<DOCUMENT>
<TYPE>EX-99.77D POLICIES
<SEQUENCE>2
<FILENAME>r77d_muni_inc_2.txt
<DESCRIPTION>INVESTMENT POLICIES
<TEXT>
Effective October 6, 2015,
each of PIMCO Municipal Income Fund II, PIMCO California Municipal
Income Fund II and PIMCO New York Municipal Income Fund II adopted
the following nonfundamental investment policy:
The staff of the SEC has taken the position that purchased OTC
options and the assets used as cover for written OTC options should
generally be treated as illiquid. However, the staff of the SEC has also
taken the position that the determination of whether a particular
instrument is liquid should be made under guidelines and standards
established by a funds board of trustees/directors. The SEC staff has
provided examples of factors that may be taken into account in
determining whether a particular instrument should be treated as liquid.
Pursuant to policies adopted by the Funds Board of Trustees,
purchased OTC options and the assets used as cover for OTC options
written by a Fund may be treated as liquid under certain circumstances,
such as when PIMCO has the contractual right to terminate or close out
the OTC option on behalf of a Fund within seven days. These policies are not
fundamental policies of the Funds and may be changed or modified by the
Board of Trustees without the approval of shareholders, provided that any
such change or modification will be consistent with applicable positions
of the SEC staff.
</TEXT>
</DOCUMENT>
