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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000930413-08-002520.txt : 20080422
<SEC-HEADER>0000930413-08-002520.hdr.sgml : 20080422
<ACCEPTANCE-DATETIME>20080422152600
ACCESSION NUMBER:		0000930413-08-002520
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080229
FILED AS OF DATE:		20080422
DATE AS OF CHANGE:		20080422
EFFECTIVENESS DATE:		20080422

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-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21076
		FILM NUMBER:		08769207

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c53013_n-q.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<div align="right">
  <table STYLE="border:1px solid #000000" cellspacing="10" cellpadding="0">
    <tr>
      <td><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;<U>OMB APPROVAL</U><BR>
        OMB Number: 3235-0578<BR>
        Expires: April 30, 2010<BR>
        Estimated average burden<BR>
      hours per response: 10.5</FONT></td>
    </tr>
  </table>
</div>
<div style="margin-top:-100px">
<P align="center">
<B><FONT size=2 face="serif">UNITED STATES </FONT></B><BR>
<B><FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR>
<B><FONT size=2 face="serif">Washington, DC 20549 </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">FORM N-Q </FONT></B></P>
</div>
<P align="center">
<B><FONT size=2 face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
<B><FONT size=2 face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">Investment Company Act File Number: 811-21076 </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Registrant Name: PIMCO Municipal Income Fund II </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Address of Principal Executive Offices: 1345 Avenue of the Americas New York, New York 10105 </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Name and Address of Agent for Service: Lawrence G. Altadonna &#8211; 1345 Avenue of the Americas New York, New York 10105 </FONT></P>
<P align="justify">
<FONT size=2 face="serif">Registrant&#8217;s telephone number, including area code: 212-739-3371 </FONT></P>
<P align="justify"><FONT size=2 face="serif">Date of Fiscal Year End: May 31,
    2008 </FONT></P>
<P align="justify"><FONT size=2 face="serif">Date of Reporting Period: February
    29, 2008</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Form N-Q is to be used by the registered management investment company, other than a small business investment company registered on Form N-5 (</FONT><FONT size=2 face="sans-serif">&#167;&#167;</FONT><FONT size=2 face="serif"> 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1
- -5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. </FONT></P>
<P align="justify">
<FONT size=2 face="serif">A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to the collection of information contained in Form N-Q unless
the Form displays a currently valid Office of Management and Budget (&#8220;OMB&#8221;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the
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. </FONT><FONT size=2 face="sans-serif">&#167;
</FONT><FONT size=2 face="serif">3507. </FONT></P>

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



<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<B><FONT size=2 face="serif">Item 1. Schedule of Investments </FONT></B></P>



<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
      <font size=1 face="sans-serif">February 29, 2008 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>  </TD>
  <TD nowrap>&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;&nbsp;&nbsp;&nbsp;&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>
</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's/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT size=2 face="sans-serif">MUNICIPAL BONDS &amp; NOTES&#8212;95.9%</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>
</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&#8212;3.6%</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>
</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">Birmingham Baptist Medical Centers Special Care Facs.</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &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=center nowrap>
<FONT size=1 face="sans-serif">Baa1/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8,231,800</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>
<FONT size=1 face="sans-serif">Birmingham Waterworks &amp; Sewer Board 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 1/1/33, Ser. B, (Pre-refunded
 @ $100, 1/1/13) (MBIA) (a) (f)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,385,640</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>&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>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 6/1/32, Ser. B, (Pre-refunded @ $101, 6/1/12) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,921,045</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>&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>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 2/1/38, Ser. B, (Pre-refunded @ $100, 8/1/12) (FGIC)(a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,446,471</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,650</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tuscaloosa Educational Building Auth. Rev., Stillman College,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/26</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,172,205</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">49,157,161</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,900</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Northern Tobacco Securitization Corp. Rev., 5.00%, 6/1/46, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,655,808</FONT>  </TD>
  <TD align=right 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=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,309,700</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,965,508</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;5.7%</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>
</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>&nbsp;  </TD>
  <TD>&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>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Beatitudes Project, 5.20%, 10/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,052,645</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>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hospital System, 5.75%, 12/1/32, (Pre-refunded @ $101, 12/1/12) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,437,059</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">Pima Cnty. Industrial Dev. 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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">30,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 9/1/39</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">27,909,330</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;<FONT size=1 face="sans-serif">5.50%, 7/1/37 (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,959,635</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>&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>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37, Ser. A (f)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">31,731,480</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Salt Verde Financial Corp. Rev., 5.00%, 12/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,490,300</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">77,580,449</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</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, 7/1/46 (AMBAC)</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 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,408,420</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;2.8%</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>
</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.,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/16, 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=right nowrap>
<FONT size=1 face="sans-serif">6,367,298</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., Ser. A-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>
</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; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,980,600</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;<FONT size=1 face="sans-serif">6.25%, 6/1/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,607,164</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;<FONT size=1 face="sans-serif">6.75%, 6/1/39, (Pre-refunded @ $100, 6/1/13) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,295,730</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>&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>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/1/23, 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=right nowrap>
<FONT size=1 face="sans-serif">991,420</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 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/1/13</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/A+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,239,800</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">Statewide Community Dev. Auth. Rev., Baptist Univ.,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.00%, 11/1/17, Ser. B (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=right nowrap>
<FONT size=1 face="sans-serif">5,033,982</FONT>  </TD>
  <TD align=right 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>
<FONT size=1 face="sans-serif">Univ. of California Rev., 4.75%, 5/15/37, 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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,887,546</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">38,403,540</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;5.1%</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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,899,300</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">E-470 Public Highway Auth. Rev., Ser. B (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>
</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; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/35</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,282,800</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;<FONT size=1 face="sans-serif">zero coupon, 9/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,161,350</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
      <font size=1 face="sans-serif">February 29, 2008 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>  </TD>
  <TD nowrap>&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;&nbsp;&nbsp;&nbsp;&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>
</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's/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>  </TD>
  <TD align=right 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">Colorado </FONT></B><FONT size=1 face="sans-serif">(continued)</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>
</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>&nbsp;  </TD>
  <TD>&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; &nbsp;<FONT size=1 face="sans-serif">American Baptist Homes, 5.90%, 8/1/37, 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=right nowrap>
<FONT size=1 face="sans-serif">$863,560</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Health Initiatives, 5.50%, 3/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">26,645,000</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; &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>
<FONT size=1 face="sans-serif">A1/A-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,721,070</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; &nbsp;<FONT size=1 face="sans-serif">Liberty Height, zero coupon, 7/15/22</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,023,995</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">Housing &amp; Finance Auth. Rev., Evergreen Country Day School,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 6/1/37 (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,784,680</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>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">69,381,755</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;1.3%</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>
</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>&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>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/28, (Pre-refunded
 @ $100, 10/1/08) (AMBAC) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,687,075</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;4.8%</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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,310</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Dev. Finance Corp. Rev., Learning Gate Community School,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 2/15/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,048,254</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">Highlands Cnty. Health Facs. Auth. Rev., Adventist Health System,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 11/15/31, Ser. A, (Pre-refunded @ $101, 11/15/11) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,810,080</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>&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>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tampa Electric Co., 5.50%, 10/1/23</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,242,884</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>&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>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Health Facs. Project, 5.625%, 8/15/23, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">590,671</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=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,605,012</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>&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>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/15/32, (Pre-refunded @ $101, 11/15/12) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,553,515</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 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 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=right nowrap>
<FONT size=1 face="sans-serif">2,790,990</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 System,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ $101, 11/15/12) (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>
</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; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,791,460</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; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 11/15/24</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,565,000</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>
<FONT size=1 face="sans-serif">Sarasota Cnty. Health Facs. Auth. Rev., 5.75%, 7/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">428,010</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,205</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Governmental Utility 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Barefoot Bay Utilities System, 5.00%, 10/1/29 (AMBAC)</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>
<FONT size=1 face="sans-serif">5,967,162</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.,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/35, Ser. A (MBIA) (f)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,330,700</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">Tallahassee Rev., 8.096%, 10/1/15, Ser. 2617 (f)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,498,694</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, 10/1/29 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/A+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">426,990</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">64,649,422</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,487</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Grantor Trust Gov't, CP, 4.75%, 6/1/28, 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=right nowrap>
<FONT size=1 face="sans-serif">1,348,352</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>
<FONT size=1 face="sans-serif">Medical Center Hospital Auth. Rev., 5.25%, 7/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,228,270</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=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,691,520</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,268,142</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;1.3%</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>
</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.,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">First Board Resolution, 4.75%, 7/1/28 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,776,341</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
      <font size=1 face="sans-serif">February 29, 2008 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>  </TD>
  <TD nowrap>&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;&nbsp;&nbsp;&nbsp;&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>
</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's/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>  </TD>
  <TD align=right 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">Illinois&#8212;16.4%</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>
</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. JT Action Water Agcy. Rev., Ser. A (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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">$2,935</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/28</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>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2,818,979</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">675</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/28, (Pre-refunded @ $100, 11/1/12) (a)</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>
<FONT size=1 face="sans-serif">725,922</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, GO, 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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,635</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 1/1/29</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,577,088</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,415</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 1/1/29, (Pre-refunded @ $101, 1/1/09) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,522,265</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>&nbsp;  </TD>
  <TD>&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; &nbsp;<FONT size=1 face="sans-serif">6.625%, 12/1/22</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,164,119</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; &nbsp;<FONT size=1 face="sans-serif">6.75%, 12/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,667,170</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">Chicago Board of Education School Reform, 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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,535</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/16, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,342,582</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;<FONT size=1 face="sans-serif">zero coupon, 12/1/28, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,446,750</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; &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">A1/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,080,765</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>&nbsp;  </TD>
  <TD>&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; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,684,907</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; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/38</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,772,785</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; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/39</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,020,072</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=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,009,400</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">Dev. Finance Auth. Retirement Housing 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>
</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;<FONT size=1 face="sans-serif">Christian Homes, Inc., 5.75%, 5/15/31, 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=right nowrap>
<FONT size=1 face="sans-serif">2,149,025</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Regency Park,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</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 align=left nowrap>&nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero
      coupon, 7/15/23</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=center nowrap><FONT size=1 face="sans-serif">NR/AAA</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><FONT size=1 face="sans-serif">4,345,500</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; &nbsp;&nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/15/25</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">51,095,636</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;<FONT size=1 face="sans-serif">Sedgebrook, Inc., 6.00%, 11/15/42, 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=right nowrap>
<FONT size=1 face="sans-serif">1,298,310</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>
<FONT size=1 face="sans-serif">Finance Auth. Rev., Leafs Hockey Club, 6.00%, 3/1/37, 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=right nowrap>
<FONT size=1 face="sans-serif">216,117</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>&nbsp;  </TD>
  <TD>&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;<FONT size=1 face="sans-serif">Condell Medical Center, 5.50%, 5/15/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,429,600</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; &nbsp;<FONT size=1 face="sans-serif">Elmhurst Memorial Healthcare, 5.625%, 1/1/28</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,110,854</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>&nbsp;  </TD>
  <TD>&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; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,032,400</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; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,361,000</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; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/15/38</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">382,776</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.,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/15/30 (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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">61,486,060</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">222,740,082</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</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=center nowrap>
<FONT size=1 face="sans-serif">Caa1/B-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,693,855</FONT>  </TD>
  <TD align=right nowrap>&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>
<FONT size=1 face="sans-serif">Vigo Cnty. Hospital Auth. Rev., 5.80%, 9/1/47 (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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">853,598</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,547,453</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;4.3%</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>
</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">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>
</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; &nbsp;<FONT size=1 face="sans-serif">Edgewater LLC, 6.75%, 11/15/42</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,242,285</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;<FONT size=1 face="sans-serif">Wedum Walnut Ridge LLC, 5.625%, 12/1/45, 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=right nowrap>
<FONT size=1 face="sans-serif">818,090</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">Higher Education Loan Auth. Rev., Grandview College, 5.10%, 10/1/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,979,518</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 Auth. of Iowa Rev., Ser. 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>
</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; &nbsp;<FONT size=1 face="sans-serif">5.60%, 6/1/34</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">41,239,000</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; &nbsp;<FONT size=1 face="sans-serif">5.60%, 6/1/35, (Pre-refunded @ $101, 6/1/11) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,555,168</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">57,834,061</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</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. 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 9/1/32, (Pre-refunded @ $100, 9/1/12) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,056,116</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
      <font size=1 face="sans-serif">February 29, 2008 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>  </TD>
  <TD nowrap>&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;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;&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>
</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's/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>  </TD>
  <TD align=right 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">Kentucky&#8212;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>
</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">Economic Dev. 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &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>
<FONT size=1 face="sans-serif">A1/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">$2,304,300</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,840</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">St. Luke's Hospital, 6.00%, 10/1/19, Ser. B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,844,269</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,148,569</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;4.8%</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>
</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">Public Facs. Auth. Rev., Ochsner Clinic Foundation, Ser. 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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,400</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/32, (Pre-refunded @ $100, 5/15/26) (a)</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>
<FONT size=1 face="sans-serif">21,015,468</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;<FONT size=1 face="sans-serif">5.50%, 5/15/47</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,939,145</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">44,395</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. 2001-B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40,922,867</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">64,877,480</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;0.4%</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>
</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; Higher Educational Facs. 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>
</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;<FONT size=1 face="sans-serif">Adventist Healthcare, 5.75%, 1/1/25, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">994,580</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,010</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">King Farm Presbyterian Community, 5.30%, 1/1/37, 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=right nowrap>
<FONT size=1 face="sans-serif">784,073</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,050</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Washington Cnty. Hospital, 6.00%, 1/1/43</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,782,133</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,560,786</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;4.5%</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>
</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. 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 7/1/34, Ser. A (Pre-refunded
 @ $100, 7/1/15) (a) (f)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,372,610</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>
<FONT size=1 face="sans-serif">State Dev. Finance Agcy. Rev., 6.75%, 10/15/37, 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=right nowrap>
<FONT size=1 face="sans-serif">4,111,198</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., Ser. A (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>
</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>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 1/1/34</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,992,933</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">28,325</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/39</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">26,550,155</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) (f)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">11,000,686</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">61,027,582</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;2.9%</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>
</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>
<FONT size=1 face="sans-serif">Detroit 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/32, Ser. A, (Pre-refunded @ $100, 5/1/13)</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">(FGIC)(Q-SBLF) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,096,275</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,545</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Garden City Hospital Finance Auth. Rev., 5.00%, 8/15/38, 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=right nowrap>
<FONT size=1 face="sans-serif">3,374,572</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>
<FONT size=1 face="sans-serif">Public Educational Facs. Auth. Rev., 6.50%, 9/1/37 (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=right nowrap>
<FONT size=1 face="sans-serif">731,872</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">Star International Academy, CP, 6.125%, 3/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BB+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">437,670</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 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>
</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;<FONT size=1 face="sans-serif">Ascension Health, 5.25%, 11/15/26, Ser. B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,798,350</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>
 &nbsp; &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>
</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=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    5.75%, 4/1/32</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,412,385</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=center nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    6.00%, 4/1/22</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,988,467</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>
<FONT size=1 face="sans-serif">Tobacco Settlement Finance Auth. Rev., 6.00%, 6/1/48, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,580,960</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">39,420,551</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;0.5%</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>
</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, 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=right nowrap>
<FONT size=1 face="sans-serif">232,965</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">Meeker Cnty. Rev., 5.75%, 11/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,169,246</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">Minneapolis Rev., Providence Project, 5.75%, 10/1/37, 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=right nowrap>
<FONT size=1 face="sans-serif">1,312,335</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
      <font size=1 face="sans-serif">February 29, 2008 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>  </TD>
  <TD nowrap>&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>
</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;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;&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's/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>  </TD>
  <TD align=right 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">Minnesota </FONT></B><FONT size=1 face="sans-serif">(continued)</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>
</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">North Oaks, Presbyterian Homes 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>
</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; &nbsp;<FONT size=1 face="sans-serif">6.00%, 10/1/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2,406,175</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,530</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 10/1/39</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,398,252</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">429,020</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,947,993</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</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=right nowrap>
<FONT size=1 face="sans-serif">3,617,762</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">668,612</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,286,374</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;0.4%</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>
</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>
<FONT size=1 face="sans-serif">Branson Regional Airport Transportation Dev. 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 7/1/37, 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=right nowrap>
<FONT size=1 face="sans-serif">2,243,280</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">820</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &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=right nowrap>
<FONT size=1 face="sans-serif">714,737</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 Rev., Downtown Parking Facs.,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 2/1/28, (Pre-refunded @ $100, 2/1/12) (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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,646,055</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,604,072</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;0.5%</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>
</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>
<FONT size=1 face="sans-serif">Clark Cnty., GO, 5.00%, 6/1/31 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AA+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,373,614</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.,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ $100, 6/1/12)
 (AMBAC) (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>
</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; &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=right nowrap>
<FONT size=1 face="sans-serif">2,141,540</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; &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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,747,695</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,262,849</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</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>
</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; &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=right nowrap>
<FONT size=1 face="sans-serif">362,491</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; &nbsp;<FONT size=1 face="sans-serif">6.125%, 7/1/32, (Pre-refunded @ $101, 7/1/12) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,942,808</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,305,299</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;3.6%</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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">950</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Burlington Cnty. Bridge Commission Rev., 5.625%, 1/1/38</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">821,009</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">Economic Dev. Auth., Kapkowski Road Landfill, 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>
</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;<FONT size=1 face="sans-serif">5.75%, 10/1/21</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,996,360</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,405</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/31</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,794,262</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">Economic Dev. 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Arbor Glen,</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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">525</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">496,781</FONT>  </TD>
  <TD align=right nowrap>&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; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28, Ser. A, (Pre-refunded @ $102, 5/15/09) (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=right nowrap>
<FONT size=1 face="sans-serif">238,320</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>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Seabrook Village, 5.25%, 11/15/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">903,749</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; &nbsp;<FONT size=1 face="sans-serif">Seashore Gardens, 5.375%, 11/1/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">203,160</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">Health Care Facs. 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>
</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;<FONT size=1 face="sans-serif">St. Peters Univ. Hospital, 5.75%, 7/1/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,395,615</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,830</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trinitas Hospital, 5.25%, 7/1/30, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,627,254</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.,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Fairleigh Dickinson Univ.,
 6.00%, 7/1/25, Ser. D</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,519,565</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
      <font size=1 face="sans-serif">February 29, 2008 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>  </TD>
  <TD nowrap>&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;&nbsp;&nbsp;&nbsp;&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>
</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's/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>  </TD>
  <TD align=right 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">New Jersey </FONT></B><FONT size=1 face="sans-serif">(continued)</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>
</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.,</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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">$13,150</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/41, Ser. 1A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">$10,611,393</FONT>  </TD>
  <TD align=right 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; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/37, (Pre-refunded @ $100, 6/1/12) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,417,381</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; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/42, (Pre-refunded @ $100, 6/1/12) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,429,012</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; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/43, (Pre-refunded @ $100, 6/1/13) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,937,077</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; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39, (Pre-refunded @ $100, 6/1/13) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,879,200</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">49,270,138</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;0.4%</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>
</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=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,001,000</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;1.2%</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>
</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%, 11/15/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,056,240</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,000</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 (f)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,605,700</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">Nassau Cnty. Industrial Dev. 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Amsterdam at Harborside, 6.70%, 1/1/43, 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=right nowrap>
<FONT size=1 face="sans-serif">1,055,626</FONT>  </TD>
  <TD align=right 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>
<FONT size=1 face="sans-serif">New York City Municipal Water 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/37, Ser. D (f)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,532,118</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>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">16,249,684</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Medical Care Commission Rev.,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</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 align=left nowrap><FONT size=1 face="sans-serif"> &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;5.25%, 1/1/32</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><div align="right"><FONT size=1 face="sans-serif">793,200</FONT></div></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>&nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Salemtowne,
    5.10%, 10/1/30</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=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">469,282</FONT></TD>
  <TD align=left 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=center nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">1,262,482</FONT></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>

<TR>
  <TD colspan=8>&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 Dakota&#8212;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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,710</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Stark Cnty. Healthcare Rev., Benedictine Living Communities,</FONT>  <FONT size=1 face="sans-serif">6.75%,
1/1/33</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 style="border-bottom:1px solid #000000;"><div align="right"><FONT size=1 face="sans-serif">3,505,431</FONT> </div></TD>
  <TD align=left  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; &nbsp; &nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;0.5%</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>
</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, 5.375%, 10/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,074,300</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;3.3%</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>
</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.,</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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">22,600</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 11/15/40, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba2/BB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,646,356</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">505</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/15, Ser. B, (Pre-refunded @ $102, 11/15/10) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba3/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">583,452</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;<FONT size=1 face="sans-serif">9.25%, 11/15/22, Ser. B, (Pre-refunded @ $102, 11/15/10) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba3/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,170,990</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;<FONT size=1 face="sans-serif">9.25%, 11/15/30, Ser. B, (Pre-refunded @ $102, 11/15/10) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba3/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,674,643</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">Cumberland Cnty. Auth., Retirement Community 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Messiah Village, 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>
</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>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 7/1/28</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">692,348</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">670</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 7/1/35</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">638,028</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; &nbsp;<FONT size=1 face="sans-serif">Wesley Affiliated Services,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.25%, 1/1/35, Ser. A, (Pre-refunded @ $101, 1/1/13) (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=right nowrap>
<FONT size=1 face="sans-serif">5,258,745</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">Harrisburg Auth. Rev., 6.00%, 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=right nowrap>
<FONT size=1 face="sans-serif">2,970,012</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. Hospital 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Abington Memorial Hospital, 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>
</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; &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">NR/A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,688,450</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; &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">NR/A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,346,087</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 Cntys. Public Auditorium 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/29 (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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">477,505</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">45,146,616</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
      <font size=1 face="sans-serif">February 29, 2008 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>  </TD>
  <TD nowrap>&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 nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;&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>
</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's/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>  </TD>
  <TD align=right 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">Puerto Rico&#8212;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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">$3,320</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Electric Power Auth. Power 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/29, Ser. NN, (Pre-refunded @ $100, 7/1/13) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3,584,770</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;5.4%</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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">76,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">72,984,360</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;5.7%</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>
</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 Sooner Tomorrow,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 12/1/28, (Pre-refunded @ $101, 12/1/12) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">30,625,763</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">Jobs Economic Dev. Auth. Rev., Bon Secours Health System,</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>
</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>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/A-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,771,982</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,770</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/30, (Pre-refunded @ $100, 11/15/12) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/A-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,129,206</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. (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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/1/32, (Pre-refunded @ $100, 11/1/13)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">16,429,800</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;<FONT size=1 face="sans-serif">5.50%, 5/1/37, (Pre-refunded @ $100, 5/1/14)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,837,750</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;<FONT size=1 face="sans-serif">5.75%, 11/1/28, (Pre-refunded @ $100, 11/1/13)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,540,000</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>&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>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 5/15/28, Ser. B</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,250,195</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">77,584,696</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;0.5%</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>
</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">Energy Acquisition Corp. Rev., 5.00%, 2/1/23, Ser. C</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,780,070</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>
<FONT size=1 face="sans-serif">Knox Cnty. Health Educational &amp; Housing Facs.,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Board Hospital Facs. Rev., Catholic Healthcare Partners,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=right nowrap>
    <div align="left"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    5.25%, 10/1/30</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,456,450</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">Sullivan Cnty. Health Educational &amp; Housing Facs. 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/36, Ser. C</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">447,970</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,684,490</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;6.5%</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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">10</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Arlington Independent School Dist., GO, 5.00%, 2/15/24 (PSF-GTD)</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>
<FONT size=1 face="sans-serif">10,004</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>&nbsp;  </TD>
  <TD>&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; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33</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>
<FONT size=1 face="sans-serif">134,553</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; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33, (Pre-refunded @ $100, 8/15/14) (a)</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>
<FONT size=1 face="sans-serif">4,813,580</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. 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Franciscan Services Corp., 5.375%, 1/1/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,027,840</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. Rev., McKenna Memorial 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 2/1/32, (Pre-refunded @ $100, 2/1/13) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,993,409</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, 8/15/34 (PSF-GTD)</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>
<FONT size=1 face="sans-serif">4,353,200</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>
<FONT size=1 face="sans-serif">Harris Cnty. Health Facs. Dev. Corp. Rev., St. Luke's Episcopal 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 2/15/26, Ser. A, (Pre-refunded @ $100, 8/15/11) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,598,338</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.,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Village at Gleannloch Farms
 Rev., 5.50%, 2/15/37, 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=right nowrap>
<FONT size=1 face="sans-serif">558,145</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>&nbsp;  </TD>
  <TD>&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; &nbsp;<FONT size=1 face="sans-serif">4.875%, 8/15/31</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">737,298</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; &nbsp;<FONT size=1 face="sans-serif">4.875%, 8/15/31, (Pre-refunded @ $100, 8/15/09) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,956,263</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,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.30%, 8/15/29, Ser. A (PSF-GTD)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,211,717</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=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,826,687</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=center nowrap>
<FONT size=1 face="sans-serif">NR/CCC</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,518,740</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">State, GO (f),</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,852,376</FONT>  </TD>
  <TD align=right 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; &nbsp;<FONT size=1 face="sans-serif">4.75%, 4/1/35, 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>
</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; &nbsp;<FONT size=1 face="sans-serif">4.75%, 4/1/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,425,900</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">State Public Finance Auth. Rev., 5.875%, 12/1/36, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">917,810</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
      <font size=1 face="sans-serif">February 29, 2008 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>  </TD>
  <TD nowrap>&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>
</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;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;&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's/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>  </TD>
  <TD align=right 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 </FONT></B><FONT size=1 face="sans-serif">(continued)</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>
</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., Ser. A (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>
</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;<FONT size=1 face="sans-serif">zero coupon, 8/15/19</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5,550,900</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;<FONT size=1 face="sans-serif">5.00%, 8/15/42</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,120,582</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">State Water Financial Assistance, GO, 5.00%, 8/1/36</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,121,332</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>
<FONT size=1 face="sans-serif">Willacy Cnty. Rev., 6.875%, 9/1/28, Ser. A-1</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,181,706</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">88,910,380</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;3.5%</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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,150</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Utah Transit Auth. Rev., 4.75%,</FONT> <FONT size=1 face="sans-serif">6/15/35,
Ser. 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif"> (Pre-refunded @ $100, 12/15/15)
 (FSA) (a) (f)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">47,102,310</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</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.,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Medicorp Health System Rev., Ser. 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>
</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; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/15/33</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,268,550</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; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/15/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,826,760</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,050</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">James City Cnty. Economic Dev. Auth. Rev., 5.50%, 7/1/37, 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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,713,042</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,808,352</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;1.3%</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>
</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">State Health Care Facs. 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Virginia Mason Medical Center, 6.125%, 8/15/37, Ser. A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,250,160</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,800</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Housing Finance Commission 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Skyline at First Hill, 5.625%, 1/1/38, 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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,738,860</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,989,020</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</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>&nbsp;  </TD>
  <TD>&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; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/17</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,136,171</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,660</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,660,536</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>&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>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Froedert &amp; Community Health Oblig.,</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>
</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;<FONT size=1 face="sans-serif">5.375%, 10/1/30</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">88,097</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;<FONT size=1 face="sans-serif">5.375%, 10/1/30, (Pre-refunded @ $101, 10/1/11) (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AA-</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">982,172</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,866,976</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>
<FONT size=1 face="sans-serif">Total Municipal Bonds &amp; Notes (cost&#8212;$1,316,568,786)</FONT>  </TD>
  <TD>&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">1,301,922,085</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap colspan=3>
    <div align="left"><B><FONT size=2 face="sans-serif">VARIABLE RATE NOTES </FONT></B><FONT size=2 face="sans-serif">(d)</FONT><B><FONT size=2 face="sans-serif">&#8212;4.1%</FONT></B> </div></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>
</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&#8212;0.5%</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>
</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., 13.27%, 2/1/36, Ser. 352 (b)(c)</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>
<FONT size=1 face="sans-serif">5,219,049</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>&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>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">12.09%, 11/15/29, Ser. 435 (b)(c)</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 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,183,210</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,402,259</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</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., 12.09%, 11/15/25, Ser. 425 (b)(c)</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 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,029,162</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</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>
<FONT size=1 face="sans-serif">Highlands Cnty. Health Facs. 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist Health System, 5.00%, 11/15/31, Ser. C</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/A+</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,489,834</FONT>  </TD>
  <TD align=right 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, 12.08%, 8/1/24, Ser. 328 (b)(c)</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 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,174,842</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,664,676</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



<P STYLE="page-break-before:always"></P><PAGE>


<div style="border-bottom:1px solid #000000"> <b><font size=2 face="sans-serif">PIMCO
      Municipal Income Fund II Schedule of Investments</font></b><br>
      <font size=1 face="sans-serif">February 29, 2008 (unaudited)</font></div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT>  </TD>
  <TD nowrap>&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;&nbsp;&nbsp;&nbsp;&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>
</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's/S&amp;P)</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>  </TD>
  <TD align=right 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">Illinois&#8212;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>
</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 (b)(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>
</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; &nbsp;<FONT size=1 face="sans-serif">12.71%, 1/1/28, Ser. 332
 (MBIA)</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>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2,150,507</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; &nbsp;<FONT size=1 face="sans-serif">14.59%, 1/1/40, Ser. 426
 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,101,110</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, 8.28%, 11/15/28, Ser. 403 (FGIC)
(b) (c) </FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,181,547</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, 13.34%, 4/1/27, Ser. 783 </FONT><FONT size=1 face="sans-serif">(FSA)
(b) (c)</FONT><FONT size=1 face="sans-serif">&nbsp; </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 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,087,000</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,520,164</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;1.1%</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>
</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">Boston Water &amp; Sewer Community 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.33%, 11/1/28, Ser. 434
 (FGIC) (b) (c) </FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,275,680</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 13.38%, 11/1/30, Ser. 785 (FGIC) (b)
(c) </FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,063,940</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. (b) (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>
</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; &nbsp;<FONT size=1 face="sans-serif">0.12%, 1/1/37, Ser. 334 (MBIA)</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>
<FONT size=1 face="sans-serif">7,367,105</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;<FONT size=1 face="sans-serif">0.12%, 1/1/37, Ser. 489 (MBIA)</FONT></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,000,450</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14,707,175</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</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, 12.09%, 5/15/28, Ser. 344 (FGIC) (b)
(c) </FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,209,218</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</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.,</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">12.08%, 12/1/27, Ser. 356
  (MBIA) (b) (c)</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 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,707,743</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;0.4%</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>
</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 (b) (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>
</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; &nbsp;<FONT size=1 face="sans-serif">10.84%, 4/1/27, Ser. 345
 (MBIA)</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>
<FONT size=1 face="sans-serif">1,876,329</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; &nbsp;<FONT size=1 face="sans-serif">10.84%, 4/1/27, Ser. 496
 (MBIA)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,007,743</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,884,072</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</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., 12.71%, 12/1/29, Ser.
428 (MBIA) (b) (c) </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>
<FONT size=1 face="sans-serif">2,708,091</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., 0.12%, 7/1/25, Ser.
404 (FGIC)  (b) (c)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">842,160</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">Houston Water &amp; Sewer System Rev. (b) (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>
</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; &nbsp;<FONT size=1 face="sans-serif">12.09%, 12/1/28, Ser. 427
 (FSA)</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>
<FONT size=1 face="sans-serif">2,641,760</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; &nbsp;<FONT size=1 face="sans-serif">13.34%, 12/1/30, Ser. 495
 (FGIC)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,958,458</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=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,150,469</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;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>
</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; Motor 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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.03%, 2/1/28, Ser. 360 (FGIC)
 (b) (c) </FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/NR</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,134,770</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>
<FONT size=1 face="sans-serif">Total Variable Rate Notes (cost&#8212;$50,809,710)</FONT>  </TD>
  <TD>&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">55,409,708</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap colspan=3>
    <div align="left"><B><FONT size=2 face="sans-serif">U.S. TREASURY BILLS </FONT></B><FONT size=2 face="sans-serif">(e)</FONT><B><FONT size=2 face="sans-serif">&#8212;0.0%</FONT></B> </div></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>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">175</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">2.98%, 3/13/08 (cost&#8212;$174,827)</FONT>  </TD>
  <TD>&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">174,827</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
  <TD colspan=8>&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&#8212;$1,367,553,323)&#8212;</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:1px solid #000000;">
<B><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;$1,357,506,620</FONT></B>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<B><FONT size=2 face="sans-serif">Notes to Schedule of Investments:</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">*&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><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 or persons acting
at their discretion pursuant to guidelines established by the Board of Trustees. The Fund&#146;s
investments are valued daily using prices supplied by an independent pricing
service or dealer quotations, or by 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 investments 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 Fund to value
securities may differ from the value that would be realized if the securities
were sold. The Fund&#146;s net asset value is normally
determined 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>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><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>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">144A Security&#8212;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>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Inverse Floater&#8212; 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>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Variable Rate Notes&#8212;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 February 29, 2008.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><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>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Residual Interest Bonds Held in
    Trust&#8212;Represent
    underlying bonds transferred to a separate securitization trust established
    in a tender option bond transaction in which the Fund acquired the residual
    interest certificates. These securities serve as collateral in a financing
    transaction.</FONT></P>  </TD>
</TR>
</TABLE>
<P align="left">
<B><U><FONT size=1 face="sans-serif">Glossary:</FONT></U></B><BR>
<FONT size=1 face="sans-serif">AMBAC&#8212;insured by American Municipal Bond Assurance Corp.</FONT><BR>
<FONT size=1 face="sans-serif">CP&#8212;Certificates of Participation</FONT><BR>
<FONT size=1 face="sans-serif">FGIC&#8212;insured by Financial Guaranty Insurance Co.</FONT><BR>
<FONT size=1 face="sans-serif">FSA&#8212;insured by Financial Security Assurance, Inc.</FONT><BR>
<FONT size=1 face="sans-serif">GO&#8212;General Obligation Bond</FONT><BR>
<FONT size=1 face="sans-serif">GTD&#8212;Guaranteed</FONT><BR>
<FONT size=1 face="sans-serif">MBIA&#8212;insured by Municipal Bond Investors Assurance</FONT><BR>
<FONT size=1 face="sans-serif">NR&#8212;Not Rated</FONT><BR>
<FONT size=1 face="sans-serif">PSF&#8212;Public School Fund</FONT><BR>
<FONT size=1 face="sans-serif">Q-SBLF&#8212;Qualified School Bond Loan Fund</FONT></P>
<P align="left">
<B><FONT size=1 face="sans-serif">Other Investments:</FONT></B></P>
<P align="left">
<FONT size=1 face="sans-serif">(1) Futures contracts outstanding at February 29, 2008:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width=90%>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=center nowrap>
<FONT size=1 face="sans-serif">Market</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>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width=90%>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD colspan="2" align=left nowrap><div align="center"><FONT size=1 face="sans-serif">Value</FONT> </div>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="sans-serif">Expiration</FONT>  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">Unrealized&nbsp;&nbsp;</FONT></TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center nowrap style="border-bottom:3px solid #000000;">
    <FONT size=1 face="sans-serif">Type</FONT>  </TD>
  <TD width=90% style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD colspan="2" align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Contracts</FONT>    </TD>
  <TD nowrap style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD colspan="2" align=right nowrap style="border-bottom:3px solid #000000;">
    <div align="center"><FONT size=1 face="sans-serif">(000)</FONT></div></TD>
  <TD nowrap style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Date</FONT>  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Depreciation</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=1 face="sans-serif">Short:&nbsp;</FONT></TD>
  <TD align=left nowrap><FONT size=1 face="sans-serif">U.S. Treasury Bond Futures</FONT></TD>
  <TD width=90%>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(1,684</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">$(201,554</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap> <div align="center"><FONT size=1 face="sans-serif">3/19/08</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">$(3,572,875</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><FONT size=1 face="sans-serif">U.S. Treasury Bond Futures</FONT>  </TD>
  <TD width=90%>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(1,297</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">(153,857</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">6/19/08</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(2,529,391</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures</FONT>  </TD>
  <TD width=90%>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(834</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">(98,985</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">3/19/08</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(3,909,375</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap> <FONT size=1 face="sans-serif">U.S. Treasury Notes 10 yr. Futures</FONT>  </TD>
  <TD width=90%>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">(58</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">(6,802</FONT>  </TD>
  <TD align=left nowrap>
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="center"><FONT size=1 face="sans-serif">6/19/08</FONT> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(87,906</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 align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD width=90%>&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>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(10,099,547</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=1 face="sans-serif">(2) Transactions in options written for the nine months ended February 29, 2008:</FONT></P>
<TABLE width="82%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=90% align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Contracts</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD nowrap style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Premiums</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Options outstanding, May 31, 2007</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#8212;</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">$&#8212;</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Options written</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,866</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,977,554</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Options terminated in closing transactions</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,866</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">)</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,977,554</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">Options outstanding, February 29, 2008</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">&#8212;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">$&#8212;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;  </TD>
</TR>
</TABLE><BR>

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<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<B><FONT size=2 face="serif">Item 2. Controls and Procedures </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">(a) The registrant's President and Chief Executive
Officer and Principal Financial Officer have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-2(c) under the Act
(17 CFR 270.30a-3(c)), as 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 in the registrant's
internal controls over financial reporting (as defined in Rule 30a-3(d)) under
the Act (17 CFR 270.30a-3(d)) that occured during the registrant&#146;s last
fiscal quarter that has materially affected, or is reasonably likely to materially
affect, the registrant&#146;s internal control over financial reporting.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Item 3. Exhibits </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">(a) Exhibit 99.302 Cert. &#8211; Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></P>

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



<P STYLE="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">SIGNATURES </FONT></B></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></P>
<P align="left">
<FONT size=2 face="serif">Registrant: PIMCO Municipal Income Fund II </FONT></P>
<P align="left">
<FONT size=2 face="serif">By /s/ Brian S. Shlissel </FONT><BR>
<FONT size=2 face="serif">President &amp; Chief Executive Officer </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: April 22, 2008 </FONT></P>
<P align="left">
<FONT size=2 face="serif">By /s/ Lawrence G. Altadonna </FONT><BR>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: April 22, 2008 </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, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
the dated indicated. </FONT></P>
<P align="left">
<FONT size=2 face="serif">By /s/ Brian S. Shlissel </FONT><BR>
<FONT size=2 face="serif">President &amp; Chief Executive Officer </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: April 22, 2008 </FONT></P>
<P align="left">
<FONT size=2 face="serif">By /s/ Lawrence G. Altadonna </FONT><BR>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: April 22, 2008 </FONT></P>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c53013_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor="#ffffff">


<P align="right">
<B><FONT size=2 face="serif">Exhibit 99.302 Cert. </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">CERTIFICATIONS </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">I, Brian S. Shlissel, certify that: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">I have reviewed this report Form N-Q of PIMCO Municipal Income Fund II;</FONT></P>  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=3>
<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 the report;</FONT></P>  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, the schedules
    of investments included in this report fairly present in all material respects
    the investments of the registrant as of the end of the fiscal quarter for
    which the report is filed;</FONT></P>  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">The registrant&#8217;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 colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">a.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></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 colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">b.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></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 colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">c.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#8217;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 colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">d.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially affected, or
is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></P>  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD nowrap valign=top>
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100% colspan=3>
<P align="left"><FONT size=2 face="serif">The registrant&#8217;s other certifying officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the
equivalent functions):</FONT></P>  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">a.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></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&#8217;s ability to
record, process, summarize, and report financial information; and</FONT></P>  </TD>
</TR>
<TR><TD colspan=5>&nbsp;</TD></TR><TR>
  <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD nowrap valign=top>&nbsp;</TD>
<TD nowrap valign=top>
<FONT size=2 face="serif">b.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></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&#8217;s
internal control over financial reporting.</FONT></P>  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Date: April 22, 2008</FONT><BR>
<FONT size=2 face="serif">Signature &amp; Title: /s/ Brian S. Shlissel </FONT><BR>
<FONT size=2 face="serif">Brian S. Shlissel, President &amp; Chief Executive Officer </FONT></P>

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<FONT size=2 face="serif">I, Lawrence G. Altadonna, certify that: </FONT></P>
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<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<P align="left"><FONT size=2 face="serif">I have reviewed this report Form N-Q of PIMCO Municipal Income Fund II;</FONT></P>  </TD>
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<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<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 the report;</FONT></P>  </TD>
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<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<P align="left"><FONT size=2 face="serif">Based on my knowledge, the schedules
    of investments included in this report fairly present in all material respects
    the investments of the registrant as of the end of the fiscal quarter for
    which the report is filed;</FONT></P>  </TD>
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<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<P align="left"><FONT size=2 face="serif">The registrant&#8217;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>
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<FONT size=2 face="serif">a.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<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>
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<FONT size=2 face="serif">b.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<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>
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<FONT size=2 face="serif">c.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<P align="left"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#8217;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>
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<FONT size=2 face="serif">d.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<P align="left"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially affected, or
is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></P>  </TD>
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<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<P align="left"><FONT size=2 face="serif">The registrant&#8217;s other certifying officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the
equivalent functions):</FONT></P>  </TD>
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<FONT size=2 face="serif">a.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<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&#8217;s ability to
record, process, summarize, and report financial information; and</FONT></P>  </TD>
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<FONT size=2 face="serif">b.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
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<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&#8217;s
internal control over financial reporting.</FONT></P>  </TD>
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<FONT size=2 face="serif">Date: April 22, 2008</FONT><BR>
<FONT size=2 face="serif">Signature &amp; Title: /s/ Lawrence G. Altadonna </FONT><BR>
<FONT size=2 face="serif">Lawrence G. Altadonna, Treasurer, Principal Financial &amp; Accounting Officer </FONT></P>

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