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<SEC-DOCUMENT>0000930413-09-002104.txt : 20090420
<SEC-HEADER>0000930413-09-002104.hdr.sgml : 20090420
<ACCEPTANCE-DATETIME>20090420134133
ACCESSION NUMBER:		0000930413-09-002104
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090228
FILED AS OF DATE:		20090420
DATE AS OF CHANGE:		20090420
EFFECTIVENESS DATE:		20090420

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:		09758681

	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>c57129_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c57129_nq.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<BR>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=18% align=center>&nbsp;</TD>
    <TD width=64% align=center><B><FONT size=2 face="serif">UNITED STATES</FONT></B> </TD>
    <TD width=2% align=center>&nbsp;</TD>
    <TD width=1% rowspan="4" align=center valign="middle"  style="border-bottom:1px solid #000000; border-left:1px solid #000000; border-top:1px solid #000000;">&nbsp;</TD>
    <TD width=15% rowspan="4" align=center valign="middle" style="border-bottom:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000;"><div align=center><u><font size=1 face="serif">OMB
            APPROVAL</font></u><font size=1 face="serif">&nbsp; </font></div>
        <div align="left"><FONT size=1 face="serif">OMB Number: 3235-0578 </FONT><BR>
          <FONT size=1 face="serif">Expires: April 30, 2010 </FONT><BR>
          <FONT size=1 face="serif">Estimated average burden </FONT><BR>
          <FONT size=1 face="serif">hours per response: 10.5 </FONT></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap><B><FONT size=2 face="serif">SECURITIES AND EXCHANGE
          COMMISSION</FONT></B> </TD>
    <TD align=center nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align=center><B><FONT size=2 face="serif">Washington, DC 20549</FONT></B> </TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>&nbsp;</TD>
    <TD align=center><b><font size=2 face="serif">FORM N-Q</font></b></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"><br>
  <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 &#150; 1345 Avenue of the Americas New York, New York 10105 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Registrant&#146;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><BR>
<BR>
<FONT size=2 face="serif">Date of Reporting Period: February 28, 2009</FONT></P>
<P align="left">
<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="left">
<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 (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to 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 align="left" style="page-break-before:always"></P><PAGE>
<BR>

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


<BR>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap colspan=3>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">February 28, 2009 (unaudited)</FONT>     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(000)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><font size=1 face="sans-serif">*</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=3>
<B><FONT size=2 face="sans-serif">MUNICIPAL BONDS &amp; NOTES&#151;96.7%</FONT></B>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Alabama&#151;1.2%</FONT></B>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#36;10,000</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Birmingham Baptist Medical Centers Special Care Facs.</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Financing Auth. Rev., 5.00%, 11/15/30, Ser. A</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/NR</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&#36;6,081,900</FONT>  </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Montgomery BMC Special Care Facs. Financing Auth. Rev., Ser. B (MBIA),</FONT>    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,235</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/29</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/AA</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,003,030</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Baptist Health, 5.00%, 11/15/24</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/AA</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,371,732</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,650</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tuscaloosa Educational Building Auth. Rev., Stillman College,</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/26, Ser. A</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,844,082</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">11,300,744</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Alaska&#151;0.7%</FONT></B>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,900</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Northern Tobacco Securitization Corp. Rev., 5.00%, 6/1/46, Ser. A</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,058,855</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,550</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Housing Finance Corp. Rev., 5.25%, 6/1/32, Ser. C (MBIA)</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,438,566</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,497,421</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Arizona&#151;9.5%</FONT></B>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev., Banner Health,</FONT>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/35, Ser. A</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AA-</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,024,105</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,610</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 1/1/38, Ser. D</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AA-</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,492,148</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">29,700</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Pima Cnty. Industrial Dev. Auth. Rev., 5.00%, 9/1/39</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">26,550,018</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Salt River Project Agricultural Improvement &amp; Power Dist. Rev., Ser. A (h),</FONT>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">41,100</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">40,610,088</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/39</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,862,000</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,500</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Salt Verde Financial Corp. Rev., 5.00%, 12/1/37</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,672,750</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">88,211,109</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Arkansas&#151;0.2%</FONT></B> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,000</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Arkansas Dev. Finance Auth. Rev., </FONT>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 7/1/46 (AMBAC)</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,551,420</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;4.7%</FONT></B>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Golden State Tobacco Securitization Corp. Rev., Ser. A-1,</FONT> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/1/33</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,716,100</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 6/1/39, (Pre-refunded @ &#36;100, 6/1/13) (b)</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,609,290</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Statewide Communities Dev. Auth. Rev., Methodist Hospital (FHA),</FONT>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.625%, 8/1/29</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,664,175</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">19,500</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 2/1/38</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,070,960</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,700</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Statewide Community Dev. Auth. Rev., Baptist Univ.,</FONT>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.00%, 11/1/17, Ser. B (a)(c)</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,019,299</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">44,079,824</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Colorado&#151;6.0%</FONT></B> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,250</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Denver City &amp; Cnty. Rev., 5.00%, 11/15/25, Ser. B (FSA)</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AAA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,327,400</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev.,</FONT>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">American Baptist Homes, 5.90%, 8/1/37, Ser. A</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">620,550</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,000</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Health Initiatives, 5.50%, 3/1/32</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AA</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">25,703,000</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">18,305</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Exempla, Inc., 5.625%, 1/1/33, Ser. A</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/A-</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,594,030</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Evergreen Country Day School, 5.875%, 6/1/37 (a)(c)</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BB</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,391,760</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,430</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Public Auth. for Colorado Energy Rev., 6.50%, 11/15/38</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A+</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,161,660</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">55,798,400</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



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

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap colspan=3>
      <div align="left"><B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B> </div></TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">February 28, 2009 (unaudited)</FONT>     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(000)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><font size=1 face="sans-serif">*</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Florida&#151;5.9%</FONT></B>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#36;7,900</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Board of Education, GO, 5.00%, 6/1/38, Ser. D (h)</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AAA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&#36;7,674,771</FONT>  </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Broward Cnty. Water &amp; Sewer Utility Rev.,</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 10/1/34, Ser. A (h)</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,475,860</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,335</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Hillsborough Cnty. Industrial Dev. Auth. Pollution Control Rev.,</FONT>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Tampa Electric Co., 5.50%, 10/1/23</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB-</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,164,732</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,135</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Jacksonville Health Facs. Auth. Rev.,</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 11/15/32, Ser. A</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,623,635</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Leesburg Hospital Rev., Leesburg Regional Medical Center Project,</FONT> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 7/1/32</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,348,760</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Orange Cnty. Health Facs. Auth. Rev., Adventist Health System,</FONT>    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,550</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 11/15/32, (Pre-refunded @ &#36;101, 11/15/12) (b)</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,897,540</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 11/15/24, (Pre-refunded @ &#36;100, 11/15/12) (b)</FONT>     </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,745,800</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Sarasota Cnty. Health Fac. Auth. Rev., 5.75%, 7/1/37</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">329,945</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,205</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Governmental Utility Auth. Rev., Barefoot Bay Utilities System,</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/29 (AMBAC)</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/NR</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,943,273</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Sumter Landing Community Dev. Dist. Rev.,</FONT> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 10/1/35, Ser. A (MBIA)</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/AA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,784,150</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tallahassee Rev., 5.00%, 10/1/37, Ser. 2617 (h)</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,835,200</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Winter Springs Water &amp; Sewer Rev., zero coupon, 10/1/29 (MBIA-FGIC)</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AA</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">482,445</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">55,306,111</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Georgia&#151;0.2%</FONT></B>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,775</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Medical Center Hospital Auth. Rev.,</FONT>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 7/1/37</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,681,955</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Illinois&#151;13.0%</FONT></B>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Central Lake Cnty. JT Action Water Agcy. Rev., Ser. A (AMBAC),</FONT>    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,935</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/28</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,983,193</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">675</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 5/1/28 (Pre-refunded
 @ &#36;100, 11/1/12) (b)</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">759,463</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, GO,</FONT>      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/34, Ser. C (h)</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,776,700</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,635</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 1/1/29, Ser. A (FGIC)</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,621,822</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,065</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 1/1/40, Ser. C (FGIC)</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,046,708</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Chicago, Lake Shore East, Special Assessment,</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,162</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.625%, 12/1/22</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,339,279</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,700</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 12/1/32</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,567,524</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Cicero, GO, 5.25%, 12/1/31 (MBIA)</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/AA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,051,800</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,440</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Cook Cnty., GO, 5.00%, 11/15/28, Ser. A (MBIA-FGIC)</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,459,255</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Finance Auth. Rev.,</FONT></TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Christian Homes, Inc., 5.75%,
 5/15/31, Ser. A</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,715,825</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">250</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Leafs Hockey Club, 6.00%,
 3/1/37, Ser. A</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">125,000</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Sedgebrook, Inc., 6.00%,
 11/15/42, Ser. A</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">793,890</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">20,100</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Health Facs. Auth. Rev., Elmhurst Memorial Healthcare, 5.625%, 1/1/28</FONT>     </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/NR</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,714,180</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Hillside, Tax Allocation, Mannheim Redev. Project,</FONT>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.55%, 1/1/20</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,623,940</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,900</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">7.00%, 1/1/28</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,144,753</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">68,470</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Sports Facs. Auth. Rev.,</FONT>    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">zero coupon, 6/15/30 (converts to 5.50% on 6/16/10) (AMBAC)</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">59,577,116</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;121,300,448</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Indiana&#151;0.1%</FONT></B>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,125</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Fort Wayne Pollution Control Rev.,</FONT>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.20%, 10/15/25</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Caa3/C</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">546,645</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">990</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Vigo Cnty. Hospital Auth. Rev., 5.80%, 9/1/47
(a)(c)</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">627,304</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,173,949</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



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

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap colspan=3>
      <div align="left"><B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B> </div></TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">February 28, 2009 (unaudited)</FONT>     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(000)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><font size=1 face="sans-serif">*</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Iowa&#151;3.5%</FONT></B>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Finance Auth. Rev.,</FONT>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Deerfield Retirement Community, Inc., Ser. A,</FONT>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;250</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/15/27</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;156,197</FONT>      </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,075</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 11/15/37</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">612,933</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Edgewater LLC, 6.75%, 11/15/42</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,085,020</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Wedum Walnut Ridge LLC, 5.625%, 12/1/45, Ser. A</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">578,020</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,000</FONT>        </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Auth. of Iowa Rev., 5.60%, 6/1/34, Ser. B</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">27,887,960</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;32,320,130</FONT>      </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Kentucky&#151;0.7%</FONT></B> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Finance Auth. Rev., Hospital Facs. Rev.,</FONT>    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Baptist Healthcare System, Ser. A,</FONT>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 8/15/24</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,990,600</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 8/15/27</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,510,700</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Healthcare Partners, 5.25%, 10/1/30</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/AA-</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,213,100</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,714,400</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Louisiana&#151;4.5%</FONT></B>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Public Facs. Auth. Rev., Ochsner Clinic Foundation, Ser. B,</FONT>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/32, (Pre-refunded @ &#36;100, 5/15/26) (b)</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,264,800</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,300</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 5/15/47</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,443,683</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">44,395</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 5.875%, 5/15/39, Ser. B</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">28,296,485</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">42,004,968</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Maryland&#151;0.5%</FONT></B> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Health &amp; Higher Educational Facs. Auth. Rev.,</FONT> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,010</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.30%, 1/1/37, Ser. A</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">526,099</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,050</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 1/1/43</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,093,268</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap><FONT size=1 face="sans-serif">1,000</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Adventist
      Healthcare, 5.75%, 1/1/25, Ser. A</FONT> </TD>
  <TD align=center nowrap><FONT size=1 face="sans-serif">Baa2/NR</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=1 face="sans-serif">830,420</FONT> </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,449,787</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Massachusetts&#151;8.2%</FONT></B>    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Boston Rev., 5.00%, 11/1/28, Ser. D (MBIA-FGIC)</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA+</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,008,960</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,610</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Dev. Finance Agcy. Rev., 6.75%, 10/15/37, Ser.
A</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,238,110</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,900</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State College Building Auth. Rev., 5.50%, 5/1/39, Ser. A</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/A+</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,902,001</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Rev., Ser. A,</FONT>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,295</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 1/1/34 (AMBAC)</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,204,714</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">51,830</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/37 (MBIA)</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/AA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">40,884,541</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,325</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 1/1/39 (AMBAC)</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,856,809</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,050</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Water Res. Auth. Rev., 4.75%, 8/1/37, Ser. A (FSA)(h)</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">11,232,287</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">76,327,422</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Michigan&#151;3.0%</FONT></B> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,545</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Garden City Hospital Finance Auth. Rev., 5.00%, 8/15/38, Ser. A</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,616,647</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">800</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Public Educational Facs. Auth. Rev., 6.50%, 9/1/37 (a)(c)</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">593,312</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Royal Oak Hospital Finance Auth. Rev.,</FONT>    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">8.25%, 9/1/39</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/A</FONT>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,188,460</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Hospital Finance Auth. Rev.,</FONT>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Ascension Health, 5.25%, 11/15/26, Ser. B</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,740,150</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Oakwood Group, Ser. A,</FONT>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,500</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/32</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,144,925</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,925</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 4/1/22</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,803,340</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



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

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap colspan=3>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">February 28, 2009 (unaudited)</FONT>     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(000)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><font size=1 face="sans-serif">*</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Michigan </FONT></B><FONT size=1 face="sans-serif">(continued)</FONT> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#36;6,000</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Finance Auth. Rev., 6.00%, 6/1/48, Ser. A</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;3,527,400</FONT>    </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;27,614,234</FONT>      </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Minnesota&#151;0.5%</FONT></B>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Minneapolis Rev., Providence Project, 5.75%, 10/1/37, Ser. A</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">949,515</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">280</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Minneapolis, Tax Allocation, Grant Park Project, 5.35%, 2/1/30</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">173,118</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">North Oaks Presbyterian Homes Rev.,</FONT>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,640</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 10/1/33</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,970,153</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,530</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 10/1/39</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,132,047</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Oronoco Multifamily Housing Rev.,</FONT> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.40%, 6/1/41</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">296,555</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,521,388</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Mississippi&#151;0.4%</FONT></B>      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,605</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Business Finance Corp., Pollution Control Rev.,
5.875%, 4/1/22</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba1/BBB</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,071,136</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">740</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Dev. Bank Special Obligation Projects &amp; Equipment Acquisitions Rev.,</FONT>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 7/1/24, Ser. A2 (AMBAC)</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">701,224</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,772,360</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Missouri&#151;0.1%</FONT></B> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">740</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Hanley Road &amp; North of Folk Ave. Transportation Dist. Rev.,</FONT>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 10/1/25</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">510,911</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Nevada&#151;0.3%</FONT></B>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,450</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Clark Cnty., GO, 5.00%, 6/1/31 (FGIC)</FONT>     </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA+</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,423,160</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,620</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 5.00%, 5/15/28, Ser. A (FGIC)</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AAA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,517,276</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,940,436</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">New Hampshire&#151;0.0%</FONT></B>    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">360</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Health &amp; Education Facs. Auth. Rev.,</FONT>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Catholic Medical Center, 6.125%, 7/1/32, Ser. A</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">275,562</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">New Jersey&#151;2.8%</FONT></B>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">950</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Burlington Cnty. Bridge Commission Rev., 5.625%, 1/1/38</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">569,630</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Economic Dev. Auth. Rev.,</FONT> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Arbor Glen,</FONT>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap><FONT size=1 face="sans-serif">525</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%,
      5/15/28</FONT> </TD>
  <TD align=center nowrap><FONT size=1 face="sans-serif">NR/NR</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><FONT size=1 face="sans-serif">379,213</FONT> </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">225</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 5/15/28, (Pre-refunded @ &#36;102, 5/15/09) (b)</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">231,921</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Kapkowski Road Landfill, Special Assessment,</FONT> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 10/1/21</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,472,920</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,405</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 4/1/31</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/NR</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,926,465</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Health Care Facs. Financing Auth. Rev.,</FONT>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">St. Peters Univ. Hospital, 5.75%, 7/1/37</FONT>     </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB-</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,137,060</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,830</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Trinitas Hospital, 5.25%, 7/1/30, Ser. A</FONT>     </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB-</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,332,075</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,300</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Educational Facs. Auth. Rev.,</FONT>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Fairfield Dickinson Univ., 6.00%, 7/1/25, Ser. D</FONT>     </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,971,155</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,150</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/41, Ser. 1A</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,975,549</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">25,995,988</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">New Mexico&#151;0.5%</FONT></B>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Farmington Pollution Control Rev., 5.80%, 4/1/22</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BB+</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">4,310,300</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



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

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap colspan=3>
      <div align="left"><B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B> </div></TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">February 28, 2009 (unaudited)</FONT>     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(000)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><font size=1 face="sans-serif">*</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">New York&#151;1.8%</FONT></B> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;1,200</FONT>        </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev.,</FONT>      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 11/15/36, Ser. A</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;743,712</FONT>      </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Liberty Dev. Corp. Rev.,</FONT>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,505</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 10/1/35</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/A</FONT>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,233,377</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000</FONT>        </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 10/1/35 (h)</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/A</FONT>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;8,195,200</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,100</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Nassau Cnty. Industrial Dev. Agcy. Rev., Amsterdam at Harborside,</FONT> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.70%, 1/1/43, Ser. A</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">835,758</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">New York City Municipal Water Finance Auth. Rev. (h),</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap><FONT size=1 face="sans-serif">4,000</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Second
      Gen. Resolution, 4.75%, 6/15/35, Ser. DD</FONT> </TD>
  <TD align=center nowrap><FONT size=1 face="sans-serif">Aa3/AA+</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><FONT size=1 face="sans-serif">3,682,560</FONT> </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,830</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 6/15/37, Ser. D</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AAA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,713,659</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">17,404,266</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">North Carolina&#151;0.1%</FONT></B>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Medical Care Commission Rev.,</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">550</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Salemtowne, 5.10%, 10/1/30</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">345,098</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Village at Brookwood, 5.25%, 1/1/32</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">591,470</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">936,568</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">North Dakota&#151;0.3%</FONT></B>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,710</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Stark Cnty. Healthcare Rev., Benedictine Living Communities,</FONT>      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.75%, 1/1/33</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,996,567</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Ohio&#151;0.8%</FONT></B>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Cnty. of Montgomery Rev., Miami Valley Hospital,</FONT>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 11/15/39, Ser. A</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">986,830</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Lorain Cnty. Hospital Rev., Catholic Healthcare, 5.375%, 10/1/30</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/AA-</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">6,751,275</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,738,105</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Oregon&#151;0.1%</FONT></B>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,155</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">State Department of Administrative Services, CP,</FONT>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 5/1/39, Ser. A</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AA-</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,155,820</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<B><FONT size=1 face="sans-serif">Pennsylvania&#151;4.2%</FONT></B>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">470</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Allegheny Cnty. Hospital Dev. Auth. Rev.,</FONT> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">9.25%, 11/15/15, Ser. B, (Pre-refunded @ &#36;102, 11/15/10) (b)</FONT>     </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Ba3/AAA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">525,305</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Cumberland Cnty. Auth., Retirement Community Rev.,</FONT>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Messiah Village, Ser. A,</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">750</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 7/1/28</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">539,220</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">670</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 7/1/35</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB-</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">481,428</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,250</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Harrisburg Auth. Rev., 6.00%,
9/1/36, Ser. B</FONT></TD>
        <TD align=center nowrap><FONT size=1 face="sans-serif">NR/NR</FONT> </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap><FONT size=1 face="sans-serif">2,511,048</FONT> </TD>
        <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Montgomery Cnty. Higher Education &amp; Health Auth. Hospital Rev.,</FONT>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Abington Memorial Hospital, Ser. A,</FONT>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/27</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A</FONT>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,282,650</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,750</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.125%, 6/1/32</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A</FONT>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,013,125</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">11,600</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia Hospitals &amp; Higher Education Facs. Auth. Hospital Rev.,</FONT>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Temple Univ. Hospital, 6.625%, 11/15/23, Ser. A</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,288,736</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,000</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Philadelphia, GO, 5.25%, 12/15/32, Ser. A (FSA)</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/AAA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">16,614,780</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
<FONT size=1 face="sans-serif">Pittsburgh &amp; Allegheny Cntys. Public Auditorium Auth. Rev.,</FONT>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/29 (AMBAC)</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">500,380</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width="90%" align=left nowrap>&nbsp;        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">38,756,672</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



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

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center nowrap colspan=3>
      <div align="left"><B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B> </div></TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">February 28, 2009 (unaudited)</FONT>     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>&nbsp;  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>&nbsp;  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(000)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><font size=1 face="sans-serif">*</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Rhode Island&#151;5.4%</FONT></B>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;76,200</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tobacco Settlement Financing Corp. Rev., 6.25%, 6/1/42, Ser. A</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&#36;50,436,780</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">South Carolina&#151;1.3%</FONT></B>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">13,850</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Jobs-Economic Dev. Auth. Rev., Bon Secours, 5.625%, 11/15/30, Ser. B</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/A-</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">12,144,926</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Tennessee&#151;0.4%</FONT></B>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Energy Acquisition Corp. Rev., </FONT>     </TD>
        <TD align=center nowrap>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap>&nbsp;</TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 2/1/23, Ser. C</FONT></TD>
        <TD align=center nowrap><FONT size=1 face="sans-serif">Baa1/AA-</FONT> </TD>
        <TD>&nbsp;</TD>
        <TD align=right nowrap><FONT size=1 face="sans-serif">2,097,390</FONT> </TD>
        <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">700</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/21 Ser. A</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">517,958</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">700</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/22 Ser. A</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">508,942</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">500</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sullivan Cnty. Health Educational &amp; Housing Facs. Rev.,</FONT>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 9/1/36, Ser. C</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/BBB+</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">308,575</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>&nbsp;  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,432,865</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Texas&#151;12.9%</FONT></B>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10</FONT>        </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Arlington Independent School Dist., GO, 5.00%, 2/15/24 (PSF-GTD)</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,040</FONT>    </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Aubrey Independent School Dist., GO (PSF-GTD),</FONT>    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">130</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">135,704</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,350</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/33, (Pre-refunded @ &#36;100, 8/15/14) (b)</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/NR</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,080,626</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Brazos Cnty. Health Facs. Dev. Corp. Rev., Franciscan Services Corp.,</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.375%, 1/1/32</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/A-</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,995,900</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,700</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Comal Cnty. Health Facs. Dev. Rev., McKenna Memorial Hospital Project,</FONT>    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 2/1/32, Ser. A, (Pre-refunded @ &#36;100, 2/1/13) (b)</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,140,343</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Dallas Water Rev., 5.25%, 8/15/38</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AAA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,419,900</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">700</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">HFDC of Central Texas, Inc. Rev., Village at Gleannloch Farms,</FONT>    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 2/15/37, Ser. A</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">437,899</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,500</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Houston Rev., 5.00%, 7/1/25, Ser. C (MBIA-FGIC)</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/AA</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,338,355</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">770</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Keller Independent School Dist., GO, 4.875%, 8/15/31 (PSF-GTD)</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aaa/AAA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">758,104</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,170</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Little Elm Independent School Dist., GO,</FONT>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.30%, 8/15/29, Ser. A (PSF-GTD)</FONT>     </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AAA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,277,558</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Municipal Gas Acquisition &amp; Supply Corp. I Rev.,</FONT>      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">450</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 12/15/25, Ser. A</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/A+</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">326,763</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">15,300</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 12/15/26, Ser. D</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A</FONT>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">12,454,047</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,250</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">North Dallas Thruway Auth. Rev., 4.75%, 1/1/29 (MBIA-FGIC)</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/AA</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,926,375</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">North Harris Cnty. Regional Water Auth. Rev.,</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,300</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.25%, 12/15/33</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/A+</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,533,680</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,300</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.50%, 12/15/38</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/A+</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,738,032</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">North Texas Tollway Auth. Rev.,</FONT>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.625%, 1/1/33, Ser. B</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A2/A-</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">4,781,750</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,200</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.75%, 1/1/33, Ser. F</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/BBB+</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,116,228</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Sabine River Auth. Rev., 5.20%, 5/1/28, Ser. C</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Caa1/CCC</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">895,620</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">10,000</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">San Antonio Electric &amp; Gas System Rev., 5.00%, 2/1/32 Ser. 3247 (h)</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">9,812,300</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State, Mobility Fund, GO (h),</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap><FONT size=1 face="sans-serif">10,025</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%,
      4/1/35, Ser. A</FONT> </TD>
  <TD align=center nowrap><FONT size=1 face="sans-serif">Aa1/AA</FONT> </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap><FONT size=1 face="sans-serif">9,535,579</FONT> </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">17,500</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 4/1/36</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">16,879,275</FONT>        </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Public Finance Auth. Rev., 5.875%, 12/1/36, Ser. A</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB-</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">686,540</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">8,880</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Turnpike Auth. Central Turnpike System Rev.,</FONT>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 8/15/42, Ser. A (AMBAC)</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/A</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,900,915</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,250</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State Water Financial Assistance, GO, 5.00%, 8/1/36</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa1/AA</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,230,662</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">3,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Tarrant Cnty. Cultural Education Facs. Finance Corp. Rev.,</FONT>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.25%, 11/15/29</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AA-</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">3,070,620</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>&nbsp;  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">120,482,815</FONT>       </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



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

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left nowrap colspan=3>
<B><FONT size=2 face="sans-serif">PIMCO Municipal Income Fund II Schedule of Investments</FONT></B>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">February 28, 2009 (unaudited)</FONT>     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Principal</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>&nbsp;  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Amount</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>&nbsp;  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Credit Rating</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(000)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD width="90%" align=left nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
  <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">(Moody's/S&amp;P)</FONT> </TD>
  <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT> </TD>
  <TD align=left nowrap style="border-bottom:3px solid #000000;"><font size=1 face="sans-serif">*</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Virginia&#151;0.1%</FONT></B> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;2,050</FONT>        </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">James City Cnty. Economic Dev. Auth. Rev., 5.50%, 7/1/37, Ser. A</FONT>  </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#36;1,139,615</FONT>    </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Washington&#151;2.0%</FONT></B>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,350</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Central Puget Sound Regional Transportation Auth. Rev.,</FONT>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.75%, 2/1/28, (MBIA-FGIC)</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AAA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,279,452</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health Care Facs. Auth. Rev.,</FONT>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,300</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Multicare Health, 6.00%,
 8/15/39, Ser. B</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa2/AAA</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,294,540</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Seattle Cancer Care Alliance, 7.375%, 3/1/38</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A3/NR</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,028,790</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,000</FONT>        </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Virginia Mason Medical Center, 6.125%, 8/15/37, Ser. A</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">10,291,580</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>&nbsp;  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">18,894,362</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Wisconsin&#151;0.8%</FONT></B>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Badger Tobacco Asset Securitization Corp. Rev.,</FONT>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,125</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.00%, 6/1/17</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,061,055</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,080</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">6.125%, 6/1/27</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa3/BBB</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,469,987</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">90</FONT>        </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Health &amp; Educational Facs. Auth. Rev.,</FONT>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">Froedert &amp; Community Health Oblig., 5.375%, 10/1/30</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">NR/AA-</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">83,753</FONT>    </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>&nbsp;  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,614,795</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total Municipal Bonds &amp; Notes (cost&#151;&#36;1,030,968,955)</FONT>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">901,793,423</FONT>       </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap 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">&#151;0.8%</FONT></B>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Florida&#151;0.3%</FONT></B>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,830</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Highlands Cnty. Health Facs. Auth. Rev., Adventist Health System,</FONT> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">5.00%, 11/15/31, Ser. C</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/A+</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">2,334,580</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Illinois&#151;0.5%</FONT></B> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">5,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">State, GO, 9.55%, 4/1/27, Ser. 783 (FSA)(a)(c)(d)</FONT> </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/NR</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">5,121,100</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total Variable Rate Notes (cost&#151;&#36;7,822,373)</FONT>      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">7,455,680</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=3>
<B><FONT size=2 face="sans-serif">CORPORATE BONDS &amp; NOTES </FONT></B><FONT size=2 face="sans-serif">(f)(g)</FONT><B><FONT size=2 face="sans-serif">&#151;0.1%</FONT></B>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,400</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">International Lease Finance Corp.,</FONT>        </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">1.469%, 5/24/10, FRN (cost&#151;&#36;1,123,723)</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">989,436</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=3>
<B><FONT size=2 face="sans-serif">VARIABLE RATE DEMAND NOTES </FONT></B><FONT size=2 face="sans-serif">(e)(f)</FONT><B><FONT size=2 face="sans-serif">&#151;0.1%</FONT></B>     </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">California&#151;0.1%</FONT></B>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">675</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Housing Finance Agcy. Rev., 0.45%, 8/1/09, Ser. A (cost&#151;&#36;675,000)</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">VMIG1/A-1+</FONT>        </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">675,000</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=3>
<B><FONT size=2 face="sans-serif">SHORT-TERM INVESTMENTS&#151;2.3%</FONT></B>   </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap colspan=3>
<B><FONT size=2 face="sans-serif">Corporate Notes&#151;2.3%</FONT></B>  </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">American General Finance Corp. (g),</FONT>       </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">900</FONT>       </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">3.875%, 10/1/09</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BB+</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">593,986</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,545</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.625%, 5/15/09</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BB+</FONT>  </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,187,547</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">CIT Group, Inc. (g),</FONT>      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
    <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">1.358%, 8/17/09</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB+</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,051,674</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,485</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="sans-serif">4.125%, 11/3/09</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa2/BBB+</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,059,396</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,800</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Goldman Sachs Group, Inc., 1.318%, 11/16/09, FRN (g)</FONT>      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">A1/A</FONT>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,538,762</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,200</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">International Lease Finance Corp., 1.494%, 1/15/10, FRN (g)</FONT>       </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Baa1/BBB+</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">963,862</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,000</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">National City Bank, 2.316%, 9/9/09, FRN</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">Aa3/A+</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,972,430</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<FONT size=1 face="sans-serif">Total Corporate Notes (cost&#151;&#36;21,857,463)</FONT> </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">21,367,657</FONT>        </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR>
        <TD colspan=7>&nbsp;    </TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD width=90% align=left nowrap>
<B><FONT size=1 face="sans-serif">Total Investments </FONT></B><FONT size=1 face="sans-serif">(cost&#151;&#36;1,062,447,514)&#151;</FONT><B><FONT size=1 face="sans-serif">100.0%</FONT></B>    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&#36;932,281,196</FONT></B> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>

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



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

<P align="left">
<B><FONT size=1 face="sans-serif">Notes to Schedule of Investments:</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">*</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. 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></P>       </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD width=100%>
<P align="left"><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 by using the last sale price on the exchange that
    is the primary market for such securities, or the last quoted mean price
    for those securities for which the over-the-counter market is the primary
    market or for listed securities in which there were no sales. Prices obtained
    from 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, futures
    and options on 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.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD> <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">The prices used by the Fund to
    value securities may differ from the value that would be realized if the
    securities were sold and these differences could be material. The Fund&#146;s
    net asset value is normally determined daily as of the close of regular trading
    (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange (&#147;NYSE&#148;)
    on each day the NYSE is open for business.</FONT></P>
        </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Private Placement&#151;Restricted as to resale and may not have a readily available market. Securities with an aggregate value of &#36;11,752,775, representing 1.26% of total investments.</FONT></P>   </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(b)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Pre-refunded bonds are collateralized by U.S. Government or other eligible securities which are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding date
(payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate).</FONT></P></TD>
</TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(c)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">144A Security&#151;Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified
institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.</FONT></P>        </TD>
</TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(d)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Inverse Floater&#151;The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index. The interest rate disclosed reflects the rate in effect on
February 28, 2009.</FONT></P>   </TD>
</TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(e)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Variable Rate Notes&#151;Instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base
rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on February 28, 2009.</FONT></P>        </TD>
</TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(f)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Maturity date shown is date of next put.</FONT></P>      </TD>
</TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(g)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">All or partial amount segregated as collateral for reverse repurchase agreements.</FONT></P>     </TD>
</TR><TR>
        <TD nowrap valign=top>
<FONT size=1 face="sans-serif">(h)</FONT></TD>
        <TD width=100%>
<P align="left"><FONT size=1 face="sans-serif">Residual Interest Bonds held in
    trust&#151;Securities
    represent underlying bonds transferred to a separate securitization trust
    established in a tender option bond transaction in which the Fund acquired
    the residual interest certificates. These securities serve as collateral
    in a financing transaction.</FONT></P>        </TD>
</TR>
</TABLE>
<P align="left">
<B><FONT size=1 face="sans-serif">Glossary:</FONT></B><BR>
<FONT size=1 face="sans-serif">AMBAC&#151;insured by American Municipal Bond Assurance Corp.</FONT><BR>
<FONT size=1 face="sans-serif">CP&#151;Certificates of Participation</FONT><BR>
<FONT size=1 face="sans-serif">FGIC&#151;insured by Financial Guaranty Insurance Co.</FONT><BR>
<FONT size=1 face="sans-serif">FHA&#151;insured by Federal Housing Administration</FONT><BR>
<FONT size=1 face="sans-serif">FRN&#151;Floating Rate Note, maturity date shown is date of next rate change and the interest rate disclosed reflects the rate</FONT><BR>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in effect on February 28, 2009.</FONT><BR>
<FONT size=1 face="sans-serif">FSA&#151;insured by Financial Security Assurance, Inc.</FONT><BR>
<FONT size=1 face="sans-serif">GO&#151;General Obligation Bond</FONT><BR>
<FONT size=1 face="sans-serif">GTD&#151;Guaranteed</FONT><BR>
<FONT size=1 face="sans-serif">MBIA&#151;insured by Municipal Bond Investors Assurance</FONT><BR>
<FONT size=1 face="sans-serif">NR&#151;Not Rated</FONT><BR>
<FONT size=1 face="sans-serif">PSF&#151;Public School Fund</FONT></P>

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



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

<P align="left">
<B><FONT size=1 face="sans-serif">Other Investments:</FONT></B><BR>
<BR>
<FONT size=1 face="sans-serif">(1) Open reverse repurchase agreements at February 28, 2009:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="30%" align=left nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Counterparty</FONT>      </TD>
        <TD width="13%" align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Rate</FONT>      </TD>
        <TD width="16%" align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Trade Date</FONT>        </TD>
        <TD width="17%" align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Maturity Date</FONT>     </TD>
        <TD width="12%" align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Principal &amp; Interest</FONT>  </TD>
        <TD width="5%" style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD width="6%" align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Principal</FONT> </TD>
    <TD width="1%" align=right nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Barclays Bank</FONT>     </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">0.90%</FONT>     </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">1/28/09</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/2/09</FONT>    </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;13,411,386</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;13,401,000</FONT>   </TD>
    <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">0.90%</FONT>     </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">2/25/09</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/12/09</FONT>   </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,339,175</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,339,000</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Credit Suisse First Boston</FONT>        </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">0.85%</FONT>     </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">2/19/09</FONT>   </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3/6/09</FONT>    </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,822,387</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">1,822,000</FONT> </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&#36;17,562,000</FONT> </TD>
    <TD align=right nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=1 face="sans-serif">Collateral for open reverse repurchase agreements at February 28, 2009 as reflected in the Schedule of Investments:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="22%" align=left nowrap>&nbsp;        </TD>
        <TD width="2%">&nbsp;   </TD>
        <TD width="27%" align=left nowrap>&nbsp;        </TD>
        <TD width="2%">&nbsp;   </TD>
        <TD width="13%" align=left nowrap>&nbsp;        </TD>
        <TD width="12%" align=left nowrap>&nbsp;        </TD>
        <TD width="9%" align=left nowrap>&nbsp; </TD>
        <TD width="6%">&nbsp;   </TD>
        <TD width="6%" align=center nowrap>
<FONT size=1 face="sans-serif">Market</FONT>    </TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Counterparty</FONT>      </TD>
        <TD style="border-bottom:3px solid #000000;">&nbsp;     </TD>
        <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Description</FONT>       </TD>
        <TD style="border-bottom:3px solid #000000;">&nbsp;     </TD>
        <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Rate</FONT>      </TD>
        <TD align=center nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Maturity Date</FONT>     </TD>
        <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">Principal</FONT> </TD>
        <TD style="border-bottom:3px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
        <TD align=center nowrap style="border-bottom:3px solid #000000;"><FONT size=1 face="sans-serif">Value</FONT>    </TD>
    <TD align=center nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Barclays Bank</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">American General Finance Corp.</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">3.875%</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">10/1/09</FONT>   </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;900,000</FONT>      </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#36;593,986</FONT>      </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">American General Finance Corp.</FONT>    </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">4.625%</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">5/15/09</FONT>   </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,545,000</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,187,547</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">CIT Group, Inc.</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">1.358%</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">8/17/09</FONT>   </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,200,000</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">2,051,674</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">CIT Group, Inc.</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">4.125%</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">11/3/09</FONT>   </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,485,000</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">6,059,396</FONT> </TD>
    <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Goldman Sachs Group, Inc.</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">1.318%</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">11/16/09</FONT>  </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,800,000</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">7,538,762</FONT> </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Credit Suisse First Boston</FONT>        </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">International Lease Finance Corp.</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">1.469%</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">5/24/10</FONT>   </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,400,000</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">989,436</FONT>   </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">International Lease Finance Corp.</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">1.494%</FONT>    </TD>
        <TD align=center nowrap>
<FONT size=1 face="sans-serif">1/15/10</FONT>   </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">1,200,000</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">963,862</FONT>   </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD>&nbsp;      </TD>
        <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&#36;20,384,663</FONT> </TD>
    <TD align=right nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<br>
<BR>

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



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

<P align="left">
<B><FONT size=1 face="sans-serif">Fair Value Measurements</FONT></B><FONT size=1 face="sans-serif">&#150;Effective
June 1, 2008, the Fund adopted Financial Accounting Standards Board (&#147;FASB&#148;)
Statement of Financial Accounting Standards No. 157, Fair Value Measurements
(&#147;SFAS
157&#148;).
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. Under this standard, fair-value
is defined as the price that would be received to sell an asset or paid to transfer
a liability (i.e. the "exit price")
in an orderly transaction between market participants. The three levels of the
fair value hierarchy under SFAS 157 are described below:</FONT></P>
<div style="margin-left:60px">
<P align="left">
<FONT size=1 face="sans-serif">&#149;&nbsp; &nbsp;Level 1 &#150; quoted prices
in active markets for identical investments that the Fund has the ability to
access</FONT><BR>
<FONT size=1 face="sans-serif">&#149;&nbsp; &nbsp;Level 2 &#150; valuations based on other significant observable inputs (including quoted prices for similar</FONT><BR>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments,
interest rates, prepayment speeds, credit risk, etc.), or quotes from inactive
exchanges</FONT><BR>
<FONT size=1 face="sans-serif">&#149;&nbsp; &nbsp;Level 3 &#150; valuations based on significant unobservable inputs (including the Fund's own assumptions in</FONT><BR>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;determining
the fair value of investments)</FONT></P>
</div>
<P align="left">
<FONT size=1 face="sans-serif">The valuation techniques used by the Fund to measure fair value during the nine months ended February 28, 2009 maximized the use of observable inputs and minimized the use of unobservable inputs.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">The following is a summary of the inputs used at February 28, 2009 in valuing the Fund&#146;s investments carried at value:</FONT></P>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="67%" align=left nowrap>&nbsp;        </TD>
        <TD width="20%">&nbsp;  </TD>
        <TD width="1%" align=left nowrap>&nbsp; </TD>
        <TD width="10%" align=center nowrap>
<FONT size=1 face="sans-serif">Investments in</FONT>    </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Valuation Inputs</FONT>  </TD>
        <TD style="border-bottom:1px solid #000000;">&nbsp;     </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">Securities</FONT>        </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Level 1 - Quoted Prices</FONT>   </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">&#36;</FONT>     </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&#151;</FONT>    </TD>
    <TD align=right nowrap>&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Level 2 - Other Significant Observable Inputs</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap>&nbsp;    </TD>
        <TD align=right nowrap>
<FONT size=1 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;932,281,196</FONT>       </TD>
    <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Level 3 - Significant Unobservable Inputs</FONT> </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;   </TD>
        <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="sans-serif">&#151;</FONT>    </TD>
    <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left nowrap>
<FONT size=1 face="sans-serif">Total</FONT>     </TD>
        <TD>&nbsp;      </TD>
        <TD align=left nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">&#36;</FONT>     </TD>
        <TD align=right nowrap style="border-bottom:3px solid #000000;">
<FONT size=1 face="sans-serif">932,281,196</FONT>       </TD>
    <TD align=right nowrap style="border-bottom:3px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<br>
<BR>

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<BR>

<P align="left">
<B><FONT size=2 face="serif">Item 2. Controls and Procedures<br>
</FONT></B><FONT size=2 face="serif">(a)
The registrant&#146;s President &amp; Chief Executive Officer and Treasurer,
Principal Financial &amp; Accounting
Officer have concluded that the registrant&#146;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&#146;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&#146;s last fiscal quarter
that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting. </FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Item 3. Exhibits <br>
</FONT></B>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a)
Exhibit 99.302 Cert. &#150; Certification pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002</FONT></P>
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<BR>

<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><BR>
<BR>
<FONT size=2 face="serif">By /s/ Brian S. Shlissel </FONT><BR>
<FONT size=2 face="serif">President &amp; Chief Executive Officer </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: April 20, 2009</FONT></P>
<P align="left">
<FONT size=2 face="serif">By /s/ Lawrence G. Altadonna </FONT><BR>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: April 20, 2009</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 dates 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><BR>
<BR>
<FONT size=2 face="serif">Date: April 20, 2009 </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><BR>
<FONT size=2 face="serif">Date: April 20, 2009 </FONT></P>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c57129_ex99cert.htm
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<P align="right">
<B><FONT size=2 face="serif">Exhibit 99.302 Cert.</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">CERTIFICATIONS</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">I, Brian S. Shlissel, certify that:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">I have reviewed this report on Form N-Q of PIMCO Municipal Income Fund II;</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
	<TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by the report;</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT></TD>
	<TD width=100% 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=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT></TD>
	<TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT></TD>
	<TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">c.</FONT></TD>
	<TD width=100%>
<P align="left"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">d.</FONT></TD>
	<TD width=100%>
<P align="left"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or
is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT></TD>
	<TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the
equivalent functions):</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a.</FONT></TD>
	<TD width=100%>
<P align="left"><FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to
record, process, summarize, and report financial information; and</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT></TD>
	<TD width=100%>
<P align="left"><FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></P>	</TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Date: April 20, 2009</FONT><br>
<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 align="left" style="page-break-before:always"></P><PAGE>
<br>


<P align="left">
<FONT size=2 face="serif">I, Lawrence G. Altadonna, certify that:</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">I have reviewed this report on Form N-Q of PIMCO Municipal Income Fund II;</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT></TD>
	<TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by the report;</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT></TD>
	<TD width=100% 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=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT></TD>
	<TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
	<TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT></TD>
	<TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">c.</FONT></TD>
	<TD width=100%>
<P align="left"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">d.</FONT></TD>
	<TD width=100%>
<P align="left"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or
is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT></TD>
	<TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the
equivalent functions):</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a.</FONT></TD>
	<TD width=100%>
<P align="left"><FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to
record, process, summarize, and report financial information; and</FONT></P>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b.</FONT></TD>
	<TD width=100%>
<P align="left"><FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></P>	</TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Date: April 20, 2009</FONT><br>
<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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