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<SEC-DOCUMENT>0000930413-08-006040.txt : 20081016
<SEC-HEADER>0000930413-08-006040.hdr.sgml : 20081016
<ACCEPTANCE-DATETIME>20081016171706
ACCESSION NUMBER:		0000930413-08-006040
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080831
FILED AS OF DATE:		20081016
DATE AS OF CHANGE:		20081016
EFFECTIVENESS DATE:		20081016

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:		081127934

	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>c55220_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c55220_nq.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</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="left">
<FONT size=2 face="serif">Investment Company Act File Number: 811-21076 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Registrant Name: PIMCO Municipal Income Fund II </FONT></P>
<P align="left">
<FONT size=2 face="serif">Address of Principal Executive Offices: 1345 Avenue of the Americas New York, New York 10105 </FONT></P>
<P align="left">
<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="left">
<FONT size=2 face="serif">Registrant&#8217;s telephone number, including area code: 212-739-3371 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date of Fiscal Year End: May 31, 2009 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date of Reporting Period: August 31, 2008</FONT></P>
<P align="justify">
<FONT size=2 face="serif">Form N-Q is to be used by management investment companies, other than small business investment companies 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 align="center" 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">August 31, 2008 (unaudited)</font></div>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center><FONT size=1 face="sans-serif">Principal</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Amount</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Credit Rating</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>	</TD>
	<TD width=3% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width="69%" align=left  style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=2 face="sans-serif">MUNICIPAL BONDS &amp; NOTES&#8212;96.8%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<B><FONT size=1 face="sans-serif">Alabama&#8212;2.4%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">&#36;10,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Birmingham Baptist Medical Centers Special Care Facs.</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financing Auth. Rev., 5.00%, 11/15/30, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa1/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">&#36;8,509,300</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,750</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Huntsville Health Care Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 6/1/32, Ser. B, (Pre-refunded @ &#36;101, 6/1/12) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,949,850</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">16,580</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 2/1/38, Ser. B, (Pre-refunded
 @ &#36;100, 8/1/12) (FGIC) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">17,547,940</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Montgomery BMC Special Care Facs. Financing Auth. Rev. (MBIA),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,235</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/29, Ser. B</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,203,409</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,200</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Baptist Health, 5.00%, 11/15/24</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,232,252</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,650</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Tuscaloosa Educational Building Auth. Rev., Stillman College,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/26</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,282,312</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">33,725,063</FONT>	</TD>
  </TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<B><FONT size=1 face="sans-serif">Alaska&#8212;0.5%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">5,900</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Northern Tobacco Securitization Corp. Rev., 5.00%, 6/1/46, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,214,075</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,550</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">State Housing Finance Corp. Rev., 5.25%, 6/1/32, Ser. C (MBIA)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,516,417</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,730,492</FONT>	</TD>
  </TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<B><FONT size=1 face="sans-serif">Arizona&#8212;5.8%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">6,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Beatitudes Project, 5.20%, 10/1/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">5,100,810</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,300</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Hospital System, 5.75%, 12/1/32, (Pre-refunded @ &#36;101, 12/1/12) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/BBB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,446,185</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Pima Cnty. Industrial Dev. Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Center for Academic Success, 5.50%, 7/1/37 (c)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,010,070</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">29,700</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Correctional Facs., 5.00%, 9/1/39</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">29,239,650</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">33,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Salt River Project Agricultural Improvement &amp; Power Dist. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37, Ser. A (f)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">33,421,740</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">10,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Salt Verde Financial Corp. Rev., 5.00%, 12/1/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">8,789,340</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">81,007,795</FONT>	</TD>
  </TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<B><FONT size=1 face="sans-serif">Arkansas&#8212;0.1%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">13,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Arkansas Dev. Finance Auth. Rev., zero coupon, 7/1/46 (AMBAC)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,622,140</FONT>	</TD>
  </TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<B><FONT size=1 face="sans-serif">California&#8212;5.1%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">9,610</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Alameda Corridor Transportation Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 10/1/16, Ser. A (AMBAC)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">6,588,328</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corp. Rev., Ser. A-1,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">6,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/33</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,745,940</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,080</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/33</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,367,518</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">9,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39, (Pre-refunded @ &#36;100, 6/1/13) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">10,411,830</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Rancho Cucamonga Community Facs. Dist., Special Tax,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.30%, 9/1/23, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,005,580</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">State, GO,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">800</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/A+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">782,040</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">28,600</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/1/37, Ser. 2670 (f)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/A+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">27,954,212</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">10,900</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 12/1/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/A+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">10,669,574</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,700</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
<FONT size=1 face="sans-serif">Statewide Community Dev. Auth. Rev., Baptist Univ.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.00%, 11/1/17, Ser. B (c)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,810,591</FONT>	</TD>
  </TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width="69%" align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">70,335,613</FONT>	</TD>
  </TR>
</TABLE>
<BR>

<HR noshade align="center" 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">August 31, 2008 (unaudited)</font></div>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Amount</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Credit Rating</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>	</TD>
	<TD width=3% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=69% align=left style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Colorado&#8212;5.2%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">&#36;30,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">&#36;15,558,000</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">E-470 Public Highway Auth. Rev., Ser. B (MBIA),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">20,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/35</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,868,600</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">15,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 9/1/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,547,300</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">American Baptist Homes, 5.90%, 8/1/37, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">859,900</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">25,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Health Initiatives, 5.50%, 3/1/32</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">26,263,000</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">18,305</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Exempla, Inc., 5.625%, 1/1/33, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/A-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">18,195,353</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">6,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Liberty Height, zero coupon, 7/15/22</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,358,485</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Housing &amp; Finance Auth. Rev., Evergreen Country Day School,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.875%, 6/1/37 (c)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/BB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,776,660</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">72,427,298</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">District of Columbia&#8212;1.3%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">17,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Washington D.C. Convention Center Auth. Tax Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/28, (Pre-refunded @ &#36;100, 10/1/08) (AMBAC)(b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,539,200</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Florida&#8212;4.8%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,310</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Dev. Finance Corp. Rev., Learning Gate Community School,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 2/15/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,119,217</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">8,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Highlands Cnty. Health Facs. Auth. Rev., Adventist/Sunbelt Health System,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 11/15/31, Ser. A, (Pre-refunded @ &#36;101, 11/15/11) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">8,827,200</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">635</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Health Facs. Project, 5.625%, 8/15/23,
 Ser. A, (Pre-refunded @ &#36;101, 8/15/09) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">664,686</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,335</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Pollution Control Rev., Tampa Electric Co., 5.50%, 10/1/23</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa2/BBB-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,192,005</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">7,135</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Jacksonville Health Facs. Auth. Rev., 5.25%, 11/15/32, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">7,009,709</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">11,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Lakeland Hospital System Rev., Regional Health System,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/15/32, (Pre-refunded @ &#36;101, 11/15/12) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">12,789,495</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Leesburg Hospital Rev., Leesburg Regional Medical Center Project,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 7/1/32</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,832,600</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Orange Cnty. Health Facs. Auth. Rev., Adventist Health System (b),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,550</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/32, (Pre-refunded @ &#36;101, 11/15/12)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,843,072</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">5,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 11/15/24, (Pre-refunded @ &#36;100, 11/15/12)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">5,652,950</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Sarasota Cnty. Health Fac. Auth. Rev., 5.75%, 7/1/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">419,725</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">6,205</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">State Governmental Utility Auth. Rev., Barefoot Bay Utilities System,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/29 (AMBAC)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">6,206,489</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">5,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Sumter Landing Community Dev. Dist. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/35, Ser. A (MBIA)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,541,150</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">10,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Tallahassee Rev., 5.00%, 10/1/37, Ser. 2617 (f)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">10,101,400</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Winter Springs Water &amp; Sewer Rev., zero coupon, 10/1/29 (FGIC)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/A+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">524,340</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">66,724,038</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Georgia&#8212;0.5%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,775</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Medical Center Hospital Auth. Rev., 5.25%, 7/1/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,210,815</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">9,600</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Richmond Cnty. Dev. Auth. Rev., zero coupon, 12/1/21</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,229,792</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,440,607</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Hawaii&#8212;1.4%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">19,170</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Honolulu City &amp; Cnty. Wastewater System Rev., First Board Resolution,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 7/1/28 (FGIC)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">18,998,620</FONT>	</TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" 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">August 31, 2008 (unaudited)</font></div>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Amount</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Credit Rating</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>	</TD>
	<TD width=3% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=69% align=left style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Illinois&#8212;18.3%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Central Lake Cnty. JT Action Water Agcy. Rev., Ser. A (AMBAC),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">&#36;2,935</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/28</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">&#36;2,975,914</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">675</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/28, (Pre-refunded @ &#36;100, 11/1/12) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">741,184</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Chicago, GO (FGIC),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,635</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 1/1/29, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,646,641</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,415</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 1/1/29, Ser. A, (Pre-refunded @ &#36;101, 1/1/09) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,487,398</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,065</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 1/1/40</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,192,885</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Chicago, Lake Shore East, Special Assessment,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,162</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.625%, 12/1/22</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,189,636</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">6,700</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 12/1/32</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">6,715,946</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Chicago Board of Education School Reform, GO (FGIC),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">15,535</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/16, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">10,958,078</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">5,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/28, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,730,850</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/1/31</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,283,805</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Chicago City Colleges, GO (FGIC),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">32,670</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">6,522,239</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">29,145</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/38</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">5,481,300</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">32,670</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 1/1/39</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">5,786,837</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">5,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Cicero, GO, 5.25%, 12/1/31 (MBIA)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">5,123,750</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Finance Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Christian Homes, Inc., 5.75%, 5/15/31, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,149,450</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">250</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Leafs Hockey Club, 6.00%, 3/1/37, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">215,760</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Regency Park,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">10,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/15/23</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,883,900</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">134,650</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/15/25</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">58,548,513</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Sedgebrook, Inc., 6.00%, 11/15/42, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,314,600</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">5,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Condell Medical Center, 5.50%, 5/15/32</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,476,750</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">20,100</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Elmhurst Memorial Healthcare, 5.625%, 1/1/28</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa1/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">19,556,094</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Hillside, Tax Allocation, Mannheim Redev. Project,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.55%, 1/1/20</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,446,450</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,900</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.00%, 1/1/28</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,845,480</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Metropolitan Pier &amp; Exposition Auth. Rev. (MBIA),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">60,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/30</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">18,665,400</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">50,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 12/15/33</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">12,841,500</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,460</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/15/38</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">488,876</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">68,470</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">State Sports Facs. Auth. Rev., 5.50% (zero coupon until 6/15/10),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6/15/30 (AMBAC)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">64,358,376</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">254,627,612</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Indiana&#8212;0.3%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,125</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Fort Wayne Pollution Control Rev., 6.20%, 10/15/25</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Caa2/B-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,796,585</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">990</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Vigo Cnty. Hospital Auth. Rev., 5.80%, 9/1/47 (a)(c)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">833,016</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,629,601</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Iowa&#8212;4.1%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Finance Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Deerfield Retirement Community, Inc.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">250</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/15/27, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">192,195</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,075</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/15/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">767,410</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Edgewater LLC, 6.75%, 11/15/42</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,221,540</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Wedum Walnut Ridge LLC, 5.625%, 12/1/45, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">814,160</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,300</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Higher Education Loan Auth. Rev., Grandview College, 5.10%, 10/1/36</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,017,698</FONT>	</TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" 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">August 31, 2008 (unaudited)</font></div>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Amount</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Credit Rating</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>	</TD>
	<TD width=3% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=69% align=left style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Iowa </FONT></B><FONT size=1 face="sans-serif">(continued)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. of Iowa Rev., Ser. B,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">&#36;46,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.60%, 6/1/34</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">&#36;38,985,920</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">8,850</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.60%, 6/1/35, (Pre-refunded @ &#36;101, 6/1/11) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,583,577</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">56,582,500</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Kansas&#8212;0.2%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,800</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Univ. of Kansas Hospital Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 9/1/32, (Pre-refunded @ &#36;100, 9/1/12) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,111,304</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Kentucky&#8212;0.2%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Economic Dev. Finance Auth. Rev., Hospital Facs. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare Partners, 5.25%, 10/1/30</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,455,825</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Louisiana&#8212;4.8%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Public Facs. Auth. Rev., Ochsner Clinic Foundation, Ser. B,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">20,400</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/32, (Pre-refunded @ &#36;100, 5/15/26) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">23,137,680</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,300</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/47</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A3/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,043,359</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">44,395</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. 2001-B</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">39,910,661</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">66,091,700</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Maryland&#8212;0.4%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Health &amp; Higher Educational Facs. Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,010</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.30%, 1/1/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">808,929</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,050</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 1/1/43</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,974,508</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 <FONT size=1 face="sans-serif">Adventist Healthcare, 5.75%, 1/1/25, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa2/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">988,450</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,771,887</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Massachusetts&#8212;3.3%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">12,050</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Austin Trust Rev., 4.75%, 8/1/37 (FSA)(f)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">11,555,950</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">14,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Bay Transportation Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 7/1/34, Ser. A, (Pre-refunded @ &#36;100, 7/1/15) (b)(f)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa1/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">15,904,904</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,610</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Dev. Finance Agcy. Rev., 6.75%, 10/15/37, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,238,019</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev., Ser. A (AMBAC),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,295</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 1/1/34</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,183,588</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">10,325</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/39</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,118,913</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">46,001,374</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Michigan&#8212;2.8%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">8,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Detroit City School Dist., GO,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 5/1/32, Ser. A, (Pre-refunded @ &#36;100, 5/1/13)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">(FGIC)(Q-SBLF)(b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">9,283,870</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,545</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Garden City Hospital Finance Auth. Rev., 5.00%, 8/15/38, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,292,898</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">800</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Public Educational Facs. Auth. Rev., 6.50%, 9/1/37 (c)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">763,952</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Star International Academy, CP, 6.125%, 3/1/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/BB+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">444,620</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">5,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">State Hospital Finance Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ascension Health, 5.25%, 11/15/26, Ser. B</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,964,850</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Oakwood Group, Ser. A,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">13,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/32</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">13,220,685</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,925</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 4/1/22</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,974,299</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">6,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Finance Auth. Rev., 6.00%, 6/1/48, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/BBB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,989,600</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">38,934,774</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Minnesota&#8212;0.5%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,300</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Meeker Cnty. Rev., 5.75%, 11/1/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,204,983</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Minneapolis Rev., Providence Project, 5.75%, 10/1/37, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,288,005</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">280</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Minneapolis, Tax Allocation, Grant Park Project, 5.35%, 2/1/30</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">249,250</FONT>	</TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" 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">August 31, 2008 (unaudited)</font></div>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Amount</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Credit Rating</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>	</TD>
	<TD width=3% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=69% align=left style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Minnesota </FONT></B><FONT size=1 face="sans-serif">(continued)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">North Oaks Presbyterian Homes Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">&#36;2,640</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 10/1/33</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">&#36;2,515,155</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,530</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 10/1/39</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,467,484</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Oronoco Multifamily Housing Rev., 5.40%, 6/1/41</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">437,270</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,162,147</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Mississippi&#8212;0.3%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,605</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Business Finance Corp., Pollution Control Rev., 5.875%, 4/1/22</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Ba1/BBB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,546,960</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">740</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Dev. Bank Special Obligation Projects &amp; Equipment Acquisitions Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/24 (AMBAC)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">709,475</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,256,435</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Missouri&#8212;0.3%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,600</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Branson Regional Airport Transportation Dev. Dist. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 7/1/37, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,192,580</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">800</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Hanley Road &amp; North of Folk Ave. Transportation Dist. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/25</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">723,944</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">St. Louis Parking Rev., Downtown Parking Facs.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 2/1/28, (Pre-refunded @ &#36;100, 2/1/12) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,662,690</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,579,214</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Nevada&#8212;0.5%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,450</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Clark Cnty., GO, 5.00%, 6/1/31 (FGIC)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa1/AA+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,453,944</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Reno Transportation Project Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 6/1/12) (AMBAC)(b),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/32</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,173,660</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,803,905</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,431,509</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">New Hampshire&#8212;0.2%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Health &amp; Education Facs. Auth. Rev., Catholic Medical Center,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">360</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 7/1/32</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">361,624</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,640</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 7/1/32, (Pre-refunded @ &#36;101, 7/1/12) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,988,163</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,349,787</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">New Jersey&#8212;3.5%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">950</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Burlington Cnty. Bridge Commission Rev., 5.625%, 1/1/38</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">817,380</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Economic Dev. Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Arbor Glen,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">525</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">500,488</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">225</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28, Ser. A, (Pre-refunded @ &#36;102, 5/15/09) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">236,151</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Kapkowski Road Landfill, Special Assessment,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 10/1/21</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,038,280</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">11,405</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/31</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">10,813,879</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,100</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Seabrook Village, 5.25%, 11/15/36</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">900,141</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">250</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Seashore Gardens, 5.375%, 11/1/36</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">202,378</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Health Care Facs. Financing Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">St. Peter's Univ. Hospital, 5.75%, 7/1/37</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa2/BBB-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,421,250</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,830</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trinitas Hospital, 5.25%, 7/1/30, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/BBB-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,529,606</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">State Educational Facs. Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Fairfield Dickinson Univ., 6.00%, 7/1/25, Ser. D</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,551,660</FONT>	</TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" 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">August 31, 2008 (unaudited)</font></div>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Amount</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Credit Rating</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>	</TD>
	<TD width=3% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=69% align=left style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">New Jersey </FONT></B><FONT size=1 face="sans-serif">(continued)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">&#36;13,150</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/41, Ser. 1A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">&#36;9,398,436</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,285</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/37, (Pre-refunded @ &#36;100, 6/1/12) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,433,918</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,095</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/42, (Pre-refunded @ &#36;100, 6/1/12) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,467,359</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">6,150</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 6/1/43, (Pre-refunded @ &#36;100, 6/1/13) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">7,053,312</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39, (Pre-refunded @ &#36;100, 6/1/13) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,922,175</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">48,286,413</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">New Mexico&#8212;0.3%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">5,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Farmington Pollution Control Rev., 5.80%, 4/1/22</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/BB+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,765,100</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">New York&#8212;1.2%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,200</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev., 6.00%, 11/15/36</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,051,728</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">10,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Liberty Dev. Corp. Rev., 5.25%, 10/1/35 (f)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">10,130,100</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,100</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Nassau Cnty. Industrial Dev. Agcy. Rev., Amsterdam at Harborside,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.70%, 1/1/43, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,081,014</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,750</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Water &amp; Sewer System Rev., 5.00%, 6/15/37, Ser. D (f)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa2/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,793,130</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,055,972</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">North Carolina&#8212;0.1%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Medical Care Commission Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">550</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Salemtowne, 5.10%, 10/1/30</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">470,102</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Village at Brookwood, 5.25%, 1/1/32</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">812,880</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,282,982</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">North Dakota&#8212;0.3%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,710</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Stark Cnty. Healthcare Rev., Benedictine Living Communities,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 1/1/33</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,490,850</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Ohio&#8212;0.5%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">7,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Lorain Cnty. Hospital Rev., Catholic Healthcare, 5.375%, 10/1/30</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,477,425</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Pennsylvania&#8212;3.2%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Allegheny Cnty. Hospital Dev. Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">22,600</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 11/15/40, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Ba3/BB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">17,052,830</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">505</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/15, Ser. B, (Pre-refunded @ &#36;102, 11/15/10) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Ba3/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">574,553</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/22, Ser. B, (Pre-refunded @ &#36;102, 11/15/10) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Ba3/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,166,330</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">5,700</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/30, Ser. B, (Pre-refunded @ &#36;102, 11/15/10) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Ba3/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">6,648,081</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Cumberland Cnty. Auth., Retirement Community Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Messiah Village, Ser. A,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">750</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 7/1/28</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">697,868</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">670</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 7/1/35</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">634,959</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Wesley Affiliated Services,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.25%, 1/1/35, Ser. A, (Pre-refunded @ &#36;101, 1/1/13) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">5,335,830</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,250</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Harrisburg Auth. Rev., 6.00%, 9/1/36</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,099,948</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Montgomery Cnty. Higher Education &amp; Health Auth. Hospital Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Abington Memorial Hospital, Ser. A,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">5,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/27</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,798,900</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,750</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/32</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,494,025</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Pittsburgh &amp; Allegheny Cntys. Public Auditorium Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/29 (AMBAC)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">502,595</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">44,005,919</FONT>	</TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" 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">August 31, 2008 (unaudited)</font></div>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Amount</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Credit Rating</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>	</TD>
	<TD width=3% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=69% align=left style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Puerto Rico&#8212;0.3%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">&#36;3,320</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Electric Power Auth. Power Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 7/1/29, Ser. NN, (Pre-refunded @ &#36;100, 7/1/13) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A3/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;3,680,220</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Rhode Island&#8212;4.9%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">76,200</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">68,781,168</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">South Carolina&#8212;4.1%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">7,745</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Greenville Cnty. School Dist. Rev., Building Equity Sooner Tomorrow,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 12/1/28, (Pre-refunded @ &#36;101, 12/1/12) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">8,687,334</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Jobs-Economic Dev. Auth. Rev., Bon Secours,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">14,350</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/30</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A3/A-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">14,267,631</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,770</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/30, (Pre-refunded @ &#36;100, 11/15/12) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A3/A-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,201,477</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Lexington Cnty. Health Services Dist. Hospital Rev. (b),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">15,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/1/32, (Pre-refunded @ &#36;100, 11/1/13)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/A+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">16,809,600</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/1/37, (Pre-refunded @ &#36;100, 5/1/14)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/A+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,942,400</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">5,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 11/1/28, (Pre-refunded @ &#36;100, 11/1/13)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/A+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">5,662,600</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,250</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Tobacco Settlement Rev. Management Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.375%, 5/15/28, Ser. B, (Pre-refunded @ &#36;101, 5/11/15) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,575,325</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">57,146,367</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Tennessee&#8212;0.5%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Energy Acquisition Corp. Rev., 5.00%, 2/1/23, Ser. C</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,744,670</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,750</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Knox Cnty. Health Educational &amp; Housing Facs. Board Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 10/1/30</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,683,738</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Sullivan Cnty. Health Educational &amp; Housing Facs. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/36, Ser. C</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/BBB+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">433,105</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,861,513</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Texas&#8212;8.5%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">10</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Arlington Independent School Dist., GO, 5.00%, 2/15/24 (PSF-GTD)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">10,029</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Aubrey Independent School Dist., GO (PSF-GTD),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">130</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">136,300</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,350</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33, (Pre-refunded @ &#36;100, 8/15/14) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,938,250</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">17,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Austin Trust, GO, 4.75%, 4/1/36 (f)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">16,797,900</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">6,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Brazos Cnty. Health Facs. Dev. Corp. Rev., Franciscan Services Corp.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 1/1/32</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/A-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">6,220,630</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,700</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Comal Cnty. Health Facs. Dev. Rev., McKenna Memorial Hospital Project,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 2/1/32, (Pre-refunded @ &#36;100, 2/1/13) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa2/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,081,294</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">20,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Frisco Independent School Dist., GO, zero coupon, 8/15/34 (PSF-GTD)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">4,856,600</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">5,250</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Harris Cnty. Health Facs. Dev. Corp. Rev., St. Luke's Episcopal Hospital,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 2/15/26, Ser. A, (Pre-refunded @ &#36;100, 8/15/11) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">5,670,000</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">700</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">HFDC of Central Texas, Inc. Rev., Village at Gleannloch Farms,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/37, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">556,087</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Keller Independent School Dist., GO (PSF-GTD),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">770</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.875%, 8/15/31</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">770,932</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">6,730</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.875%, 8/15/31, (Pre-refunded @ &#36;100, 8/15/09) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">6,937,620</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,170</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Little Elm Independent School Dist., GO,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.30%, 8/15/29, Ser. A (PSF-GTD)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,275,593</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">6,250</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">North Dallas Thruway Auth. Rev., 4.75%, 1/1/29 (FGIC)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/A-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">6,177,375</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">North Harris Cnty. Regional Water Auth. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">10,300</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 12/15/33</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A3/A+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">10,073,503</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">10,300</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 12/15/38</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A3/A+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">10,268,894</FONT>	</TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" 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">August 31, 2008 (unaudited)</font></div>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Amount</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Credit Rating</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>	</TD>
	<TD width=3% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=69% align=left style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Texas </FONT></B><FONT size=1 face="sans-serif">(continued)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">&#36;5,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">North Texas Tollway Auth. Rev., 5.625%, 1/1/33, Ser. B</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/A-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">&#36;4,944,050</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Sabine River Auth. Rev., 5.20%, 5/1/28</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Caa1/CCC</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,451,100</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">10,025</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">State, GO, 4.75%, 4/1/35, Ser. A (f)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">9,644,050</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">State Public Finance Auth. Rev., 5.875%, 12/1/36, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/BBB-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">932,930</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">State Turnpike Auth. Central Turnpike System Rev., Ser. A (AMBAC),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">10,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 8/15/19</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">5,842,500</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">8,880</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/15/42</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">8,369,134</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,250</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">State Water Financial Assistance, GO, 5.00%, 8/1/36</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,267,030</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,150</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Willacy Cnty. Rev., 6.875%, 9/1/28, Ser. A-1</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,955,531</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">118,177,332</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Utah&#8212;3.5%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">44,150</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Utah Transit Auth. Rev., 4.75%, 6/15/35, Ser. B,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">(Pre-refunded @ &#36;100, 12/15/15) (FSA)(b)(f)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">48,681,556</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Virginia&#8212;0.6%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Fredericksburg Industrial Dev. Auth., Medicorp Health System Rev., Ser. B,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,500</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/15/33</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A3/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,325,875</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 6/15/27</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A3/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,938,680</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,050</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">James City Cnty. Economic Dev. Auth. Rev., 5.50%, 7/1/37, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,630,816</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,895,371</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Washington&#8212;1.3%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">13,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Health Care Facs. Auth. Rev., Virginia Mason Medical Center,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 8/15/37, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa2/BBB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">12,235,210</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">6,800</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">State Housing Finance Commission Rev., Skyline at First Hill,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 1/1/38, Ser. A</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,707,240</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,942,450</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Wisconsin&#8212;0.7%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Badger Tobacco Asset Securitization Corp. Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,125</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/17</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,128,229</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">7,150</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/27</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">6,998,062</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Health &amp; Educational Facs. Auth. Rev., Froedert &amp; Community Health Oblig.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">90</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">90,110</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">910</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 10/1/30, (Pre-refunded @ &#36;101, 10/1/11) (b)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/AA-</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">995,667</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">9,212,068</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Total Municipal Bonds &amp; Notes (cost&#8212;&#36;1,334,326,608)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,346,279,241</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<B><FONT size=2 face="sans-serif">VARIABLE RATE NOTES </FONT></B><FONT size=2 face="sans-serif">(e)</FONT><B><FONT size=2 face="sans-serif">&#8212;3.2%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Alabama&#8212;0.4%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">4,450</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Jefferson Cnty. Sewer Rev., 17.75%, 2/1/36, Ser. 352 (FGIC)(a)(c)(d)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,974,966</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Colorado&#8212;0.2%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,250</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty. Airport Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">15.76%, 11/15/25, Ser. 425 (FSA)(a)(c)(d)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,330,550</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<B><FONT size=1 face="sans-serif">Florida&#8212;0.3%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,830</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Highlands Cnty. Health Facs. Auth. Rev., Adventist Health System,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/31, Ser. C</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/A+</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,572,187</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,782</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
<FONT size=1 face="sans-serif">Orange Cnty. School Board, CP,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">16.56%, 8/1/24, Ser. 328 (MBIA)(a)(c)(d)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,135,192</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=69% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,707,379</FONT>	</TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" 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">August 31, 2008 (unaudited)</font></div>

<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Principal</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center>
<FONT size=1 face="sans-serif">Amount</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Credit Rating</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>	</TD>
	<TD width=3% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=73% align=left style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Value*</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<B><FONT size=1 face="sans-serif">Illinois&#8212;0.4%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">&#36;1,780</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<FONT size=1 face="sans-serif">Chicago, GO, 16.35%, 1/1/28, Ser. 332 (MBIA)(a)(c)(d)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">&#36;2,057,235</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,288</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<FONT size=1 face="sans-serif">Cook Cnty., GO, 15.72%, 11/15/28, Ser. 403 (FGIC)(a)(c)(d)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa2/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,346,153</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<FONT size=1 face="sans-serif">State, GO, 17.61%, 4/1/27, Ser. 783 (FSA)(a)(c)(d)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,321,400</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,724,788</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<B><FONT size=1 face="sans-serif">Massachusetts&#8212;1.1%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,400</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<FONT size=1 face="sans-serif">Boston Water &amp; Sewer Community Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">15.60%, 11/1/28, Ser. 434 (FGIC)(a)(c)(d)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa2/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,435,490</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,200</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<FONT size=1 face="sans-serif">State, GO, 17.85%, 11/1/30, Ser. 785 (FGIC-TCRS)(a)(c)(d)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa2/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">3,196,380</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev. (MBIA)(a)(c)(d),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">7,366</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">0.12%, 1/1/37, Ser. 334</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A2/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">7,197,687</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,000</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">0.12%, 1/1/37, Ser. 489</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/AAA</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,931,450</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">14,761,007</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<B><FONT size=1 face="sans-serif">Nevada&#8212;0.0%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">325</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<FONT size=1 face="sans-serif">State, GO, 15.52%, 5/15/28, Ser. 344 (FGIC)(a)(c)(d)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa1/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">324,902</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<B><FONT size=1 face="sans-serif">Pennsylvania&#8212;0.1%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,670</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<FONT size=1 face="sans-serif">Philadelphia School Dist., GO, 15.32%, 4/1/27, Ser. 345 (MBIA)(a)(c)(d)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,818,380</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<B><FONT size=1 face="sans-serif">Texas&#8212;0.5%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">1,100</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<FONT size=1 face="sans-serif">Houston Airport System Rev., 0.12%, 7/1/25, Ser. 404 (FGIC)(a)(c)(d)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">A1/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">1,101,870</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<FONT size=1 face="sans-serif">Houston Water &amp; Sewer System Rev. (a)(c)(d),</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,200</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">16.56%, 12/1/28, Ser. 427 (FSA)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right>
<FONT size=1 face="sans-serif">2,620,310</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">3,070</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">17.82%, 12/1/30, Ser. 495 (FGIC)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">NR/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,112,419</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,834,599</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<B><FONT size=1 face="sans-serif">Washington&#8212;0.2%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=right>
<FONT size=1 face="sans-serif">2,275</FONT>	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<FONT size=1 face="sans-serif">Central Puget Sound Regional Transit Auth. Sales Tax &amp; Motor Rev.,</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">11.92%, 2/1/28, Ser. 360 (FGIC)(a)(c)(d)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=center>
<FONT size=1 face="sans-serif">Aa2/NR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,286,921</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<FONT size=1 face="sans-serif">Total Variable Rate Notes (cost&#8212;&#36;39,653,600)</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">44,763,492</FONT>	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width=6% align=left>&nbsp;	</TD>
	<TD width=3%>&nbsp;	</TD>
	<TD width=73% align=left>
<B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost&#8212;&#36;1,373,980,208)&#8212;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=7% align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">&#36;1,391,042,733</FONT></B>	</TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" 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 width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width="3%" valign="top">
<FONT size=1 face="sans-serif">*</FONT></TD>
	<TD width="97%" align=left>
      <p><FONT size=1 face="sans-serif">Portfolio securities and other financial
          instruments for which market quotations are readily available are stated
          at market value. Market value is generally determined on the basis
          of last reported sales prices, or if no sales are reported, based on
          quotes obtained from a quotation reporting system, established market
      makers, or pricing services. </FONT><br>
<FONT size=1 face="sans-serif">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 procedures
          established by the Board of Trustees or persons acting at their discretion
          pursuant to procedures established by the Board of Trustees. The Fund's
          investments are valued daily using prices supplied by an independent
          pricing service or dealer quotations, 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.
          Prices obtained by Independent pricing services use information provided
          by market makers or estimates of market values obtained from yield
          data relating to investments or securities with similar characteristics.
          Exchange traded options and futures are valued at the settlement price
          determined by the relevant exchange. Short-term securities maturing
          in 60 days or less are valued at amortized cost, if their original
          term to maturity was 60 days or less, or by amortizing their value
          on the 61st day prior to maturity, if the original term to maturity
          exceeded 60 days. The prices used by the Fund to value securities may
          differ from the value that would be realized if the securities were
          sold. The Fund&#8217;s
        net asset value is normally determined daily as of the close of regular
          trading (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange
          ("NYSE")
    on each day the NYSE is open for business.</FONT></p></TD>
</TR>
<TR valign="top">
	<TD colspan=2>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD width="3%" valign="top">
<FONT size=1 face="sans-serif">(a)</FONT></TD>
	<TD width="97%" align=left>
<FONT size=1 face="sans-serif">Private Placement&#8212;Restricted as to resale and may not have a readily available market. Securities with an
aggregate value of &#36;43,024,321, representing 3.09% of total investments.</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" valign="top">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="3%" valign="top">
<FONT size=1 face="sans-serif">(b)</FONT></TD>
	<TD width="97%" 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></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" valign="top">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="3%" valign="top">
<FONT size=1 face="sans-serif">(c)</FONT></TD>
	<TD width="97%" 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></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" valign="top">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="3%" valign="top">
<FONT size=1 face="sans-serif">(d)</FONT></TD>
	<TD width="97%" align=left>
<FONT size=1 face="sans-serif">Inverse Floater&#8212;The interest rate shown
bears an inverse  relationship to the interest rate on another security or the
value of an index. The interest rate disclosed reflects the rate in effect on
August 31, 2008.</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" valign="top">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="3%" valign="top">
<FONT size=1 face="sans-serif">(e)</FONT></TD>
	<TD width="97%" 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 August 31, 2008.</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" valign="top">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD width="3%" valign="top">
<FONT size=1 face="sans-serif">(f)</FONT></TD>
	<TD width="97%" align=left>
<FONT size=1 face="sans-serif">Residual Interest Bonds held in trust&#8212;Securities
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></TD>
</TR>
</TABLE>
<BR>
<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><BR>
<FONT size=1 face="sans-serif">TCRS&#8212;Temporary Custodian Receipts</FONT></P>

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



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


<P align="left"><FONT size=1 face="sans-serif"><B>Other Investments:</B></FONT></P>
<P align="left"><FONT size=1 face="sans-serif">(1) Futures contracts outstanding at August 31, 2008:</FONT></P>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=4% align=left>&nbsp;</TD>
	<TD width="20%" align=left>&nbsp;	</TD>
	<TD width="35%">&nbsp;	</TD>
	<TD width="6%" align=right>&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="sans-serif">Market</FONT>	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;	</TD>
	<TD width="6%" align=center>&nbsp;	</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="7%" align=left>&nbsp;	</TD>
    <TD width="1%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left>&nbsp;</TD>
	<TD width="20%" align=left>&nbsp;	</TD>
	<TD width="35%">&nbsp;	</TD>
	<TD width="6%" align=right>&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="sans-serif">Value</FONT>	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;	</TD>
	<TD width="6%" align=center>
<FONT size=1 face="sans-serif">Expiration</FONT></TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="7%" align=right>
<FONT size=1 face="sans-serif">Unrealized</FONT>	</TD>
    <TD width="1%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left style="border-bottom:3px solid #000000;">&nbsp;</TD>
	<TD width="20%" align=left style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">The
	    Fund</FONT></TD>
	<TD width="35%" style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width="6%" align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Contracts</FONT>	</TD>
	<TD width="1%" style="border-bottom:3px solid #000000;">&nbsp;</TD>
	<TD width="4%" style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width="6%" align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">(000)</FONT>	</TD>
	<TD width="1%" style="border-bottom:3px solid #000000;">&nbsp;</TD>
	<TD width="4%" style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width="6%" align=center style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Date</FONT></TD>
	<TD width="4%" style="border-bottom:3px solid #000000;">&nbsp;</TD>
	<TD width="7%" align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Appreciation</FONT>	</TD>
    <TD width="1%" align=center style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=4% align=left><FONT size=1 face="sans-serif">Short:</FONT> </TD>
	<TD width="20%" align=left>
<FONT size=1 face="sans-serif">U.S. Treasury Bonds Futures</FONT>	</TD>
	<TD width="35%">&nbsp;	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="sans-serif">(1,208</FONT>	</TD>
	<TD width="1%"><FONT size=1 face="sans-serif">)</FONT> </TD>
	<TD width="4%">&nbsp;	</TD>
	<TD width="6%" align=right>
<FONT size=1 face="sans-serif">&#36;(141,714</FONT>	</TD>
	<TD width="1%"><FONT size=1 face="sans-serif">)</FONT> </TD>
	<TD width="4%">&nbsp;	</TD>
	<TD width="6%" align=center><FONT size=1 face="sans-serif">12/19/08</FONT></TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="7%" align=right style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">&#36;745,576</FONT>	</TD>
    <TD width="1%" align=right style="border-bottom:3px double #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=1 face="sans-serif">The Fund pledged &#36;3,147,500
in cash to brokers as collateral for futures contracts.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">(2) Interest rate swap agreements outstanding at August 31, 2008:</FONT></P>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=10% align=left>&nbsp;	</TD>
	<TD width=10% align=left>&nbsp;	</TD>
	<TD align=center colspan=3 style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">Rate Type</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=10% align=left>&nbsp;	</TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=10% align=center>
<FONT size=1 face="sans-serif">Notional Amount</FONT>	</TD>
	<TD width=10% align=center>
<FONT size=1 face="sans-serif">Termination</FONT>	</TD>
	<TD width=10% align=center>
<FONT size=1 face="sans-serif">Payments Made</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=12% align=center>
<FONT size=1 face="sans-serif">Payments Received</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=10% align=center>
<FONT size=1 face="sans-serif">Unrealized</FONT>	</TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Swap Counterparty</FONT>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=10% align=center style="border-bottom:3px solid #000000;">&nbsp;<FONT size=1 face="sans-serif">(000)</FONT></TD>
	<TD width=10% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Date</FONT></TD>
	<TD width=10% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">by Fund</FONT></TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=12% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">by Fund</FONT></TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=10% align=center style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Depreciation</FONT>	</TD>
    <TD width=2% align=left style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">Morgan Stanley</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=10% align=right>
<FONT size=1 face="sans-serif">&#36;207,600</FONT>	</TD>
	<TD width=10% align=center>
<FONT size=1 face="sans-serif">12/18/33</FONT>	</TD>
	<TD width=10% align=center>
<FONT size=1 face="sans-serif">5.00%</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=12% align=center>
<FONT size=1 face="sans-serif">3-Month USD-LIBOR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=10% align=right>
<FONT size=1 face="sans-serif">&#36;(4,048,613</FONT>	</TD>
    <TD width=2% align=left><FONT size=1 face="sans-serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">Royal Bank of Scotland</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=10% align=right>
<FONT size=1 face="sans-serif">79,800</FONT>	</TD>
	<TD width=10% align=center>
<FONT size=1 face="sans-serif">12/18/33</FONT>	</TD>
	<TD width=10% align=center>
<FONT size=1 face="sans-serif">5.00%</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=12% align=center>
<FONT size=1 face="sans-serif">3-Month USD-LIBOR</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=10% align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">(1,353,603</FONT>	</TD>
    <TD width=2% align=left style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width=10% align=left style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width=10% align=left>&nbsp;	</TD>
	<TD width=10% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=12% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=10% align=right style="border-bottom:3px double #000000;">
<FONT size=1 face="sans-serif">&#36;(5,402,216</FONT>	</TD>
    <TD width=2% align=left style="border-bottom:3px double #000000;"><FONT size=1 face="sans-serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="sans-serif">LIBOR - London Inter-bank Offered Rate</FONT></TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=10% align=left>&nbsp;	</TD>
	<TD width=10% align=left>&nbsp;	</TD>
	<TD width=10% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=12% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=10% align=left>&nbsp;	</TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<FONT size=1 face="sans-serif">The Fund received &#36;5,500,000 par value in U.S. Treasury Bills as collateral for swap contracts.</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=12% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=10% align=left>&nbsp;	</TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<B><FONT size=1 face="sans-serif">Fair Value Measurements</FONT></B><FONT size=1 face="sans-serif">&#8211;Effective
June 1, 2008, the Fund adopted Financial Accounting Standards Board </FONT><FONT size=1 face="sans-serif">Statement
of Financial Accounting Standards No. 157, Fair Value Measurements (&#8220;FAS
157&#8221;).
This standard clarifies the definition of fair value for financial reporting,
establishes a framework for measuring fair value and requires additional disclosures
about the use of the fair value measurements. The three levels of the fair value
hierarchy under FAS 157 are described below.</FONT></P>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=3% align=left><FONT size=1 face="sans-serif">&#170; </FONT></TD>
	<TD width="5%" align=left><font size=1 face="sans-serif">Level 1 &#8211;</font></TD>
	<TD width="87%" align=left><FONT size=1 face="sans-serif"> quoted prices in active markets for identical investments</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=3% align=left valign="top"><FONT size=1 face="sans-serif">&#170; </FONT></TD>
	<TD align=left valign="top"><font size=1 face="sans-serif">Level
    2 &#8211;</font></TD>
	<TD align=left><FONT size=1 face="sans-serif"> other significant observable inputs (including quoted prices for similar investments, interest rates,</FONT><br>
         <FONT size=1 face="sans-serif">prepayment speeds, credit risk, etc.)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left>&nbsp;</TD>
  <TD width=3% align=left valign="top"><FONT size=1 face="sans-serif">&#170; </FONT></TD>
	<TD align=left valign="top"><font size=1 face="sans-serif">Level
    3 &#8211;</font></TD>
	<TD align=left><FONT size=1 face="sans-serif"> significant unobservable inputs (including the Fund's own assumptions in determining the fair value</FONT><br>
    <FONT size=1 face="sans-serif">of investments)</FONT></TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=1 face="sans-serif">The valuation techniques used by the Fund to measure
fair value during the period ended August 31, 2008 maximized the use of observable
inputs and minimized the use of unobservable inputs. The inputs or methodology
used for valuing securities are not necessarily an indication of the risk associated
with investing in those securities. At August 31, 2008, the Fund did not hold
securities deemed as Level 3.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">The following is a summary of the inputs used
at August 31, 2008 in valuing the Fund&#8217;s investments carried at value:</FONT></P>
<TABLE width=60% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left style="border-top:3px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-top:3px solid #000000;">&nbsp;	</TD>
	<TD width=20% align=center style="border-top:3px solid #000000;">
<B><FONT size=1 face="serif">Investments in</FONT></B>	</TD>
	<TD width=2% style="border-top:3px solid #000000;">&nbsp;	</TD>
	<TD width=20% align=right style="border-top:3px solid #000000;">
<B><FONT size=1 face="serif">Other Financial</FONT></B>	</TD>
    <TD width=2% align=left style="border-top:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:3px solid #000000;">
<B><FONT size=1 face="serif">Valuation Inputs</FONT></B>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=20% align=center style="border-bottom:3px solid #000000;"><B><FONT size=1 face="serif">Securities</FONT></B>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=20% align=right style="border-bottom:3px solid #000000;">
<B><FONT size=1 face="serif">Instruments</FONT></B>	</TD>
    <TD width=2% align=left style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="serif">Level 1 - Quoted Prices</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=20% align=right>
<FONT size=1 face="sans-serif">&#36;&#8212;</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=20% align=right>
<FONT size=1 face="sans-serif">&#36;745,576</FONT>	</TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="serif">Level 2 - Other Significant</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=20% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=20% align=left>&nbsp;	</TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="serif">Observable Inputs</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=20% align=right>
<FONT size=1 face="sans-serif">1,391,042,733</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=20% align=right>
<FONT size=1 face="sans-serif">(5,402,216</FONT>	</TD>
    <TD width=2% align=left><FONT size=1 face="sans-serif">)</FONT> </TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="serif">Level 3 - Significant</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=20% align=left>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD width=20% align=left>&nbsp;	</TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:3px solid #000000;">
 &nbsp; &nbsp;<FONT size=1 face="serif">Unobservable Inputs</FONT>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=20% align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">&#8212;</FONT>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=20% align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">&#8212;</FONT>	</TD>
    <TD width=2% align=left style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:3px solid #000000;">
<B><FONT size=1 face="serif">Total</FONT></B>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=20% align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">&#36;1,391,042,733</FONT>	</TD>
	<TD width=2% style="border-bottom:3px solid #000000;">&nbsp;	</TD>
	<TD width=20% align=right style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">&#36;(4,656,640</FONT>	</TD>
    <TD width=2% align=left style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">)</FONT> </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 &amp; Chief Executive Officer and Treasurer, Principal Financial &amp; Accounting Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Act (17 CFR 270.30a -3 (c))), 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 occurred during the registrant&#8217;s last fiscal
quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;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>

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<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: October 16, 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: October 16, 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: October 16, 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: October 16, 2008 </FONT></P>

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</HTML>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c55220_ex99cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c55220_ex99-302.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<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 width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
	<TD colspan=2>
<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=4>&nbsp;</TD></TR><TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">2.</FONT></TD>
	<TD colspan=2>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by the report;</FONT></P>	</TD>
</TR>
<TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">3.</FONT></TD>
	<TD colspan=2>
<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=4>&nbsp;</TD></TR><TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">4.</FONT></TD>
	<TD colspan=2>
<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=4>&nbsp;</TD></TR><TR>
  <TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">a.</FONT></TD>
	<TD>
<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=4>&nbsp;</TD></TR><TR>
  <TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">b.</FONT></TD>
	<TD>
<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=4>&nbsp;</TD></TR><TR>
  <TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">c.</FONT></TD>
	<TD>
<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=4>&nbsp;</TD></TR><TR>
  <TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">d.</FONT></TD>
	<TD>
<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=4>&nbsp;</TD></TR><TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">5.</FONT></TD>
	<TD colspan=2>
<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=4>&nbsp;</TD></TR><TR>
  <TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">a.</FONT></TD>
	<TD>
<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=4>&nbsp;</TD></TR><TR>
  <TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">b.</FONT></TD>
	<TD>
<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>
<TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
<P align="left">
<FONT size=2 face="serif">Date: October 16, 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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<P style="page-break-before:always"></P><PAGE>


<P align="left">
<FONT size=2 face="serif">I, Lawrence G. Altadonna, certify that: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">1.</FONT></TD>
	<TD colspan=2>
<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>
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<FONT size=2 face="serif">2.</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.</FONT></TD>
	<TD colspan=2>
<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.</FONT></TD>
	<TD colspan=2>
<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.</FONT></TD>
	<TD>
<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>
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<FONT size=2 face="serif">b.</FONT></TD>
	<TD>
<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>
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<FONT size=2 face="serif">c.</FONT></TD>
	<TD>
<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.</FONT></TD>
	<TD>
<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.</FONT></TD>
	<TD colspan=2>
<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.</FONT></TD>
	<TD>
<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.</FONT></TD>
	<TD>
<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>
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<P align="left">
<FONT size=2 face="serif">Date: October 16, 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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