serif">V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PUBLIC DISCLOSURE OF CHANGES AND WAIVERS</FONT></P>
<P align="left">
<FONT face="serif">Any amendments to or waivers under this Code relating to a Covered Officer will, to the extent required by the SEC&#146;s rules, be disclosed on the Fund&#146;s website or in the Fund&#146;s N-CSR; amendments to or waivers under
this Code relating to a Covered Trustee but not a Covered Officer will NOT be so disclosed.(1)</FONT></P>
<P align="left">
<FONT face="serif">VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER POLICIES AND PROCEDURES</FONT></P>
<P align="left">
<FONT face="serif">This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or
procedures of the Funds or the Funds&#146; Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the
provisions of this Code. The Funds&#146; and their Service Providers&#146;s codes of ethics under Rule 17j-1 under the 1940 Act and the Service Providers&#146;s more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.</FONT></P>
<P align="left">
<FONT face="serif">VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENTS</FONT></P>
<P align="left">
<FONT face="serif">Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board.</FONT></P>
<P align="left">
<FONT face="serif">VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONFIDENTIALITY</FONT></P>
<P align="left">
<FONT face="serif">All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters
shall not be disclosed to anyone except as permitted by the Board.</FONT></P>
<P align="left">
<FONT face="serif">IX. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTERNAL USE</FONT></P>
<P align="left">
<FONT face="serif">The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.</FONT></P>
<P align="left">
<FONT face="serif">Date: August 6, 2007</FONT></P>
<hr align="left" width="140" size="1" noshade>
<FONT face="serif">(1) The amendment to this Code applying the Code&#146;s provisions to Covered Trustees is not required to be disclosed. See, E.G., Item 2(c) of Form N-CSR.</FONT></P>
<p></p><HR noshade align="center" width="100%" size=2>



<p style="page-break-before: always"><page>
<P align="left">
<FONT face="serif">EXHIBIT A</FONT></P>
<P align="left">
<FONT face="serif">REGISTERED INVESTMENT COMPANIES</FONT></P>
<P align="left">
<FONT face="serif">Allianz Funds</FONT></P>
<P align="left">
<FONT face="serif">Allianz Global Investors Fund Management Sponsored Closed-End Funds</FONT></P>
<P align="left">
<FONT face="serif">Fixed Income Shares</FONT></P>
<P align="left">
<FONT face="serif">Premier VIT</FONT></P>
<P align="left">
<FONT face="serif">EXHIBIT B</FONT></P>
<P align="left">
<FONT face="serif">COVERED PERSONS</FONT></P>
<P align="left">
<FONT face="serif">ALLIANZ FUNDS</FONT></P>
<P align="left">
<FONT face="serif">Covered Officers: E. Blake Moore, Jr., Brian S. Shlissel</FONT></P>
<P align="left">
<FONT face="serif">Covered Trustees: Udo Frank, John C. Maney</FONT></P>
<P align="left">
<FONT face="serif">FIXED INCOME SHARES</FONT></P>
<P align="left">
<FONT face="serif">Covered Officers: Brian S. Shlissel, Lawrence G. Altadonna</FONT></P>
<P align="left">
<FONT face="serif">Covered Trustee: John C. Maney</FONT></P>
<P align="left">
<FONT face="serif">ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT SPONSORED CLOSED-END FUNDS</FONT></P>
<P align="left">
<FONT face="serif">Covered Officers: Brian S. Shlissel, Lawrence G. Altadonna</FONT></P>
<P align="left">
<FONT face="serif">Covered Trustee: John C. Maney</FONT></P>
<P align="left">
<FONT face="serif">PREMIER VIT</FONT></P>
<P align="left">
<FONT face="serif">Covered Officers: Brian S. Shlissel, Lawrence G. Altadonna</FONT></P>
<P align="left">
<FONT face="serif">Covered Trustee: Brian S. Shlissel</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>14
<FILENAME>c48974_ex99-302cert.htm
<TEXT>

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<P align="right">
<B><FONT size=2 face="serif">Exhibit 99.CERT</FONT></B><FONT face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">FORM N-CSR CERTIFICATION</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">I, Brian S. Shlissel, certify that: </FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">I have reviewed this report Form N-CSR
    of the PIMCO Municipal Income Fund II;</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(c)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as
of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(d)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying
    officer(s) and I have disclosed to the registrant&#146;s auditors and the
    audit committee of the registrant&#146;s board of directors (or persons performing
    the  equivalent functions):</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability
to record, process, summarize, and report financial information; and</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: August 6, 2007</FONT> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">/s/ <u>Brian S. Shlissel &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">Brian S. Shlissel</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">President &amp; Chief Executive Officer</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>

<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<FONT size=2 face="serif">FORM N-CSR CERTIFICATION</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">I, Lawrence G. Altadonna, certify that: </FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">I have reviewed this report Form N-CSR
    of the PIMCO Municipal Income Fund II;</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(c)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as
of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(d)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying
    officer(s) and I have disclosed to the registrant&#146;s auditors and the
    audit committee of the registrant&#146;s board of directors (or persons performing
    the  equivalent functions):</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability
to record, process, summarize, and report financial information; and</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: August 6, 2007</FONT> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif"><U>/s/ Lawrence G. Altadonna &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">Lawrence G. Altadonna</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>

<HR noshade width="100%" size=4>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>15
<FILENAME>c48974_ex99-906cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor="#ffffff">



<P align="right">
<B><FONT size=2 face="serif">Exhibit 99.906CERT</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United
States Code), each of the undersigned officers of PIMCO Municipal Income Fund
II (the
&#147;Registrant&#148;), do hereby certify, to such officer&#146;s knowledge,
that</FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(1)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">The Annual Report on the Form N-CSR for the period ended May 31, 2007 (the &#147;Form N- CSR&#148;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and</FONT></P>
  </TD>
</TR>
<tr>
<td>&nbsp;</td>
</tr>


<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(2)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: August 6, 2007</FONT> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">By <u>/s/ Brian S. Shlissel &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">Brian S. Shlissel</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">A signed original of this written statement required
by Section 906, or other document authenticating, acknowledging, or otherwise
adopting the signature that appears in typed form within the version of this
written statement required by Section 906, has been provided to PIMCO Municipal
Income Fund II and will be retained by PIMCO Municipal Income Fund II and furnished
to the Securities and Exchange Commission or its staff upon request.</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">This certification is being furnished solely pursuant to 18 U.S.C. ss 1350 and is not being filed as part of the Report or as a separate disclosure document.</FONT><FONT face="serif"> </FONT></P>

<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>

<P align="left">
<FONT size=2 face="serif">Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United
States Code), each of the undersigned officers of PIMCO Municipal Income Fund
II (the
&#147;Registrant&#148;), do hereby certify, to such officer&#146;s knowledge, that</FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(3)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">The Annual Report on the Form N-CSR for the period ended May 31, 2007 (the &#147;Form N- CSR&#148;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and</FONT></P>
  </TD>
</TR>
<tr>
<td>&nbsp;</td>
</tr>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(4)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: August 6, 2007</FONT> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">By <u>/s/ Lawrence G. Altadonna &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
</TR>

<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">Lawrence G. Altadonna</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">Treasurer, Principal Financial and Accounting Officer</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">A signed original of this written statement required
by Section 906, or other document authenticating, acknowledging, or otherwise
adopting the signature that appears in typed form within the version of this
written statement required by Section 906, has been provided to PIMCO Municipal
Income Fund II and will be retained by PIMCO Municipal Income Fund II and furnished
to the Securities and Exchange Commission or its staff upon request. </FONT></P>
<P align="left"><FONT size=2 face="serif">This certification
  is being furnished solely pursuant to 18 U.S.C. ss 1350 and is not being filed
  as part of the Report or as a separate disclosure document.</FONT><FONT face="serif"> </FONT></P>
<HR noshade width="100%" size=4>


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