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<SEC-DOCUMENT>0000930413-07-006477.txt : 20070806
<SEC-HEADER>0000930413-07-006477.hdr.sgml : 20070806
<ACCEPTANCE-DATETIME>20070806172752
ACCESSION NUMBER:		0000930413-07-006477
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20070531
FILED AS OF DATE:		20070806
DATE AS OF CHANGE:		20070806
EFFECTIVENESS DATE:		20070806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO NEW YORK MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170311
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21078
		FILM NUMBER:		071028871

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS, 47TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>c49588_n-csr.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">UNITED
        STATES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">SECURITIES AND EXCHANGE COMMISSION</font></p>

        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">Washington, D.C. 20549</font></p>

        <p style="MARGIN-TOP: 2pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="3">FORM
        N-CSR</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">CERTIFIED SHAREHOLDER REPORT OF REGISTERED</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <b><font size="2">MANAGEMENT INVESTMENT COMPANIES</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td width="199" valign="top" nowrap>
                    <p style="MARGIN: 1pt 0in 0in"><font size="2">Investment Company Act file
                    number</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="4">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">811-21078</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="7">
                    <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="7">
                    <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">
                    <font size="2">PIMCO New York Municipal Income Fund II</font></p>
              </td>
            </tr>

            <tr>
                <td valign="top" colspan="7">
                    <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">
                    <font size="2">(Exact name of registrant as specified in charter)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="7">
                    <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                    <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">
                    <font size="2">1345 Avenue of the Americas, New York,</font></p>
                </td>

                <td valign="bottom" width="20">
                    <p style="MARGIN: 0in 0in 0pt">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1pt solid" valign="top" width="340">
                    <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">
                    <font size="2">New York 10105</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="5">
                    <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">
                    <font size="2">(Address of principal executive offices)</font></p>
                </td>

                <td style="BORDER-TOP: black 1pt solid" valign="bottom" width="20">
                    <p style="MARGIN: 0in 0in 0pt">&nbsp;</p>
                </td>

                <td valign="top" width="340">
                    <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">
                    <font size="2">(Zip code)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="7">
                    <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1pt solid" valign="top" colspan="7">
                    <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">
                    <font size="2">Lawrence G. Altadonna - 1345 Avenue of the Americas, New York,
                    New York 10105</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="7">
                    <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">
                    <font size="2">(Name and address of agent for service)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="7">
                    <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td nowrap valign="top" colspan="2">
                    <p style="MARGIN: 1pt 0in 0in"><font size="2">Registrant&rsquo;s telephone
                    number, including area code:&nbsp;</font></p>
              </td>

                <td nowrap valign="top" style="BORDER-BOTTOM: black 1pt solid"><font size="2">212-739-3371</font></td>
                <td valign="top" width="244" nowrap>
                    <p style="MARGIN: 0in 0in 0pt">&nbsp;</p>
                </td>

                <td valign="top" colspan="3">
                    <p style="MARGIN: 1pt 0in 0in">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="7">
                    <p style="MARGIN: 0in 0in 0pt">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap>
                    <p style="MARGIN: 1pt 0in 0in"><font size="2">Date of fiscal year
                    end: &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></p></td>

                <td width="109" style="BORDER-BOTTOM: black 1pt solid" valign="top" nowrap><font size="2">May 31, 2007</font></td>
                <td valign="top" colspan="5">
                    <p style="MARGIN: 1pt 0in 0in">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="7">
                    <p style="MARGIN: 0in 0in 0pt">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td nowrap>
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Date
                        of reporting period: &nbsp; &nbsp; &nbsp; </font></p></td>
                <td nowrap style="BORDER-BOTTOM: black 1pt solid" ><font size="2">May 31, 2007</font></td>
                <td width="289">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="244">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="28">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="20">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="340">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Form N-CSR
        is to be used by management investment companies to file reports with the Commission not
        later than 10 days after the transmission to stockholders of any report that is required to
        be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940
        (17 CFR 270.30e -1). The Commission may use the information provided on Form N-CSR in its
        regulatory, disclosure review, inspection, and policymaking roles.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">A
        registrant is required to disclose the information specified by Form N-CSR, and the
        Commission will make this information public. A registrant is not required to respond to
        the collection of information contained in Form N-CSR unless the Form displays a currently
        valid Office of Management and Budget (&ldquo;OMB&rdquo;) control number. Please direct
        comments concerning the accuracy of the information collection burden estimate and any
        suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450
        Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of
        information under the clearance requirements of 44 U.S.C. &sect; 3507.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>
        <hr align="left" width="100%" color="#010101" noshade size="3">
        <br>
        <br>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p align="justify"><font face="sans-serif" size="2">Item 1. Report to
        Shareholders</font></p>

        <table cellspacing="0" cellpadding="0" border="0">
            <tr bgcolor="#0048e0">
                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>
            </tr>

            <tr bgcolor="#0048e0">
                <td>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td>
                    <div align="right">
                        <font face="sans-serif" color="#ffffff" size="6">PIMCO Municipal Income
                        Fund II</font> <font color="#ffffff"><br>
                        <font face="sans-serif" size="6">PIMCO California Municipal Income Fund
                        II</font><br>
                        <font face="sans-serif" size="6">PIMCO New York Municipal Income Fund
                        II</font></font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
            </tr>

            <tr bgcolor="#0048e0">
                <td>&nbsp;</td>

                <td><font color="#ffffff">&nbsp;</font> </td>

                <td>&nbsp;</td>
            </tr>

            <tr bgcolor="#0048e0">
                <td>&nbsp;</td>

                <td><font color="#ffffff">&nbsp;</font> </td>

                <td>&nbsp;</td>
            </tr>

            <tr bgcolor="#0048e0">
                <td>&nbsp;</td>

                <td><font color="#ffffff">&nbsp;</font> </td>

                <td>&nbsp;</td>
            </tr>

            <tr bgcolor="#0048e0">
                <td>&nbsp;</td>

                <td><font color="#ffffff">&nbsp;</font> </td>

                <td>&nbsp;</td>
            </tr>

            <tr bgcolor="#0048e0">
                <td>&nbsp;</td>

                <td>
                    <div align="right">
                        <font face="sans-serif" color="#ffffff" size="4">Annual
                        Report</font><font color="#ffffff"><br>
                        <font face="sans-serif" size="4">May 31, 2007</font></font>
                    </div>
                </td>

                <td bgcolor="#0048e0">&nbsp;</td>
            </tr>

            <tr bgcolor="#0048e0">
                <td>&nbsp;</td>

                <td bgcolor="#0048e0">&nbsp;</td>

                <td>&nbsp;</td>
            </tr>

            <tr bgcolor="#9bbcff">
                <td colspan="3">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>

        <p align="justify">&nbsp;</p>
        <br>

        <table cellspacing="0" cellpadding="0" border="0">
            <tr valign="bottom">
                <td nowrap align="left">
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td valign="top" nowrap align="left" rowspan="22">
                <img src="c48974_n-csrx1x1.jpg" border="0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="left"><b><font face="sans-serif" size="2">Contents</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Letter to
                Shareholders</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">1</font> </td>

                <td nowrap align="right">
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Performance &amp;
                Statistics</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">2-4</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Schedules of
                Investments</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">5-26</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Statements of Assets and
                Liabilities</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">28</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Statements of
                Operations</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">29</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Statements of Changes in
                Net Assets</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">30-31</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Statements of Cash
                Flows</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">32-33</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Notes to Financial
                Statements</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">34-41</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Financial
                Highlights</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">42-45</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Report of Independent
                Registered Public</font> </td>

                <td>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Accounting Firm</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">46</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Tax Information/Corporate
                Changes</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">47</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Privacy Policy/Proxy
                Voting Policies &amp;</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Procedures</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">48</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Dividend Reinvestment
                Plan</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">49</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Board of Trustees</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">50-51</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="2">Principal Officers</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="2">52</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" colspan="5">
                    <div align="right">
                        <img src="c48974_n-csrx1x2.jpg" border="0">
                    </div>
                </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>
        <br>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
            II</font></b> <b><font face="sans-serif" size="2">Letter to Shareholders</font></b>
        </div>

        <p align="justify">&nbsp;</p>

        <p align="right"><font face="serif" size="2">July 10, 2007</font></p>

        <p align="justify"><font face="serif" size="2">Dear Shareholder:</font></p>

        <p align="justify"><font face="serif" size="2">We are pleased to provide you with the
        annual report for PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II
        and PIMCO New York Municipal Income Fund II (collectively, the &ldquo;Funds&rdquo;) for the
        fiscal year ended May 31, 2007.</font></p>

        <p align="justify"><font face="serif" size="2">The U.S. bond market delivered stable,
        positive returns during the period as economic growth moderated, although a correction in
        the US housing market caused some weakness for bonds. The Federal Reserve (the
        &ldquo;Fed&rdquo;) raised the Federal Funds rate to 5.25% at the beginning of the period
        and has held the key rate at that level for nearly one year. Inflation continued to track
        somewhat higher than the central bank&rsquo;s stated comfort level.</font></p>

        <p align="justify"><font face="serif" size="2">For specific information on the Funds and
        their performance during the reporting period, please review the following pages. If you
        have any questions regarding the information provided, we encourage you to contact your
        financial advisor or call the Funds&rsquo; shareholder servicing agent at (800) 331-1710.
        In addition, a wide range of information and resources is available on our Web site,
        www.allianzinvestors.com/closedendfunds.</font></p>

        <p align="justify"><font face="serif" size="2">Together with Allianz Global Investors Fund
        Management LLC, the Funds&rsquo; investment manager, and Pacific Investment Management
        Company LLC (&ldquo;PIMCO&rdquo;), the Funds&rsquo; sub-adviser, we thank you for investing
        with us.</font></p>

        <p align="justify"><font face="serif" size="2">Sincerely,</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td width="51%"><img src="c48974_n-csrx2x1.jpg" border="0"> <br>
                <font face="serif" size="2">Hans W. Kertess</font><br>
                <i><font face="serif" size="2">Chairman</font></i></td>

                <td width="49%"><img src="c48974_n-csrx2x2.jpg" border="0"> <br>
                <font face="serif" size="2">Brian S. Shlissel</font><br>
                <i><font face="serif" size="2">President &amp; Chief Executive Officer</font></i>
                </td>
            </tr>
        </table>

        <p align="left">&nbsp;</p>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="2">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">1</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Fund
            II</font></b> <b><font face="sans-serif" size="2">Performance &amp;
            Statistics</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007 (unaudited)</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="top">
                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="top">
                <td width="32%">
                    <div align="justify">
                        <div style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
                            <p>
                            <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">For
                            the fiscal year ended May 31, 2007, PIMCO Municipal
                            Income Fund II returned 8.02% on net asset value
                            (NAV) and 12.64% on market price, compared to 5.92%
                            and 10.37%, respectively for the Lipper Analytical
                            General Municipal Debt Funds (Leveraged) average.</font></p>

                            <p>
                            <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Municipal
                            bond yields decreased for the twelve month period
                            (except for the short end of the muncipal yield curve)
                            as the appetite for tax free municipals remained
                            strong</font></p>

                            <p>
                            <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;<font face="sans-serif" size="1">
                            Interest rates for Treasuries and LIBOR Swaps also moved lower for the
                            twelve month period</font></p>

                            <p>
                            <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Municipal
                            bond issuance increased</font></p>
                        </div>
                    </div>
                </td>

                <td width="2%">&nbsp;</td>

                <td width="32%">
                    <div style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
                        <p align="justify">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;significantly
                        over the period, supply levels were at $436 billion,
                        with the largest increase coming from year-to-date 2007
                        as supply increased 35% versus the same five-month period
                        in 2006.</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">The
                        municipal yield curve flattened over the period: 10-year,
                        20-year and 30-year maturity AAA General Obligation yields
                        decreased by 11, 19, and 28 basis points, respectively</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Municipal
                        to Treasury yield ratios ended the twelve month period
                        with 10-year ratios at 79.9% and 30-year ratios at 84.8%</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Long
                        municipals underperformed long Treasuries and the taxable
                        debt sector; the Lehman Long</font></p>
                  </div>
                </td>

                <td width="2%">&nbsp;</td>

                <td width="32%">
                    <div style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
                        <p align="justify">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal
                        Bond Index returned 6.28%, while the Long Government/Credit and the Lehman
                        Long Treasury Indices returned 8.80% and 7.70%, respectively</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Tobacco
                        securitization sector holdings performed well due to
                        favorable news related to underlying tobacco companies
                        and the advance refunding of older higher cost debt.</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Exposure
                        to zero coupon municipals was positive for performance.
                        The Lehman Zero Coupon Municipal Bond Index returned
                        8.14% for the period versus 6.28% for the Lehman Long
                        Municipal Bond Index.</font></p>
                    </div>
                </td>
            </tr>

            <tr valign="top">
                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left" width="49%">
                <b><font face="sans-serif" size="1">Total
                Return</font></b><sup><font face="sans-serif" size="1">(1)</font></sup><b><font face="sans-serif" size="1">
                :</font></b> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" width="2%">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right" width="19%">
                    <div align="left">
                        <b><font face="sans-serif" size="1">Market Price</font></b>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" width="2%">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right" width="26%">
                <b><font face="sans-serif" size="1">Net Asset Value (&ldquo;NAV&rdquo;)</font></b>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right" width="2%">&nbsp;
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">1 Year</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">12.64%</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">8.02%</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">3 Year</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">11.84%</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">9.09%</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">Commencement of Operations (6/28/02) to
                5/31/07</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;7.34%</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.81%</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td valign="top" nowrap align="left" width="46%" rowspan="8">
                    <p align="justify"><b><font face="sans-serif" size="1">Common Share Market
                    Price/NAV Performance:</font></b><br>
                    <font face="sans-serif" size="1">Commencement of Operations (6/28/02) to
                    5/31/07<br>
                    </font><img height="218" src="c48974_n-csrx3x1.jpg" width="256" border="0"></p>
                </td>

                <td nowrap align="left" width="7%" rowspan="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left" width="34%">
                <b><font face="sans-serif" size="1">Market Price/NAV:</font></b> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left" width="10%">&nbsp;
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">Market Price</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$15.42</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">NAV</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$15.05</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">Premium to NAV</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2.46%</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">Market Price
                Yield</font><sup><font face="sans-serif" size="1">(2)</font></sup> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">5.06%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left" colspan="2">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left" colspan="2">
                    <div align="center">
                        <b><font face="sans-serif" size="1">Moody&rsquo;s Ratings</font></b><br>
                        <b><font face="sans-serif" size="1">(as a % of total
                        investments)</font></b>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left" colspan="2">
                    <div align="center">
                        <img src="c48974_n-csrx3x2.jpg" border="0">
                    </div>
                </td>
            </tr>
        </table>
        <br>

        <p align="justify"><font face="sans-serif" size="1">(1)</font>
        <b><font face="sans-serif" size="1">Past performance is no guarantee of future
        results.</font></b> <font face="sans-serif" size="1">Total return is determined by
        subtracting the initial investment from the value at the end of the period and dividing the
        remainder by the initial investment and expressing the result as a percentage. The
        calculation assumes that all income dividends and capital gain distributions have been
        reinvested at prices obtained under the Fund&rsquo;s dividend reinvestment plan. Total
        return does not reflect broker commissions or sales charges. Total return for a period of
        less than one year is not annualized. Total return for a period of more than one year
        represents the average annual total return.</font></p>

        <p align="justify"><font face="sans-serif" size="1">An investment in the Fund involves
        risk, including the loss of principal. Total return, price, yield and net asset value will
        fluctuate with changes in market conditions. This data is provided for information only and
        is not intended for trading purposes. A portion of the income generated by the Fund may be
        subject to federal, state and local taxes, and may at times be subject to the alternative
        minimum tax. Closed-end funds, unlike open-end funds, are not continuously offered. There
        is a one-time public offering and once issued, shares of closed-end funds are sold in the
        open market through a stock exchange. Net asset value is equal to total assets attributable
        to common shareholders less total liabilities divided by the number of common shares
        outstanding. Holdings are subject to change daily.</font></p>

        <p align="justify"><font face="sans-serif" size="1">(2) Market Price Yield is determined by
        dividing the annualized current monthly per share dividend payable to common shareholders
        by the market price per common share at May 31, 2007.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">2</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="2">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO California Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Performance &amp;
            Statistics</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007 (unaudited)</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="top">
                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="top">
                <td width="32%">
                    <div align="justify">
                        <div style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
                            <p>
                            <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">For
                            the fiscal year ended May 31, 2007, PIMCO California
                            Municipal Income Fund II returned 8.06% on net asset
                            value (NAV) and 15.35% on market price, compared
                            to 5.88% and 10.15%, respectively for the Lipper
                            California Municipal Debt Funds (Leveraged) average.</font></p>

                            <p>
                            <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Municipal
                            bond yields decreased for the twelve month period
                            (except for the short end of the municipal yield
                            curve) as the appetite for tax free municipals remained
                            strong</font></p>

                            <p>
                            <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Interest
                            rates for Treasuries and LIBOR Swaps also moved lower
                            for the twelve month period</font></p>

                            <p>
                            <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">
                            Municipal bond issuance increased significantly over
                            the period, supply levels were at $436 billion, with
                            the largest increase coming from year-to-date 2007
                            as supply increased 35% versus the same five-month
                        period in 2006.</font></p>
                        </div>
                    </div>
                </td>

                <td width="2%">&nbsp;</td>

                <td width="32%">
                    <div style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
                        <p align="justify">                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">The
                            municipal yield curve flattened over the period:
                            10-year, 20-year and 30-year maturity AAA General
                            Obligation yields decreased by 11, 19, and 28 basis
                        points, respectively</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Municipal
                        to Treasury yield ratios ended the twelve month period
                        with 10-year ratios at 79.9% and 30-year ratios at 84.8%</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Long
                        municipals underperformed long Treasuries and the taxable
                        debt sector; the Lehman Long Municipal Bond Index returned
                        6.28%, while the Long Government/Credit and the Lehman
                        Long Treasury Indices returned 8.80% and 7.70%, respectively</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Tobacco
                        securitization sector holdings performed well due to
                        favorable news related to underlying tobacco companies
                        and the advance refunding of older higher
                        cost debt.</font></p>
                    </div>
                </td>

                <td width="2%">&nbsp;</td>

                <td width="32%">
                    <div style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
                        <p align="justify">                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;<font face="sans-serif" size="1">
                        Exposure to zero coupon municipals was positive for performance.
                            The Lehman Zero Coupon Municipal Bond Index returned
                            8.14% for the period versus 6.28% for the Lehman
                        Long Municipal Bond Index.</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;<font face="sans-serif" size="1">
                        Municipal bonds within California outperformed the national
                        index for the period. The Long California Index returned
                        6.64% versus the Long National Index return of 6.28%.
                        California was the largest issuer of tax-exempt debt
                        during the 12 months.</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;<font face="sans-serif" size="1">
                        The shape of the California State AAA insured municipal
                        yield curve flattened over the 12 months: 5-year maturity
                        credits increased by 12 basis points, 10-year maturities
                        decreased by 5 basis points, and 30-year maturities decreased
                        by 20 basis points.</font></p>
                    </div>
                </td>
            </tr>

            <tr valign="top">
                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left" width="49%">
                <b><font face="sans-serif" size="1">Total
                Return</font></b><sup><font face="sans-serif" size="1">(1)</font></sup><b><font face="sans-serif" size="1">
                :</font></b> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" width="3%">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right" width="18%">
                    <div align="left">
                        <b><font face="sans-serif" size="1">Market Price</font></b>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" width="2%">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right" width="26%">
                <b><font face="sans-serif" size="1">Net Asset Value (&ldquo;NAV&rdquo;)</font></b>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right" width="2%">&nbsp;
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">1 Year</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">15.35%</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="center">
                    <div align="right">
                        <font face="sans-serif" size="1">8.06%</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="center">
                &nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">3 Year</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">13.18%</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">9.96%</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">Commencement of Operations (6/28/02) to
                5/31/07</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;7.87%</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.39%</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td valign="top" nowrap align="left" width="47%" rowspan="8">
                    <p align="justify"><b><font face="sans-serif" size="1">Common Share Market
                    Price/NAV Performance:</font></b><br>
                    <font face="sans-serif" size="1">Commencement of Operations (6/28/02) to
                    5/31/07<br>
                    </font><img height="226" src="c48974_n-csrx4x1.jpg" width="256" border="0"></p>
                </td>

                <td nowrap align="left" width="6%" rowspan="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left" width="36%" colspan="2">
                <b><font face="sans-serif" size="1">Market Price/NAV:</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="36%">
                <font face="sans-serif" size="1">Market Price</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" width="11%">
                <font face="sans-serif" size="1">$15.96</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">NAV</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$14.89</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">Premium to NAV</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.19%</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">Market Price
                Yield</font><sup><font face="sans-serif" size="1">(2)</font></sup> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">5.26%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left" colspan="2">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left" colspan="2">
                    <div align="center">
                        <b><font face="sans-serif" size="1">Moody</font></b><b><font face="sans-serif" size="1">
                        &rsquo;</font></b><b><font face="sans-serif" size="1">s
                        Ratings</font></b><br>
                        <b><font face="sans-serif" size="1">(as a % of total
                        investments)</font></b>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left" colspan="2">
                    <div align="center">
                        <img src="c48974_n-csrx4x2.jpg" border="0">
                    </div>
                </td>
            </tr>
        </table>
        <br>

        <p align="justify"><font face="sans-serif" size="1">(1)</font>
        <b><font face="sans-serif" size="1">Past performance is no guarantee of future
        results.</font></b> <font face="sans-serif" size="1">Total return is determined by
        subtracting the initial investment from the value at the end of the period and dividing the
        the remainder by the initial investment value of the investment at the beginning of the
        period and expressing the result as a percentage. The calculation assumes that all income
        dividends have been reinvested at prices obtained under the Fund&rsquo;s dividend
        reinvestment plan. Total return does not reflect broker commissions or sales charges. Total
        return for a period of less than one year is not annualized. Total return for a period of
        more than one year represents the average annual total return.</font></p>

        <p align="justify"><font face="sans-serif" size="1">An investment in the Fund involves
        risk, including the loss of principal. Total return, price, yield and net asset value will
        fluctuate with changes in market conditions. This data is provided for information only and
        is not intended for trading purposes. A portion of the income generated by the Fund may be
        subject to federal, state and local taxes, and may at times be subject to the alternative
        minimum tax. Closed-end funds, unlike open-end funds, are not continuously offered. There
        is a one-time public offering and once issued, shares of closed-end funds are sold in the
        open market through a stock exchange. Net asset value is equal to total assets attributable
        to common shareholders less total liabilities divided by the number of common shares
        outstanding. Holdings are subject to change daily.</font></p>

        <p align="justify"><font face="sans-serif" size="1">(2) Market Price Yield is determined by
        dividing the annualized current monthly per share dividend payable to common shareholders
        by the market price per common share at May 31, 2007.</font></p>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="2">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">3</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO New York Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Performance &amp;
            Statistics</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007 (unaudited)</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="top">
                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="top">
                <td width="32%">
                    <div align="justify">
                        <div style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
                            <p>
                            <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">For
                            the fiscal year ended May 31, 2007, PIMCO New York
                            Municipal Income Fund II returned 6.41% on net asset
                            value (NAV) and 15.51% on market price, compared
                            to 5.51% and 10.41%, respectively for the Lipper
                            New York Municipal Debt Funds (Leveraged) average.</font></p>

                            <p>
                            <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Municipal
                            bond yields decreased for the twelve month period
                            (except for the short end of the municipal yield
                            curve) as the appetite for tax free municipals remained
                            strong</font></p>

                            <p>
                            <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Interest
                            rates for Treasuries and LIBOR Swaps also moved lower
                            for the twelve month period</font></p>

                            <p>
                            <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Municipal
                            bond issuance increased significantly over the 12
                            month period, supply levels were at $436 billion,
                            with the largest increase coming from year-to-date
                            2007 as supply increased 35% versus the &nbsp;same
                            five-month period in 2006.</font></p>
                        </div>
                    </div>
                </td>

                <td width="2%">&nbsp;</td>

                <td width="32%">
                    <div style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
                        <p align="justify">                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">The
                            municipal yield curve flattened over the period:
                            10-year, 20-year and 30-year maturity AAA General
                            Obligation yields decreased by 11, 19, and 28 basis
                        points, respectively</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;<font face="sans-serif" size="1">
                        Municipal to Treasury yield ratios ended the twelve month
                        period with 10-year ratios at 79.9% and 30-year ratios
                        at 84.8%</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;<font face="sans-serif" size="1">
                        Long municipals underperformed long Treasuries and the
                        taxable debt sector; the Lehman Long Municipal Bond Index
                        returned 6.28%, while the Long Government/Credit and
                        the Lehman Long Treasury Indices returned 8.80% and 7.70%,
                        respectively</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;<font size="1" face="sans-serif"> Tobacco
                        securitization sector holdings performed well due to
                        favorable news related to underlying tobacco companies
                        and the advance refunding of older higher cost debt.</font></p>
                    </div>
                </td>

                <td width="2%">&nbsp;</td>

                <td width="32%">
                    <div style="MARGIN-LEFT: 20px; TEXT-INDENT: -20px">
                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Exposure
                        to zero coupon municipals was positive for performance.
                        The Lehman Zero Coupon Municipal Bond Index returned
                        8.14% for the period versus 6.28% for the Lehman Long
                        Municipal Bond Index.</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">Municipal
                        bonds within New York underperformed the national index
                        for the period. The Long New York Index returned 6.13%
                        versus the Long National Index return of 6.28%. New York
                        was the second largest issuer of tax-exempt debt during
                        the 12 months.</font></p>

                        <p align="justify">
                        <font face="WINGDINGS 2" size="1">&cent;</font>&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">The
                        shape of the New York Insured AAA municipal yield curve
                        flattened over the quarter: 5-year maturity AAA credits
                        increased by 9 basis points, 10-year maturities decreased
                        by 13 basis points, and 30-year maturities decreased
                        by 25 basis points.</font></p>
                    </div>
                </td>
            </tr>

            <tr valign="top">
                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left">
                <b><font face="sans-serif" size="1">Total
                Return</font></b><sup><font face="sans-serif" size="1">(1)</font></sup><b><font face="sans-serif" size="1">
                :</font></b> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                    <div align="left">
                        <b><font face="sans-serif" size="1">Market Price</font></b>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                <b><font face="sans-serif" size="1">Net Asset Value
                (</font></b><b><font face="sans-serif" size="1">&ldquo;</font></b><b><font face="sans-serif" size="1">
                NAV</font></b><b><font face="sans-serif" size="1">&rdquo;</font></b><b><font face="sans-serif" size="1">
                )</font></b> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">1 Year</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">15.51%</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="center">
                    <div align="right">
                        <font face="sans-serif" size="1">6.41%</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="center">
                &nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">3 Year</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">12.56%</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">9.54%</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">Commencement of Operations (6/28/02) to
                5/31/07</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;7.13%</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.14%</font> </td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><br>
        </p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td valign="top" nowrap align="left" width="46%" rowspan="8">
                    <p align="justify"><b><font face="sans-serif" size="1">Common Share Market
                    Price/NAV Performance:</font></b><br>
                    <font face="sans-serif" size="1">Commencement of Operations (6/28/02) to
                    5/31/07<br>
                    </font><img src="c48974_n-csrx5x1.jpg" border="0"></p>
                </td>

                <td nowrap align="left" width="11%" rowspan="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left" colspan="2">
                <b><font face="sans-serif" size="1">Market Price/NAV:</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="33%">
                <font face="sans-serif" size="1">Market Price</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" width="10%">
                <font face="sans-serif" size="1">$15.49</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">NAV</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$14.79</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">Premium to NAV</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">4.73%</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">Market Price
                Yield</font><sup><font face="sans-serif" size="1">(2)</font></sup> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">5.13%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left" colspan="2">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #0048e0 1px solid" nowrap align="left" colspan="2">
                    <div align="center">
                        <b><font face="sans-serif" size="1">Moody</font></b><b><font face="sans-serif" size="1">
                        &rsquo;</font></b><b><font face="sans-serif" size="1">s
                        Ratings</font></b><br>
                        <b><font face="sans-serif" size="1">(as a % of total
                        investments)</font></b>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left" colspan="2">
                    <div align="center">
                        <img src="c48974_n-csrx5x2.jpg" border="0">
                    </div>
                </td>
            </tr>
        </table>
        <br>

        <p align="justify"><font face="sans-serif" size="1">(1)</font>
        <b><font face="sans-serif" size="1">Past performance is no guarantee of future
        results.</font></b> <font face="sans-serif" size="1">Total return is determined by
        subtracting the initial investment from the value at the end of the period and dividing the
        remainder by the initial investment value of the investment at the beginning of the period
        and expressing the result as a percentage. The calculation assumes that all income
        dividends have been reinvested at prices obtained under the Fund&rsquo;s dividend
        reinvestment plan. Total return does not reflect broker commissions or sales charges. Total
        return for a period of less than one year is not annualized. Total return for a period more
        than one year represents the average annual total return.</font></p>

        <p align="justify"><font face="sans-serif" size="1">An investment in the Fund involves
        risk, including the loss of principal. Investment return, price, yield and net asset value
        will fluctuate with changes in market conditions. This data is provided for information
        only and is not intended for trading purposes. A portion of the income generated by the
        Fund may be subject to federal, state and local taxes, and may at times be subject to the
        alternative minimum tax. Closed-end funds, unlike open-end funds, are not continuously
        offered. There is a one-time public offering and once issued, shares of closed-end funds
        are sold in the open market through a stock exchange. Net asset value is equal to total
        assets attributable to common shareholders less total liabilities divided by the number of
        common shares outstanding. Holdings are subject to change daily.</font></p>

        <p align="justify"><font face="sans-serif" size="1">(2) Market Price Yield is determined by
        dividing the annualized current monthly per share dividend payable to common shareholders
        by the market price per common share at May 31, 2007.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">4</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="2">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Fund
            II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="middle" bgcolor="#9bbcff">
                <td nowrap align="right" colspan="9" height="20">
                    <div align="left">
                        <b><font face="sans-serif" size="1">&nbsp;MUNICIPAL BONDS &amp;
                        NOTES&mdash;95.2%</font></b>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Alabama&mdash;4.0%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">$ 10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Birmingham
                Baptist Medical Centers Special Care Facs.</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Financing Auth. Rev., 5.00%, 11/15/30, Ser.
                A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa1/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,102,600</font>
                </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,145</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 1/1/27</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,205,742</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 1/1/37</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,530,500</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">18,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 1/1/33 (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">19,178,100</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,750</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Huntsville
                Health Care Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.75%, 6/1/32, Ser. B, (Pre-refunded @ $101,
                6/1/12) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,904,105</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">16,580</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Jefferson
                Cnty. Sewer Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8/1/12) (FGIC)(b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">17,231,594</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">60,152,641</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Alaska&mdash;0.2%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,550</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Housing
                Finance Corp. Rev., 5.25%, 6/1/32, Ser. C (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,604,706</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Arizona&mdash;2.4%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Health Facs.
                Auth. Hospital System Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.75%, 12/1/32, (Pre-refunded @ $101,
                12/1/12) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    &nbsp; &nbsp;

                    <div align="center">
                        <font face="sans-serif" size="1">NR/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,423,591</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">33,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Salt River
                Project Agricultural Improvement &amp; Power Dist. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 1/1/37, Ser. A (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa1/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">34,568,160</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">35,991,751</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Arkansas&mdash;0.1%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">13,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Arkansas Dev.
                Finance Auth. Rev., zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">7/1/46 (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,037,360</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">California&mdash;3.1%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">9,610</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Alameda
                Corridor Transportation Auth. Rev., zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">10/1/16, Ser. A (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,487,327</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Golden State
                Tobacco Securitization Corp.</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">15,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/1/33, Ser. A-1</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">14,827,800</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.25%, 6/1/33, Ser. 2003-A-1</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,616,833</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">9,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.75%, 6/1/39, Ser. 2003-A-1,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center" width="90%">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded
                        @ $100, 6/1/13) (b)</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,358,190</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Rancho
                Cucamonga Community Facs. Dist., Special Tax,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.30%, 9/1/23, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,053,210</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Southern
                California Public Power Auth., Transmission Project</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Rev., zero coupon, 7/1/13</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/A+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,115,160</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Univ. of
                California Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,430</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.75%, 5/15/37, Ser. C (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,505,886</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,900</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.75%, 5/15/38, Ser. B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/AA-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,932,393</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">46,896,799</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Colorado&mdash;5.3%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">30,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Dawson Ridge
                Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">15,238,800</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Denver City
                &amp; Cnty., CP, 5.50%, 12/1/25, Ser. B,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">(Pre-refunded @ $101, 12/1/10) (AMBAC)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,315,750</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">5</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Fund
            II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Colorado&mdash;(continued)</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">$ 20,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 9/1/35</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,189,200</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">15,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 9/1/37</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,511,350</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Health Facs.
                Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">25,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Catholic Health Initiatives, 5.50%,
                3/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa2/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,558,250</font>
                </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">18,305</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Exempla, Inc., 5.625%, 1/1/33, Ser. A</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A1/A-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">19,080,400</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">6,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Retirement Fac., Liberty Height, zero
                coupon, 7/15/22</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,332,680</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">78,226,430</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">District of
                Columbia&mdash;1.2%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">17,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Washington
                D.C. Convention Center Auth. Tax Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">(AMBAC) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">17,736,425</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Florida&mdash;3.9%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">6,520</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Brevard Cnty.
                Health Facs. Auth. Rev., 5.00%, 4/1/34</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/A</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,631,231</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Highlands
                Cnty. Health Facs. Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,830</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Adventist, 5.00%, 11/15/31, Ser. C</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/A+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,859,036</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Adventist/Sunbelt, 6.00%, 11/15/31, Ser.
                A,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center" width="90%">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded
                        @ $101, 11/15/11) (b)</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,722,720</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,335</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Hillsborough
                Cnty. Industrial Dev. Auth., Pollution Control Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Tampa Electric Co. Project, 5.50%,
                10/1/23</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa2/BBB-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,430,805</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">635</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Hillsborough
                Cnty. Industrial Dev. Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Health Fac. Project, 5.625%, 8/15/23</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa2/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">656,018</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,135</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Jacksonville
                Health Facs. Auth. Rev., 5.25%, 11/15/32, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa2/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,435,312</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">11,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Lakeland
                Hospital System Rev., Regional Health System,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.50%, 11/15/32, (Pre-refunded @ $101,
                11/15/12) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">12,487,620</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Leesburg
                Hospital Rev., Leesburg Regional Medical Center</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Project, 5.50%, 7/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa1/BBB+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,093,420</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Orange Cnty.
                Health Facs. Auth. Rev., Adventist Health</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,550</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.625%, 11/15/32, (Pre-refunded @ $101,
                11/15/12)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/A+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,777,944</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.25%, 11/15/24, (Pre-refunded @ $100,
                11/15/12)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/A+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,558,300</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Sumter Landing
                Community Dev. Dist. Rev., 4.75%, 10/1/35,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. A (MBIA) (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,040,750</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Winter Springs
                Water &amp; Sewer Rev., zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">10/1/29 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">535,260</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">58,228,416</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Georgia&mdash;0.7%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Atlanta Water
                &amp; Wastewater Rev., 5.00%, 11/1/39,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. A (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,126,080</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Grantor Trust
                Gov&rsquo;t, CP, 4.75%, 6/1/28, Ser. A (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,563,060</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">9,600</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Richmond Cnty.
                Dev. Auth. Rev., zero coupon, 12/1/21</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">5,066,496</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">10,755,636</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Hawaii&mdash;1.3%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">19,170</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Honolulu City
                &amp; Cnty. Wastewater System Rev., First Board</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Resolution, 4.75%, 7/1/28 (FGIC)</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">19,404,257</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">6</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Fund
            II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Illinois&mdash;19.3%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                <font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;3,610</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 5/1/28, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,766,313</font> </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,150</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 5/1/32, Ser. A, (Pre-refunded @
                $100,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,652,448</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,050</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Chicago, GO,
                5.125%, 1/1/29 Ser. A (FGIC),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,171,250</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Chicago, Lake
                Shore East, Special Assessment,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,162</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.625%, 12/1/22</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,408,288</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">6,700</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.75%, 12/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,234,660</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">15,535</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 12/1/16, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,413,577</font>
                </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 12/1/28, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,850,300</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 12/1/31</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,439,100</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Chicago City
                Colleges, GO (FGIC),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">32,670</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 1/1/37</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,151,492</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">29,145</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 1/1/38</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,917,857</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">32,670</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 1/1/39</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,375,252</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Chicago Midway
                Airport Rev., 5.00%, 1/1/31, Ser. B (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,135,730</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Cicero, GO,
                5.25%, 12/1/31 (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,289,650</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Dev. Finance
                Auth. Retirement Housing Rev., Regency Park,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 7/15/23</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,851,700</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">134,650</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 7/15/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">59,400,848</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Health Facs.
                Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Condell Medical Center, 5.50%,
                5/15/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa2/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,156,700</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">20,100</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Elmhurst Memorial Healthcare, 5.625%,
                1/1/28</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">21,142,185</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">60,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 12/15/30</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">20,532,600</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">50,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 12/15/33</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">14,847,000</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,460</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 6/15/38</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">589,096</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Schaumburg,
                GO, 5.00%, 12/1/41, Ser. B (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,641,705</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Springfield
                Rev., 5.00%, 3/1/35 (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,438,100</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State, GO,
                5.00%, 3/1/34, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,170,050</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">68,470</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Sports
                Facs. Auth. Rev., zero coupon, 6/15/30 (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">63,993,431</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">287,569,332</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Indiana&mdash;0.5%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Brownsburg
                1999 School Building Corp. Rev., Ser. A,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center" width="90%">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%,
                        9/15/25</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,061,820</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center" width="90%">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%,
                        3/15/25</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,151,240</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,125</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Fort Wayne
                Pollution Control Rev., 6.20%, 10/15/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Caa1/B-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,278,491</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Bank
                Rev., Hendricks, 5.25%, 4/1/30, Ser. D,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">(Pre-refunded @ $100, 4/1/12) (AMBAC)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">530,510</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">8,022,061</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">7</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Fund
            II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Iowa&mdash;4.0%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                <font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;2,300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Higher
                Education Loan Auth. Rev., Grandview College,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.10%, 10/1/36</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,347,725</font> </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Tobacco
                Settlement Auth. of Iowa Rev., Ser. B,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">46,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 6/1/34</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">47,289,840</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,850</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.60%, 6/1/35, (Pre-refunded @ $101, 6/1/11)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">9,480,032</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,117,597</font>
                </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Kansas&mdash;0.2%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,800</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Univ. of
                Kansas Hospital Auth. Health Facs. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.625%, 9/1/32, (Pre-refunded @ $100,
                9/1/12) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,030,832</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Kentucky&mdash;0.3%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Economic Dev.
                Finance Auth., Hospital Facs. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Catholic Healthcare Partners, 5.25%,
                10/1/30</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/AA-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,586,500</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,945</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">St. Luke&rsquo;s Hospital, 6.00%, 10/1/19,
                Ser. B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A3/A</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,132,265</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">4,718,765</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Louisiana&mdash;4.6%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">20,400</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Public Facs.
                Auth. Rev., Ochsner Clinic Foundation,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.50%, 5/15/32, Ser. B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">A3/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">21,226,608</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Tobacco
                Settlement Financing Corp. Rev., Ser. 2001-B,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">36,395</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.875%, 5/15/39</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">38,979,773</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.875%, 5/15/39 (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">8,568,160</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">68,774,541</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Maryland&mdash;0.1%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Health
                &amp; Higher Educational Facs. Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Adventist Healthcare, 5.75%, 1/1/25, Ser.
                A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa2/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,054,690</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Massachusetts&mdash;3.7%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">14,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Bay
                Transportation Auth., Special Assessment,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">7/1/15) (b)(c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">15,315,190</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Bay
                Transportation Auth. Rev., General Transportation System,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.75%, 3/1/21, Ser. A (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,319,773</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,560</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.50%, 5/1/28</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,448,544</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,645</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.50%, 5/1/33</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,950,078</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.50%, 5/1/39</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,909,050</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,295</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Turnpike
                Auth. Rev., 4.75%, 1/1/34, Ser. A (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,311,364</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">12,050</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Water
                Res. Auth. Rev., 4.75%, 8/1/37, Ser. A (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">12,069,400</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">54,323,399</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Michigan&mdash;2.3%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 5/1/32, (Pre-refunded @ $100, 5/1/13)
                (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,984,075</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,750</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 5/1/31, (Pre-refunded @ $100,
                5/1/12) (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,844,815</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Detroit Water
                Supply System Rev., 5.00%, 7/1/30, Ser. A (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,567,475</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">8</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Fund
            II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Credit Rating</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Michigan&mdash;(continued)</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Hospital
                Finance Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                <font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ascension Health, 5.25%, 11/15/26, Ser.
                B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa2/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,204,800</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">13,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.75%, 4/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">A2/A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,185,665</font>
                </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,925</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.00%, 4/1/22</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">A2/A</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,067,238</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">34,854,068</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Minnesota&mdash;0.1%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">280</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">City of
                Minneapolis, Tax Allocation, Grant Park Project,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">282,363</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Oronoco
                Multifamily Housing Rev., 5.40%, 6/1/41</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">495,000</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">777,363</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Mississippi&mdash;0.3%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,605</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Business
                Finance Corp., Pollution Control Rev., 5.875%, 4/1/22</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Ba1/BBB</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,613,976</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">740</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Dev. Bank
                Special Obligation, Projects &amp; Equipment</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Acquisitions Rev., 5.00%, 7/1/24
                (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">740,814</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">4,354,790</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Missouri&mdash;0.2%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">860</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Hanley Road
                &amp; North of Folk Ave. Transportation Dist. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">864,730</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">St. Louis
                Parking Facs. Rev., Downtown Parking Fac.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.00%, 2/1/28, (Pre-refunded @ $100, 2/1/12)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,631,505</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,496,235</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Nevada&mdash;1.7%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Clark Cnty.,
                GO (FGIC),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,450</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/1/31</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,485,772</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,950</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/1/31, (Pre-refunded @ $100, 6/1/11)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,032,173</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Reno
                Transportation Project Rev., (Pre-refunded @ $100,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,960</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 6/1/27</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,181,641</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 6/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,111,940</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 6/1/37</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,695,895</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,570</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 6/1/41</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,036,236</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,290</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Truckee
                Meadows Water Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">7/1/11) (FSA) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,446,604</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">24,990,261</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">New
                Hampshire&mdash;0.2%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">360</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.125%, 7/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Baa1/BBB+</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">387,259</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,640</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.125%, 7/1/32, (Pre-refunded @ $101,
                7/1/12) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Baa1/BBB+</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,926,995</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,314,254</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">New
                Jersey&mdash;2.4%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Economic Dev.
                Auth., Kapkowski Road Landfill, Special</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.75%, 10/1/21</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,431,000</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">11,405</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.75%, 4/1/31</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">12,521,892</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">9</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Fund
            II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td nowrap align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="center">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">New
                Jersey&mdash;(continued)</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Economic Dev.
                Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                <font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.00%, 5/15/28</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">$</font>
                    </div>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">539,411</font> </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">225</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.00%, 5/15/28, Ser. A, (Pre-refunded @
                $102,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">238,327</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">250</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Seashore Gardens, 5.375%, 11/1/36</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">254,123</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State
                Educational Facs. Auth. Rev., 6.00%, 7/1/25, Ser. D</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,799,320</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Tobacco
                Settlement Financing Corp. Rev. (b),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,285</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.00%, 6/1/37, (Pre-refunded @ $100,
                6/1/12)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,406,869</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,095</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.125%, 6/1/42, (Pre-refunded @ $100,
                6/1/12)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,408,864</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">6,150</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.25%, 6/1/43, (Pre-refunded @ $100,
                6/1/13)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,908,295</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.75%, 6/1/39, (Pre-refunded @ $100,
                6/1/13)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,874,400</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,382,501</font>
                </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">New
                Mexico&mdash;0.3%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Farmington
                Pollution Control Rev., 5.80%, 4/1/22</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa2/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">5,044,250</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">New
                York&mdash;3.7%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,200</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Erie Cnty.
                Industrial Dev. Agcy., Orchard Park Rev., 6.00%,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">11/15/36</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,262,652</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Liberty Dev.
                Corp. Rev., Goldman Sachs Headquarters,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 10/1/35 (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/AA-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">11,124,700</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Metropolitan
                Transportation Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,600</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 11/15/30, Ser. A (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,987,748</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 11/15/32, Ser. B, (Pre-refunded @
                $100,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">11/15/13) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,803,900</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,750</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/15/37, Ser. D (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa2/AA+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,940,950</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/15/39, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa2/AA+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,247,170</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">6,700</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State
                Dormitory Auth. Rev., Sloan-Kettering Center Memorial,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 7/1/34, Ser. 1</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa2/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,911,988</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State
                Environmental Facs. Corp. Rev., 5.00%, 6/15/28</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,087,640</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">55,366,748</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">North
                Carolina&mdash;0.0%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">550</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">North Carolina
                Medical Care Commission Rev., Salemtowne,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.10%, 10/1/30</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">553,614</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Ohio&mdash;0.5%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Lorain Cnty.
                Hospital Rev., Catholic Healthcare,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.375%, 10/1/30</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/AA-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">7,817,850</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Oklahoma&mdash;0.5%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">6,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Tulsa Cnty.
                Industrial Auth. Rev., Legacy Apartments,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.90%, 11/20/46 (FHA-GNMA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">6,658,405</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Pennsylvania&mdash;2.4%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Allegheny
                Cnty. Hospital Dev. Auth. Rev., Ser. B,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">530</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">9.25%, 11/15/15</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Ba3/B+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">611,949</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">9.25%, 11/15/22</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Ba3/B+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,185,850</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,700</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">9.25%, 11/15/30</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Ba3/B+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,759,345</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">10</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Fund
            II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Pennsylvania&mdash;(continued)</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                <font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;4,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Cumberland
                Cnty. Auth., Retirement Community Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Wesley Affiliated Services,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">7.25%, 1/1/35, Ser. A, (Pre-refunded @ $101,
                1/1/13) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,247,675</font> </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,250</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Harrisburg
                Auth. Rev., 6.00%, 9/1/36</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,298,312</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Montgomery
                Cnty. Higher Education &amp; Health Auth.</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Hospital Rev., Ser. A, Abington Memorial
                Hospital,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 6/1/27</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/A</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,143,950</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,750</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 6/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/A</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,844,125</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Philadelphia,
                GO, 5.25%, 9/15/25, Ser. 2001 (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,114,090</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Philadelphia
                Auth. Industrial Dev. Lease Rev., 5.25%,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">10/1/30, Ser. B (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,206,600</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Pittsburgh
                &amp; Allegheny Cnty. Public Auditorium Auth.</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Rev., 5.00%, 2/1/29 (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">508,870</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Radnor
                Township School Dist., GO, Ser. B (FSA),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,670</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 2/15/35</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,748,740</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">830</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 2/15/35, (Pre-refunded @ $100,
                8/15/15) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">891,661</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,561,167</font>
                </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Puerto
                Rico&mdash;0.3%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,200</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Electric Power
                Auth., Power Rev., 5.125%, 7/1/29, Ser. NN</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">A3/BBB+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">4,487,364</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Rhode
                Island&mdash;4.6%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">62,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Tobacco
                Settlement Financing Corp. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.25%, 6/1/42, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">67,725,080</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">South
                Carolina&mdash;5.3%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">27,745</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Greenville
                Cnty. School Dist. Rev., Building Equity</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Sooner Tomorrow,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.50%, 12/1/28, (Pre-refunded @ $101,
                12/1/12) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AA-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">30,186,837</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">18,120</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Jobs Economic
                Dev. Auth. Rev., Bon Secours Health System,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.625%, 11/15/30</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A3/A-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">18,969,466</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Lexington
                Cnty., Health Services Dist. Hospital Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">15,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.50%, 11/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/A+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">15,826,050</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.50%, 5/1/37</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/A+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,697,120</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.75%, 11/1/28</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/A+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,350,000</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,250</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Tobacco
                Settlement Rev. Management Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.375%, 5/15/28, Ser. B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,476,915</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,180</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Transportation
                Infrastructure Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 10/1/29, Ser. A, (Pre-refunded @
                $100, 10/1/11)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">(AMBAC) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,234,929</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">78,741,317</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Tennessee&mdash;0.3%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,750</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Knox Cnty.
                Health Educational &amp; Housing Facs.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Board Hospital Facs. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Catholic Healthcare Partners, 5.25%,
                10/1/30</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/AA-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,886,950</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">11</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Fund
            II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Texas&mdash;10.7%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Arlington
                Independent School Dist., GO (PSF-GTD),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                <font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 2/15/24</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,136</font> </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">990</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 2/15/24, (Pre-refunded @ $100,
                2/15/09) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,010,077</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Aubrey
                Independent School Dist., GO (PSF-GTD),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">130</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.50%, 2/15/33</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">141,148</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,350</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.50%, 2/15/33, (Pre-refunded @ $100,
                8/15/14) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,771,254</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">6,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Brazos Cnty.
                Health Facs. Dev. Corp., Franciscan Services</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Corp. Rev., 5.375%, 1/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/A-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,760,260</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,700</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Comal Cnty.
                Health Facs. Dev., McKenna Memorial Hospital</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Project Rev., 6.25%, 2/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa2/BBB-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,941,299</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Dallas Area
                Rapid Transit Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 12/1/31, (Pre-refunded @ $100,
                12/1/11)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">(AMBAC) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,234,950</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">20,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Frisco
                Independent School Dist., GO, zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8/15/34 (PSF-GTD)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,520,600</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Harris
                Cnty.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">19,750</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">GO, 5.125%, 8/15/31, (Pre-refunded @ $100,
                8/15/12) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa1/AA+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,876,540</font>
                </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,250</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Health Facs. Dev. Corp. Rev., St.
                Luke&rsquo;s Episcopal Hospital,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.375%, 2/15/26, Ser. A, (Pre-refunded @
                $100,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">8/15/11) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,552,872</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">25,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Senior Lien Toll Road Rev., 5.00%, 8/15/30
                (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">25,770,250</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">700</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">HFDC of
                Central Texas, Inc., Village at Gleannloch Farms Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.50%, 2/15/37, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">713,958</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Keller
                Independent School Dist., GO (PSF-GTD),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">770</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.875%, 8/15/31</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">776,722</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">6,730</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.875%, 8/15/31, (Pre-refunded @ $100,
                8/15/09) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,887,684</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,170</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Little Elm
                Independent School Dist., GO, 5.30%, 8/15/29,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. A (PSF-GTD)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,352,941</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">6,250</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">North Dallas
                Thruway Auth. Rev., 4.75%, 1/1/29 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,280,813</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Quinlan
                Independent School Dist., GO, 5.10%,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">2/15/32 (PSF-GTD)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,155,200</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Sabine River
                Auth. Rev., 5.20%, 5/1/28</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa2/BB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,016,160</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State,
                GO,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,025</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.75%, 4/1/35, Ser. A (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa1/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,141,992</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">17,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.75%, 4/1/36</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa1/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">17,700,200</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Turnpike
                Auth. Central Turnpike System Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. A (AMBAC),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/15/19</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,860,700</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,880</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 8/15/42</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">9,099,602</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Water
                Financial Assistance, GO,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,250</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 8/1/36</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa1/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,343,405</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,650</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 8/1/35</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa1/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,725,586</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Wichita Falls
                Water &amp; Sewer Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 8/1/27, (Pre-refunded @ $100, 8/1/11)
                (AMBAC) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">8,349,760</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">159,994,109</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">12</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Fund
            II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Utah&mdash;3.0%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">$&nbsp; 44,150</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Utah Transit
                Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.75%, 6/15/35, Ser. B, (Pre-refunded @
                $100,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">12/15/15) (FSA) (b)(c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,892,603</font>
                </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Virginia&mdash;0.5%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Fredericksburg
                Industrial Dev. Auth., Medicorp Health</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">System Rev., Ser. B,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 6/15/33</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">A3/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,547,050</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 6/15/27</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">A3/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">4,113,680</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">6,660,730</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Washington&mdash;0.3%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Tacoma Sewer
                Rev., 5.00%, 12/1/31, Ser. A (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">5,129,150</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Wisconsin&mdash;0.7%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Badger Tobacco
                Asset Securitization Corp. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,125</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.00%, 6/1/17</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,213,706</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,750</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.125%, 6/1/27</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,278,627</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Health
                &amp; Educational Facs. Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Froedert &amp; Community Health
                Obligation,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">90</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.375%, 10/1/30</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AA-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">93,685</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">910</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.375%, 10/1/30, (Pre-refunded @ $101,
                10/1/11) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AA-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">967,949</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,553,967</font>
                </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Total
                Municipal Bonds &amp; Notes (cost-$1,302,938,997)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,419,888,414</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="middle" bgcolor="#9bbcff">
                <td nowrap align="right" colspan="9" height="20">
                    <div align="left">
                        <b><font face="sans-serif" size="1">&nbsp;VARIABLE RATE NOTES</font></b>
                        <font face="sans-serif" size="1">(d)
                        (e)</font><b><font face="sans-serif" size="1">&mdash;4.5%</font></b>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Alabama&mdash;0.5%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,450</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Jefferson
                Cnty. Sewer Rev., 10.03%, 2/1/36, Ser. 352 (FGIC) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,175,350</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,400</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Montgomery
                Special Care Facs. Financing Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8.85%, 11/15/29, Ser. 435 (MBIA) (c)</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,538,530</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">6,713,880</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Colorado&mdash;0.2%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,250</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Denver City
                &amp; Cnty. Airport Rev., 8.85%, 11/15/25,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. 425 (FSA) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,488,500</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Florida&mdash;0.4%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,782</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Orange Cnty.
                School Board, CP, 8.85%, 8/1/24,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. 328 (MBIA) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,092,335</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,241</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State
                Governmental Utilities Auth. Rev., 8.85%,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">10/1/29, Ser. 327 (AMBAC) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,678,373</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">5,770,708</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Illinois&mdash;0.6%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Chicago, GO
                (c),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,780</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">9.47%, 1/1/28, Ser. 332 (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,136,979</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,200</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">11.34%, 1/1/40, Ser. 426 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,730,530</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,288</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Cook Cnty.,
                GO, 8.85%, 11/15/28, Ser. 403 (FGIC) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,495,239</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State, GO,
                10.10%, 4/1/27, Ser. 783 (FSA) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,484,600</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">8,847,348</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">13</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Fund
            II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                &nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Massachusetts&mdash;1.4%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">$&nbsp;&nbsp;
                1,400</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Boston Water
                &amp; Sewer Community Rev., 8.88%, 11/1/28,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. 434 (FGIC) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,531,390</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,200</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State, GO,
                10.13%, 11/1/30, Ser. 785 (FGIC-TCRS) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,933,590</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Turnpike
                Auth. Rev. (c),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,366</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8.88%, 1/1/37, Ser. 334 (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,004,632</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8.88%, 1/1/37, Ser. 489 (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    &nbsp; &nbsp;

                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,260,100</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,668</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8.88%, 1/1/39, Ser. 335 (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">6,129,118</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,858,830</font>
                </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Nevada&mdash;0.2%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,200</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State, GO,
                8.85%, 5/15/28, Ser. 344 (FGIC) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,308,790</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Ohio&mdash;0.1%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,580</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Hamilton Cnty.
                Sales Tax Rev., 8.85%, 12/1/27,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. 356 (MBIA) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,758,066</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Pennsylvania&mdash;0.3%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Philadelphia
                School Dist., GO (MBIA) (c),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,670</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">7.60%, 4/1/27, Ser. 345</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,819,799</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,677</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">7.60%, 4/1/27, Ser. 496</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,917,127</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">4,736,926</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Texas&mdash;0.7%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,460</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Denton Utility
                System Rev., 9.47%, 12/1/29, Ser. 428 (MBIA) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,713,380</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,100</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Houston
                Airport System Rev., 8.85%, 7/1/25, Ser. 404 (FGIC) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,149,500</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Houston Water
                &amp; Sewer System Rev. (c),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,200</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8.85%, 12/1/28, Ser. 427 (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,518,560</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,070</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">10.10%, 12/1/30, Ser. 495 (FGIC)</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,765,202</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">10,146,642</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Washington&mdash;0.1%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,820</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Central Puget
                Sound Regional Transit Auth. Sales Tax &amp;</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Motor Rev., 7.60%, 2/1/28, Ser. 360 (FGIC)
                (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,922,921</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Total Variable
                Rate Notes (cost-$56,795,248)</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">66,552,611</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="middle" bgcolor="#9bbcff">
                <td nowrap align="right" colspan="9" height="20">
                    <div align="left">
                        <b><font face="sans-serif" size="1">&nbsp;U.S. TREASURY BILLS</font></b>
                        <font face="sans-serif" size="1">(g)</font><b><font face="sans-serif" size="1">
                        &mdash;0.3%</font></b>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,255</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">4.95%-4.955%,
                6/14/07 (cost&mdash;$5,245,597)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">5,245,597</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Total
                Investments</font></b>
                <font face="sans-serif" size="1">(cost-$1,364,979,842)</font><b><font face="sans-serif" size="1">
                &mdash;100.0%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                    <div align="left">
                        <b><font face="sans-serif" size="1">$</font></b>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <b><font face="sans-serif" size="1">1,491,686,622</font></b> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">14</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO California Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Credit Rating</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="middle" bgcolor="#9bbcff">
                <td nowrap align="center" colspan="9" height="20">
                    <div align="left">
                        <b><font face="sans-serif" size="1">&nbsp;CALIFORNIA MUNICIPAL BONDS &amp;
                        NOTES&mdash;96.2%</font></b>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">California&mdash;96.2%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">$&nbsp;&nbsp;
                2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">ABC Unified
                School Dist., GO, zero coupon, 8/1/23,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. B (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">963,820</font> </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Alpine Union
                School Dist., GO, zero coupon, 8/1/24,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. B (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">465,280</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,115</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Anaheim City
                School Dist., GO, 5.00%, 8/1/26,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">(Pre-refunded @ $101, 8/1/11) (FGIC)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,580,801</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" colspan="3"><font face="sans-serif" size="1">Assoc. of Bay
                Area Gov&rsquo;t Finance Auth. Rev., Odd Fellows Home,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.20%, 11/15/22</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/A+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,497,955</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">26,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.35%, 11/15/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/A+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,132,560</font>
                </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">23,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Bakersfield,
                CP, zero coupon, 4/15/21</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">12,598,480</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Bay Area
                Gov&rsquo;t. Assoc.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Lease Rev., 5.00%, 7/1/32, Ser. 2002-1
                (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,070,920</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,945</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Windmere Ranch Dist. 99-1, Special
                Assessment,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.30%, 9/2/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,068,858</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,085</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Capistrano
                Unified School Dist., Community Fac. Dist.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Special Tax, 5.70%, 9/1/20, (Pre-refunded @
                $102,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">9/1/09) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,151,380</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,090</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Cathedral City
                Cove Improvements Dist. 04-02,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Special Assessment, 5.00%, 9/2/30</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,090,610</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Ceres Unified
                School Dist., GO, zero coupon, 8/1/27 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">752,859</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Chula Vista
                Community Facs. Dist., Special Tax,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 9/1/36</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,031,650</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,825</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.15%, 9/1/26</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,936,599</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,380</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.20%, 9/1/33</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,652,655</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Chula Vista,
                Special Tax, (Pre-refunded @ $102, 9/1/10) (b),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,160</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.05%, 9/1/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,260,410</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.10%, 9/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,720,175</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Clovis Unified
                School Dist., GO, Ser. B (FGIC),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/23</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">971,460</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,535</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,550,840</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/27</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">997,675</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,410</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Community
                College Financing Auth. Lease Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 8/1/27, Ser. A (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,462,804</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Corona-Norco
                Unified School Dist., Public Financing Auth.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Special Tax,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,110</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.10%, 9/1/25 (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,144,354</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">210</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.55%, 9/1/15, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">212,642</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">305</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.65%, 9/1/16, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">309,243</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">160</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.75%, 9/1/17, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">162,656</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">530</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.00%, 9/1/20, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">539,938</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.00%, 9/1/25, Ser. A (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,019,660</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,150</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.10%, 9/1/32, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,244,537</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Coronado
                Community Dev. Agcy., Tax Allocation,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.875%, 9/1/35 (AMBAC) (h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,074,800</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,800</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Cotati Redev.
                Agcy., Tax Allocation, 5.00%, 9/1/31,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. A (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,860,872</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Dinuba
                Financing Auth. Lease Rev., 5.10%, 8/1/32 (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,110,760</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">15</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO California Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">California&mdash;(continued)</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Educational
                Facs. Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                <font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;&nbsp;3,475</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Loyola Marymount Univ., zero coupon, 10/1/34
                (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">971,402</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Woodbury Univ., 5.00%, 1/1/36</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,030,140</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,520</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Elk Grove
                Unified School Dist., Community Facs. Dist. No. 1,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Special Tax, 4.75%, 12/1/33 (MBIA)</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,602,174</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Empire Union
                School Dist., Special Tax (AMBAC),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,560</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 10/1/30</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">523,146</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,265</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 10/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">384,370</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Escondido
                Union School Dist., GO, zero coupon, 8/1/27 (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">395,160</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,440</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Eureka Union
                School Dist., GO, zero coupon, 8/1/27 (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">954,723</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Foothill
                Eastern Corridor Agcy. Toll Road Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,100</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 1/1/25, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,220,418</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,270</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 1/1/26, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,415,387</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 1/15/27 (MBIA-IBC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,460,280</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,780</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 1/1/28, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,483,083</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">17,860</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 1/1/30, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,341,907</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">400</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Franklin-McKinley School Dist., GO, 5.00%, 8/1/27,
                Ser. B,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">(Pre-refunded @ $100, 8/1/13) (FSA)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">426,556</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,440</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Fremont
                Community Facs. Dist. No. 1, Special Tax,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.30%, 9/1/30</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,457,899</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Golden State
                Tobacco Securitization Corp. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 6/1/37, Ser. A-2</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,533,720</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/1/33, Ser. A-1</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,908,160</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/1/35, Ser. A-1 (FGIC) (c)(h)</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,400,400</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">45,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/1/38, Ser. A-1 (FGIC) (c)(h)</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,740,600</font>
                </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">12,485</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/1/45, Ser. A-1 (AMBAC-TCRS)
                (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">12,883,022</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">6,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/1/45, Ser. A-1 (FGIC-TCRS)
                (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,191,280</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">11,700</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.25%, 6/1/33, Ser. 2003-A-1</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">12,823,317</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">36,200</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.75%, 6/1/39, Ser. 2003-A-1, (Pre-refunded
                @ $100,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6/1/13) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">41,662,942</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Health Facs.
                Finance Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Adventist Health System, 5.00%,
                3/1/33</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/A</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,033,440</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Catholic Healthcare West (b),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">495</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 7/1/28, (Partially pre-refunded @
                $101, 7/1/08)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/A</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">503,410</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">70</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 7/1/28, (Pre-refunded @ $101,
                7/1/08)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/A</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">71,709</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,115</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Hope Rehabilitation, 5.375%, 11/1/20 (CA
                Mtg. Ins.)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/A+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,216,943</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Paradise VY Estates (CA Mtg. Ins.),</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 1/1/22</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/A+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,703,225</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,875</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 1/1/26</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/A+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,028,295</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,750</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Huntington
                Beach Community Facs. Dist., Special Tax,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.30%, 9/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,806,385</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,045</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Industry Urban
                Dev. Agcy., Transportation Dist. 2,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Tax Allocation, 4.75%, 5/1/21 (MBIA)</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,065,283</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">200</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Infrastructure
                &amp; Economic Dev. Bank Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Bay Area Toll Bridges, 5.00%, 7/1/36,</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">(Pre-refunded @ $100, 1/1/28) (AMBAC)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">221,012</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">16</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO California Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Credit Rating</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                &nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">California&mdash;(continued)</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                <font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;&nbsp;7,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Irvine
                Improvement Board Act 1915, Special Assessment,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.70%, 9/2/26</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,219,170</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Irvine Unified
                School Dist., Special Tax, 5.125%, 9/1/36, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,012,250</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,900</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Jurupa Unified
                School Dist., GO, zero coupon, 5/1/27 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">758,233</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,450</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Kings Canyon
                JT Unified School Dist., GO, zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8/1/27 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">968,142</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Livermore-Amador Valley Water Management Agcy.
                Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 8/1/31, Ser. A (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,463,929</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,935</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Long Beach
                Unified School Dist., GO, 5.00%, 8/1/27,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. C (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,091,269</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Los Angeles,
                CP (MBIA),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">9,895</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 2/1/27</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,204,911</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,685</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 10/1/27, Ser. AU</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,773,390</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Los Angeles
                Department of Water &amp; Power Rev., Ser. A (h),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">15,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.75%, 7/1/30 (FSA) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">15,332,550</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">30,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 7/1/35 (FSA) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,418,400</font>
                </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">16,950</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 7/1/41 (FGIC-TCRS) (c)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">17,453,923</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,200</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Los Angeles
                Wastewater System Rev., 5.00%, 6/1/30,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. A (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,430,616</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Manhattan
                Beach Unified School Dist., GO, zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">9/1/25 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">433,170</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Manteca Redev.
                Agcy., Tax Allocation,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,295</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 10/1/32 (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,570,605</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 10/1/36 (AMBAC) (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,406,700</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Manteca
                Unified School Dist., Special Tax (MBIA),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,365</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 9/1/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,015,365</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,330</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 9/1/29, Ser. C</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,485,369</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Merced Cnty.,
                CP, Juvenile Justice Correctional Fac.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/1/32 (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,108,240</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Modesto
                Elementary School Dist. Stanislaus Cnty., GO,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. A (FGIC),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,615</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center" width="90%">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zero
                        coupon, 8/1/23</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,250,284</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,705</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center" width="90%">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zero
                        coupon, 8/1/24</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,227,313</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center" width="90%">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;zero
                        coupon, 5/1/27</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">791,720</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,150</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Modesto High
                School Dist. Stanislaus Cnty., GO, zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8/1/26, Ser. A (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">891,304</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Modesto Public
                Financing Auth. Lease Rev. (AMBAC),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">55</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 9/1/29</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">56,279</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">945</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 9/1/29, (Pre-refunded @ $100, 9/1/08)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">970,345</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,385</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Monrovia
                Financing Auth. Lease Rev., Hillside Wilderness</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Preserve, 5.125%, 12/1/31 (AMBAC)</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,505,156</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Montebello
                Unified School Dist., GO,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/24 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">686,310</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,485</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/24 (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">679,447</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,830</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/25 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,230,569</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,775</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/27 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,096,569</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,700</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Moreno Valley
                Unified School Dist. Community Facs. Dist.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Special Tax, 5.20%, 9/1/36</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,763,732</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">17</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO California Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Credit Rating</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">California&mdash;(continued)</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                <font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;&nbsp;2,400</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Morgan Hill
                Unified School Dist., GO, zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8/1/23 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,184,328</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Mountain
                View-Whisman School Dist., GO,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/1/27, Ser. D, (Pre-refunded @ $101,
                6/1/12)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">(MBIA) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,597,050</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,800</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Murrieta
                Redev. Agcy., Tax Allocation, 5.00%, 8/1/32 (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,866,690</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,245</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Newark Unified
                School Dist., GO, zero coupon, 8/1/26,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. D (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,332,722</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">19,805</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Oakland, GO,
                5.00%, 1/15/32, Ser. G (FGIC) (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,386,673</font>
                </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Oakland Redev.
                Agcy., Tax Allocation, (Pre-refunded @ $100,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">3/1/13) (b),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,395</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 9/1/27</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/A</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,498,342</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,185</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 9/1/33</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/A</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,349,181</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Orange Cnty.
                Community Facs. Dist., Special Tax,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">No. 01-1-Ladera Ranch, 6.00%, 8/15/25, Ser.
                A,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">(Pre-refunded @ $101, 8/15/10) (b)</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,077,530</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">12,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Orange Cnty.
                Sanitation Dist., CP,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 2/1/30, (Pre-refunded @ $100, 8/1/13)
                (FGIC) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">12,960,120</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Palmdale
                Community Redev. Agcy., Tax Allocation (AMBAC),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,230</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 12/1/30</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">413,993</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,230</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 12/1/31</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">394,301</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,225</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 12/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">373,931</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,750</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Paramount
                Unified School Dist., GO, zero coupon, 9/1/23,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. B (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">840,175</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Perris Public
                Financing Auth. Rev., Tax Allocation,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,190</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.75%, 10/1/23, Ser. B (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,224,022</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">780</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.375%, 10/1/20, Ser. C</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/BBB+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">814,702</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,800</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.625%, 10/1/31, Ser. C</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/BBB+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,910,016</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Placentia-Yorba Linda Unified School Dist., CP,
                5.00%,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">10/1/35 (FGIC) (h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,420,800</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,150</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Placer Union
                High School Dist., GO, zero coupon, 8/1/33 (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,003,689</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Poway Unified
                School Dist., Special Tax,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Community Facs. Dist. No. 6,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,700</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 9/1/28</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,733,264</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 9/1/28, Area B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,337,674</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.50%, 9/1/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,530,495</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.60%, 9/1/33</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,062,010</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.05%, 9/1/25, Area A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,053,610</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.125%, 9/1/33, Area A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,787,430</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Community
                Facs. Dist. No. 10,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.65%, 9/1/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,014,370</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,200</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.70%, 9/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,229,722</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Rancho
                Cucamonga Community Facs. Dist., Special Tax,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.375%, 9/1/31, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,107,380</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Richmond
                Wastewater Rev., zero coupon, 8/1/30 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">531,645</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,510</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Riverside, CP,
                5.00%, 9/1/33 (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,625,514</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">18</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO California Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Credit Rating</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">California&mdash;(continued)</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Riverside
                Unified School Dist., Community Facs., Dist. No. 15,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Special Tax, Ser. A,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                <font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;&nbsp;1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.15%, 9/1/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,020,100</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 9/1/30</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,021,370</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 9/1/35</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,018,930</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Rocklin
                Unified School Dist., GO (FGIC),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/24</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,268,600</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,723,960</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/26</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,642,800</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/27</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,760,760</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Roseville
                Redev. Agcy., Tax Allocation (MBIA),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,730</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 9/1/27</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,872,001</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,365</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 9/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,486,712</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,115</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 9/1/33</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,191,500</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Sacramento
                City Financing Auth. Rev., Ser. A,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 12/1/32, (Pre-refunded @ $100,
                12/1/12) (FSA) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,776,705</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,610</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">North Natomas CFD No. 2, 6.25%,
                9/1/23</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,735,899</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">12,490</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Sacramento
                Cnty. Airport System Rev., 5.00%, 7/1/32,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. A (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,861,328</font>
                </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">14,350</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Sacramento
                Cnty. Sanitation Dist. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 12/1/35, Ser. A, (Pre-refunded @
                $100, 12/1/14)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">(AMBAC) (b) (h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">15,443,757</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Diego
                Cnty. Water Auth., CP, Ser. A (MBIA),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,285</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 5/1/28</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,601,818</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 5/1/29</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,301,680</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Diego
                Community Facs. Dist. No. 3, Special Tax, Ser. A (c),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,200</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.60%, 9/1/21</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,214,352</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">800</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.70%, 9/1/26</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">809,584</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.75%, 9/1/36</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,330,521</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Diego
                Public Facs. Financing Auth. Lease Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 5/15/29, Ser. A (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,025,500</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Fire &amp; Life Safety Facs., 5.00%, 4/1/32
                (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,539,285</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">14,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Diego
                Public Facs. Financing Auth. Water Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 8/1/32 (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">14,487,340</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,775</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Diego
                Unified School Dist., GO, 5.00%, 7/1/27,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. D (FGIC) (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,172,225</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Francisco
                City &amp; Cnty. Airport Community, International</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Airport Rev., Ser. 2 (MBIA),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,585</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">4.50%, 5/1/28</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,577,293</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">11,585</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 5/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">11,996,731</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,715</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 5/1/32, (Pre-refunded @ $100, 5/1/12)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">9,198,682</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,405</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Joaquin
                Hills Transportation Corridor Agcy. Toll Road</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Rev., zero coupon, 1/1/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,719,500</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Jose,
                Libraries &amp; Parks, GO,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">14,970</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 9/1/32 (MBIA) (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">15,498,441</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,190</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 9/1/31</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa1/AA+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,559,897</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">9,150</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Jose
                Unified School Dist., GO, 5.00%, 8/1/27,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. A (FSA) (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">9,528,718</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">19</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO California Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Credit Rating</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">California&mdash;(continued)</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Juan
                Unified School Dist., GO (FSA),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                <font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;&nbsp;1,770</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/23</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">859,742</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">6,105</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/26</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,554,698</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,835</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Mateo
                Foster City School Dist., GO,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.10%, 8/1/31, (Pre-refunded @ $101, 8/1/11)
                (FGIC) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,130,950</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Mateo
                Union High School Dist., GO, zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">9/1/20 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,304,445</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,730</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Rafael
                City High School Dist., GO, 5.00%, 8/1/27,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. B (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,785,360</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,280</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">San Rafael
                Elementary School Dist., GO, 5.00%, 8/1/27,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. B (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,384,960</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Santa Clara
                Unified School Dist., GO (MBIA),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,755</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 7/1/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,857,210</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,040</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 7/1/27</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,142,965</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,260</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Santa Cruz
                Cnty. Rev., 5.25%, 8/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">A3/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,321,904</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Santa
                Margarita Water Dist., Special Tax,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.00%, 9/1/30</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,102,600</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.25%, 9/1/29</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,171,750</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Santa Monica
                Community College Dist., GO, zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8/1/26, Ser. C (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">782,780</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Saugus Hart
                School Facs. Financing Auth., Special Tax,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Community Facs. Dist. 00-1,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,140</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.10%, 9/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,168,899</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,225</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.125%, 9/1/33</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,279,245</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Shasta Union
                High School Dist., GO, zero coupon, 8/1/24 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">457,540</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,745</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">South Tahoe JT
                Powers Parking Financing Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">7.00%, 12/1/27, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,756,035</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,800</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Southern Mono
                Health Care Dist., GO, zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8/1/26 (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">732,366</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Public
                Works Board Lease Rev., UCLA Replacement</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Hospital,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">9,605</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 10/1/22, Ser. A (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">9,981,420</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,095</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 4/1/26</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa2/AA-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,182,927</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,710</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Univ.
                Rev., 5.00%, 11/1/33, Ser. A (AMBAC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,763,797</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Statewide
                Community Dev. Auth.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,555</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Bentley School Rev., 6.75%, 7/1/32
                (a)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,828,060</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">9,700</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Jewish Home Rev., 5.50%, 11/15/33 (CA St.
                Mtg.)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/A+</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,326,426</font>
                </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,770</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Kaiser Permanente Rev., 5.50%, 11/1/32, Ser.
                A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/A+</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,898,777</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Live Oak School Rev., 6.75%, 10/1/30</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,136,950</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Peninsula Project Rev., 5.00%,
                11/1/29</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">497,310</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,170</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Wildwood Elementary School, CP, 6.10%,
                11/1/15 (a)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,177,289</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Statewide
                Financing Auth. Tobacco Settlement Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,725</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.625%, 5/1/29</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,801,780</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">20,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.00%, 5/1/37, Ser. B (h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">NR/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">21,397,200</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,750</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Tamalpais
                Union High School Dist., GO, 5.00%, 8/1/27 (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/AAA</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,016,135</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Tobacco
                Securitization Agcy. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Alameda Cnty., 6.00%, 6/1/42</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,808,970</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">20</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO California Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">California&mdash;(continued)</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Fresno Cnty.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;
                3,750</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center" width="90%">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%,
                        6/1/23</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,779,137</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center" width="90%">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%,
                        6/1/35</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,709,700</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">6,875</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Gold Cnty., zero coupon, 6/1/33</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,567,569</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,800</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Stanislaus Funding, 5.875%, 6/1/43, Ser.
                A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,880,874</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Tobacco
                Securitization Auth. of Southern California Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/1/37, Ser. A-1</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,901,920</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">995</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Tracy
                Community Facs. Dist., Special Tax, No. 99-2</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">South Macarthur Area, 6.00%, 9/1/27</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,026,542</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Univ. Rev.
                (c)(h),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.75%, 5/15/35, Ser. F (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,597,515</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.75%, 5/15/35, Ser. G (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,088,650</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,650</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">4.75%, 5/15/38, Ser. B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/AA-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,713,110</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 9/1/27, Ser. O, (Pre-refunded @
                $101,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center" width="90%">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/1/10)
                        (FGIC) (b)</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,481,600</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Ventura Cnty.
                Community College Dist., GO, 5.00%,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8/1/27, Ser. A (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,429,400</font>
                </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,555</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Ventura
                Unified School Dist., GO, 5.00%, 8/1/32, Ser. F (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,609,130</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Vernon
                Electric System Rev., Malburg Generating Station,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.50%, 4/1/33, (Pre-refunded @ $100, 4/1/08)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,031,060</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Victor
                Elementary School Dist., GO, Ser. A (FGIC),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,125</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/24</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">514,733</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,410</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/26</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">999,090</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Vista Unified
                School Dist., GO, zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">8/1/26, Ser. A (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">414,560</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">West Contra
                Costa Unified School Dist., GO, Ser. A (MBIA),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,740</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 8/1/26</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,817,049</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,690</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 8/1/28</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,764,056</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,890</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 8/1/31</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,940,898</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,375</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Westlands
                Water Dist. Rev., CP, 5.00%, 9/1/34 (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,484,215</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">William S.
                Hart JT School Financing Auth. Rev., 5.625%, 9/1/34</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/BBB+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,099,060</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,110</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Yuba City
                Unified School Dist., GO, zero coupon, 9/1/25 (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">930,447</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Total
                California Municipal Bonds &amp; Notes (cost-$845,713,554)</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">893,830,474</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom" bgcolor="#9bbcff">
                <td valign="middle" nowrap align="right" colspan="9" height="20">
                    <div align="left">
                        <b><font face="sans-serif" size="1">&nbsp;OTHER MUNICIPAL BONDS &amp;
                        NOTES&mdash;2.7%</font></b>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Iowa&mdash;1.8%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">16,100</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Tobacco
                Settlement Auth. of Iowa Rev., zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6/1/34, Ser. B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">16,551,444</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">New
                York&mdash;0.4%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,250</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State
                Dormitory Auth. Hospital Rev., 6.25%, 8/15/15 (FHA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa2/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,588,097</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Puerto
                Rico&mdash;0.5%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Electric Power
                Auth., Power Rev., 5.125%, 7/1/29, Ser. NN</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">A3/BBB+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,136,840</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,505</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Public
                Building Auth. Rev., Gov&rsquo;t Facs.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 7/1/36, Ser. I (GTD)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,577,019</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">4,713,859</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Total Other
                Municipal Bonds &amp; Notes (cost-$23,521,914)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">24,853,400</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">21</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO California Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="center"><font face="sans-serif" size="1">Amount</font> </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Credit Rating</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">(000)</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="middle" bgcolor="#9bbcff">
                <td nowrap align="left" colspan="9" height="20">
                <b><font face="sans-serif" size="1">&nbsp;CALIFORNIA VARIABLE RATE NOTES</font></b>
                <font face="sans-serif" size="1">(c) (d)
                (e)</font><b><font face="sans-serif" size="1">&mdash;0.2%</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">$
                &nbsp;&nbsp;1,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Modesto Public
                Financing Auth. Lease Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">9.01%, 9/1/29, Ser. 354 (AMBAC)
                (cost-$1,482,309)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">$</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,639,275</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="middle" bgcolor="#9bbcff">
                <td nowrap align="left" colspan="9" height="20">
                <b><font face="sans-serif" size="1">&nbsp;OTHER VARIABLE RATE NOTES</font></b>
                <font face="sans-serif" size="1">(d)
                (e)</font><b><font face="sans-serif" size="1">&mdash;0.6%</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Puerto
                Rico&mdash;0.6%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Public Finance
                Corp. Rev., 5.75%, 8/1/27, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">(cost-$5,580,416)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Ba1/BBB-</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">5,625,367</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="middle" bgcolor="#9bbcff">
                <td nowrap align="left" colspan="9" height="20">
                <b><font face="sans-serif" size="1">&nbsp;U.S. TREASURY BILLS</font></b>
                <font face="sans-serif" size="1">(g)</font><b><font face="sans-serif" size="1">&mdash;0.3%</font></b>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,375</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">4.955%,
                6/14/07 (cost-$3,368,961)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,368,961</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Total
                Investments</font></b>
                <font face="sans-serif" size="1">(cost-$879,667,154)</font><b><font face="sans-serif" size="1">
                &mdash;100.0%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                    <div align="left">
                        <b><font face="sans-serif" size="1">$</font></b>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <b><font face="sans-serif" size="1">&nbsp;&nbsp;929,317,477</font></b> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">22</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO New York Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="middle" bgcolor="#9bbcff">
                <td nowrap align="left" colspan="9" height="20">
                <b><font face="sans-serif" size="1">&nbsp;NEW YORK MUNICIPAL BONDS &amp;
                NOTES&mdash;89.3%</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Buffalo
                Municipal Water Finance Auth., Water System Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Ser. B, (Pre-refunded @ $100, 7/1/12) (FSA)
                (b),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                <font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 7/1/27</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">263,715</font> </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 7/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,060,580</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,400</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Erie Cnty.
                Industrial Dev. Agcy., Orchard Park Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.00%, 11/15/36</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,525,304</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Erie Cnty.
                Tobacco Asset Securitization Corp. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.50%, 7/15/32, (Pre-refunded @ $101,
                7/15/10) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,867,500</font>
                </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Liberty Dev.
                Corp. Rev., 5.25%, 10/1/35 (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/AA-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,781,175</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Metropolitan
                Transportation Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,850</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 11/15/30, Ser. A (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,917,673</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 11/15/31, Ser. E</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/A</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,471,300</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.35%, 7/1/31, Ser. B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">A1/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,373,870</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,130</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Mortgage Agcy.
                Rev., 4.75%, 10/1/27, Ser. 128 (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa1/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,209,214</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">New York City,
                GO, 5.00%, 3/1/33, Ser. I</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A1/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,110,080</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">New York City
                Health &amp; Hospital Corp. Rev., Ser. A,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,100</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.375%, 2/15/26</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/A</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,133,671</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.45%, 2/15/26</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">A2/A</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,077,740</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">New York City
                Industrial Dev. Agcy. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Eger Harbor, 4.95%, 11/20/32 (GNMA)</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AA+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,018,700</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">United Jewish Appeal Fed.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 7/1/27</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa1/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,560,615</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,220</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">6.45%, 7/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">B2/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,278,743</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">New York City
                Municipal Water Finance Auth.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">4.50%, 6/15/33, Ser. C (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,308,975</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,055</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">4.75%, 6/15/25, Ser. D (MBIA-IBC)</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,081,976</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/15/32, Ser. A (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa2/AA+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,122,550</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">15,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.125%, 6/15/34, Ser. A (h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa2/AA+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">15,629,700</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">New York City
                Transitional Finance Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 11/1/27, Ser. B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa1/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,358,400</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,785</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">New York City
                Trust for Cultural Res. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 2/1/34 (FGIC) (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,115,391</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,600</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Port Auth. New
                York &amp; New Jersey Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 4/15/32, Ser. 125 (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,765,996</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State
                Dormitory Auth. Lease Rev., State Univ. Dormitory Facs.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 7/1/32, (Pre-refunded @ $100, 7/1/12)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/AA-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,904,400</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State
                Dormitory Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,600</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Catholic Health of Long Island, 5.10%,
                7/1/34</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa1/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,649,348</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">7,490</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Court Facs., 5.50%, 5/15/31, Ser. A (AMBAC)
                (c)(h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">8,825,364</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Kaleida Health Hospital, 5.05%, 2/15/25
                (FHA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    &nbsp; &nbsp;

                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,055,860</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Lenox Hill Hospital, 5.50%, 7/1/30</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Ba2/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,513,431</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Long Island Univ. (Radian),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,320</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 9/1/28</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,374,159</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">80</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 9/1/28, (Pre-refunded @ $102, 9/1/09)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">84,163</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,850</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">North General Hospital, 5.00%,
                2/15/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AA-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">9,042,753</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Rochester Hospital, 5.00%, 12/1/35 (Radian)
                (h)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,203,400</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Sloan-Kettering Center Memorial, 5.00%,
                7/1/34, Ser. 1</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa2/AA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,547,460</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">23</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO New York Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;
                5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">St. Barnabas Hospital, 5.00%, 2/1/31, Ser. A
                (AMBAC-FHA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,190,450</font> </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">8,600</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">State Personal Income Tax, 5.00%,
                3/15/32,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center" width="90%">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded
                        @ $100, 3/15/13) (b)</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">9,116,602</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,250</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Student Housing Corp., 5.125%,
                7/1/34,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center" width="90%">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pre-refunded
                        @ $100, 7/1/14) (FGIC) (b)</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,323,213</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">4,270</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Teachers College, 5.00%, 7/1/32
                (MBIA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,430,381</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Yeshiva Univ., 5.125%, 7/1/34 (AMBAC)</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,117,140</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State
                Environmental Facs. Corp., State Clean</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Water &amp; Drinking Rev., 5.125%,
                6/15/31</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,087,640</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">6,100</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Urban
                Dev. Corp., Personal Income Tax Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 3/15/33, Ser. C-1, (Pre-refunded @
                $100, 3/15/13) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aa3/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,466,427</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Tobacco
                Settlement Asset Backed, Inc. Rev., Ser. 1,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">25,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 6/1/34</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">25,434,500</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">25,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.75%, 7/15/32, (Pre-refunded @ $100,
                7/15/12) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,159,500</font>
                </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">10,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6.375%, 7/15/39, (Pre-refunded @ $101,
                7/15/09) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,622,100</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Triborough
                Bridge &amp; Tunnel Auth. Rev. (FGIC-TCRS),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">710</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 1/1/32</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">734,282</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,990</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.00%, 1/1/32, (Pre-refunded @ $100, 1/1/12)
                (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,189,101</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">2,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Warren &amp;
                Washington Cntys. Industrial Dev. Agcy. Fac. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Glens Falls Hospital, 5.00%, 12/1/35, Ser. A
                (FSA)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2,076,240</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">750</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Westchester
                Cnty. Industrial Dev. Agcy. Continuing Care</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Retirement Rev., Kendal on Hudson, 6.50%,
                1/1/34</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">799,590</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Total New York
                Municipal Bonds &amp; Notes (cost-$239,214,868)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">251,980,372</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="middle" bgcolor="#9bbcff">
                <td nowrap align="left" colspan="9" height="20">
                <b><font face="sans-serif" size="1">&nbsp;OTHER MUNICIPAL BONDS &amp;
                NOTES&mdash;6.0%</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">California&mdash;3.0%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Alameda
                Unified School Dist., Alameda Cnty., GO, Ser. A (FSA),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/24</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,601,390</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 8/1/25</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,304,490</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">California
                Cnty., Tobacco Securitization Agcy. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">zero coupon, 6/1/28</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,349,400</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">3,130</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Covina Valley
                Unified School Dist., GO, zero coupon,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">6/1/25, Ser. B (FGIC)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,371,472</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">8,626,752</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Colorado&mdash;0.0%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">210</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Dawson Ridge
                Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Aaa/NR</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">106,672</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Puerto
                Rico&mdash;3.0%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">5,675</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Children&rsquo;s Trust Fund, Tobacco Settlement
                Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.625%, 5/15/43</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/BBB</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,972,994</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Commonwealth
                Highway &amp; Transportation Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">5.25%, 7/1/38, Ser. D, (Pre-refunded @ $100,
                7/1/12) (b)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Baa3/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,598,010</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">750</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Electric Power
                Auth., Power Rev., 5.125%, 7/1/29, Ser. NN</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">A3/BBB+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">801,315</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">8,372,319</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Total Other
                Municipal Bonds &amp; Notes (cost-$15,803,590)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">17,105,743</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">24</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO New York Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Principal</font>
                    </div>
                </td>

                <td>&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Amount</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

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

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Credit Rating</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(000)</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">(Moody&rsquo;s/S&amp;P)*</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">
                <font face="sans-serif" size="1">Value</font> </td>

                <td style="BORDER-BOTTOM: #000000 3px solid" nowrap align="center">&nbsp;</td>
            </tr>

            <tr valign="middle" bgcolor="#9bbcff">
                <td nowrap align="left" colspan="9" height="20">
                <b><font face="sans-serif" size="1">&nbsp;NEW YORK VARIABLE RATE NOTES</font></b>
                <font face="sans-serif" size="1">(c) (d)
                (e)</font><b><font face="sans-serif" size="1">&mdash;2.8%</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">$&nbsp;&nbsp;&nbsp;
                5,595</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Long Island
                Power Auth. Electric System Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">10.10%, 12/1/26, Ser. 339 (MBIA-IBC)</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Aaa/NR</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">$</font>
                    </div>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,301,089</font> </td>

                <td nowrap align="right">&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">State Urban
                Dev. Corp. Rev., 8.977%, 3/15/35</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">NR/AAA</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,558,440</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Total New York
                Variable Rate Notes (cost-$7,022,153)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">7,859,529</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="middle" bgcolor="#9bbcff">
                <td nowrap align="left" colspan="9" height="20">
                <b><font face="sans-serif" size="1">&nbsp;OTHER VARIABLE RATE NOTES</font></b>
                <font face="sans-serif" size="1">(e)</font><b><font face="sans-serif" size="1">&mdash;0.7%</font></b>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Puerto
                Rico&mdash;0.7%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,900</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Public Finance
                Corp. Rev., 5.75%, 8/1/27, Ser. A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">(cost-$2,000,526)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Ba1/BBB-</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,016,641</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="middle" bgcolor="#9bbcff">
                <td nowrap align="left" colspan="9" height="20">
                <b><font face="sans-serif" size="1">&nbsp;NEW YORK VARIABLE RATE DEMAND
                NOTES</font></b> <font face="sans-serif" size="1">(e)
                (f)</font><b><font face="sans-serif" size="1">&mdash;0.8%</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">100</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Long Island
                Power Auth. Electric System Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">3.83%, 6/1/07, Ser. 1B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">VMIG1/A-1+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">100,000</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">New York City,
                GO (MBIA),</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">300</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">3.88%, 6/1/07, Ser. B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">VMIG1/A-1+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">300,000</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">400</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">3.89%, 6/1/07, Ser. H</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">VMIG1/A-1</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">400,000</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">New York City
                Transitional Finance Auth. Rev.,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,000</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">3.83%, 6/1/07, Ser. 1</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">VMIG1/A-1+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,000,000</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">500</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">3.89%, 6/1/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">VMIG1/A-1+</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">500,000</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Total New York
                Variable Rate Demand Notes (cost-$2,300,000)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,300,000</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="middle" bgcolor="#9bbcff">
                <td nowrap align="left" colspan="9" height="20">
                <b><font face="sans-serif" size="1">&nbsp;U.S. TREASURY BILLS</font></b>
                <font face="sans-serif" size="1">(g)</font><b><font face="sans-serif" size="1">&mdash;0.4%</font></b>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right"><font face="sans-serif" size="1">1,045</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">4.95%-4.955%,
                6/14/07 (cost-$1,043,130)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,043,130</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Total
                Investments</font></b>
                <font face="sans-serif" size="1">(cost-$267,384,267)&mdash;</font><b><font face="sans-serif" size="1">
                100.0%</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                    <div align="left">
                        <b><font face="sans-serif" size="1">$</font></b>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <b><font face="sans-serif" size="1">&nbsp;&nbsp;282,305,415</font></b> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">25</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
            II</font></b> <b><font face="sans-serif" size="2">Schedule of
            Investments</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <p align="justify">&nbsp;</p>

        <div style="BORDER-BOTTOM: #000000 2px solid">
            &nbsp;
        </div>
<br>


        <table cellspacing="0" cellpadding="0" border="0">
            <tr>
              <td colspan="2" valign="top" nowrap><b><font face="sans-serif" size="1">Notes
              to Schedules of Investments:</font></b> </td>
            </tr>
            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">*</font></td>

                <td><font face="sans-serif" size="1">Unaudited</font></td>
            </tr>

            <tr>
                <td valign="top" nowrap>
                <font face="sans-serif" size="1">(a)&nbsp;&nbsp;&nbsp;</font> </td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">Illiquid
                    security.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">(b)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">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 valign="top" nowrap><font face="sans-serif" size="1">(c)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">144A
                    Security&mdash;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 valign="top" nowrap><font face="sans-serif" size="1">(d)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">Inverse Floater&mdash;The
                    interest rate shown bears an inverse relationship to the interest rate on
                    another security or the value of an index.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">(e)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">Variable Rate
                    Notes&mdash;Instruments whose interest rates change on specified date (such as
                    a coupon date or interest payment date) and/or whose interest rates vary with
                    changes in a designated base rate (such as the prime interest rate). The
                    interest rate disclosed reflects the rate in effect on May 31, 2007.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">(f)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">Maturity date shown is date
                    of next put.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">(g)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">All or partial amount
                    segregated as collateral for futures contracts.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">(h)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">Residual Interest Bonds
                    held in trust&mdash;Securities represent underlying bonds transferred to a
                    separate securitization trust established in a tender option bond transaction
                    in which the Funds acquired the residual interest certificates.</font></p>
                </td>
            </tr>

            <tr>
                <td>
                    <p>&nbsp;</p>
                </td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">These securities serve as
                    collateral in a financing transaction.</font></p>
                </td>
            </tr>
        </table>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            &nbsp;
        </div>

        <p align="justify"><b><font face="sans-serif" size="1">Glossary:</font></b><br>
        <font face="sans-serif" size="1">AMBAC &mdash; insured by American Municipal Bond Assurance
        Corp.</font><br>
        <font face="sans-serif" size="1">CA Mtg. Ins. &mdash; insured by California Mortgage
        Insurance</font><br>
        <font face="sans-serif" size="1">CP &mdash; Certificates of Participation</font><br>
        <font face="sans-serif" size="1">CA St. Mtg. &mdash; insured by California State
        Mortgage</font><br>
        <font face="sans-serif" size="1">FGIC &mdash; insured by Financial Guaranty Insurance
        Co.</font><br>
        <font face="sans-serif" size="1">FHA &mdash; insured by Federal Housing
        Administration</font><br>
        <font face="sans-serif" size="1">FSA &mdash; insured by Financial Security Assurance,
        Inc.</font><br>
        <font face="sans-serif" size="1">GNMA &mdash; insured by Government National Mortgage
        Association</font><br>
        <font face="sans-serif" size="1">GO &mdash; General Obligation Bond</font><br>
        <font face="sans-serif" size="1">GTD &mdash; Guaranteed</font><br>
        <font face="sans-serif" size="1">IBC &mdash; Insurance Bond Certificate</font><br>
        <font face="sans-serif" size="1">MBIA &mdash; insured by Municipal Bond Investors
        Assurance</font><br>
        <font face="sans-serif" size="1">NR &mdash; Not Rated</font><br>
        <font face="sans-serif" size="1">PSF &mdash; Public School Fund</font><br>
        <font face="sans-serif" size="1">Radian &mdash; insured by Radian Guaranty, Inc.</font><br>
        <font face="sans-serif" size="1">TCRS &mdash; Temporary Custodian Receipts</font><br>
        <font face="sans-serif" size="1">XLCA &mdash; insured by XL Capital Assurance</font></p>

        <p align="justify">&nbsp;</p>

        <p align="justify">&nbsp;</p>

        <p align="justify">&nbsp;</p>

        <p align="justify"><b><font face="sans-serif" size="1">26</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <b><font face="sans-serif" size="1">See
        accompanying Notes to Financial Statements</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p align="center"><font face="sans-serif" size="2">[This page intentionally left
        blank.]</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
            II</font></b> <b><font face="sans-serif" size="2">Statements of Assets and
            Liabilities</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right" colspan="2">
                <b><font face="sans-serif" size="1">California&nbsp;&nbsp;&nbsp;</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right" colspan="2"><b><font face="sans-serif" size="1">New
                York&nbsp;&nbsp;&nbsp;</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" colspan="2">
                    <div align="right">
                        <b><font face="sans-serif" size="1">Municipal II</font></b>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" colspan="2">
                    <div align="right">
                        <b><font face="sans-serif" size="1">Municipal II</font></b>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" colspan="2">
                    <div align="right">
                        <b><font face="sans-serif" size="1">Municipal II</font></b>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Assets:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Investments,
                at value (cost&mdash;$1,364,979,842, $879,667,154</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">and $267,384,267, respectively)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,491,686,622</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">929,317,477</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">282,305,415</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Cash</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,664,936</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">98,840</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,503,419</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Interest receivable</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">18,494,935</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">13,155,037</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">4,701,654</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Receivable for investments sold</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">420,000</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">323,055</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">10,000</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Receivable for variation margin on futures
                contracts</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">34,131</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">50,313</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,719</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Prepaid expenses and other assets</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,083,287</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">38,083</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">347,251</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Total Assets</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,514,383,911</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">942,982,805</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">288,871,458</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="13">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Liabilities:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Payable for floating rate notes</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">115,540,000</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">220,964,639</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">41,028,367</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Dividends payable to common and preferred
                shareholders</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,978,280</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,212,594</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">716,107</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Interest payable</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,837,961</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,045,103</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">571,861</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Investment management fees payable</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">593,157</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">304,529</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">104,966</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Payable for variation margin on futures
                contracts</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">355,219</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">138,925</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">17,719</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Accrued expenses and other payables</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">264,534</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,032,925</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">214,548</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Total Liabilities</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">122,569,151</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">227,698,715</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">42,653,568</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Preferred
                shares ($0.00001 par value and $25,000 net</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<b><font face="sans-serif" size="1">asset and liquidation value per share
                applicable</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<b><font face="sans-serif" size="1">to an aggregate of 20,200, 10,400 and
                3,600 shares</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<b><font face="sans-serif" size="1">issued and outstanding,
                respectively)</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">505,000,000</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">260,000,000</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">90,000,000</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Net Assets Applicable to Common
                Shareholders</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">886,814,760</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">455,284,090</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">156,217,890</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="13">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Composition
                of Net Assets Applicable to</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<b><font face="sans-serif" size="1">Common Shareholders:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Common
                Stock:</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Par value ($0.00001 per share)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$589</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$306</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$106</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Paid-in-capital in excess of par</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">838,015,300</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">434,511,918</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">149,968,350</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Dividends in excess of net investment
                income</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(719,429</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(1,935,976</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(524,386</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Accumulated net realized loss</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(87,630,352</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(30,451,047</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(9,345,609</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net unrealized
                appreciation of investments and futures</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">contracts</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">137,148,652</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">53,158,889</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">16,119,429</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Net Assets Applicable to Common
                Shareholders</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">886,814,760</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">455,284,090</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">156,217,890</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Common Shares Outstanding</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">58,924,633</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">30,570,529</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">10,565,374</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Net Asset Value Per Common Share</font></b>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$15.05</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$14.89</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$14.79</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">28</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <b><font face="sans-serif" size="1">See
        accompanying Notes to Financial Statements</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
            II</font></b> <b><font face="sans-serif" size="2">Statements of
            Operations</font></b><br>
            <font face="sans-serif" size="1">For the year ended May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right" colspan="2">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right" colspan="2">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right" colspan="2">
                    <div align="right">
                        <b><font face="sans-serif" size="1">California&nbsp;&nbsp;&nbsp;</font></b>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right" colspan="2">
                    <div align="right">
                        <b><font face="sans-serif" size="1">New York&nbsp;&nbsp;&nbsp;</font></b>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center" colspan="2">
                    <div align="right">
                        <b><font face="sans-serif" size="1">Municipal II</font></b>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" colspan="2">
                    <div align="right">
                        <b><font face="sans-serif" size="1">Municipal II</font></b>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center" colspan="2">
                    <div align="right">
                        <b><font face="sans-serif" size="1">Municipal II</font></b>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Investment
                Income:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Interest</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">78,724,118</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">46,041,982</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14,795,288</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="13">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Expenses:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Investment management fees</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">9,013,152</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">4,636,117</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,606,003</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Interest expense</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">4,370,148</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">8,521,828</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,565,412</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Auction agent fees and commissions</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,289,922</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">676,722</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">235,991</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Custodian and accounting agent fees</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">239,821</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">82,291</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">136,131</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Trustees&rsquo; fees and expenses</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">86,795</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">47,230</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">22,695</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Reports to shareholders</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">70,450</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">31,990</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">29,260</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Audit and tax services</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">61,410</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">52,635</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">38,290</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">New York Stock Exchange listing fees</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">47,735</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">24,580</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">21,483</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Transfer agent fees</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">32,405</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">35,405</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">34,785</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Legal fees</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">30,040</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14,410</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">5,840</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Insurance expense</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">28,365</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">15,358</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">6,619</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Excise tax expense</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">20,419</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">6,171</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">679</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Investor relations</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">9,125</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">6,570</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,025</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Miscellaneous</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">19,830</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">18,800</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">16,450</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Total expenses</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">15,319,617</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14,170,107</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,721,663</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Less: investment management fees
                waived</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(2,079,958</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(1,069,873</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(370,616</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center" width="90%">
                    <div align="left">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;custody
                        credits earned on cash balances</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(206,886</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(64,076</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(72,691</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Net expenses</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">13,032,773</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">13,036,158</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,278,356</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="13">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Net Investment Income</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">65,691,345</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">33,005,824</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">11,516,932</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="13">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Realized
                and Change in Unrealized Gain (Loss):</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net realized
                gain (loss) on:</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Investments</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(48,885</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(226,090</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">350,653</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Futures contracts</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(824,014</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(1,060,084</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(416,343</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Options written</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">960,514</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">355,013</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">204,225</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net change in
                unrealized appreciation/depreciation of:</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Investments</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">27,692,419</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">15,976,904</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,212,450</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Futures contracts</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(8,177,757</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(4,657,552</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(190,383</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net realized
                and change in unrealized gain on investments,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">futures contracts and options written</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">19,602,277</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">10,388,191</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,160,602</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Net
                Increase in Net Assets Resulting from</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<b><font face="sans-serif" size="1">Investment Operations</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">85,293,622</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">43,394,015</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">12,677,534</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Dividends
                on Preferred Shares from</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<b><font face="sans-serif" size="1">Net Investment Income</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(17,388,694</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(8,273,822</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(2,954,143</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Net
                Increase in Net Assets Applicable to Common</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<b><font face="sans-serif" size="1">Shareholders Resulting from Investment
                Operations</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">67,904,928</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">35,120,193</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">9,723,391</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="right"><b><font face="sans-serif" size="1">See accompanying Notes to Financial
        Statements</font></b> <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font> <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <b><font face="sans-serif" size="1">29</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="right" width="18%">
                    <div align="left">
                        <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income
                        Funds II &nbsp;</font></b>
                    </div>
                </td>

                <td nowrap align="right" width="82%">
                    <div align="left">
                        <b><font face="sans-serif" size="2">Statements of Changes in Net
                        Assets</font></b>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right"><b>&nbsp;</b>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="left">
                        <b><font face="sans-serif" size="2">Applicable to Common
                        Shareholders</font></b>
                    </div>
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center" colspan="5">
                <b><font face="sans-serif" size="1">Municipal II</font></b> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center" colspan="5">
                <font face="sans-serif" size="1">Year ended May 31,</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Investment
                Operations:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net investment income</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">65,691,345</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">62,797,656</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net realized gain (loss) on investments, futures
                contracts and options written</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">87,615</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(15,393,416</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net change in
                unrealized appreciation/depreciation of investments,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">futures contracts and options written</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">19,514,662</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">16,506,689</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net increase in net assets resulting from
                investment operations</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">85,293,622</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">63,910,929</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Dividends to Preferred Shareholders from Net
                investment income:</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(17,388,694</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(13,697,379</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net increase
                in net assets applicable to common shareholders</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">resulting from investment operations</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">67,904,928</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">50,213,550</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Dividends to Common Shareholders from Net
                investment income:</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(47,920,349</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(55,835,634</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Capital
                Share Transactions:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Reinvestment of dividends</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,998,399</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">6,163,881</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Total increase in net assets applicable to common
                shareholders</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">23,982,978</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">541,797</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Net Assets
                Applicable to Common Shareholders:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Beginning of year</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">862,831,782</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">862,289,985</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">End of year
                (including dividends in excess of net investment income of</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">$(719,429) and $(1,251,379); $(1,935,976)
                and $(1,032,143) $(524,386)</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">and $(733,605); respectively)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">886,814,760</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">862,831,782</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Common Shares Issued in Reinvestment of
                Dividends:</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">266,561</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">417,928</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">30</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <b><font face="sans-serif" size="1">See
        accompanying Notes to Financial Statements</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="60%" border="0">
            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="5">
                    <div align="center">
                        <b><font face="sans-serif" size="1">California Municipal II</font></b>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" colspan="5">
                    <div align="center">
                        <b><font face="sans-serif" size="1">New York Municipal II</font></b>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center" colspan="5">
                <font face="sans-serif" size="1">Year ended May 31,</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" colspan="5">
                    <div align="center">
                        <font face="sans-serif" size="1">Year ended May 31,</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="sans-serif" size="1">2007</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="15">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$33,005,824</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$32,096,363</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp; </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$11,516,932</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$11,187,579</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(931,161</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(2,003,450</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">138,535</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">143,004</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="15">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">11,319,352</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3,500,999</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,022,067</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,000,321</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">43,394,015</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">33,593,912</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">12,677,534</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">12,330,904</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="15">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(8,273,822</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(6,356,144</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(2,954,143</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(2,367,860</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr>
                <td colspan="15">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">35,120,193</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">27,237,768</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">9,723,391</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">9,963,044</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="15">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(25,618,929</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(28,205,349</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(8,378,638</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(9,597,690</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" colspan="15">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" colspan="15">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" colspan="15">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,403,958</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,750,671</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">784,927</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">910,722</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">11,905,222</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,783,090</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">2,129,680</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,276,076</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="15">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="15">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">443,378,868</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">441,595,778</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">154,088,210</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">152,812,134</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" colspan="15">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right" colspan="15">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">455,284,090</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">443,378,868</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">156,217,890</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">154,088,210</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="15">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">158,649</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">187,096</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">52,337</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">61,504</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p>&nbsp;</p>

        <p><br>
        </p>

        <p align="right"><b><font face="sans-serif" size="1">See accompanying Notes to Financial
        Statements</font></b> <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font> <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <b><font face="sans-serif" size="1">31</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 3px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO California Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Statement of Cash
            Flows</font></b><br>
            <font face="sans-serif" size="1">For the year ended May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Cash Flows
                used for Operating Activities:</font></b> </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Purchases of long-term investments</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(55,863,816</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Proceeds from sales of long-term
                investments</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">25,241,927</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Interest received</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">33,811,513</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Net cash provided by options written</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">363,979</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Operating expenses paid</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(4,485,025</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Net cash provided by futures
                transactions</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(5,308,146</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Net increase in short-term
                investments</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">6,004,550</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Net cash used for operating
                activities</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">(235,018</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr>
                <td colspan="5">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Cash Flows
                from Financing Activities:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Proceeds from issuance of floating rate
                notes</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">21,361,644</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Cash dividends paid (excluding reinvestment
                of dividends of $722,333)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(31,483,959</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Net cash used for financing
                activities*</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">(10,122,315</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr>
                <td colspan="5">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Net decrease in cash</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">(10,357,333</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Cash at beginning of period</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">10,456,173</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Cash at end of period</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">98,840</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="5">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Reconciliation of Net Increase in Net Assets
                From Investment</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<b><font face="sans-serif" size="1">Operations to Net Cash Used for Operating
                Activities:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net increase in net assets resulting from
                investment operations</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">43,394,015</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Decrease in payable for investments
                purchased</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(1,483,300</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Increase in receivable for investments sold</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(193,055</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Decrease in interest receivable</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">273,948</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Increase in prepaid expenses and other
                assets</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(12,498</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Increase in investment management fees
                payable</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">6,370</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Increase in variation margin payable on futures
                contracts</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">81,740</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Decrease in variation margin receivable on futures
                contracts</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">327,749</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Increase in accrued expenses and other
                payables</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">35,434</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net increase in investments</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">(42,665,421</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr>
                <td colspan="5">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Net cash used for operating
                activities</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;                </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$(235,018</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="1%">
                <b><font face="sans-serif" size="1">*&nbsp;&nbsp;&nbsp;</font></b> </td>

                <td nowrap align="left" width="99%">
                <b><font face="sans-serif" size="1">Supplemental Disclosure</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Non-cash financing
                activity not included consists of interest expense on floating rate notes issued of
                $8,521,828.</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">32</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <b><font face="sans-serif" size="1">See
        accompanying Notes to Financial Statements</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 3px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO New York Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Statement of Cash
            Flows</font></b><br>
            <font face="sans-serif" size="1">For the year ended May 31, 2007</font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Cash Flows
                provided by Operating Activities:</font></b> </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Purchases of long-term investments</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(7,157,636</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Proceeds from sales of long-term
                investments</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7,503,752</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Interest received</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">12,368,413</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Net cash provided by options written</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">210,661</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Operating expenses paid</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(1,711,458</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Net cash used for futures
                transactions</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(516,146</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Net decrease in short-term
                investments</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">35,624</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Net cash provided by operating
                activities</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">10,733,210</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="5">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Cash Flows
                from Financing Activities:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Cash dividends paid (excluding reinvestment of
                dividends of $705,924)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(10,565,352</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Net cash used for financing
                activities*</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">(10,565,352</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr>
                <td colspan="5">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Net increase in cash</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">167,858</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Cash at beginning of period</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,335,562</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Cash at end of period</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,503,420</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="5">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Reconciliation of Net Increase in Net Assets
                From Investment</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<b><font face="sans-serif" size="1">Operations to Net Cash Provided by
                Operating Activities:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net increase in net assets resulting from
                investment operations</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">12,677,534</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Increase in receivable for investments sold</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(10,000</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Increase in interest receivable</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(134,767</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Decrease in prepaid expenses and other
                assets</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">303</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Increase in investment management fees
                payable</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1,601</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Decrease in variation margin payable on futures
                contracts</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(26,203</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Decrease in variation margin receivable on futures
                contracts</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">116,783</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Decrease in accrued expenses and other
                payables</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(418</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net increase in investments</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">(1,891,623</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr>
                <td colspan="5">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Net cash provided by operating
                activities</font></b> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="right">
                <font face="sans-serif" size="1">10,733,210</font> </td>

                <td style="BORDER-BOTTOM: #000000 2px solid" nowrap align="left">&nbsp;</td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="1%">
                <b><font face="sans-serif" size="1">*&nbsp;&nbsp;&nbsp;</font></b> </td>

                <td nowrap align="left" width="99%">
                <b><font face="sans-serif" size="1">Supplemental Disclosure</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Non-cash financing
                activity not included consists of interest expense on floating rate notes issued of
                $1,565,412.</font> </td>
            </tr>
        </table>
        <br>

        <p align="right"><b><font face="sans-serif" size="1">See accompanying Notes to Financial
        Statements</font></b> <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font> <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <b><font face="sans-serif" size="1">33</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
            II</font></b> <b><font face="sans-serif" size="2">Notes to Financial
            Statements</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <p align="justify"><b><font face="sans-serif" size="2">1. Organization and Significant
        Accounting Policies<br>
        </font></b><font face="sans-serif" size="1">PIMCO Municipal Income Fund II
        (&ldquo;Municipal II&rdquo;), PIMCO California Municipal Income Fund II (&ldquo;California
        Municipal II&rdquo;) and PIMCO New York Municipal Income Fund II (&ldquo;New York Municipal
        II&rdquo;), collectively referred to as the &ldquo;Funds&rdquo;, were organized as
        Massachusetts business trusts on March 29, 2002. Prior to commencing operations on June 28,
        2002, the Funds had no operations other than matters relating to their organization and
        registration as non-diversified, closed-end management investment companies registered
        under the Investment Company Act of 1940 and the rules and regulations thereunder, as
        amended. Allianz Global Investors Fund Management LLC (the &ldquo;Investment
        Manager&rdquo;), serves as the investment manager and is an indirect, wholly-owned
        subsidiary of Allianz Global Investors of America L.P. (&ldquo;Allianz Global&rdquo;).
        Allianz Global is an indirect majority-owned subsidiary of Allianz SE, a publicly traded
        insurance and financial services company. The Funds have an unlimited amount of $0.00001
        par value common stock authorized.</font></p>

        <p align="justify"><font face="sans-serif" size="1">Under normal market conditions,
        Municipal II invests substantially all of its total assets in a portfolio of municipal
        bonds, the interest from which is exempt from federal income taxes. Under normal market
        conditions, California Municipal II invests substantially all of its total assets in
        municipal bonds which pay interest that is currently exempt from federal and California
        state income taxes. Under normal market conditions, New York Municipal II invests
        substantially all of its total assets in municipal bonds which pay interest that is
        currently exempt from federal, New York State and New York City income taxes. The Funds
        will seek to avoid bonds generating interest income which could potentially subject
        individuals to alternative minimum tax. The issuers&rsquo; abilities to meet their
        obligations may be affected by economic and political developments in a specific state or
        region.</font></p>

        <p align="justify"><font face="sans-serif" size="1">The preparation of the financial
        statements in accordance with accounting principles generally accepted in the United States
        of America requires management to make estimates and assumptions that affect the reported
        amounts and disclosures in the financial statements. Actual results could differ from those
        estimates.</font></p>

        <p align="justify"><font face="sans-serif" size="1">In the normal course of business the
        Funds enter into contracts that contain a variety of representations which provide general
        indemnifications. The Funds&rsquo; maximum exposure under these arrangements is unknown as
        this would involve future claims that may be made against the Funds based upon events that
        have not been asserted. However, the Funds expect the risk of any loss to be
        remote.</font></p>

        <p align="justify"><font face="sans-serif" size="1">In July 2006, the Financial Accounting
        Standards Board issued Interpretation No. 48, &ldquo;Accounting for Uncertainty in Income
        Taxes - an Interpretation of FASB Statement No. 109&rdquo; (the
        &ldquo;Interpretation&rdquo;). The Interpretation establishes for all entities, including
        pass-through entities such as the Funds, a minimum threshold for financial statement
        recognition of the benefit of positions taken in filing tax returns (including whether an
        entity is taxable in a particular jurisdiction), and requires certain expanded tax
        disclosures. The Interpretation is effective for fiscal years beginning after December 15,
        2006, and is to be applied to all open tax years as of the date of effectiveness. Fund
        management has recently begun to evaluate the application of the Interpretation, and is not
        in a position at this time to estimate the significance of its impact, if any, on the
        Funds&rsquo; financial statements. On December 22, 2006, the Securities &amp; Exchange
        Commission announced that it would not object if a fund implements the Interpretation in
        its NAV calculation as late as its last NAV calculation in the first required financial
        statement reporting period for its fiscal year beginning after December 15, 2006.
        Consequently, the Funds will be required to comply with the Interpretation by November 30,
        2007.</font></p>

        <p align="justify"><font face="sans-serif" size="1">In September 2006, the Financial
        Accounting Standards Board issued Statement of Financial Accounting Standards
        (&ldquo;SFAS&rdquo;) 157, Fair Value Measurements, which clarifies the definition of fair
        value and requires companies to expand their disclosure about the use of fair value to
        measure assets and liabilities in interim and annual periods subsequent to initial
        recognition. Adoption of SFAS 157 requires the use of the price that would be received to
        sell an asset or paid to transfer a liability in an orderly transaction between market
        participants at the measurement date. SFAS 157 is effective for financial statements issued
        for fiscal years beginning after November 15, 2007, and interim periods within those fiscal
        years. At this time, the Funds are in the process of reviewing the SFAS 157 against their
        current valuation policies to determine future applicability.</font></p>

        <p align="justify">&nbsp;</p>

        <p align="justify"><b><font face="sans-serif" size="1">34</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
            II</font></b> <b><font face="sans-serif" size="2">Notes to Financial
            Statements</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <p align="justify">&nbsp;</p>

        <p align="justify"><font face="sans-serif" size="1">The following is a summary of
        significant accounting policies consistently followed by the Funds:</font></p>

        <p align="justify"><b><font face="sans-serif" size="2">1. Organization and Significant
        Accounting Policies (continued)</font></b></p>

        <p align="justify"><b><font face="sans-serif" size="1">(a) Valuation of Investments<br>
        </font></b><font face="sans-serif" size="1">Portfolio securities and other financial
        instruments for which market quotations are readily available are stated at market value.
        Portfolio securities and other financial instruments for which market quotations are not
        readily available or if a development/event occurs that may significantly impact the value
        of a security, are fair-valued, in good faith, pursuant to guidelines established by the
        Board of Trustees. The Funds&rsquo; investments are valued daily using prices supplied by
        an independent pricing service or dealer quotations, or using the last sale price on the
        exchange that is the primary market for such securities, or the last quoted mean price for
        those securities for which the over-the-counter market is the primary market or for listed
        securities in which there were no sales. Independent pricing services use information
        provided by market makers or estimates of market values obtained from yield data relating
        to investments or securities with similar characteristics. Exchange traded options and
        futures are valued at the settlement price determined by the relevant exchange. Short-term
        securities maturing in 60 days or less are valued at amortized cost, if their original term
        to maturity was 60 days or less, or by amortizing their value on the 61st day prior to
        maturity, if the original term to maturity exceeded 60 days. The prices used by the Funds
        to value securities may differ from the value that would be realized if the securities were
        sold and the differences could be material to the financial statements. Each Fund&rsquo;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 (&ldquo;NYSE&rdquo;) on each day the
        NYSE is open for business.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">(b) Investment Transactions and
        Investment Income<br>
        </font></b><font face="sans-serif" size="1">Investment transactions are accounted for on
        the trade date. Realized gains and losses on investments are determined on the identified
        cost basis. Interest income is recorded on an accrual basis. Original issue discounts or
        premiums on debt securities purchased are accreted or amortized, respectively daily to
        non-taxable interest income. Market discount, if any, is accreted daily to taxable
        income.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">(c) Federal Income Taxes<br>
        </font></b><font face="sans-serif" size="1">The Funds intend to distribute all of their
        taxable income and to comply with the other requirements of the U.S. Internal Revenue Code
        of 1986, as amended, applicable to regulated investment companies. Accordingly, no
        provision for U.S. federal income taxes is required.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">(d) Dividends and Distributions
        &mdash; Common Stock<br>
        </font></b><font face="sans-serif" size="1">The Funds declare dividends from net investment
        income monthly to common shareholders. Distributions of net realized capital gains, if any,
        are paid at least annually. Each Fund records dividends and distributions to its
        shareholders on the ex-dividend date. The amount of dividends and distributions from net
        investment income and net realized capital gains are determined in accordance with federal
        income tax regulations, which may differ from generally accepted accounting principles.
        These &ldquo;book-tax&rdquo; differences are considered either temporary or permanent in
        nature. To the extent these differences are permanent in nature, such amounts are
        reclassified within the capital accounts based on their federal income tax treatment;
        temporary differences do not require reclassification. To the extent dividends and/or
        distributions exceed current and accumulated earnings and profits for federal income tax
        purposes; they are reported as dividends and/or distributions of paid-in
        capital.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">(e) Futures Contracts<br>
        </font></b><font face="sans-serif" size="1">A futures contract is an agreement between two
        parties to buy and sell a financial instrument at a set price on a future date. Upon
        entering into such a contract, the Funds are required to pledge to the broker an amount of
        cash or securities, equal to the minimum &ldquo;initial margin&rdquo; requirements of the
        exchange. Pursuant to the contracts, the Funds agree to receive from or pay to the broker
        an amount of cash or securities equal to the daily fluctuation in the value of the
        contracts. Such receipts or payments are known as &ldquo;variation margin&rdquo; and are
        recorded by the Funds as unrealized appreciation or depreciation. When the contracts are
        closed, the Funds record a realized gain or loss equal to the difference between the value
        of the contracts at the time they were opened and the value at the time they were closed.
        Any unrealized appreciation or depreciation recorded is simultaneously reversed. The use of
        futures transactions involves the risk of an imperfect correlation in the movements in the
        price of futures contracts, interest rates and the underlying hedged assets, and the
        possible inability of counterparties to meet the terms of their contracts.</font></p>

        <p align="justify">&nbsp;</p>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">35</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
            II</font></b> <b><font face="sans-serif" size="2">Notes to Financial
            Statements</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <p align="justify">&nbsp;</p>

        <p align="justify"><b><font face="sans-serif" size="2">1. Organization and Significant
        Accounting Policies (continued)</font></b></p>

        <p align="justify"><b><font face="sans-serif" size="1">(f) Option Transactions<br>
        </font></b><font face="sans-serif" size="1">The Funds may purchase and write (sell) put and
        call options on securities for hedging purposes, risk management purposes or as part of its
        investment strategy. The risk associated with purchasing an option is that the Funds pay a
        premium whether or not the option is exercised. Additionally, the Funds bear the risk of
        loss of premium and change in market value should the counterparty not perform under the
        contract. Put and call options purchased are accounted for in the same manner as portfolio
        securities. The cost of securities acquired through the exercise of call options is
        increased by the premiums paid. The proceeds from securities sold through the exercise of
        put options is decreased by the premiums paid.</font></p>

        <p align="justify"><font face="sans-serif" size="1">When an option is written, the premium
        received is recorded as an asset with an equal liability which is subsequently marked to
        market to reflect the current market value of the option written. These liabilities are
        reflected as options written in the Statements of Assets and Liabilities. Premiums received
        from writing options which expire unexercised are recorded on the expiration date as a
        realized gain. The difference between the premium received and the amount paid on effecting
        a closing purchase transaction, including brokerage commissions, is also treated as a
        realized gain, or if the premium is less than the amount paid for the closing purchased
        transactions, as a realized loss. If a call option written by the Funds is exercised, the
        premium is added to the proceeds from the sale of the underlying security in determining
        whether there has been a realized gain or loss. If a put option written by the Funds is
        exercised, the premium reduces the cost basis of the security. In writing an option, the
        Funds bear the market risk of an unfavorable change in the price of the security underlying
        the written option. Exercise of a written option could result in the Funds purchasing a
        security at a price different from its current market value.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">(g) Inverse Floating Rate
        Transactions &mdash; Residual Interest Municipal Bonds (&ldquo;RIBs&rdquo;) / Residual
        Interest Tax Exempt Bonds (&ldquo;RITEs&rdquo;)<br>
        </font></b><font face="sans-serif" size="1">The Funds invest in RIBs and RITEs
        (&ldquo;Inverse Floaters&rdquo;) whose interest rates bear an inverse relationship to the
        interest rate on another security or the value of an index. In these transactions, the
        Funds sell a fixed rate municipal bond (&ldquo;Fixed Rate Bond&rdquo;) to a broker who
        places the Fixed Rate Bond in a special purpose trust (&ldquo;Trust&rdquo;) from which
        floating rate bonds (&ldquo;Floating Rate Notes&rdquo;) and Inverse Floaters are issued.
        The Funds simultaneously or within a short period of time purchase the Inverse Floaters
        from the broker. The Inverse Floaters held by the Funds provide the Funds with the right
        to: (1) cause the holders of the Floating Rate Notes to tender their notes at par, and (2)
        cause the broker to transfer the Fixed-Rate Bond held by the Trust to the Funds, thereby
        collapsing the Trust. Pursuant to Statement of Financial Accounting Standards No. 140
        (&ldquo;FASB Statement No. 140&rdquo;), the Funds account for the transaction described
        above as a secured borrowing by including the Fixed-Rate Bond in their Schedules of
        Investments, and account for the Floating Rate Notes as a liability under the caption
        &ldquo;Payable for floating rate notes&rdquo; in the Funds&rsquo; Statements of Assets and
        Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and
        their holders have the option to tender their notes to the broker for redemption at par at
        each reset date.</font></p>

        <p align="justify"><font face="sans-serif" size="1">The Funds may also invest in Inverse
        Floaters without transferring a fixed rate municipal bond into a special purpose trust,
        which are not accounted for as secured borrowings.</font></p>

        <p align="justify"><font face="sans-serif" size="1">The Inverse Floaters are created by
        dividing the income stream provided by the underlying bonds to create two securities, one
        short-term and one long-term. The interest rate on the short-term component is reset by an
        index or auction process typically every 7 to 35 days. After income is paid on the
        short-term securities at current rates, the residual income from the underlying bond(s)
        goes to the long-term securities. Therefore, rising short-term rates result in lower income
        for the long-term component and visa versa. The longer-term bonds may be more volatile and
        less liquid than other municipal bonds of comparable maturity. Investments in Inverse
        Floaters typically will involve greater risk than an investment in Fixed Rate Bonds. The
        Funds may also invest in Inverse Floaters for the purpose of increasing
        leverage.</font></p>

        <p align="justify"><font face="sans-serif" size="1">The Funds&rsquo; restrictions on
        borrowings do not apply to the secured borrowings deemed to have occurred for accounting
        purposes pursuant to FASB Statement No. 140. Inverse Floaters held by the Funds are exempt
        from registration under Rule 144A of the Securities Act of 1933.</font></p>

        <p align="justify">&nbsp;</p>

        <p align="justify"><b><font face="sans-serif" size="1">36</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
            II</font></b> <b><font face="sans-serif" size="2">Notes to Financial
            Statements</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <p align="justify">&nbsp;</p>

        <p align="justify"><b><font face="sans-serif" size="2">1. Organization and Significant
        Accounting Policies (continued)</font></b></p>

        <p align="justify"><b><font face="sans-serif" size="1">(h) When-Issued/Delayed-Delivery
        Transactions<br>
        </font></b><font face="sans-serif" size="1">When-issued or delayed-delivery basis
        transactions involve a commitment to purchase or sell securities for a predetermined price
        or yield, with payment and delivery taking place beyond the customary settlement period.
        When delayed-delivery purchases are outstanding, the Funds will set aside and maintain
        until the settlement date in a designated account, liquid assets in an amount sufficient to
        meet the purchase price. When purchasing a security on a delayed-delivery basis, the Funds
        assume the rights and risks of ownership of the security, including the risk of price and
        yield fluctuations, consequently, such fluctuations are taken into account when determining
        its net asset value. The Funds may dispose of or renegotiate a delayed-delivery transaction
        after it is entered into, and may sell when-issued securities before they are delivered,
        which may result in a realized gain or loss. When a security on a delayed-delivery basis is
        sold, the Funds do not participate in future gains and losses with respect to the
        security.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">(i) Custody Credits Earned on Cash
        Balances<br>
        </font></b><font face="sans-serif" size="1">The Funds benefit from an expense offset
        arrangement with their custodian bank whereby uninvested cash balances earn credits which
        reduce monthly custodian and accounting agent expenses. Had these cash balances been
        invested in income producing securities, they would have generated income for the
        Funds.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">(j) Interest Expense<br>
        </font></b><font face="sans-serif" size="1">Interest expense relates to the Funds&rsquo;
        liability in connection with floating rate notes held by third parties in conjunction with
        Inverse Floater transactions. Interest expense is recorded as incurred.</font></p>

        <p align="justify"><b><font face="sans-serif" size="2">2. Investment
        Manager/Sub-Adviser<br>
        </font></b><font face="sans-serif" size="1">Each Fund has entered into an Investment
        Management Agreement (collectively the &ldquo;Agreements&rdquo;) with the Investment
        Manager. Subject to the supervision by each Fund&rsquo;s Board of Trustees, the Investment
        Manager is responsible for managing, either directly or through others selected by it, the
        Fund&rsquo;s investment activities, business affairs and other administrative matters.
        Pursuant to the Agreements, the Investment Manager receives an annual fee, payable monthly,
        at the annual rate of 0.65% of each Fund&rsquo;s average daily net assets, inclusive of net
        assets attributable to any preferred shares that may be outstanding. In order to reduce
        Fund expenses, the Investment Manager has contractually agreed to waive a portion of its
        investment management fee for each Fund at the annual rate of 0.15% of each Fund&rsquo;s
        average daily net assets, including net assets attributable to any preferred shares that
        may be outstanding, from the commencement of operations through June 30, 2007, and for a
        declining amount thereafter through June 30, 2009.</font></p>

        <p align="justify"><font face="sans-serif" size="1">The Investment Manager has retained its
        affiliate, Pacific Investment Management Company LLC (the &ldquo;Sub-Adviser&rdquo;) to
        manage each Fund&rsquo;s investments. Subject to the supervision of the Investment Manager,
        the Sub-Adviser makes all investment decisions for the Funds. The Investment Manager, not
        the Funds, pays a portion of the fees it receives to the Sub-Adviser in return for its
        services.</font></p>

        <p align="justify"><b><font face="sans-serif" size="2">3. Investments in Securities<br>
        </font></b><font face="sans-serif" size="1">For the year ended May 31, 2007, purchases and
        sales of investments, other than short-term securities, were:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="95%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">California</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">New York</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="95%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Municipal II</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Municipal II</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Municipal II</font>
                    </div>
                </td>
            </tr>

            <tr>
                <td colspan="7">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="95%">
                <font face="sans-serif" size="1">Purchases</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$108,875,007</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$54,371,550</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$7,151,200</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="95%"><font face="sans-serif" size="1">Sales</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">52,212,994</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">25,434,982</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">7,513,750</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify">&nbsp;</p>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">37</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
            II</font></b> <b><font face="sans-serif" size="2">Notes to Financial
            Statements</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <p align="justify">&nbsp;</p>

        <p align="justify"><b><font face="sans-serif" size="2">3. Investments in Securities
        (continued)</font></b></p>

        <p align="justify"><font face="sans-serif" size="1">(a) Futures contracts outstanding at
        May 31, 2007:</font></p>

        <table cellspacing="0" cellpadding="0" width="60%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Market</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">Unrealized</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Value</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Expiration</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">Appreciation</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <font style="BORDER-BOTTOM: #000000 1px solid" face="sans-serif" size="1">Municipal
                II</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center">
                <font face="sans-serif" size="1">Contracts</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center">
                <font face="sans-serif" size="1">(000)</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center">
                <font face="sans-serif" size="1">Date</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">(Depreciation)</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Long:
                Financial Future Euro&mdash;90 day</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">23</font> </td>

                <td>&nbsp;</td>

                <td nowrap  valign="bottom" align="right"><font face="sans-serif" size="1">$</font></td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,442</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6/18/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap  valign="bottom" align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">(27,312</font> </td>

                <td nowrap align="left" valign="middle"><font face="sans-serif" size="1">)</font></td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">Financial Future Euro&mdash;90 day</font>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">23</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,443</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">9/17/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(26,738</font> </td>

                <td nowrap align="left" valign="middle"><font face="sans-serif" size="1">)</font></td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">Financial Future Euro&mdash;90 day</font>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">23</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,446</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">12/17/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(24,438</font> </td>

                <td nowrap align="left" valign="middle"><font face="sans-serif" size="1">)</font></td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">Financial Future Euro&mdash;90 day</font>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">23</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,450</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3/17/08</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(19,550</font> </td>

                <td nowrap align="left" valign="middle"><font face="sans-serif" size="1">)</font></td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">U.S. Treasury Notes 5 yr. Futures</font>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">3,789</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">395,714</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">9/28/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(473,625</font> </td>

                <td nowrap align="left" valign="middle"><font face="sans-serif" size="1">)</font></td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Short: U.S.
                Treasury Bond Futures</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">(34</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(3,712</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">6/20/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">137,333</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">U.S. Treasury Bond Futures</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">(2,575</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(281,077</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">6/30/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">10,400,580</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">U.S. Treasury Bond Futures</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">(924</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(100,832</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">9/19/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">137,156</font> </td>

                <td nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">U.S. Treasury Notes 10 yr. Futures</font>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">(362</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(38,508</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">9/19/07</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">90,500</font> </td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td valign="bottom" style="BORDER-BOTTOM: #000000 3px double" nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">$</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap align="right">
                <font face="sans-serif" size="1">10,193,906</font></td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <font style="BORDER-BOTTOM: #000000 1px solid" face="sans-serif" size="1">California
                Municipal II</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Long:
                Financial Future Euro&mdash;90 day</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">261</font> </td>

                <td>&nbsp;</td>

                <td nowrap valign="bottom" align="right"><font face="sans-serif" size="1">$</font></td>

                <td nowrap align="right"><font face="sans-serif" size="1">61,753</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">6/18/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">(250,712</font> </td>

                <td><font face="sans-serif" size="1" valign="middle">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">Financial Future Euro&mdash;90 day</font>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">251</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">59,402</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">9/17/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(229,988</font> </td>

                <td><font face="sans-serif" size="1" valign="middle">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">Financial Future Euro&mdash;90 day</font>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">261</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">61,798</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">12/17/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(215,513</font> </td>

                <td><font face="sans-serif" size="1" valign="middle">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">Financial Future Euro&mdash;90 day</font>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">261</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">61,847</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3/17/08</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(160,050</font> </td>

                <td><font face="sans-serif" size="1" valign="middle">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">U.S. Treasury Notes 5 yr. Futures</font>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">960</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">100,260</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">9/28/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(120,000</font> </td>

                <td><font face="sans-serif" size="1" valign="middle">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Short: U.S.
                Treasury Bond Futures</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">(1,116</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(121,818</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">6/20/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,237,313</font> </td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">U.S. Treasury Bond Futures</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">(560</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(61,110</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">9/19/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">83,125</font> </td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">U.S. Treasury Notes 10 yr. Futures</font>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">(576</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(61,272</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">9/19/07</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">144,000</font> </td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">$</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap align="right">
                <font face="sans-serif" size="1">3,488,175</font></td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <font style="BORDER-BOTTOM: #000000 1px solid" face="sans-serif" size="1">New York
                Municipal II</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Long: U.S.
                Treasury Notes 5 yr. Futures</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">189</font> </td>

                <td>&nbsp;</td>

                <td nowrap valign="bottom" align="right"><font face="sans-serif" size="1">$</font></td>

                <td nowrap align="right"><font face="sans-serif" size="1">19,739</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">9/28/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left" valign="bottom"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">(23,625</font> </td>

                <td><font face="sans-serif" size="1" valign="middle">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Short: U.S.
                Treasury Bond Futures</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">(303</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(33,074</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">6/30/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,150,453</font> </td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">U.S. Treasury Bond Futures</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">(65</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(7,093</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">9/19/07</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">9,649</font> </td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                &nbsp;<font face="sans-serif" size="1">U.S. Treasury Notes 10 yr. Futures</font>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">(34</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(3,617</font> </td>

                <td><font face="sans-serif" size="1">)</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">6/20/07</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">55,781</font> </td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap  valign="bottom" align="right">
                    <div align="left">
                        <font face="sans-serif" size="1">$</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap align="right">
                <font face="sans-serif" size="1">1,192,258</font></td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" colspan="5"><font face="sans-serif" size="1">(b)
                Transactions in options written for the year ended May 31, 2007:</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center">
                <font face="sans-serif" size="1">Contracts</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">Premiums</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <font style="BORDER-BOTTOM: #000000 1px solid" face="sans-serif" size="1">Municipal
                II</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                outstanding, May 31, 2006</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">&mdash;</font> </td>

                <td>&nbsp;</td>

                <td nowrap  valign="bottom" align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">0</font> </td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                written</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5,811</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">988,770</font> </td>

                <td>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                terminated in closing transactions</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(1,497</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">)</font></td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(205,650</font> </td>

                <td nowrap align="left" valign="middle"><font face="sans-serif" size="1">)</font></td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                expired</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(4,314</font> </td>

                <td valign="middle" nowrap align="left">
                <font face="sans-serif" size="1">)</font></td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(783,120</font> </td>

                <td valign="middle" nowrap align="left">
                <font face="sans-serif" size="1">)</font></td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                outstanding, May 31, 2007</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap align="right">
                <font face="sans-serif" size="1">$0</font> </td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <font style="BORDER-BOTTOM: #000000 1px solid" face="sans-serif" size="1">California
                Municipal II</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                outstanding, May 31, 2006</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">&mdash;</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap  valign="bottom" align="left"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">0</font> </td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                written</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,997</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">363,979</font> </td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                terminated in closing transactions</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(475</font> </td>

                <td nowrap valign="middle" align="left"><font face="sans-serif" size="1">)</font></td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(65,254</font> </td>

                <td nowrap align="left" valign="middle"><font face="sans-serif" size="1">)</font></td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                expired</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(1,522</font> </td>

                <td valign="middle" nowrap align="left">
                <font face="sans-serif" size="1">)</font></td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(298,725</font> </td>

                <td valign="middle" nowrap align="left">
                <font face="sans-serif" size="1">)</font></td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                outstanding, May 31, 2007</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap align="right">
                <font face="sans-serif" size="1">$0</font> </td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <font style="BORDER-BOTTOM: #000000 1px solid" face="sans-serif" size="1">New York
                Municipal II</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                outstanding, May 31, 2006</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">&mdash;</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left" valign="bottom"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">0</font> </td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                written</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,287</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">210,661</font> </td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                terminated in closing transactions</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(341</font> </td>

                <td nowrap valign="middle" align="left"><font face="sans-serif" size="1">)</font></td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">(46,845</font> </td>

                <td nowrap align="left" valign="middle"><font face="sans-serif" size="1">)</font></td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                expired</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(946</font> </td>

                <td valign="middle" nowrap align="left">
                <font face="sans-serif" size="1">)</font></td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(163,816</font> </td>

                <td valign="middle" nowrap align="left">
                <font face="sans-serif" size="1">)</font></td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Options
                outstanding, May 31, 2007</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 3px double" nowrap align="right">
                <font face="sans-serif" size="1">$0</font> </td>

                <td nowrap align="left">&nbsp;</td>
            </tr>
    </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">38</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
            II</font></b> <b><font face="sans-serif" size="2">Notes to Financial
            Statements</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <p align="justify"><b><font face="sans-serif" size="2">4. Income Tax
        Information</font></b></p>

        <p align="justify">
        <font style="BORDER-BOTTOM: #000000 1px solid" face="sans-serif" size="1">Municipal
        II:</font></p>

        <p align="justify"><font face="sans-serif" size="1">The tax character of dividends paid
        were:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="95%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">Year ended</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">Year ended</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="95%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">May 31, 2007</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">May 31, 2006</font>
                    </div>
                </td>
            </tr>

            <tr>
                <td colspan="7">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="95%"><font face="sans-serif" size="1">Ordinary
                Income</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">6,763,575</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">4,296,868</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="95%"><font face="sans-serif" size="1">Tax Exempt
                Income</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">58,545,468</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">65,236,145</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><font face="sans-serif" size="1">At May 31, 2007, there were no
        distributable earnings.</font></p>

        <p align="justify"><font face="sans-serif" size="1">At May 31, 2007, Municipal II had a
        capital loss carryforward of $77,152,498 ($10,260,913 of which will expire in 2012,
        $54,505,416 of which will expire in 2013, $4,473,237 of which will expire in 2014 and
        $7,912,932 of which will expire in 2015), available as a reduction, to the extent provided
        in the regulations, of any future net realized capital gains. To the extent that these
        losses are used to offset future realized capital gains, such gains will not be
        distributed.</font></p>

        <p align="justify"><font face="sans-serif" size="1">For the year ended May 31, 2007,
        permanent &rdquo;book-tax&rdquo; differences were primarily attributable to the differing
        treatment of inverse floater transactions and non-deductible excise taxes. These
        adjustments were to decrease distribution in excess of net investment income by $149,648,
        decrease paid-in capital by $19,711 and increase accumulated net realized loss by
        $129,937.</font></p>

        <p align="justify">
        <font style="BORDER-BOTTOM: #000000 1px solid" face="sans-serif" size="1">California
        Municipal II:</font></p>

        <p align="justify"><font face="sans-serif" size="1">The tax character of dividends paid
        were:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="95%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">Year ended</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">Year ended</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="95%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">May 31, 2007</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">May 31, 2006</font>
                    </div>
                </td>
            </tr>

            <tr>
                <td colspan="7">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="95%"><font face="sans-serif" size="1">Ordinary
                Income</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,663,293</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">1,211,673</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="95%"><font face="sans-serif" size="1">Tax Exempt
                Income</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">32,229,458</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">33,349,820</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><font face="sans-serif" size="1">At May 31, 2007, there were no
        distributable earnings.</font></p>

        <p align="justify"><font face="sans-serif" size="1">At May 31, 2007, California Municipal
        II had a capital loss carryforward of $25,780,263 ($3,919,943 of which will expire in 2012,
        $16,328,922 of which will expire in 2013 and $5,531,398 of which will expire in 2015),
        available as a reduction, to the extent provided in the regulations, of any future net
        realized capital gains. To the extent that these losses are used to offset future realized
        capital gains, such gains will not be distributed.</font></p>

        <p align="justify"><font face="sans-serif" size="1">For the year ended May 31, 2007,
        permanent &rdquo;book-tax&rdquo; differences were primarily attributable to the differing
        treatment of inverse floater transactions and non-deductible excise taxes. These
        adjustments were to increase distribution in excess of net investment income by $16,906,
        decrease paid-in capital by $5,957 and decrease accumulated net realized loss by
        $22,863.</font></p>

        <p align="justify">
        <font style="BORDER-BOTTOM: #000000 1px solid" face="sans-serif" size="1">New York
        Municipal II:</font></p>

        <p align="justify"><font face="sans-serif" size="1">The tax character of dividends paid
        were:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="95%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">Year ended</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">Year ended</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="95%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">May 31, 2007</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">May 31, 2006</font>
                    </div>
                </td>
            </tr>

            <tr>
                <td colspan="7">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="95%"><font face="sans-serif" size="1">Ordinary
                Income</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="left">
                    <div align="right">
                        <font face="sans-serif" size="1">341,156</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">358,930</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="95%"><font face="sans-serif" size="1">Tax Exempt
                Income</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="left">
                    <div align="right">
                        <font face="sans-serif" size="1">10,991,625</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">11,606,620</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="95%"><font face="sans-serif" size="1">At May 31,
                2007, there were no distributable earnings.</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">39</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
            II</font></b> <b><font face="sans-serif" size="2">Notes to Financial
            Statements</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <p align="justify">&nbsp;</p>

        <p align="justify"><b><font face="sans-serif" size="2">4. Income Tax Information
        (continued)</font></b></p>

        <p align="justify"><font face="sans-serif" size="1">At May 31, 2007, New York Municipal II
        had a capital loss carryforward of $6,186,327 ($378,802 of which will expire in 2012,
        $5,755,677 of which will expire in 2013 and $51,848 of which will expire in 2015) available
        as a reduction, to the extent provided in the regulations, of any future net realized
        capital gains. To the extent that these losses are used to offset future realized capital
        gains, such gains will not be distributed.</font></p>

        <p align="justify"><font face="sans-serif" size="1">For the year ended May 31, 2007,
        permanent &rdquo;book-tax&rdquo; differences were primarily attributable to the differing
        treatment of inverse floater transactions and non-deductible excise taxes. These
        adjustments were to decrease distribution in excess of net investment income by $25,068,
        decrease paid-in capital by $655 and increase accumulated net realized loss by
        $24,413.</font></p>

        <p align="justify"><font face="sans-serif" size="1">The cost of investments for federal
        income tax purposes and gross unrealized appreciation and gross unrealized depreciation of
        investments at May 31, 2007 were:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Gross</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Gross</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Net</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center"><font face="sans-serif" size="1">Cost of</font> </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <font face="sans-serif" size="1">Unrealized</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Unrealized</font>
                    </div>
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Unrealized</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">Investments</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Appreciation</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">Depreciation</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center">
                <font face="sans-serif" size="1">Appreciation</font> </td>
            </tr>

            <tr>
                <td colspan="9">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Municipal
                II</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$1,251,592,975</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$126,591,806</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                <font face="sans-serif" size="1">$&nbsp;&nbsp;57,999</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">$126,533,807</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">California
                Municipal II</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="right">
                        <font face="sans-serif" size="1">660,209,194</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">47,282,632</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">&mdash;</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">47,282,632</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">New York
                Municipal II</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="right">
                        <font face="sans-serif" size="1">230,462,609</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">11,577,724</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">560,187</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">11,017,537</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><font face="sans-serif" size="1">The difference between book and tax
        appreciation is primarily attributable to wash sales and inverse floater
        transactions.</font></p>

        <p align="justify"><b><font face="sans-serif" size="2">5. Auction Preferred Shares<br>
        </font></b><font face="sans-serif" size="1">Municipal II has issued 4,040 shares of
        Preferred Shares Series A, 4,040 shares of Preferred Shares Series B, 4,040 shares of
        Preferred Shares Series C, 4,040 shares of Preferred Shares Series D and 4,040 shares of
        Preferred Shares Series E, each with a net asset and liquidation value of $25,000 per share
        plus accrued dividends.</font></p>

        <p align="justify"><font face="sans-serif" size="1">California Municipal II has issued
        2,080 shares of Preferred Shares Series A, 2,080 shares of Preferred Shares Series B, 2,080
        shares of Preferred Shares Series C, 2,080 shares of Preferred Shares Series D and 2,080
        shares of Preferred Shares Series E, each with a net asset and liquidation value of $25,000
        per share plus accrued dividends.</font></p>

        <p align="justify"><font face="sans-serif" size="1">New York Municipal II has issued 1,800
        shares of Preferred Shares Series A and 1,800 shares of Preferred Shares Series B, each
        with a net asset and liquidation value of $25,000 per share plus accrued
        dividends.</font></p>

        <p align="justify"><font face="sans-serif" size="1">Dividends and distributions of net
        realized long-term capital gains, if any, are accumulated daily at an annual rate
        (typically re-set every seven days) through auction procedures.</font></p>

        <p align="justify"><font face="sans-serif" size="1">For the year ended May 31, 2007, the
        annualized dividend rates ranged from:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">High</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="2">
                    <div align="center">
                        <font face="sans-serif" size="1">Low</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center" colspan="2">
                <font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At May 31,
                2007</font>&nbsp;&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="center" width="90%">
                    <div align="left">
                        <font style="BORDER-BOTTOM: #000000 1px solid" face="sans-serif" size="1">Municipal
                        II:</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Series A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5.32</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2.90</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.00</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Series B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5.32</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.00</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.50</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Series C</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5.30</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.00</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.15</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Series D</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4.00</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.15</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.50</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Series E</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5.32</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.10</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.30</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <font style="BORDER-BOTTOM: #000000 1px solid" face="sans-serif" size="1">California
                Municipal II:</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Series A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5.32</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2.00</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.00</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Series B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5.32</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2.105</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.50</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Series C</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">4.875</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2.75</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.25</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Series D</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.80</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2.20</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.25</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Series E</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">5.32</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">2.50</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.00</font> </td>

                <td nowrap align="left"><font face="sans-serif" size="1">%</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">40</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 1px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
            II</font></b> <b><font face="sans-serif" size="2">Notes to Financial
            Statements</font></b><br>
            <font face="sans-serif" size="1">May 31, 2007</font>
        </div>

        <p align="justify">&nbsp;</p>

        <p align="justify"><b><font face="sans-serif" size="2">5. Auction Preferred Shares
        (continued)</font></b></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left">
                <font style="BORDER-BOTTOM: #000000 1px solid" face="sans-serif" size="1">New York
                Municipal II:</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp; &nbsp;<font face="sans-serif" size="1">Series
                A</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">4.00%</font>
                    </div>
                </td>

                <td>
                </td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">2.85%</font>
                    </div>
                </td>

                <td>
                </td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">3.50%</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp; &nbsp;<font face="sans-serif" size="1">Series
                B</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">5.32%</font>
                    </div>
                </td>

                <td>
                </td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">2.75%</font>
                    </div>
                </td>

                <td>
                </td>

                <td nowrap align="left">
                    <div align="center">
                        <font face="sans-serif" size="1">3.20%</font>
                    </div>
                </td>
            </tr>
        </table>
        <br>

        <p align="justify"><font face="sans-serif" size="1">The Funds are subject to certain
        limitations and restrictions while Preferred Shares are outstanding. Failure to comply with
        these limitations and restrictions could preclude the Funds from declaring any dividends or
        distributions to common shareholders or repurchasing common shares and/or triggering the
        mandatory redemption of Preferred Shares at their liquidation value.</font></p>

        <p align="justify"><font face="sans-serif" size="1">Preferred Shares, which are entitled to
        one vote per share, generally vote separately as a class to elect two Trustees and on any
        matters affecting the rights of the Preferred Shares.</font></p>

        <p align="justify"><b><font face="sans-serif" size="2">6. Subsequent Common Dividend
        Declarations<br>
        </font></b><font face="sans-serif" size="1">On June 1, 2007, the following dividends were
        declared to common shareholders payable July 2, 2007 to shareholders of record on June 11,
        2007:</font></p>

        <table cellspacing="0" cellpadding="0" align="center" border="0">
            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">Municipal II</font> </td>

                <td>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$0.065 per common
                share</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">California Municipal
                II</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$0.07 per common
                share</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">New York Municipal
                II</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$0.06625 per common
                share</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><font face="sans-serif" size="1">On July 2, 2007 the following dividends
        were declared to common shareholders payable August 1, 2007 to shareholders of record on
        July 12, 2007:</font></p>

        <table cellspacing="0" cellpadding="0" align="center" border="0">
            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">Municipal II</font> </td>

                <td>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$0.065 per common
                share</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">California Municipal
                II</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$0.07 per common
                share</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">New York Municipal
                II</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">$0.06625 per common
                share</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="2">7. Legal Proceedings<br>
        </font></b><font face="sans-serif" size="1">In June and September 2004, the Investment
        Manager, certain of its affiliates (including Allianz Global Investors Distributors LLC,
        PEA Capital LLC and Allianz Global), agreed to settle, without admitting or denying the
        allegations, claims brought by the Securities and Exchange Commission (the
        &ldquo;Commission&rdquo;), the New Jersey Attorney General and the California Attorney
        General alleging violations of federal and state securities laws with respect to certain
        open-end funds for which the Investment Manager serves as investment adviser. Two
        settlements (with the Commission and New Jersey) related to an alleged &ldquo;market
        timing&rdquo; arrangement in certain open-end funds sub-advised by PEA Capital LLC. Two
        settlements (with the Commission and California) related to the alleged use of cash and
        fund portfolio commissions to finance &ldquo;shelf-space&rdquo; arrangements with
        broker-dealers for open-end funds. The Investment Manager and its affiliates agreed to pay
        a total of $68 million to settle the claims related to market timing and $20.6 million to
        settle the claims related to shelf space. In addition to monetary payments, the settling
        parties agreed to undertake certain corporate governance, compliance and disclosure reforms
        related to market timing, brokerage commissions, revenue sharing and shelf space
        arrangements, and consented to cease and desist orders and censures. None of the
        settlements alleged that any inappropriate activity took place with respect to the
        Funds.</font></p>

        <p align="justify"><font face="sans-serif" size="1">Since February 2004, the Investment
        Manager and certain of its affiliates and their employees have been named as defendants a
        number of pending lawsuits concerning &rdquo;market timing&rdquo; and &rdquo;revenue
        sharing/shelf-space/directed brokerage&rdquo; which allege the same or similair conduct
        underlying the regulatory settlements discussed above. The market timing lawsuits have been
        consolidated in a multi-district litigation proceeding in the United States District Court
        for the District of Maryland and the revenue sharing/shelf-space/directed brokerage
        lawsuits have been consolidated in the United States District Court for the District of
        Connecticut. Any potential resolution of these matters may include, but not be limited to,
        judgements or settlements for damages against the Investment Manager or its affiliates or
        related injunctions.</font></p>

        <p align="justify"><font face="sans-serif" size="1">The Investment Manager and the
        Sub-Adviser believe that these matters are not likely to have a material adverse effect on
        the Funds or on their ability to perform their respective investment advisory activities
        relating to the Funds. The foregoing speaks only as of the date hereof.</font></p>

        <p align="justify">&nbsp;</p>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">41</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 3px solid">
            <b><font face="sans-serif" size="2">PIMCO Municipal Income Fund II</font></b>
            <b><font face="sans-serif" size="2">Financial Highlights</font></b><br>
            <font face="sans-serif" size="1">For a share of common stock outstanding throughout
            each period:</font>
        </div>

        <p align="justify">&nbsp;</p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">For the period</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">June 28, 2002*</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="15">
                    <div align="center">
                        <font face="sans-serif" size="1">Year ended May 31,</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">through</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">2007</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">2006</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">2005</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">2004</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">May 31, 2003</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net asset value, beginning of period</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.71</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.81</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.01</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.66</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.33</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">**</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Investment
                Operations:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net investment income</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.13</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.08</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.11</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.17</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.93</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net realized
                and unrealized gain (loss) on</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">investments, futures contracts, options
                written,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">swaps and foreign currency
                transactions</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.33</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.01</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.84</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.77</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.53</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Total from investment operations</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.46</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.09</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.95</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.40</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.46</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Dividends
                and Distributions on</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<b><font face="sans-serif" size="1">Preferred Shares from:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net investment income</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.30</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.23</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.14</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.08</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.08</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net realized gains</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.01</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Total
                dividends and distributions on</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">preferred shares</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.30</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.23</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.14</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.08</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.09</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net increase
                in net assets applicable to</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">common shareholders resulting from</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">investment operations</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.16</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.86</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.81</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.32</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.37</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Dividends
                and Distributions to Common</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<b><font face="sans-serif" size="1">Shareholders from:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net investment income</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.82</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.96</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(1.01</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.97</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.84</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net realized gains</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.09</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Total
                dividends and distributions to common</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">shareholders</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.82</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.96</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(1.01</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.97</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.93</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Capital
                Share Transactions:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Common stock
                offering costs charged to</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">paid-in capital in excess of par</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.02</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Preferred
                shares offering costs/underwriting</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">discounts charged to paid-in capital
                in</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">excess of par</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.09</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Total capital share transactions</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.11</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net asset value, end of period</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">15.05</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.71</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.81</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.01</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.66</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Market price, end of period</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">15.42</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.45</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">15.02</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">13.31</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.80</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Total Investment Return</font></b>
                <font face="sans-serif" size="1">(1)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">12.64</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2.63</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">21.00</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(3.69</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">5.19</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">RATIOS/SUPPLEMENTAL DATA:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net assets
                applicable to common</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">shareholders, end of period (000)</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">886,815</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">862,832</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">862,290</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">812,670</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">846,885</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Ratio of
                expenses to average net assets,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">including interest expense
                (2)(3)(4)(5)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.50</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.30</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%&dagger;</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.05</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%&dagger;</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.08</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%&dagger;</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.97</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%#&dagger;</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Ratio of
                expenses to average net assets,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">excluding interest expense (2)(3)(5)</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.01</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.05</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.02</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.03</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.95</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%#</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Ratio of net
                investment income to average</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">net assets (2)(5)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.45</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.31</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.71</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">8.16</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">6.99</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%#</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Preferred shares asset coverage per share</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">68,889</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">67,701</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">67,676</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">65,224</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">66,920</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Portfolio turnover</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">4</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">20</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">9</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">26</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">27</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">42</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <b><font face="sans-serif" size="1">See
        accompanying Notes to Financial Statements</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 3px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO California Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Financial
            Highlights</font></b><br>
            <font face="sans-serif" size="1">For a share of common stock outstanding throughout
            each period:</font>
        </div>

        <p align="justify">&nbsp;</p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">For the period</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">June 28, 2002*</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="15">
                    <div align="center">
                        <font face="sans-serif" size="1">Year Ended May 31,</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">through</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">2007</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">2006</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">2005</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">2004</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">May 31, 2003</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net asset value, beginning of period</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.58</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.61</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">13.53</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.66</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.33</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">**</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Investment
                Operations:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net investment income</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.08</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.06</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.05</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.13</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.86</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net realized
                and unrealized gain (loss) on</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">investments, futures contracts, options
                written,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">swaps and foreign currency
                transactions</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.34</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.05</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.13</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(1.26</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.47</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Total from investment operations</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.42</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.11</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2.18</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.13</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.33</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Dividends
                on Preferred Shares from:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net investment income</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.27</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.21</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.12</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.07</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.07</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net increase
                (decrease) in net assets applicable</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">to common shareholders resulting from</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">investment operations</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.15</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.90</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2.06</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.20</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.26</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Dividends
                to Common Shareholders from:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net investment income</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.84</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.93</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.98</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.93</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.81</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Capital
                Share Transactions:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Common stock
                offering costs charged to</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">paid-in capital in excess of par</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.02</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Preferred
                shares offering costs/underwriting</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">discounts charged to paid-in capital
                in</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">excess of par</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.10</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Total capital share transactions</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.12</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net asset value, end of period</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.89</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.58</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.61</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">13.53</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.66</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Market price, end of period</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">15.96</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.62</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.76</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">13.27</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.78</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Total Investment Return</font></b>
                <font face="sans-serif" size="1">(1)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">15.35</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">5.50</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">19.14</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(3.92</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">4.23</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">RATIOS/SUPPLEMENTAL DATA:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net assets
                applicable to common</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">shareholders, end of period (000)</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">455,284</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">443,379</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">441,596</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">407,659</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">439,970</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Ratio of
                expenses to average net assets,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">including interest expense
                (2)(3)(4)(6)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2.89</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2.02</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.36</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.60</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.10</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%#</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Ratio of
                expenses to average net assets,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">excluding interest expense (2)(3)(6)</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.01</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.06</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.06</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.07</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.97</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%#</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Ratio of net
                investment income to average</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">net assets (2)(6)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.28</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.24</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.37</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">8.05</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">6.51</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%#</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Preferred shares asset coverage per share</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">68,765</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">67,620</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">67,451</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">64,191</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">67,301</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Portfolio turnover</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">12</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">5</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">20</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">39</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>
            </tr>
        </table>
        <br>

        <p align="right"><b><font face="sans-serif" size="1">See accompanying Notes to Financial
        Statements</font></b> <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font> <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <b><font face="sans-serif" size="1">43</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div style="BORDER-BOTTOM: #000000 3px solid">
            <b><font face="sans-serif" color="#0048e0" size="2">PIMCO New York Municipal Income
            Fund II</font></b> <b><font face="sans-serif" size="2">Financial
            Highlights</font></b><br>
            <font face="sans-serif" size="1">For a share of common stock outstanding throughout
            each period:</font>
        </div>

        <p align="justify">&nbsp;</p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">For the period</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">June 28, 2002*</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="15">
                    <div align="center">
                        <font face="sans-serif" size="1">Year Ended May 31,</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">through</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                </td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">2007</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">2006</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">2005</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                    <div align="center">
                        <font face="sans-serif" size="1">2004</font>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right" colspan="3">
                    <div align="center">
                        <font face="sans-serif" size="1">May 31, 2003</font>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net asset value, beginning of period</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.66</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.62</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">13.54</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.45</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.33</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">**</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Investment
                Operations:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net investment income</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.10</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.07</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.07</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.06</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.86</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net realized
                and unrealized gain (loss) on</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">investments, futures contracts, options
                written,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">swaps and foreign currency
                transactions</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.11</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.11</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.12</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.97</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.28</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Total from investment operations</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.21</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.18</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2.19</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.09</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.14</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Dividends
                on Preferred Shares from:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net investment income</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.28</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.23</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.13</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.07</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.08</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net increase
                in net assets applicable to</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">common shareholders resulting from</font>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">investment operations</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.93</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.95</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2.06</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">0.02</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.06</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Dividends
                to Common Shareholders from:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net investment income</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.80</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.91</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.98</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.93</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.81</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><b><font face="sans-serif" size="1">Capital
                Share Transactions:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Common stock
                offering costs charged to</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">paid-in capital in excess of par</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.03</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Preferred
                shares offering costs/underwriting</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">discounts charged to paid-in capital
                in</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">excess of par</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.10</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Total capital share transactions</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">&mdash;</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(0.13</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Net asset value, end of period</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.79</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.66</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.62</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">13.54</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.45</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Market price, end of period</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">15.49</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.14</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.80</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">13.05</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14.71</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">Total Investment Return</font></b>
                <font face="sans-serif" size="1">(1)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">15.51</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.65</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">21.45</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">(5.15</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">)%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3.76</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%">
                <b><font face="sans-serif" size="1">RATIOS/SUPPLEMENTAL DATA:</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Net assets
                applicable to common</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">shareholders, end of period (000)</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">156,218</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">154,088</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">152,812</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">140,958</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">149,606</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Ratio of
                expenses to average net</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">assets, including interest expense
                (2)(3)(4)(7)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">2.13</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.89</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.25</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.16</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.02</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%#</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Ratio of
                expenses to average net assets,</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">excluding interest expense (2)(3)(7)</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.14</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.13</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.14</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.15</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">1.02</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%#</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="90%"><font face="sans-serif" size="1">Ratio of net
                investment income to average</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="right">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">net assets (2)(7)</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.33</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.29</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.53</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">7.58</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">6.47</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%#</font> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Preferred shares asset coverage per share</font>
                </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">68,386</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">67,785</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">67,439</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">64,148</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">$</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">66,552</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left" width="90%">
                <font face="sans-serif" size="1">Portfolio turnover</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">3</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">26</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">11</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">14</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>

                <td>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="right">
                <font face="sans-serif" size="1">27</font> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="1">%</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">44</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <b><font face="sans-serif" size="1">See
        accompanying Notes to Financial Statements</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p align="justify"><b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal
        Income Funds II</font></b> <b><font face="sans-serif" size="2">Financial
        Highlights</font></b></p>

        <div style="BORDER-TOP: #000000 3px solid">
            &nbsp;
        </div>

        <table cellspacing="0" cellpadding="0" border="0">
            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">*</font></td>

                <td valign="top"><font face="sans-serif" size="1">Commencement of
                operations.</font></td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">**</font></td>

                <td valign="top"><font face="sans-serif" size="1">Initial public offering price of
                $15.00 per share less underwriting discount of $0.675 per share.</font></td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">#</font></td>

                <td valign="top"><font face="sans-serif" size="1">Annualized.</font></td>
            </tr>

            <tr>
                <td valign="top" nowrap><font size="1">&dagger;</font> </td>

                <td valign="top">
                    <div align="justify">
                        <font face="sans-serif" size="1">Previously reported in prior years&rsquo;
                        financial statements as 1.05%, 1.02%, 1.03% and 0.95% (annualized) for the
                        years ended May 31, 2006, May 31, 2005, May 31, 2004 and for the period
                        June 28, 2002 (commencement of operations) through May 31, 2003,
                        respectively. Revised due to the impact of inverse floater
                        transactions.</font>
                    </div>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap>
                <font face="sans-serif" size="1">(1)&nbsp;&nbsp;&nbsp;</font> </td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">Total investment return is
                    calculated assuming a purchase of a share of common stock at the current market
                    price on the first day of each period and a sale of a share of common stock at
                    the current market price on the last day of each period reported. Dividends and
                    distributions are assumed, for purposes of this calculation, to be reinvested
                    at prices obtained under the Fund&rsquo;s dividend reinvestment plan. Total
                    investment return does not reflect brokerage commissions or sales charges.
                    Total investment return for a period of less than one year is not
                    annualized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">(2)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">Calculated on the basis of
                    income and expenses applicable to both common and preferred shares relative to
                    the average net assets of common shareholders.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">(3)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">Inclusive of expenses
                    offset by custody credits earned on cash balances at the custodian bank. (See
                    note 1(i) in Notes to Financial Statements).</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">(4)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">Interest expense relates to
                    the liability for floating rate notes issued in connection with inverse floater
                    transactions.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">(5)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">During the periods
                    indicated, the Investment Manager waived a portion of its investment management
                    fee. The effect of such waiver relative to the average net assets of common
                    shareholders was 0.24%, 0.24%, 0.24%, 0.25%, and 0.23% (annualized) for the
                    years ended May 31, 2007, May 31, 2006, May 31, 2005, May 31, 2004 and for the
                    period June 28, 2002 (commencement of operations) through May 31, 2003,
                    respectively.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">(6)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">During the periods
                    indicated, the Investment Manager waived a portion of its investment management
                    fee. The effect of such waiver relative to the average net assets of common
                    shareholders was 0.24%, 0.24%, 0.24%, 0.24% and 0.23% (annualized) for the
                    years ended May 31, 2007, May 31, 2006, May 31, 2005, May 31, 2004 and for the
                    period June 28, 2002 (commencement of operations) through May 31, 2003.
                    respectively.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">(7)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">During the periods
                    indicated, the Investment Manager waived a portion of its investment management
                    fee. The effect of such waiver relative to the average net assets of common
                    shareholders was 0.24%, 0.24%, 0.24%, 0.24% and 0.23% (annualized) for the
                    years ended May 31, 2007, May 31, 2006, May 31, 2005, May 31, 2004 and for the
                    period June 28, 2002 (commencement of operations) through May 31, 2003.
                    respectively.</font></p>
                </td>
            </tr>

            <tr>
                <td colspan="2">&nbsp;</td>
            </tr>
        </table>

        <p align="right"><b><font face="sans-serif" size="1">See accompanying Notes to Financial
        Statements</font></b> <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font> <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <b><font face="sans-serif" size="1">45</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="18%">
                <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
                II&nbsp;</font></b> </td>

                <td nowrap align="left" width="82%"><b><font face="sans-serif" size="2">Report of
                Independent Registered</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <b><font face="sans-serif" size="2">Public Accounting Firm</font></b> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">To the Shareholders and the Board of
        Trustees of:</font></b></p>

        <p align="justify"><b><font face="sans-serif" size="1">PIMCO Municipal Income Fund
        II,</font></b><br>
        <b><font face="sans-serif" size="1">PIMCO California Municipal Income Fund II
        and</font></b><br>
        <b><font face="sans-serif" size="1">PIMCO New York Municipal Income Fund II</font></b></p>

        <p align="justify"><font face="sans-serif" size="1">In our opinion, the accompanying
        statements of assets and liabilities, including the schedules of investments, and the
        related statements of operations and of changes in net assets applicable to common
        shareholders and of cash flows (for PIMCO California Municipal Income Fund II and PIMCO New
        York Municipal Income Fund II only) and the financial highlights present fairly, in all
        material respects, the financial position of PIMCO Municipal Income Fund II, PIMCO
        California Municipal Income Fund II and PIMCO New York Municipal Income Fund II
        (collectively hereafter referred to as the &ldquo;Funds&rdquo;) at May 31, 2007, the
        results of each of their operations and cash flows (for PIMCO California Municipal Income
        Fund II and PIMCO New York Municipal Income Fund II only) for the year ended, the changes
        in each of their net assets applicable to common shareholders for each of the two years in
        the period then ended and the financial highlights for each of the four years in the period
        then ended and for the period June 29, 2001 (commencement of operations) through April 30,
        2002, in conformity with accounting principles generally accepted in the United States of
        America. These financial statements and financial highlights (hereafter referred to as
        &ldquo;financial statements&rdquo;) are the responsibility of the Funds&rsquo; management;
        our responsibility is to express an opinion on these financial statements based on our
        audits. We conducted our audits of these financial statements in accordance with the
        standards of the Public Company Accounting Oversight Board (United States). Those standards
        require that we plan and perform the audit to obtain reasonable assurance about whether the
        financial statements are free of material misstatement. An audit includes examining, on a
        test basis, evidence supporting the amounts and disclosures in the financial statements,
        assessing the accounting principles used and significant estimates made by management, and
        evaluating the overall financial statement presentation. We believe that our audits, which
        included confirmation of securities at May 31, 2007 by correspondence with the custodian
        and brokers, provide a reasonable basis for our opinion.</font></p>

        <p align="justify">&nbsp;</p>

        <p align="justify"><font face="sans-serif" size="1">PricewaterhouseCoopers LLP</font><br>
        <font face="sans-serif" size="1">New York, New York</font><br>
        <font face="sans-serif" size="1">July 26, 2007</font></p>

        <p align="justify">&nbsp;</p>

        <p align="justify">&nbsp;</p>

        <p align="justify">&nbsp;</p>

        <p align="justify"><b><font face="sans-serif" size="1">46</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="18%">
                <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
                II&nbsp;</font></b> </td>

                <td nowrap align="left" width="82%"><b><font face="sans-serif" size="2">Tax
                Information/Corporate Changes</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <font face="sans-serif" size="2">(unaudited)</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><u><font face="sans-serif" size="2">Tax
        Information:</font></u></b></p>

        <p align="justify"><font face="sans-serif" size="1">Subchapter M of the Internal Revenue
        Code of 1986, as amended, requires the Funds to advise shareholders within 60 days of the
        Funds&rsquo; tax year-end (May 31, 2007) as to the federal tax status of dividends and
        distributions received by shareholders during such tax period. Accordingly, please note
        that substantially all dividends paid from net investment income from the Funds during the
        tax period ended May 31, 2007 were federally exempt interest dividends. However, the Funds
        invested in municipal bonds containing market discount, whose accretion is taxable.
        Accordingly, the percentage of dividends paid from net investment income during the tax
        period which are taxable were:</font></p>

        <table cellspacing="0" cellpadding="0" width="75%" border="0">
            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">Municipal Income II</font>
                </td>

                <td nowrap align="right"><font face="sans-serif" size="1">10.4%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">California Municipal
                Income II</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">4.9%</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">New York Municipal Income
                II</font> </td>

                <td nowrap align="right"><font face="sans-serif" size="1">3.0%</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><font face="sans-serif" size="1">Since the Funds&rsquo; tax year is not
        the calendar year, another notification will be sent with respect to calendar year 2007. In
        January 2008, shareholders will be advised on IRS Form 1099 DIV as to the federal tax
        status of the dividends and distributions received during calendar 2007. The amount that
        will be reported will be the amount to use on your 2007 federal income tax return and may
        differ from the amount which must be reported in connection with each Fund&rsquo;s tax year
        ended May 31, 2007. Shareholders are advised to consult their tax advisers as to the
        federal, state and local tax status of the dividend income received from the Funds. In
        January 2008, an allocation of interest income by state will be provided which may be of
        value in reducing a shareholder&rsquo;s state and local tax liability, if any.</font></p>

        <div style="BORDER-TOP: #000000 1px solid">
            &nbsp;
        </div>

        <div>
            &nbsp;
        </div>

        <div>
            <b><u><font face="sans-serif" size="1">Corporate Changes:</font></u></b>
        </div>

        <p align="justify"><font face="sans-serif" size="1">On December 12, 2006, the Funds&rsquo;
        Board of Trustees appointed Hans W. Kertess as Chairman of the Board of Trustees, effective
        January 1, 2007.</font></p>

        <p align="justify">&nbsp;</p>

        <p align="justify">&nbsp;</p>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">47</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="18%">
                <b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal Income Funds
                II&nbsp;</font></b> </td>

                <td nowrap align="left" width="82%"><b><font face="sans-serif" size="2">Privacy
                Policy, Proxy Voting Policies &amp;</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <b><font face="sans-serif" size="2">Procedures</font></b>
                <font face="sans-serif" size="2">(unaudited)</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><u><font face="sans-serif" size="2">Privacy
        Policy:</font></u></b></p>

        <p align="justify"><b><font face="sans-serif" size="1">Our Commitment to You<br>
        </font></b><font face="sans-serif" size="1">We consider customer privacy to be a
        fundamental aspect of our relationship with clients. We are committed to maintaining the
        confidentiality, integrity, and security of our current, prospective and former
        clients&rsquo; personal information. To ensure clients privacy, we have developed policies
        designed to protect this confidentiality, while allowing client needs to be
        served.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">Obtaining Personal Information<br>
        </font></b><font face="sans-serif" size="1">In the course of providing you with products
        and services, we and certain service providers to the Funds, such as the Funds&rsquo;
        investment adviser, may obtain non-public personal information about you. This information
        may come from sources such as account applications and other forms, from other written,
        electronic or verbal correspondence, from your transactions, from your brokerage or
        financial advisory firm, financial adviser or consultant, and/or from information captured
        on our internet web sites.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">Respecting Your Privacy<br>
        </font></b><font face="sans-serif" size="1">As a matter of policy, we do not disclose any
        personal or account information provided by you or gathered by us to non-affiliated third
        parties, except as required or permitted by law or as necessary for such third parties to
        perform their agreements with respect to the Funds. As is common in the industry,
        non-affiliated companies may from time to time be used to provide certain services, such as
        preparing and mailing prospectuses, reports, account statements and other information,
        conducting research on client satisfaction, and gathering shareholder proxies. We may also
        retain non-affiliated companies to market our products and enter in joint marketing
        agreements with other companies. These companies may have access to your personal and
        account information, but are permitted to use the information solely to provide the
        specific service or as otherwise permitted by law. In most cases you will be clients of a
        third party, but we may also provide your personal and account information to your
        respective brokerage or financial advisory firm and/or to your financial adviser or
        consultant.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">Sharing Information with Third
        Parties<br>
        </font></b><font face="sans-serif" size="1">We do reserve the right to disclose or report
        personal information to non-affiliated third parties in limited circumstances where we
        believe in good faith that disclosure is required under law, to cooperate with regulators
        or law enforcement authorities, to protect our rights or property, or upon reasonable
        request by any mutual fund in which you have chosen to invest. In addition, we may disclose
        information about a shareholder&rsquo;s accounts to a non-affiliated third party with the
        consent of the shareholder.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">Sharing Information with
        Affiliates<br>
        </font></b><font face="sans-serif" size="1">We may share client information with our
        affiliates in connection with servicing your account or to provide you with information
        about products and services that we or our affiliates believe may be of interest to you.
        The information we share may include, for example, your participation in our mutual funds
        or other investment programs sponsored by us or our affiliates, your ownership of certain
        types of accounts (such as IRAs), or other data about your accounts. Our affiliates, in
        turn, are not permitted to share your information with non-affiliated entities, except as
        required or permitted by law.</font></p>

        <p align="justify"><b><font face="sans-serif" size="1">Procedures to Safeguard Private
        Information<br>
        </font></b><font face="sans-serif" size="1">We take seriously the obligation to safeguard
        shareholder non-public personal information. In addition to this policy, we have also
        implemented procedures that are designed to restrict access to your non-public personal
        information only to internal personnel who need to know that information in order to
        provide products or services to you. In order to guard your non-public personal
        information, physical, electronic and procedural safeguards are in place.</font></p>

        <div style="BORDER-TOP: #000000 1px solid">
            &nbsp;
        </div>

        <p align="justify"><b><u><font face="sans-serif" size="1">Proxy Voting Policies &amp;
        Procedures:<br>
        </font></u></b><font face="sans-serif" size="1">A description of the policies and
        procedures that the Funds have adopted to determine how to vote proxies relating to
        portfolio securities and information about how the Funds voted proxies relating to
        portfolio securities held during the twelve months ended June 30, 2007 is or will be
        available (i) without charge, upon request, by calling the Funds&rsquo; shareholder
        servicing agent at (800) 331-1710; (ii) on the Funds&rsquo; website at
        www.allianzinvestors.com/closedendfunds; and (iii) on the Securities and Exchange
        Commission&rsquo;s website at www.sec.gov.</font></p>

        <p align="justify">&nbsp;</p>

        <p align="justify">&nbsp;</p>

        <p align="justify"><b><font face="sans-serif" size="1">48</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p align="justify"><b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal
        Income Funds II</font></b> <b><font face="sans-serif" size="2">Dividend Reinvestment
        Plan</font></b> <font face="sans-serif" size="2">(unaudited)</font></p>

        <div style="BORDER-TOP: #000000 1px solid">
            &nbsp;
        </div>

        <div align="justify">
            <font face="sans-serif" size="1">Pursuant to the Funds&rsquo; Dividend Reinvestment
            Plan (the &ldquo;Plan&rdquo;), all Common Shareholders whose shares are registered in
            their own names will have all dividends, including any capital gain dividends,
            reinvested automatically in additional Common Shares by PFPC Inc., as agent for the
            Common Shareholders (the &ldquo;Plan Agent&rdquo;), unless the shareholder elects to
            receive cash. An election to receive cash may be revoked or reinstated at the option of
            the shareholder. In the case of record shareholders such as banks, brokers or other
            nominees that hold Common Shares for others who are the beneficial owners, the Plan
            Agent will administer the Plan on the basis of the number of Common Shares certified
            from time to time by the record shareholder as representing the total amount registered
            in such shareholder&rsquo;s name and held for the account of beneficial owners who are
            to participate in the Plan. Shareholders whose shares are held in the name of a bank,
            broker or nominee should contact the bank, broker or nominee for details. All
            distributions to investors who elect not to participate in the Plan (or whose broker or
            nominee elects not to participate on the investor&rsquo;s behalf), will be paid cash by
            check mailed, in the case of direct shareholder, to the record holder by PFPC Inc., as
            the Funds&rsquo; dividend disbursement agent.</font>
        </div>

        <p align="justify"><font face="sans-serif" size="1">Unless you elect (or your broker or
        nominee elects) not to participate in the Plan, the number of Common Shares you will
        receive will be determined as follows:</font></p>

        <table cellspacing="0" cellpadding="0" border="0">
            <tr>
                <td valign="top" nowrap>
                <font face="sans-serif" size="1">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
                </td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">If on the payment date the
                    net asset value of the Common Shares is equal to or less than the market price
                    per Common Share plus estimated brokerage commissions that would be incurred
                    upon the purchase of Common Shares on the open market, the Fund will issue new
                    shares at the greater of (i) the net asset value per Common Share on the
                    payment date or (ii) 95% of the market price per Common Share on the payment
                    date; or</font></p>
                </td>
            </tr>

            <tr>
                <td colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td valign="top" nowrap><font face="sans-serif" size="1">(2)</font></td>

                <td width="100%">
                    <p align="justify"><font face="sans-serif" size="1">If on the payment date the
                    net asset value of the Common Shares is greater than the market price per
                    Common Share plus estimated brokerage commissions that would be incurred upon
                    the purchase of Common Shares on the open market, the Plan Agent will receive
                    the dividend or distribution in cash and will purchase Common Shares in the
                    open market, on the New York Stock Exchange or elsewhere, for the
                    participants&rsquo; accounts. It is possible that the market price for the
                    Common Shares may increase before the Plan Agent has completed its purchases.
                    Therefore, the average purchase price per share paid by the Plan Agent may
                    exceed the market price on the payment date, resulting in the purchase of fewer
                    shares than if the dividend or distribution had been paid in Common Shares
                    issued by the Fund. The Plan Agent will use all dividends and distributions
                    received in cash to purchase Common Shares in the open market on or shortly
                    after the payment date, but in no event later than the ex-dividend date for the
                    next distribution. Interest will not be paid on any uninvested cash
                    payments.</font></p>
                </td>
            </tr>
        </table>

        <p align="justify"><font face="sans-serif" size="1">You may withdraw from the Plan at any
        time by giving notice to the Plan Agent. If you withdraw or the Plan is terminated, you
        will receive a certificate for each whole share in your account under the Plan and you will
        receive a cash payment for any fraction of a share in your account. If you wish, the Plan
        Agent will sell your shares and send you the proceeds, minus brokerage
        commissions.</font></p>

        <p align="justify"><font face="sans-serif" size="1">The Plan Agent maintains all
        shareholders&rsquo; accounts in the Plan and gives written confirmation of all transactions
        in the accounts, including information you may need for tax records. The Plan Agent will
        also furnish each person who buys Common Shares with written instructions detailing the
        procedures for electing not to participate in the Plan and to instead receive distributions
        in cash. Common Shares in your account will be held by the Plan Agent in non-certificated
        form. Any proxy you receive will include all Common Shares you have received under the
        Plan.</font></p>

        <p align="justify"><font face="sans-serif" size="1">There is no brokerage charge for
        reinvestment of your dividends or distributions in Common Shares. However, all participants
        will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes
        open market purchases.</font></p>

        <p align="justify"><font face="sans-serif" size="1">Automatically reinvested dividends and
        distributions are taxed in the same manner as cash dividends and distributions.</font></p>

        <p align="justify"><font face="sans-serif" size="1">The Funds and the Plan Agent reserve
        the right to amend or terminate the Plan. There is no direct service charge to participants
        in the Plan; however, the Funds reserve the right to amend the Plan to include a service
        charge payable by the participants. Additional information about the Plan may be obtained
        from the Funds&rsquo; shareholder servicing agent, PFPC Inc., P.O. Box 43027, Providence,
        RI 02940-3027, telephone number (800) 331-1710.</font></p>

        <p align="justify">&nbsp;</p>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">49</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p align="justify"><b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal
        Income Funds II</font></b> <b><font face="sans-serif" size="2">Board of Trustees</font></b>
        <font face="sans-serif" size="2">(unaudited)</font></p>

        <div style="BORDER-TOP: #000000 3px solid">
            &nbsp;
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Name, Date of Birth,
                Position(s) Held with</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Funds, Length of
                Service, Other Trusteeships/</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Directorships Held by
                Trustee; Number of</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Portfolios in Fund
                Complex/Outside Fund</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <b><font face="sans-serif" size="1">Complexes Currently Overseen by
                Trustee</font></b> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <b><font face="sans-serif" size="1">Principal Occupation(s) During Past 5
                years:</font></b> </td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">The address of each
                trustee is 1345 Avenue of the</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Americas, New York, NY
                10105</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Hans W.
                Kertess</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">President, H. Kertess
                &amp; Co., a financial advisory company;</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                7/12/39</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Formerly, Managing
                Director, Royal Bank of Canada Capital</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Chairman of the Board
                of Trustees since: 2007</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Markets.</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee since:
                2002</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Term of office:
                Expected to stand for re-election at 2009</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp; &nbsp;<i><font face="sans-serif" size="1">annual
                meeting of shareholders.</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of 27
                Funds in Fund Complex;</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of no
                funds outside of Fund Complex</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Paul Belica</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Retired. Formerly
                Director, Student Loan Finance Corp., Education</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                9/27/21</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Loans, Inc., Goal Funding,
                Inc., Goal Funding II, Inc. and Surety</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee since:
                2002</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Loan Fund, Inc.; formerly,
                Manager of Stratigos Fund LLC, Whistler</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Term of office:
                Expected to stand for re-election at</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Fund LLC, Xanthus Fund LLC
                &amp; Wynstone Fund LLC.</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp; &nbsp;<i><font face="sans-serif" size="1">2007
                annual meeting of shareholders.</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of 27
                funds in Fund Complex</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of no
                funds outside of Fund Complex</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Robert E.
                Connor</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Corporate Affairs
                Consultant. Formerly, Senior Vice President,</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                9/17/34</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Corporate Office, Smith
                Barney Inc.</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee since:
                2002</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Term of office:
                Expected to stand for re-election at 2009</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp; &nbsp;<i><font face="sans-serif" size="1">annual
                meeting of shareholders.</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of 27
                funds in Fund Complex</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of no
                funds outside of Fund Complex</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">John J. Dalessandro
                II</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Retired. Formerly,
                President and Director, J.J. Dalessandro II</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                7/26/37</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Ltd., registered
                broker-dealer and member of the New York</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee since:
                2002</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Stock Exchange.</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Term of office:
                Expected to stand for re-election at</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp; &nbsp;<i><font face="sans-serif" size="1">2007
                annual meeting of shareholders.</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of 27
                funds in Fund Complex</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of no
                funds outside of Fund complex</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">William B. Ogden,
                IV</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Asset Management Industry
                Consultant; Formerly, Managing</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                1/11/45</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Director, Investment
                Banking Division of Citigroup Global Markets</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee since:
                2006</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Inc.</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Term of office:
                Expected to stand for re-election at 2009</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp; &nbsp;<i><font face="sans-serif" size="1">annual
                meeting of shareholders.</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of 27
                Funds in Fund Complex;</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of no
                funds outside of Fund Complex</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">R. Peter Sullivan
                III</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Retired. Formerly,
                Managing Partner, Bear Wagner Specialists LLC,</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                9/4/41</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">specialist firm on the New
                York Stock Exchange.</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee since:
                2002</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Term of office:
                Expected to stand for re-election at</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp; &nbsp;<i><font face="sans-serif" size="1">2008
                annual meeting of shareholders.</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of 27
                funds in Fund Complex</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of no
                funds outside of Fund Complex</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif" size="1">50</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p align="justify"><b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal
        Income Funds II</font></b> <b><font face="sans-serif" size="2">Board of Trustees</font></b>
        <font face="sans-serif" size="2">(unaudited)</font></p>

        <div style="BORDER-TOP: #000000 3px solid">
            &nbsp;
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Name, Date of Birth,
                Position(s) Held with</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Funds, Length of
                Service, Other Trusteeships/</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Directorships Held by
                Trustee; Number of</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Portfolios in Fund
                Complex/Outside Fund</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <b><font face="sans-serif" size="1">Complexes Currently Overseen by
                Trustee</font></b> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <b><font face="sans-serif" size="1">Principal Occupation(s) During Past 5
                years:</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">John C.
                Maney</font></b> <font face="sans-serif" size="1">&dagger;</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Chief Financial Officer of
                Allianz Global Investors Fund</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                8/3/59</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Management LLC; Managing
                Director and Chief Financial Officer</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee since
                2006</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">of AGIFM and Allianz
                Global Investors of America L.P. since</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Term of office:
                Expected to stand for election at 2007</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Jan. 2005 and Chief
                Operating Officer of Allianz Global Investors</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp; &nbsp;<i><font face="sans-serif" size="1">annual
                meeting of shareholders.</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">of America since Nov.
                2006, Executive Vice President and Chief</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of 65
                Funds in Fund Complex</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Financial Officer since
                2001. Chief Financial Officer of PIMCO,</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Trustee/Director of no
                Funds outside the Fund Complex</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Oppenheimer Capital LLC,
                NFJ Investment Group and a number</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">of other affiliated
                entities. Chief Financial Officer and Executive</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Vice President of Allianz
                Global Investors Distributors LLC.</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Formerly, Executive Vice
                President and Chief Financial Officer of</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Apria Healthcare Group,
                Inc. (1998-2001)</font> </td>
            </tr>
        </table>

        <p>&nbsp;</p>

        <p>&nbsp;</p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="top">
                <td><font size="1">&dagger;&nbsp;&nbsp;&nbsp;&nbsp;</font> </td>

                <td>
                    <div align="justify">
                        <font face="sans-serif" size="1">Mr. Maney is an &ldquo;interested
                        person&rdquo; of each Fund due to his affiliation with Allianz Global
                        Investors of America L.P. (&ldquo;AGI&rdquo;). In addition to Mr.
                        Maney&rsquo;s positions set forth in the table above, he holds the
                        following positions with affiliated persons: Managing Director, Chief
                        Operating Officer and Chief Financial Officer of AGI, Allianz Global
                        Investors of America Holdings Inc., Allianz Global Investors of America
                        LLC, Allianz Global Investors NY Holdings LLC and Allianz Global Investors
                        U.S. Equities LLC; Managing Director and Chief Financial Officer of Allianz
                        Hedge Fund Partners Holding L.P., Allianz-Pac Life Partners LLC and Allianz
                        Global Investors U.S. Retail LLC; Chief Financial Officer of Allianz Global
                        Investors Advertising Agency Inc.; Allianz Global Investors Managed
                        Accounts LLC, Allianz Global Investors Distributors LLC, Allianz Global
                        Investors Fund Management LLC, Allianz Hedge Fund Partners Inc., Alpha
                        Vision LLC, Alpha Vision Capital Management LLC, NFJ Investment Group L.P.,
                        NFJ Management Inc., Nicholas-Applegate Capital Management LLC,
                        Nicholas-Applegate Holdings LLC, Nicholas-Applegate Securities LLC, OpCap
                        Advisors LLC, Oppenheimer Capital LLC, Pacific Investment Management
                        Company LLC, PIMCO Australia Pty Ltd, PIMCO Canada Holding LLC, PIMCO
                        Canada Management Inc., PIMCO Canada Corp., PIMCO Europe Limited, PIMCO
                        Global Advisors LLC, PIMCO Global Advisors (Resources) Limited, StocksPLUS
                        Management, Inc. and Vision Holdings LLC; Chief Operating Officer and Chief
                        Financial Officer of Oppenheimer Group, Inc.; and Executive Vice President
                        and Chief Financial Officer of PIMCO Japan Ltd.</font>
                    </div>
                </td>
            </tr>
        </table>

        <p align="justify">&nbsp;</p>

        <p align="justify">&nbsp;</p>

        <p align="justify">&nbsp;</p>

        <p align="justify">&nbsp;</p>

        <p align="justify">&nbsp;</p>

        <p align="justify"><i><font face="sans-serif" size="1">Further information about
        Funds&rsquo; Trustees is available in the Funds&rsquo; Statements of Additional
        Information, dated June 25, 2002, which can be obtained upon request, without charge, by
        calling the Funds&rsquo; shareholder servicing agent at (800) 331-1710.</font></i></p>

        <p align="right"><font face="sans-serif" size="1">5.31.07</font>
        <font face="sans-serif" size="1">|</font> <font face="sans-serif" size="1">PIMCO Municipal
        Income Funds II Annual Report</font> <b><font face="sans-serif" size="1">51</font></b></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p align="justify"><b><font face="sans-serif" color="#0048e0" size="2">PIMCO Municipal
        Income Funds II</font></b> <b><font face="sans-serif" size="2">Principal
        Officers</font></b> <font face="sans-serif" size="2">(unaudited)</font></p>

        <div style="BORDER-TOP: #000000 3px solid">
            &nbsp;
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Name, Date of Birth,
                Position(s) Held with</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <b><font face="sans-serif" size="1">Funds</font></b> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">
                <b><font face="sans-serif" size="1">Principal Occupation(s) During Past 5
                years:</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Brian S.
                Shlissel</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Executive Vice President,
                Director of Fund Administration, Allianz</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                11/14/64</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Global Investors Fund
                Management LLC; Director of 8 funds in the</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">President &amp; Chief
                Executive Officer since: 2002</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Fund Complex; President
                and Chief Executive Officer of 35 funds in the</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Fund Complex; Treasurer;
                Principal Financial and Accounting Officer of</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">36 funds in the Fund
                Complex.</font> </td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Lawrence G.
                Altadonna</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Senior Vice President,
                Allianz Global Investors Fund Management LLC;</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                3/10/66</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Treasurer, Principal
                Financial and Accounting officer of 35 funds in the</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Treasurer, Principal
                Financial and Accounting</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Fund Complex; Assistant
                Treasurer of 36 funds in the Fund Complex.</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="right">
                    <div align="left">
                        <i><font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officer</font></i>
                        <font face="sans-serif" size="1">since: 2002</font>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Thomas J.
                Fuccillo</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Senior Vice President,
                Senior Counsel, Allianz Global Investors of</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                3/22/68</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">America L.P., Secretary of
                71 funds in the Fund Complex. Formerly, Vice</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Vice President,
                Secretary &amp; Chief Legal Officer</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">President and Associate
                General Counsel, Neuberger Berman LLC.</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="center">
                    <div align="left">
                        <i><font face="sans-serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;since:
                        2004</font></i>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Scott
                Whisten</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Vice President, Allianz
                Global Investors Fund Management LLC; Assistant</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                3/13/71</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Treasurer of 71 funds in
                the Fund Complex. Formerly Accounting</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Assistant Treasurer
                since: 2007</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Manager Prudential
                Investments (2002-2005).</font> </td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Youse E.
                Guia</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Senior Vice President,
                Group Compliance Manager, Allianz Global</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                9/3/72</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Investors of America L.P.,
                Chief Compliance Officer of 71 funds in the</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Chief Compliance
                Officer since: 2004</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Fund Complex. Formerly,
                Vice President, Group Compliance Manager,</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Allianz Global Investors
                of America L.P. (2002-2004), Audit Manager,</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Pricewaterhouse Coopers
                LLP (1996-2002).</font> </td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">William V.
                Healey</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Executive Vice President
                and Chief Legal Officer, Allianz Global Investors</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                7/28/53</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">of America L.P., Executive
                Vice President, Chief Legal Officer and</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Assistant Secretary
                since: 2006</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Secretary, Allianz Global
                Investors Fund Management LLC, Allianz</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Global Investors
                Distributors LLC, Allianz Global Investors Advertising</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Agency Inc., Allianz
                Global Investors Managed Accounts LLC, Allianz</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Global Investors U.S.
                Retail LLC and OpCap Advisors LLC. Assistant</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Secretary of 71 funds in
                the Fund Complex; formerly, Chief Legal</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Officer, Vice President
                and Associate General Counsel of The Prudential</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Insurance Company of
                America (1998-2005).</font> </td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Richard H.
                Kirk</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Senior Vice President,
                Allianz Global Investors of America L.P. (since</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                4/6/61</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">2004). Senior Vice
                President, Associate General Counsel, Allianz Global</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Assistant Secretary
                since: 2006</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Investors Distributors
                LLC. Assistant Secretary of 71 funds in the Fund</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Complex; formerly, Vice
                President, Counsel, The Prudential Insurance</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Company of
                America/American Skandia (2002-2004).</font> </td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Kathleen A.
                Chapman</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Assistant Secretary of 71
                funds in the Fund Complex; Manager IIG</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                11/11/54</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Advisory Law, Morgan
                Stanley (2004-2005); The Prudential Insurance</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Assistant Secretary
                since: 2006</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Company of America and
                Assistant Corporate Secretary of affiliated</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">American Skandia companies
                (1996-2004).</font> </td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">Lagan
                Srivastava</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Date of Birth:
                9/20/77</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Assistant Secretary of 71
                funds in the Fund Complex; formerly Research</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><i><font face="sans-serif" size="1">Assistant Secretary
                since: 2006</font></i> </td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Assistant, Dechert LLP
                (2004-2005); Research Assistant, Swidler Berlin</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left"><font face="sans-serif" size="1">Shereff Friedman LLP
                (2002-2004).</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify">&nbsp;</p>

        <p align="justify"><i><font face="sans-serif" size="1">Officers hold office at the pleasure
        of the Board and until their successors are appointed and qualified or until their earlier
        resignation or removal.</font></i></p>

        <p align="justify">&nbsp;</p>

        <p align="justify"><b><font face="sans-serif" size="1">52</font></b>
        <font face="sans-serif" size="1">PIMCO Municipal Income Funds II Annual Report</font>
        <font face="sans-serif" size="1">|</font>
        <font face="sans-serif" size="1">5.31.07</font></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <div align="justify">
            <b><font face="sans-serif">Trustees and Principal Officers</font></b>
        </div>

        <table cellspacing="0" cellpadding="0" border="0">
            <tr valign="bottom">
                <td nowrap align="left" width="45%"><font face="sans-serif" size="1">Hans W.
                Kertess</font> </td>

                <td nowrap align="left" width="52%"><font face="sans-serif" size="1">Brian S.
                Shlissel</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Trustee, Chairman of the Board of
                Trustees</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>

                <td nowrap align="left" width="52%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">President &amp; Chief Executive
                Officer</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%"><font face="sans-serif" size="1">Paul
                Belica</font> </td>

                <td nowrap align="left" width="52%"><font face="sans-serif" size="1">Lawrence G.
                Altadonna</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Trustee</font> </td>

                <td nowrap align="left" width="52%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Treasurer, Principal Financial &amp;
                Accounting Officer</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%"><font face="sans-serif" size="1">Robert E.
                Connor</font> </td>

                <td nowrap align="left" width="52%"><font face="sans-serif" size="1">Thomas J.
                Fuccillo</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Trustee</font> </td>

                <td nowrap align="left" width="52%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Vice President, Secretary &amp; Chief Legal
                Officer</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%"><font face="sans-serif" size="1">John J.
                Dalessandro II</font> </td>

                <td nowrap align="left" width="52%"><font face="sans-serif" size="1">Scott
                Whisten</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Trustee</font> </td>

                <td nowrap align="left" width="52%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Assistant Treasurer</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%"><font face="sans-serif" size="1">John C.
                Maney</font> </td>

                <td nowrap align="left" width="52%"><font face="sans-serif" size="1">Youse E.
                Guia</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Trustee</font> </td>

                <td nowrap align="left" width="52%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Chief Compliance Officer</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%"><font face="sans-serif" size="1">William B.
                Ogden, IV</font> </td>

                <td nowrap align="left" width="52%"><font face="sans-serif" size="1">Kathleen A.
                Chapman</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Trustee</font> </td>

                <td nowrap align="left" width="52%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Assistant Secretary</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%"><font face="sans-serif" size="1">R. Peter
                Sullivan III</font> </td>

                <td nowrap align="left" width="52%"><font face="sans-serif" size="1">William V.
                Healey</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Trustee</font> </td>

                <td nowrap align="left" width="52%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Assistant Secretary</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%">&nbsp;</td>

                <td nowrap align="left" width="52%"><font face="sans-serif" size="1">Richard H.
                Kirk</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%">&nbsp;</td>

                <td nowrap align="left" width="52%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Assistant Secretary</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%">&nbsp;</td>

                <td nowrap align="left" width="52%"><font face="sans-serif" size="1">Lagan
                Srivastava</font> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left" width="45%">&nbsp;</td>

                <td nowrap align="left" width="52%">&nbsp;
                &nbsp;<font face="sans-serif" size="1">Assistant Secretary</font> </td>
            </tr>
        </table>
        <br>

        <p align="justify"><b><font face="sans-serif">Investment Manager</font></b><br>
        <font face="sans-serif" size="1">Allianz Global Investors Fund Management LLC</font><br>
        <font face="sans-serif" size="1">1345 Avenue of the Americas</font><br>
        <font face="sans-serif" size="1">New York, NY 10105</font><br>
        <br>
        <b><font face="sans-serif">Sub-Adviser</font></b><br>
        <font face="sans-serif" size="1">Pacific Investment Management Company LLC</font><br>
        <font face="sans-serif" size="1">840 Newport Center Drive</font><br>
        <font face="sans-serif" size="1">Newport Beach, CA 92660</font><br>
        <br>
        <b><font face="sans-serif">Custodian &amp; Accounting Agent</font></b><br>
        <font face="sans-serif" size="1">State Street Bank &amp; Trust Co.</font><br>
        <font face="sans-serif" size="1">801 Pennsylvania</font><br>
        <font face="sans-serif" size="1">Kansas City, MO 64105-1307</font><br>
        <br>
        <b><font face="sans-serif">Transfer Agent, Dividend Paying Agent and
        Registrar</font></b><br>
        <font face="sans-serif" size="1">PFPC Inc.</font><br>
        <font face="sans-serif" size="1">P.O. Box 43027</font><br>
        <font face="sans-serif" size="1">Providence, RI 02940-3027</font><br>
        <br>
        <b><font face="sans-serif">Independent Registered Public Accounting Firm</font></b><br>
        <font face="sans-serif" size="1">PricewaterhouseCoopers LLP</font><br>
        <font face="sans-serif" size="1">300 Madison Avenue</font><br>
        <font face="sans-serif" size="1">New York, NY 10017</font><br>
        <br>
        <b><font face="sans-serif">Legal Counsel</font></b><br>
        <font face="sans-serif" size="1">Ropes &amp; Gray LLP</font><br>
        <font face="sans-serif" size="1">One International Place</font><br>
        <font face="sans-serif" size="1">Boston, MA 02210-2624</font></p>

        <p align="justify"><i><font face="sans-serif" size="1">This report, including the financial
        information herein, is transmitted to the shareholders of PIMCO Municipal Income Fund II,
        PIMCO California Municipal Income Fund II and PIMCO New York Municipal Income Fund II for
        their information. It is not a prospectus, circular or representation intended for use in
        the purchase of shares of the Fund or any securities mentioned in this
        report.</font></i></p>

        <p align="justify"><i><font face="sans-serif" size="1">Notice is hereby given in accordance
        with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to
        time the Fund may purchase shares of its common stock in the open market.</font></i></p>

        <p align="justify"><i><font face="sans-serif" size="1">The Funds file its complete schedule
        of portfolio holdings with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) for
        the first and third quarter of its fiscal year on Form N-Q. The Funds&rsquo; Form N-Qs are
        available on the SEC&rsquo;s website at www.sec.gov and may be reviewed and copied at the
        SEC&rsquo;s Public Reference Room in Washington, DC. Information on the operation of the
        Public Reference Room may be obtained by calling (800) SEC-0330. The information on Form
        N-Q is also available on the Funds&rsquo; website at
        www.allianzinvestors.com/closedendfunds.</font></i></p>

        <p align="justify"><i><font face="sans-serif" size="1">On January 3, 2007, each Fund
        submitted a CEO annual certification to the New York Stock Exchange (&ldquo;NYSE&rdquo;) on
        which the Fund&rsquo;s principal executive officer certified that he was not aware, as of
        the date, of any violation by the Fund of the NYSE&rsquo;s Corporate Governance listing
        standards. In addition, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and
        related SEC rules, each Fund&rsquo;s principal executive and principal financial officer
        made quarterly certifications, included in filings with the SEC on Forms N-CSR and N-Q
        relating to, among other things, the Funds&rsquo; disclosure controls and procedures and
        internal control over financial reporting, as applicable.</font></i></p>

        <p align="justify"><i><font face="sans-serif" size="1">Information on the Funds is
        available at www.allianzinvestors.com/closedendfunds or by calling the Funds&rsquo;
        shareholder servicing agent at (800) 331-1710.</font></i></p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p><img src="c48974_n-csrx55x1.jpg" border="0"></p>

        <p>&nbsp;</p>

        <p><br>
        </p>
        <hr width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 2.
        CODE OF ETHICS</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">
        <font size="2">(a)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font size="2">As of the end of the period covered by this report, the registrant has
        adopted a code of ethics (the &ldquo;Section 406 Standards for Investment Companies &mdash;
        Ethical Standards for Principal Executive and Financial Officers&rdquo;) that applies to
        the registrant&rsquo;s Principal Executive Officer and Principal Financial Officer; the
        registrant&rsquo;s Principal Financial Officer also serves as the Principal Accounting
        Officer. The registrant undertakes to provide a copy of such code of ethics to any person
        upon request, without charge, by calling 1-800-331-1710. The code of ethics are included as
        an Exhibit 99.CODE ETH hereto.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">
        <font size="2">(b)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font size="2">During the period covered by this report, there were not any amendments to a
        provision of the code of ethics adopted in 2(a) above.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">
        <font size="2">(c)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font size="2">During the period covered by this report, there were not any waivers or
        implicit waivers to a provision of the code of ethics adopted in 2(a) above.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERT</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
        registrant&rsquo;s Board has determined that Mr. Paul Belica, a member of the Board&rsquo;s
        Audit Oversight Committee is an &ldquo;audit committee financial expert,&rdquo; and that he
        is &ldquo;independent,&rdquo; for purposes of this Item.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">
        <font size="2">a)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font size="2">Audit fees. The aggregate fees billed for each of the
        last two fiscal years (the &ldquo;Reporting Periods&rdquo;) for professional
        services rendered by the Registrant&rsquo;s principal accountant (the &ldquo;Auditor&rdquo;)
        for the audit of the Registrant&rsquo;s annual financial statements,
        or services that are normally provided by the Auditor in connection with
        the statutory and regulatory filings or engagements for the Reporting
        Periods, were $22,706 in 2006 and $23,219 in 2007.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">
        <font size="2">b)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font size="2">Audit-Related Fees. The aggregate fees billed in the Reporting Periods for
        assurance and related services by the principal accountant that are reasonably related to
        the performance of the audit registrant&rsquo;s financial statements
        and are not reported under paragraph (e) of this Item were $5,046 in
        2006 and $5,476 in 2007. These services consist of accounting consultations,
        agreed upon procedure reports (inclusive of annual review of basic maintenance
        testing associated with the Preferred Shares), attestation reports and
        comfort letters.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">
        <font size="2">c)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font size="2">Tax Fees. The aggregate fees billed in the Reporting Periods
        for professional services rendered by the Auditor for tax compliance,
        tax service and tax planning (&ldquo;Tax Services&rdquo;) were $9,000
        in 2006 and $9,000 in 2007. These services consisted of review or preparation
        of U.S. federal, state, local and excise tax returns.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">
        <font size="2">d)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font size="2">All Other Fees. There were no other fees billed in the Reporting Periods for
        products and services provided by the Auditor to the Registrant.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">
        <font size="2">e)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font size="2">1. Audit Committee Pre-Approval Policies and Procedures. The
        Registrant&rsquo;s Audit Committee has established policies and procedures for pre-approval
        of all audit and permissible non-audit services by the Auditor for the Registrant, as well
        as the Auditor&rsquo;s engagements related directly to the operations and financial
        reporting of the Registrant. The Registrant&rsquo;s policy is stated below.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-ALIGN: left">
        <font size="2">PIMCO New York Municipal Income Fund II (the &ldquo;Fund&rdquo;) </font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 8%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">AUDIT
        OVERSIGHT COMMITTEE POLICY FOR PRE-APPROVAL OF SERVICES PROVIDED BY THE INDEPENDENT
        ACCOUNTANTS</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
        Fund&rsquo;s Audit Oversight Committee (&ldquo;Committee&rdquo;) is
        charged with the oversight of the Fund&rsquo;s financial reporting policies
        and practices and their internal controls. As part of this responsibility,
        the</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Committee
        must pre-approve any independent accounting firm&rsquo;s engagement to render audit and/or
        permissible non-audit services, as required by law. In evaluating a proposed engagement by
        the independent accountants, the Committee will assess the effect that the engagement might
        reasonably be expected to have on the accountant&rsquo;s independence. The
        Committee&rsquo;s evaluation will be based on:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">
        <font size="2">a review of the nature of the professional services expected to
        provided,</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">
        <font size="2">the fees to be charged in connection with the services expected to be
        provided,</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">
        <font size="2">a review of the safeguards put into place by the accounting firm to
        safeguard independence, and</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">
        <font size="2">periodic meetings with the accounting firm.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">POLICY FOR
        AUDIT AND NON-AUDIT SERVICES TO BE PROVIDED TO THE FUNDS</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">On
            an annual basis, the Fund&rsquo;s Committee will review and pre-approve
            the scope of the audit of the Fund and proposed audit fees and
            permitted non-audit (including audit-related) services that may be
            performed by the Fund&rsquo;s independent accountants.
        At least annually, the Committee will receive a report of all audit and
            non-audit services that were rendered in the previous calendar year
            pursuant to this Policy. In addition to the Committee&rsquo;s pre-approval
            of services pursuant to this Policy, the engagement of the independent
            accounting firm for any permitted non-audit service provided to the
            Funds will also require the separate written pre-approval of the
            President of the Fund, who will confirm, independently, that the
            accounting firm&rsquo;s engagement will not adversely
        affect the firm&rsquo;s independence. All non-audit services performed
        by the independent accounting firm will be disclosed, as required, in
        filings with the Securities and Exchange Commission.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">AUDIT
        SERVICES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
        categories of audit services and related fees to be reviewed and pre-approved annually by
        the Committee are:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Annual Fund
        financial statement audits</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Seed audits
        (related to new product filings, as required)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">SEC and
        regulatory filings and consents</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Semiannual
        financial statement reviews</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2">AUDIT-RELATED SERVICES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
        following categories of audit-related services are considered to be consistent with the
        role of the Fund&rsquo;s independent accountants and services falling under one of these
        categories will be pre-approved by the Committee on an annual basis if the Committee deems
        those services to be consistent with the accounting firm&rsquo;s independence:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Accounting
        consultations</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Fund merger
        support services</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Agreed upon
        procedure reports (inclusive of quarterly review of Basic Maintenance testing associated
        with issuance of Preferred Shares and semiannual report review)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Other
        attestation reports</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Comfort
        letters</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Other
        internal control reports</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Individual
        audit-related services that fall within one of these categories and are not presented to
        the Committee as part of the annual pre-approval process described above, may be
        pre-approved, if deemed consistent with the accounting firm&rsquo;s independence,
        by the Committee Chair (or any other Committee member who is a disinterested
        trustee under the Investment Company Act to whom this responsibility
        has been delegated) so long as the estimated fee for those services does
        not exceed $150,000. Any such pre-approval shall be reported to the full
        Committee at its next regularly scheduled meeting.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>
        <hr align="left" width="100%" color="#010101" noshade size="3">
        <br>
        <br>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">TAX
        SERVICES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
        following categories of tax services are considered to be consistent
            with the role of the Fund&rsquo;s independent accountants and services
            falling under one of these categories will be pre-approved by the
            Committee on an annual basis if the Committee deems those services
            to be consistent with the accounting firm&rsquo;s independence:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Tax
        compliance services related to the filing or amendment of the following:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">
        <font size="2">Federal, state and local income tax compliance; and, sales and use tax
        compliance</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">
        <font size="2">Timely RIC qualification reviews</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">
        <font size="2">Tax distribution analysis and planning</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">
        <font size="2">Tax authority examination services</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">
        <font size="2">Tax appeals support services</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">
        <font size="2">Accounting methods studies</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">
        <font size="2">Fund merger support service</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">
        <font size="2">Other tax consulting services and related projects</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Individual
        tax services that fall within one of these categories and are not presented to the
        Committee as part of the annual pre-approval process described above, may be pre-approved,
        if deemed consistent with the accounting firm&rsquo;s independence, by
        the Committee Chairman (or any other Committee member who is a disinterested
        trustee under the Investment Company Act to whom this responsibility
        has been delegated) so long as the estimated fee for those services does
        not exceed $150,000. Any such pre-approval shall be reported to the full
        Committee at its next regularly scheduled meeting.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">PROSCRIBED
        SERVICES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
        Funds&rsquo; independent accountants will not render services in the following categories
        of non-audit services:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Bookkeeping
        or other services related to the accounting records or financial statements
            of the Fund</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Financial
        information systems design and implementation</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Appraisal
        or valuation services, fairness opinions, or contribution-in-kind reports</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Actuarial
        services</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Internal
        audit outsourcing services</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Management
        functions or human resources</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Broker or
        dealer, investment adviser or investment banking services</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Legal
        services and expert services unrelated to the audit</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Any other
        service that the Public Company Accounting Oversight Board determines, by regulation, is
        impermissible</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2">PRE-APPROVAL OF NON-AUDIT SERVICES PROVIDED TO OTHER ENTITIES WITHIN THE
        FUND COMPLEX</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
        Committee will pre-approve annually any permitted non-audit services
            to be provided to Allianz Global Investors Fund Management LLC (Formerly,
            PA Fund Management LLC) or any other investment manager to the Fund
            (but not including any sub-adviser whose role is primarily portfolio
            management and is sub-contracted by the investment manager) (the
        &ldquo;Investment Manager&rdquo;) and any entity controlling, controlled
        by, or under common control with the Investment Manager that provides
        ongoing services to the Fund (including affiliated sub-advisers to the
        Fund), provided, in each case, that the engagement relates directly
        to the operations and financial reporting of the Funds (such entities,
        including the Investment Manager, shall be referred to herein as the
        &ldquo;Accounting Affiliates&rdquo;). Individual projects that are not
        presented to the Committee as part of the annual pre-approval process,
        may be pre-approved, if deemed consistent with the accounting firm&rsquo;s
        independence, by the Committee Chairman (or any other Committee member
        who is a disinterested trustee under the Investment Company Act to whom
        this responsibility has been delegated) so long as the estimated fee
        for those services does not exceed $150,000. Any such pre-approval shall
        be reported to the full Committee at its next regularly scheduled meeting.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>
        <hr align="left" width="100%" color="#010101" noshade size="3">
        <br>
        <br>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Although
        the Committee will not pre-approve all services provided to the Investment
            Manager and its affiliates, the Committee will receive an annual
            report from the Fund&rsquo;s independent
        accounting firm showing the aggregate fees for all services provided
            to the Investment Manager and its affiliates.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">DE MINIMUS
        EXCEPTION TO REQUIREMENT OF PRE-APPROVAL OF NON-AUDIT SERVICES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">With
        respect to the provision of permitted non-audit services to a Fund or Accounting
        Affiliates, the pre-approval requirement is waived if:</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">
        <font size="2">(1)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font size="2">The aggregate amount of all such permitted non-audit services provided
        constitutes no more than (i) with respect to such services provided to the Fund, five
        percent (5%) of the total amount of revenues paid by the Fund to its independent accountant
        during the fiscal year in which the services are provided, and (ii) with respect to such
        services provided to Accounting Affiliates, five percent (5%) of the total amount of
        revenues paid to the Fund&rsquo;s independent accountant by the Fund and the Accounting
        Affiliates during the fiscal year in which the services are provided;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">
        <font size="2">(2)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font size="2">Such services were not recognized by the Fund at the time of the engagement
        for such services to be non-audit services; and</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">
        <font size="2">(3)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font size="2">Such services are promptly brought to the attention of the Committee and
        approved prior to the completion of the audit by the Committee or by the Committee Chairman
        (or any other Committee member who is a disinterested trustee under the Investment Company
        Act to whom this Committee Chairman or other delegate shall be reported to the full
        Committee at its next regularly scheduled meeting.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-INDENT: -5.33%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-ALIGN: left">
        <font size="2">e)&nbsp;2. No services were approved pursuant to the procedures contained in
        paragraph (C) (7) (i) (C) of Rule 2-01 of Registration S-X.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-ALIGN: left">
        <font size="2">f)&nbsp;Not applicable</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-ALIGN: left">
        <font size="2">g)&nbsp;</font> <font size="2">Non-audit fees. The aggregate
        non-audit fees billed by the Auditor for services rendered to the Registrant,
        and rendered to the Adviser, for the 2006 Reporting Period was $2,205,889
        and the 2007 Reporting Period was $2,331,204.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-ALIGN: left">
        <font size="2">h)&nbsp;</font> <font size="2">Auditor Independence. The Registrant&rsquo;s
        Audit Oversight Committee has considered whether the provision of non-audit services that
        were rendered to the Adviser which were not pre-approved is compatible with maintaining the
        Auditor&rsquo;s independence.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 10.67%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANT</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The Fund
        has a separately designated standing audit committee established in accordance with Section
        3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee of the Fund is
        comprised of Robert E. Connor, Paul Belica, John J. Dalessandro II, Hans W. Kertess, R.
        Peter Sullivan III and William B. Ogden, IV.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 6.
        SCHEDULE OF INVESTMENTS Schedule of Investments is included as part of the report to
        shareholders filed under Item 1 of this form.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>
        <hr align="left" width="100%" color="#010101" noshade size="3">
        <br>
        <br>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM
        7.</font> <font size="2">DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
        MANAGEMENT INVESTMENT COMPANIES.<br>
        <br>
        </font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">PIMCO
        MUNICIPAL INCOME FUND II</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">PIMCO
        CALIFORNIA MUNICIPAL INCOME FUND II</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">PIMCO
        NEW YORK MUNICIPAL INCOME FUND II</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">(each
        a &ldquo;Trust&rdquo;)</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <u><b><font size="2">PROXY VOTING POLICY</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">1.</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">It is the policy of each Trust that proxies should be voted in
                    the interest of its shareholders, as determined by those who are in the best
                    position to make this determination. Each Trust believes that the firms and/or
                    persons purchasing and selling securities for the Trust and analyzing the
                    performance of the Trust&rsquo;s securities are in the best position and have
                    the information necessary to vote proxies in the best interests of the Trust
                    and its shareholders, including in situations where conflicts of interest may
                    arise between the interests of shareholders, on one hand, and the interests of
                    the investment adviser, a sub-adviser and/or any other affiliated person of the
                    Trust, on the other. Accordingly, each Trust&rsquo;s policy shall be to
                    delegate proxy voting responsibility to those entities with portfolio
                    management responsibility for the Trust.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.94%; TEXT-INDENT: -7.94%; TEXT-ALIGN: left">&nbsp;
        </p>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">2.</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">Each Trust delegates the responsibility for voting proxies to
                    Allianz Global Investors Fund Management LLC (&ldquo;AGIFM&rdquo;), which will
                    in turn delegate such responsibility to the sub-adviser of the particular
                    Trust. AGIFM&rsquo;s Proxy Voting Policy Summary is attached as</font>
                    <u><font size="2">Appendix A</font></u> <font size="2">hereto. Summary of the
                    detailed proxy voting policies of the Trust&rsquo;s current sub-adviser is set
                    forth in</font> <u><font size="2">Appendix B</font></u> <font size="2">attached
                    hereto. Such summaries may be revised from time to time to reflect changes to
                    the sub-advisers&rsquo; detailed proxy voting policies.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.94%; TEXT-INDENT: -7.94%; TEXT-ALIGN: left">&nbsp;
        </p>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">3.</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">The party voting the proxies (i.e., the sub-adviser or portfolio
                    manager) shall vote such proxies in accordance with such party&rsquo;s proxy
                    voting policies and, to the extent consistent with such policies, may rely on
                    information and/or recommendations supplied by others.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.94%; TEXT-INDENT: -7.94%; TEXT-ALIGN: left">&nbsp;
        </p>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">4.</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">AGIFM and the sub-adviser of a Trust with proxy voting authority
                    shall deliver a copy of its respective proxy voting policies and any material
                    amendments thereto to the applicable Board of the Trust promptly after the
                    adoption or amendment of any such policies.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.94%; TEXT-INDENT: -7.94%; TEXT-ALIGN: left">&nbsp;
        </p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">5.</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">The party voting the proxy shall: (i) maintain such records and
                    provide such voting information as is required for the Trusts&rsquo; regulatory
                    filings including, without limitation, Form N-PX and the required disclosure of
                    policy called for by Item 18 of Form N-2 and Item 7 of Form N-CSR; and (ii)
                    shall provide such additional</font></p>
                </td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: center" align="center"><font size="2">-1-.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.94%; TEXT-ALIGN: left">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>
        <hr align="left" width="100%" color="#010101" noshade size="3">
        <br>
        <br>

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.94%; TEXT-ALIGN: left">
        <font size="2">information as may be requested, from time to time, by the Board or the
        Trusts&rsquo; Chief Compliance Officer.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.94%; TEXT-INDENT: -7.94%; TEXT-ALIGN: left">&nbsp;
        </p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">6.</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">This Proxy Voting Policy Statement (including</font>
                    <u><font size="2">Appendix B</font></u><font size="2">), the Proxy Voting
                    Policy Summary of AGIFM and summary of the detailed proxy voting policy of the
                    sub-adviser of a Trust with proxy voting authority, shall be made available (i)
                    without charge, upon request, by calling 1-800-426-0107 and (ii) on the
                    Trusts&rsquo; website at www.allianzinvestors.com. In addition, to the extent
                    required by applicable law or determined by the Trusts&rsquo; Chief Compliance
                    Officer or Board of Trustees, the Proxy Voting Policy Summary of AGIFM and
                    summaries of the detailed proxy voting policies of each sub-adviser with proxy
                    voting authority shall also be included in the Trusts&rsquo; Registration
                    Statements or Form N-CSR filings.</font></p>
                </td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: center" align="center"><font size="2">-2-</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>
        <hr align="left" width="100%" color="#010101" noshade size="3">
        <br>
        <br>
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <u><b><font size="2">Appendix A</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <u><b><font size="2">ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC
        (&ldquo;AGIFM&rdquo;)</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">1.</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">It is the policy of AGIFM that proxies should be voted in the
                    interest of the shareholders of the applicable fund, as determined by those who
                    are in the best position to make this determination. AGIFM believes that the
                    firms and/or persons purchasing and selling securities for the funds and
                    analyzing the performance of the funds&rsquo; securities are in the best
                    position and have the information necessary to vote proxies in the best
                    interests of the funds and their shareholders, including in situations where
                    conflicts of interest may arise between the interests of shareholders, on one
                    hand, and the interests of the investment adviser, a sub-adviser and/or any
                    other affiliated person of the fund, on the other. Accordingly, AGIFM&rsquo;s
                    policy shall be to delegate proxy voting responsibility to those entities with
                    portfolio management responsibility for the funds.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.94%; TEXT-INDENT: -7.94%; TEXT-ALIGN: left">&nbsp;
        </p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">2.</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">AGIFM, for each fund which it acts as an investment adviser,
                    delegates the responsibility for voting proxies to the sub-adviser for the
                    respective fund, subject to the terms hereof.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.94%; TEXT-INDENT: -7.94%; TEXT-ALIGN: left">&nbsp;
        </p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">3.</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">The party voting the proxies (e.g., the sub-adviser) shall vote
                    such proxies in accordance with such party&rsquo;s proxy voting policies and,
                    to the extent consistent with such policies, may rely on information and/or
                    recommendations supplied by others.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.94%; TEXT-INDENT: -7.94%; TEXT-ALIGN: left">&nbsp;
        </p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">4.</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">AGIFM and each sub-adviser of a fund shall deliver a copy of its
                    respective proxy voting policies and any material amendments thereto to the
                    board of the relevant fund promptly after the adoption or amendment of any such
                    policies.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.94%; TEXT-INDENT: -7.94%; TEXT-ALIGN: left">&nbsp;
        </p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">5.</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">The party voting the proxy shall: (i) maintain such records and
                    provide such voting information as is required for such funds&rsquo; regulatory
                    filings including, without limitation, Form N-PX and the required disclosure of
                    policy called for by Item 18 of Form N-2 and Item 7 of Form N-CSR; and (ii)
                    shall provide such additional information as may be requested, from time to
                    time, by such funds&rsquo; respective boards or chief compliance
                    officers.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 7.94%; TEXT-INDENT: -7.94%; TEXT-ALIGN: left">&nbsp;
        </p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="7%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">6.</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">This Proxy Voting Policy Summary and summaries of the proxy
                    voting policies for each sub-adviser of a fund advised by AGIFM shall be
                    available (i) without charge, upon request, by calling 1-800-426-0107 and (ii)
                    at www.allianzinvestors.com. In addition, to the extent required by applicable
                    law or determined by the relevant fund&rsquo;s board of directors/trustees or
                    chief compliance officer, this Proxy Voting Policy Summary and summaries of the
                    detailed proxy voting policies of each sub-adviser and each other entity with
                    proxy voting authority for a fund advised by AGIFM shall also be included in
                    the Registration Statement or Form N-CSR filings for the relevant
                    fund.</font></p>
                </td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: center" align="center"><font size="2">A-1</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <br>
        <hr align="center" width="100%" noshade size="2">
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" nowrap width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">&nbsp;
                    </p>
                </td>

                <td valign="top" nowrap width="50%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                    <u><b><font size="2">Appendix B</font></b></u></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <u><b><font size="2">PACIFIC INVESTMENT MANAGEMENT COMPANY LLC</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 9.33%; TEXT-ALIGN: justify">
        <font size="2">Pacific Investment Management Company LLC (&ldquo;PIMCO&rdquo;) has adopted
        written proxy voting policies and procedures (&ldquo;Proxy Policy&rdquo;) as required by
        Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. PIMCO has implemented
        the Proxy Policy for each of its clients as required under applicable law, unless expressly
        directed by a client in writing to refrain from voting that client&rsquo;s proxies.
        Recognizing that proxy voting is a rare event in the realm of fixed income investing and is
        typically limited to solicitation of consent to changes in features of debt securities, the
        Proxy Policy also applies to any voting rights and/or consent rights of PIMCO, on behalf of
        its clients, with respect to debt securities, including but not limited to, plans of
        reorganization, and waivers and consents under applicable indentures.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 9.33%; TEXT-ALIGN: justify">
        <font size="2">The Proxy Policy is designed and implemented in a manner reasonably expected
        to ensure that voting and consent rights are exercised in the best interests of
        PIMCO&rsquo;s clients. Each proxy is voted on a case-bycase basis taking into consideration
        any relevant contractual obligations as well as other relevant facts and circumstances at
        the time of the vote. In general, PIMCO reviews and considers corporate governance issues
        related to proxy matters and generally supports proposals that foster good corporate
        governance practices. PIMCO may vote proxies as recommended by management on routine
        matters related to the operation of the issuer and on matters not expected to have a
        significant economic impact on the issuer and/or its shareholders.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 9.33%; TEXT-ALIGN: justify">
        <font size="2">PIMCO will supervise and periodically review its proxy voting activities and
        implementation of the Proxy Policy. PIMCO will review each proxy to determine whether there
        may be a material conflict between PIMCO and its client. If no conflict exists, the proxy
        will be forwarded to the appropriate portfolio manager for consideration. If a conflict
        does exist, PIMCO will seek to resolve any such conflict in accordance with the Proxy
        Policy. PIMCO seeks to resolve any material conflicts of interest by voting in good faith
        in the best interest of its clients. If a material conflict of interest should arise, PIMCO
        will seek to resolve such conflict in the client&rsquo;s best interest by pursuing any one
        of the following courses of action: (i) convening a committee to assess and resolve the
        conflict; (ii) voting in accordance with the instructions of the client; (iii) voting in
        accordance with the recommendation of an independent third-party service provider; (iv)
        suggesting that the client engage another party to determine how the proxy should be voted;
        (v) delegating the vote to a third-party service provider; or (vi) voting in accordance
        with the factors discussed in the Proxy Policy.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 9.33%; TEXT-ALIGN: justify">
        <font size="2">Clients may obtain a copy of PIMCO&rsquo;s written Proxy Policy and the
        factors that PIMCO may consider in determining how to vote a client&rsquo;s proxy. Except
        as required by law, PIMCO will not disclose to third parties how it voted on behalf of a
        client. However, upon request from an appropriately authorized individual, PIMCO will
        disclose to its clients or the entity delegating the voting authority to PIMCO for such
        clients, how PIMCO voted such client&rsquo;s proxy. In addition, a client may obtain copies
        of PIMCO&rsquo;s Proxy Policy and information as to how its proxies have been voted by
        contacting PIMCO.</font></p>

        <p style="TEXT-ALIGN: center" align="center"><font size="2">A-2</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>
        <hr align="center" width="100%" noshade size="2">
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="102%" border="0">
            <tr>
                <td valign="top" nowrap width="100%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">(a)(1)</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 9.33%; TEXT-ALIGN: justify">
        <font size="2">As of August 6, 2007 the following individual has primary responsibility for
        the day-to-day implementation of the PIMCO Municipal Income Fund II (PML), PIMCO California
        Municipal Income Fund II (PCK) and PIMCO New York Municipal Income Fund II (PNI) (each a
        &ldquo;Fund&rdquo; and collectively, the &ldquo;Funds&rdquo;):</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font face="Arial" size="2">Mark V. McCray</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Mr. McCray
        has been the portfolio manager for each of the Funds since inception (June 2002). Mr.
        McCray is a Managing Director and portfolio manager responsible for the firm's municipal
        bond portfolios and tax-sensitive portfolios, and has managed the subject portfolios since
        their inception. He currently serves as Chairman of PIMCO's Shadow Investment Committee. He
        joined the firm in 2000 from Goldman, Sachs &amp; Co. in New York, where he was Vice
        President and co-head of municipal bond trading, with primary responsibility for the firm's
        proprietary municipal trading. Mr. McCray has nineteen years of investment experience and
        holds bachelor's degrees in finance and real estate from Temple University and an MBA from
        The Wharton School of the University of Pennsylvania, with concentrations in finance,
        accounting, and strategic management.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="102%" border="0">
            <tr>
                <td valign="top" nowrap width="100%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">(a)(2)</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 9.33%; TEXT-ALIGN: justify">
        <font color="#231f20"><font size="2">The following summarizes information regarding each of
        the accounts, excluding the</font></font> <font size="2">Funds</font>
        <font color="#231f20"><font size="2">that were managed by the Portfolio Manager as of May
        31, 2007, including accounts managed by a team, committee, or other group that includes the
        Portfolio Manager.</font></font> <font size="2">Unless mentioned otherwise, the advisory
        fee charged for managing each of the accounts listed below is not based on
        performance.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: gray 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: gray 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: gray 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: gray 1pt solid" valign="top" width="294">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td style="BORDER-RIGHT: gray 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: gray 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: gray 1pt solid" valign="top" width="73">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td style="BORDER-RIGHT: gray 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: gray 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: gray 1pt solid" valign="top" colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">Registered Investment
                    Companies</font></font></p>
                </td>

                <td style="BORDER-RIGHT: gray 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: gray 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: gray 1pt solid" valign="top" colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">Other Pooled Investment
                    Vehicles</font></font></p>
                </td>

                <td style="BORDER-RIGHT: gray 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: gray 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: gray 1pt solid" valign="top" colspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">Other Accounts</font></font></p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-RIGHT: gray 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: gray 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: gray 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">PM</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">Fund</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="49">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">#</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="160">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">AUM($million)</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="37">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">#</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="160">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">AUM($million)</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="62">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">#</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="394">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">AUM($million)</font></font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 15.7pt">
                <td style="BORDER-RIGHT: gray 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: gray 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: gray 1pt solid; HEIGHT: 15.7pt" valign="top" rowspan="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <b><font face="Arial" size="2">Mark V. McCray</font></b></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.7pt" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">PML</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.7pt" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font color="#231f20"><font size="2">13</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.7pt" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font size="2">4,742.83</font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.7pt" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font color="#231f20"><font size="2">2</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.7pt" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font size="2">807.74</font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.7pt" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font color="#231f20"><font size="2">18</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.7pt" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font size="2">1,497.53</font></p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">PCK</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font color="#231f20"><font size="2">13</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font size="2">5,422.43</font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font color="#231f20"><font size="2">2</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font size="2">807.74</font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font color="#231f20"><font size="2">18</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font size="2">1,497.53</font></p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-RIGHT: gray 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: gray 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: gray 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font color="#231f20"><font size="2">PNI</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font color="#231f20"><font size="2">13</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font size="2">5,893.69</font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font color="#231f20"><font size="2">2</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font size="2">807.74</font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font color="#231f20"><font size="2">18</font></font></p>
                </td>

                <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                    <font size="2">1,497.53</font></p>
                </td>
            </tr>
    </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
        <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; TEXT-INDENT: 9.33%; TEXT-ALIGN: left">
        <font size="2">From time to time, potential conflicts of interest may arise between a
        portfolio manager&rsquo;s management of the investments of a Fund, on the one hand, and the
        management of other accounts, on the other. The other accounts might have similar
        investment objectives or strategies a Fund, track the same index a Fund tracks or otherwise
        hold, purchase, or sell securities that are eligible to be held, purchased or sold by the
        Funds. The other accounts might also have different investment objectives or strategies
        than the Funds.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><font size="2">Knowledge and Timing of Fund Trades</font></i><font size="2">. A
        potential conflict of interest may arise as a result of the portfolio manager&rsquo;s
        day-to- day management of a Fund. Because of their positions with the Funds, the
        portfolio</font></p>

        <p style="TEXT-ALIGN: center" align="center"><font size="2">A-3</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <hr align="center" width="100%" noshade size="2">
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">managers
        know the size, timing and possible market impact of a Fund&rsquo;s trades. It is
        theoretically possible that the portfolio managers could use this information to the
        advantage of other accounts they manage and to the possible detriment of a Fund.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><font size="2">Investment Opportunities</font></i><font size="2">. A potential conflict
        of interest may arise as result of the portfolio manager&rsquo;s management of a number of
        accounts with varying investment guidelines. Often, an investment opportunity may be
        suitable for both a Fund and other accounts managed by the portfolio manager, but may not
        be available in sufficient quantities for both the Fund and the other accounts to
        participate fully. Similarly, there may be limited opportunity to sell an investment held
        by a Fund and another account. PIMCO has adopted policies and procedures reasonably
        designed to allocate investment opportunities on a fair and equitable basis over
        time.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Under
        PIMCO&rsquo;s allocation procedures, investment opportunities are allocated among various
        investment strategies based on individual account investment guidelines and PIMCO&rsquo;s
        investment outlook. PIMCO has also adopted additional procedures to complement the general
        trade allocation policy that are designed to address potential conflicts of interest due to
        the side-by- side management of the Funds and certain pooled investment vehicles, including
        investment opportunity allocation issues.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><font size="2">Performance Fees</font></i><font size="2">. A portfolio manager may
        advise certain accounts with respect to which the advisory fee is based entirely or
        partially on performance. Performance fee arrangements may create a conflict of interest
        for the portfolio manager in that the portfolio manager may have an incentive to allocate
        the investment opportunities that he or she believes might be the most profitable to such
        other accounts instead of allocating them to a Fund. PIMCO has adopted policies and
        procedures reasonably designed to allocate investment opportunities between the Funds and
        such other accounts on a fair and equitable basis over time.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 9.33%; TEXT-ALIGN: justify">
        <font size="2">As of May 31, 2007,</font> <font color="#231f20"><font size="2">the
        following explains the compensation structure of the individual that has primary
        responsibility for day-to-day portfolio management of the Funds:</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <b><font size="2">Portfolio Manager Compensation</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">PIMCO has
        adopted a &ldquo;Total Compensation Plan&rdquo; for its professional level employees,
        including its portfolio managers, that is designed to pay competitive compensation and
        reward performance, integrity and teamwork consistent with the firm&rsquo;s mission
        statement. The Total Compensation Plan includes a significant incentive component that
        rewards high performance standards, work ethic and consistent individual and team
        contributions to the firm. The compensation of portfolio managers consists of a base
        salary, a bonus, and may include a retention bonus. Portfolio managers who are Managing
        Directors of PIMCO also receive compensation from PIMCO&rsquo;s profits. Certain employees
        of PIMCO, including portfolio managers, may elect to defer compensation through
        PIMCO&rsquo;s deferred compensation plan. PIMCO also offers its employees a
        non-contributory defined contribution plan through which PIMCO makes a contribution based
        on the employee&rsquo;s compensation. PIMCO&rsquo;s contribution rate increases at a
        specified compensation level, which is a level that would include portfolio
        managers.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><font size="2">Salary
        and Bonus</font></i><font size="2">. Base salaries are determined by considering an
        individual portfolio manager&rsquo;s experience and expertise and may be reviewed for
        adjustment annually. Portfolio managers are entitled to receive bonuses, which may be
        significantly more than their base salary, upon attaining certain performance objectives
        based on predetermined measures of group or department success. These goals are specific to
        individual portfolio managers and are mutually agreed upon annually by each portfolio
        manager and his or her manager. Achievement of these goals is an important, but not
        exclusive, element of the bonus decision process.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">In
        addition, the following non-exclusive list of qualitative criteria (collectively, the
        &ldquo;Bonus Factors&rdquo;) may be considered when determining the bonus for portfolio
        managers:</font></p>

        <p style="TEXT-ALIGN: center" align="center"><font size="2">A-4</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <hr align="center" width="100%" noshade size="2">
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="4"><b>&bull;</b></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">3-year, 2-year and 1-year dollar-weighted and account-weighted,
                    pre-tax investment performance as judged against the applicable benchmarks for
                    each account managed by a portfolio manager and relative to applicable industry
                    peer groups;</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="4"><b>&bull;</b></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">Appropriate risk positioning that is consistent with
                    PIMCO&rsquo;s investment philosophy and the Investment Committee/CIO approach
                    to the generation of alpha;</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="4"><b>&bull;</b></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">Amount and nature of assets managed by the portfolio
                    manager;</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="4"><b>&bull;</b></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">Consistency of investment performance across portfolios of
                    similar mandate and guidelines (reward low dispersion);</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="4"><b>&bull;</b></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">Generation and contribution of investment ideas in the context
                    of PIMCO&rsquo;s secular and cyclical forums, portfolio strategy meetings,
                    Investment Committee meetings, and on a day-to-day basis;</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="4"><b>&bull;</b></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">Absence of defaults and price defaults for issues in the
                    portfolios managed by the portfolio manager;</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="4"><b>&bull;</b></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">Contributions to asset retention, gathering and client
                    satisfaction;</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="4"><b>&bull;</b></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">Contributions to mentoring, coaching and/or supervising;
                    and</font></p>
                </td>
            </tr>
        </table>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td valign="top" width="4%">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="4"><b>&bull;</b></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                    <font size="2">Personal growth and skills added.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">A portfolio
        manager&rsquo;s compensation is not based directly on the performance of any portfolio or
        any other account managed by that portfolio manager. Final bonus award amounts are
        determined by the PIMCO Compensation Committee.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <i><font size="2">Retention Bonuses</font></i><font size="2">. Certain portfolio managers
        may receive a discretionary, fixed amount retention bonus, based upon the Bonus Factors and
        continued employment with PIMCO. Each portfolio manager who is a Senior Vice President or
        Executive Vice President of PIMCO receives a variable amount retention bonus, based upon
        the Bonus Factors and continued employment with PIMCO.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Investment
        professionals, including portfolio managers, are eligible to participate in a Long Term
        Cash Bonus Plan (&ldquo;Cash Bonus Plan&rdquo;), which provides cash awards that appreciate
        or depreciate based upon the performance of PIMCO&rsquo;s parent company, Allianz Global
        Investors, and PIMCO over a three-year period. The aggregate amount available for
        distribution to participants is based upon Allianz Global Investors&rsquo;s profit growth
        and PIMCO&rsquo;s profit growth. Participation in the Cash Bonus Plan is based upon the
        Bonus Factors, and the payment of benefits from the Cash Bonus Plan, is contingent upon
        continued employment at PIMCO.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><i><font size="2">Profit
        Sharing Plan</font></i><font size="2">. Instead of a bonus, portfolio managers who are
        Managing Directors of PIMCO receive compensation from a non-qualified profit sharing plan
        consisting of a portion of PIMCO&rsquo;s net profits. Portfolio managers who are Managing
        Directors receive an amount determined by the Managing Director Compensation Committee,
        based upon an individual&rsquo;s overall contribution to the firm and the Bonus
        Factors.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">From time
        to time, under the PIMCO Class B Unit Purchase Plan, Managing Directors and certain
        executive management (including Executive Vice Presidents) of PIMCO may become eligible to
        purchase Class B Units of PIMCO. Upon their purchase, the Class B Units are immediately
        exchanged for Class A Units of PIMCO Partners, LLC, a California limited liability company
        that holds a minority interest in PIMCO and is owned by the Managing Directors and certain
        executive management of PIMCO. The Class A Units of PIMCO Partners, LLC entitle their
        holders to distributions of a portion of the profits of PIMCO. The PIMCO Compensation
        Committee determines which Managing Directors and executive management may purchase Class B
        Units and the number of Class B Units that each may purchase. The Class B Units are
        purchased pursuant to full recourse notes issued to the holder. The base compensation of
        each Class B Unit holder is increased in an amount equal to the principal amortization
        applicable to the notes given by the Managing Director or member of executive
        management.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Portfolio
        managers who are Managing Directors also have long-term employment contracts, which
        guarantee severance payments in the event of involuntary termination of a Managing
        Director&rsquo;s employment with PIMCO.</font></p>

        <p style="TEXT-ALIGN: center" align="center"><font size="2">A-5</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <hr align="center" width="100%" noshade size="2">
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 9.33%; TEXT-ALIGN: justify">
        <font size="2">(a)(4)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 9.33%; TEXT-ALIGN: justify">&nbsp;
        </p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 9.33%; TEXT-ALIGN: left">
        <font size="2">The following summarizes the dollar range of securities the portfolio
        manager for the Funds beneficially owned of the Funds that he managed as of
        05/31/07.</font></p>
        <br>
        <br>

        <table cellspacing="0" cellpadding="0" width="80%" border="0">
            <tr valign="bottom" align="center" bgcolor="#999999">
                <td style="BORDER-BOTTOM: #000000 1px solid" colspan="2">
                <font face="serif" size="2">PIMCO Municipal Income Fund II<br>
                PIMCO California Municipal Income Fund II<br>
                PIMCO New York Municipal Income Fund II</font></td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="66%">&nbsp; &nbsp;
                &nbsp; &nbsp; &nbsp; &nbsp;<font face="serif" size="2">Portfolio
                Manager</font>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="center" width="66%">
                <font face="serif" size="2">Dollar Range of Equity Securities in the
                Funds</font>&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" align="left" width="66%">
                <b><font face="sans-serif" size="2">Mark V. McCray</font></b>&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" align="center" width="66%">
                <font style="BORDER-BOTTOM: #000000 1px solid" face="serif" size="2">None&nbsp;</font>
                &nbsp;</td>
            </tr>
        </table>

        <p style="TEXT-ALIGN: center" align="center"><font size="2">A-6</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <hr align="center" width="100%" noshade size="2">
        <br>
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM
        9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
            COMPANY AND AFFILIATED COMPANIES </font></p>
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <b><font face="sans-serif" size="1">TOTAL NUMBER</font></b>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="right">
                    <div align="center">
                        <b><font face="sans-serif" size="1">MAXIMUM NUMBER OF</font></b>
                    </div>
                </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center">
                    <div align="center">
                        <b><font face="sans-serif" size="1">OF SHARES PURCHASED</font></b>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">SHARES THAT MAY YET
                BE</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left">&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">TOTAL
                NUMBER</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">AVERAGE</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <b><font face="sans-serif" size="1">AS PART OF PUBLICLY</font></b>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">PURCHASED UNDER THE
                PLANS</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><b><font face="sans-serif" size="1">PERIOD</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">OF SHARES</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">PRICE PAID</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="left">
                    <div align="center">
                        <b><font face="sans-serif" size="1">ANNOUNCED PLANS OR</font></b>
                    </div>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">OR
                PROGRAMS</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center">
                <b><font face="sans-serif" size="1">PURCHASED</font></b> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center">
                <b><font face="sans-serif" size="1">PER SHARE</font></b> </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="center">
                    <div align="center">
                        <b><font face="sans-serif" size="1">PROGRAMS</font></b>
                    </div>
                </td>

                <td style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</td>

                <td style="BORDER-BOTTOM: #000000 1px solid" nowrap align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">June 2006</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">July 2006</font></td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">14.41</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">4,797</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">August
                2006</font>&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">14.65</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">4,726</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">September
                2006</font>&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">14.92</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">4,597</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">October
                2006</font>&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">14.98</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">4,777</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="Arial" size="1">November 2006</font>&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">15.13</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">4,979</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="Arial" size="1">December 2006</font>&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">15.21</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">4,899</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">January
                2007</font>&nbsp;</td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">15.20</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">4,705</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">February 2007</font></td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">15.09</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">4,726</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">March 2007</font></td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">15.14</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">4,731</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">April 2007</font></td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">15.15</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">4,701</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>
            </tr>

            <tr valign="bottom">
                <td nowrap align="left"><font face="sans-serif" size="1">May 2007</font> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">15.29</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">4,699</font></b>
                </td>

                <td>&nbsp;</td>

                <td nowrap align="center"><b><font face="sans-serif" size="1">N/A</font></b> </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <hr align="center" width="100%" noshade size="2">
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">There have
        been no material changes to the procedures by which shareholders may recommend nominees to
        the Fund&rsquo;s Board of Trustees since the Fund last provided disclosure in response to
        this item.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 11.
        CONTROLS AND PROCEDURES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2">(a)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">The
        registrant&rsquo;s President and Chief Executive Officer and Principal
        Financial Officer have concluded that the registrant&rsquo;s disclosure
        controls and procedures (as defined in Rule 30a-2(c) under the Act
		(17 CFR 270.30a-3(c))), as amended are effective based on their evaluation
        of these controls and procedures as of a date within 90 days of the filing
        date of this document.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2">(b)</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">There
        were no significant changes over financial reporting (as defined in
        Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that ocurred during
        the second fiscal quarter of the period covered by this report that has
        materially affected, or is reasonably likely to materially affect, the
        registrants control over financial reporting.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 12.
        EXHIBITS</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">(a) (1)
        Exhibit 99.CODE ETH - Code of Ethics</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">(a) (2)
          Exhibit 99 Cert. - Certification pursuant to Section 302 of the Sarbanes-Oxley Act of
          2002</font></p>
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">(b) Exhibit
        99.906 Cert. - Certification pursuant to Section 906 of the Sarbanes-Oxley Act of
        2002</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <hr align="center" width="100%" noshade size="2">
        <PAGE>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2">Signature</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">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 style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                    <p style="MARGIN: 1pt 0in 0in"><font size="2">(Registrant)</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="4">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">PIMCO New York
                    Municipal Income Fund</font><font size="2"> II</font></p>
              </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="670">
                    <p style="MARGIN: 1pt 0in 0in">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="8">
                    <p style="MARGIN: 0in 0in 0pt">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="36">
                    <p style="MARGIN: 1pt 0in 0in"><font size="2">By</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="4">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">/s/ Brian S. Shlissel</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                    <p style="MARGIN: 1pt 0in 0in">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="8">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">President and Chief Executive
                    Officer</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="8">
                    <p style="MARGIN: 0in 0in 0pt">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                    <p style="MARGIN: 1pt 0in 0in"><font size="2">Date</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="2">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">August 6, 2007</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
                    <p style="MARGIN: 1pt 0in 0in">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="8">
                    <p style="MARGIN: 0in 0in 0pt">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="36">
                    <p style="MARGIN: 1pt 0in 0in"><font size="2">By</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="5">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">/s/ Lawrence G.
                    Altadonna</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                    <p style="MARGIN: 1pt 0in 0in">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="8">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">Treasurer, Principal Financial
                    &amp; Accounting Officer</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="8">
                    <p style="MARGIN: 0in 0in 0pt">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                    <p style="MARGIN: 1pt 0in 0in"><font size="2">Date</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="2">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">August 6, 2007</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
                    <p style="MARGIN: 1pt 0in 0in">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td width="36">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="34">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="118">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="64">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="68">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="237">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="670">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">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 style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="36">
                    <p style="MARGIN: 1pt 0in 0in"><font size="2">By</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="3">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">/s/ Brian S. Shlissel</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                    <p style="MARGIN: 1pt 0in 0in">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">President and Chief Executive
                    Officer</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">&nbsp;
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p style="MARGIN: 1pt 0in 0in"><font size="2">Date</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="171">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">August 6, 2007</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                    <p style="MARGIN: 1pt 0in 0in">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">
                    <p style="MARGIN: 0in 0in 0pt">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="36">
                    <p style="MARGIN: 1pt 0in 0in"><font size="2">By</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" colspan="4">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">/s/ Lawrence G.
                    Altadonna</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="897">
                    <p style="MARGIN: 1pt 0in 0in">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">Treasurer, Principal Financial
                    &amp; Accounting Officer</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">&nbsp;
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p style="MARGIN: 1pt 0in 0in"><font size="2">Date</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="171">
                    <p style="MARGIN: 0in 0in 0pt"><font size="2">August 6, 2007</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.7pt; PADDING-LEFT: 0.7pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                    <p style="MARGIN: 1pt 0in 0in">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td width="36">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="2">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="171">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="43">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="80">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>

                <td width="897">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;
                    </p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <hr align="left" width="100%" color="#010101" noshade size="3">
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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>13
<FILENAME>c49588_ex99codeeth.htm
<TEXT>

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<P align="right">
<B><FONT face="serif">Exhibit 99.CODEETH</FONT></B></P>
<P align="center">
<FONT face="serif">ALLIANZ GLOBAL INVESTORS OF AMERICA</FONT></P>
<P align="center">
<FONT face="serif">CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY <br>
ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL<br>
OFFICERS</FONT></P>
<P align="center">
<FONT face="serif">AUGUST 19, 2003</FONT><BR>
<FONT face="serif">(AS REVISED ON OCTOBER 1, 2004)</FONT></P>
<P align="left">
<FONT face="serif">I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COVERED PERSONS/PURPOSE OF THE CODE</FONT></P>
<P align="left">
<FONT face="serif">This Code of Ethics (this &#147;Code&#148;) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the registered investment companies (each a &#147;Fund&#148; and, collectively, the &#147;Funds&#148;)
listed on EXHIBIT A and, except as provided in Section VI below, applies to each Fund&#146;s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the &#147;Covered Officers&#148;) and each Trustee of the Fund
who is an &#147;interested person&#148; of the Fund (as defined in Section 2(a)(19) of the Investment Company Act of 1940) because such Trustee is an interested person of the Fund&#146;s investment adviser or principal underwriter (&#147;Covered
Trustees&#148; and, together with the Covered Officers, the &#147;Covered Persons&#148;). Each Covered Person is identified in EXHIBIT B.</FONT></P>
<P align="left">
<FONT face="serif">This Code has been adopted for the purpose of promoting:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or submits to, the Securities and Exchange Commission (&#147;SEC&#148;) and in other
public communications made by a Fund;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; compliance with applicable laws and governmental rules and regulations;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accountability for adherence to the Code.</FONT></P>
<P align="left">
<FONT face="serif">Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest.</FONT></P>
<P align="left">
<FONT face="serif">II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COVERED PERSONS SHOULD HANDLE ETHICALLY ANY ACTUAL OR APPARENT CONFLICTS OF INTEREST</FONT></P>
<P align="left">
<FONT face="serif">OVERVIEW. A &#147;conflict of interest&#148; occurs when a Covered Person&#146;s private interest interferes with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a Covered
Person, or a member of the Covered Person&#146;s family, receives improper personal benefits as a result of the Covered Person&#146;s position with the relevant Fund.</FONT></P>

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<p style="page-break-before: always"><page>
<P align="left">
<FONT face="serif">Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940 (including
the regulations thereunder, the &#147;1940 Act&#148;) and the Investment Advisers Act of 1940 (including the regulations thereunder, the &#147;Investment Advisers Act&#148;). Indeed, conflicts of interest are endemic for certain registered
management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as &#147;affiliated
persons&#148; of such Fund. The compliance program of each Fund and the compliance programs of its investment advisers (including sub-advisers), principal underwriter and administrator or sub -administrator (each a &#147;Service Provider&#148; and,
collectively, the &#147;Service Providers&#148;) are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code does
not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this Code.</FONT></P>
<P align="left">
<FONT face="serif">Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its Service Providers of which the Covered Persons are also
officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a Service Provider, or for both), be involved in establishing policies and implementing
decisions that will have different effects on the Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their Service Providers and is
consistent with the performance by the Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advis ers Act, other applicable law and the relevant
Fund&#146;s constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, disclosure to and approval by the Directors/Trustees of a Fund who
are not &#147;interested persons&#148; of such Fund under the 1940 Act. In addition, it is recognized by the Funds&#146; Boards of Directors/Trustees (&#147;Boards&#148;) that the Covered Persons may also be officers or employees of one or more
other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.</FONT></P>
<P align="left">
<FONT face="serif">Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of
interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the relevant
Fund, unless the personal interest has been disclosed to and approved by other officers of such Fund or such Fund&#146;s Independent Trustees.</FONT></P>
<P align="center">
<FONT face="serif">* * * *</FONT></P>

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<p style="page-break-before: always"><page>
<P align="left">
<FONT face="serif">Each Covered Person must not:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the relevant Fund whereby the Covered Person would benefit personally
to the detriment of such Fund;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cause the relevant Fund to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than the benefit such Fund; or</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; retaliate against any other Covered Person or any employee of the Funds or their Service Providers for reports of potential violations that are made in good faith.</FONT></P>
<P align="left">
<FONT face="serif">There are some conflict of interest situations that should always be approved by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund). These conflict of
interest situations are listed below:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; service on the board of directors or governing board of a publicly traded entity;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; acceptance of any investment opportunity or of any material gift or gratuity from any person or entity that does business, or desires to do business, with the relevant Fund. For these purposes,
material gifts do not include (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of &#36;100.00 or (ii) attending business meals, business related conferences, sporting events and other entertainment
events at the expense of a giver, so long as the expense is reasonable and both the Covered Person and the giver are present.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any ownership interest in, or any consulting or employment relationship with, any entities doing business with the relevant Fund, other than a Service Provider or an affiliate of a Service
Provider. This restriction shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered Person&#146;s ownership does not exceed more than 2% of the outstanding securities of the relevant class.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a direct or indirect financial interest in commissions, transaction charges or spreads paid by the relevant Fund for effecting portfolio transactions or for selling or redeeming shares other
than an interest arising from the Covered Person&#146;s employment with a Service Provider or its affiliate. This restriction shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered Person&#146;s
ownership does not exceed more than 2% of the particular class of security outstanding.</FONT></P>
<P align="left">
<FONT face="serif">III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISCLOSURE AND COMPLIANCE</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant Fund to others, whether within or outside such Fund, including to such Fund&#146;s
Board and auditors, and to governmental regulators and self-regulatory organizations;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each Covered Person should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and the Service Providers or with counsel to the
Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration statements or periodic reports </FONT></P>

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<P align="left">
<FONT face="serif">that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or &#147;tombstone&#148; advertising prepared by the relevant Fund&#146;s principal
underwriter(s)); and</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is the responsibility of each Covered Person to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.</FONT></P>
<P align="left">
<FONT face="serif">IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPORTING AND ACCOUNTABILITY</FONT><BR>
<BR>
<FONT face="serif">Each Covered Person must:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to the relevant Fund that he has received, read, and understands the Code;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by the relevant Fund as well as with respect to any supplemental request for
information; and</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; notify the President of the relevant Fund promptly if he is convinced to a moral certainty that there has been a material violation of this Code (with respect to violations by a President, the
Covered Person shall report to the Chairman of the relevant Fund).</FONT></P>
<P align="left">
<FONT face="serif">The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund&#146;s Chief Compliance Officer (&#147;CCO&#148;), has the
authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the President will be considered by the Chairman of the relevant Fund.</FONT></P>
<P align="left">
<FONT face="serif">The Funds will follow these procedures in investigating and enforcing this Code:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the President will take all appropriate action to investigate any potential material violations reported to him, which actions may include the use of internal or external counsel, accountants
or other personnel;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if, after such investigation, the President believes that no material violation has occurred, the President is not required to take any further action;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any matter that the President believes is a material violation will be reported to the Fund&#146;s CCO;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the Fund&#146;s Board of Trustees, which will consider appropriate action, which may
include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a Service Provider or its board; or a recommendation to dismiss the Covered Officer or remove a Covered Trustee;
and</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Board of Trustees may grant waivers under this Code, as it deems appropriate.</FONT></P>

<HR noshade align="center" width="100%" size=2>



<p style="page-break-before: always"><page>
<P align="left">
<FONT face="serif">V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PUBLIC DISCLOSURE OF CHANGES AND WAIVERS</FONT></P>
<P align="left">
<FONT face="serif">Any amendments to or waivers under this Code relating to a Covered Officer will, to the extent required by the SEC&#146;s rules, be disclosed on the Fund&#146;s website or in the Fund&#146;s N-CSR; amendments to or waivers under
this Code relating to a Covered Trustee but not a Covered Officer will NOT be so disclosed.(1)</FONT></P>
<P align="left">
<FONT face="serif">VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER POLICIES AND PROCEDURES</FONT></P>
<P align="left">
<FONT face="serif">This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or
procedures of the Funds or the Funds&#146; Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the
provisions of this Code. The Funds&#146; and their Service Providers&#146;s codes of ethics under Rule 17j-1 under the 1940 Act and the Service Providers&#146;s more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.</FONT></P>
<P align="left">
<FONT face="serif">VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENTS</FONT></P>
<P align="left">
<FONT face="serif">Any material amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board.</FONT></P>
<P align="left">
<FONT face="serif">VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONFIDENTIALITY</FONT></P>
<P align="left">
<FONT face="serif">All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters
shall not be disclosed to anyone except as permitted by the Board.</FONT></P>
<P align="left">
<FONT face="serif">IX. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTERNAL USE</FONT></P>
<P align="left">
<FONT face="serif">The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.</FONT></P>
<P align="left">
<FONT face="serif">Date: August 6, 2007</FONT></P>
<hr align="left" width="140" size="1" noshade>
<FONT face="serif">(1) The amendment to this Code applying the Code&#146;s provisions to Covered Trustees is not required to be disclosed. See, E.G., Item 2(c) of Form N-CSR.</FONT></P>
<p></p><HR noshade align="center" width="100%" size=2>



<p style="page-break-before: always"><page>
<P align="left">
<FONT face="serif">EXHIBIT A</FONT></P>
<P align="left">
<FONT face="serif">REGISTERED INVESTMENT COMPANIES</FONT></P>
<P align="left">
<FONT face="serif">Allianz Funds</FONT></P>
<P align="left">
<FONT face="serif">Allianz Global Investors Fund Management Sponsored Closed-End Funds</FONT></P>
<P align="left">
<FONT face="serif">Fixed Income Shares </FONT></P>
<P align="left"><FONT face="serif">Premier VIT</FONT></P>
<P align="left">
<FONT face="serif">EXHIBIT B</FONT></P>
<P align="left">
<FONT face="serif">COVERED PERSONS</FONT></P>
<P align="left">
<FONT face="serif">ALLIANZ FUNDS</FONT></P>
<P align="left">
<FONT face="serif">Covered Officers: E. Blake Moore, Jr., Brian S. Shlissel</FONT></P>
<P align="left">
<FONT face="serif">Covered Trustees: Udo Frank, John C. Maney</FONT></P>
<P align="left">
<FONT face="serif">FIXED INCOME SHARES</FONT></P>
<P align="left">
<FONT face="serif">Covered Officers: Brian S. Shlissel, Lawrence G. Altadonna</FONT></P>
<P align="left">
<FONT face="serif">Covered Trustee: John C. Maney</FONT></P>
<P align="left">
<FONT face="serif">ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT SPONSORED CLOSED-END FUNDS</FONT></P>
<P align="left">
<FONT face="serif">Covered Officers: Brian S. Shlissel, Lawrence G. Altadonna</FONT></P>
<P align="left">
<FONT face="serif">Covered Trustee: John C. Maney</FONT></P>
<P align="left">
<FONT face="serif">PREMIER VIT</FONT></P>
<P align="left">
<FONT face="serif">Covered Officers: Brian S. Shlissel, Lawrence G. Altadonna</FONT></P>
<P align="left">
<FONT face="serif">Covered Trustee: Brian S. Shlissel</FONT></P>

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<TYPE>EX-99.CERT
<SEQUENCE>14
<FILENAME>c49588_ex99-302cert.htm
<TEXT>

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<P align="right">
<B><FONT size=2 face="serif">Exhibit 99.CERT</FONT></B><FONT face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">FORM N-CSR CERTIFICATION</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">I, Brian S. Shlissel, certify that: </FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">I have reviewed this report Form N-CSR
    of the PIMCO New York Municipal Income Fund II;</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(c)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as
of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(d)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the
equivalent functions):</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability
to record, process, summarize, and report financial information; and</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: August 6, 2007</FONT> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=100% height="22" align=left>
<FONT size=2 face="serif">/s/ <u>Brian S. Shlissel &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">Brian S. Shlissel</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">President &amp; Chief Executive Officer</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>

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<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<FONT size=2 face="serif">FORM N-CSR CERTIFICATION</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">I, Lawrence G. Altadonna, certify that: </FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">I have reviewed this report Form N-CSR
    of the PIMCO New York Municipal Income Fund II;</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3 (d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(c)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as
of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(d)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
  </TD>
</TR>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD colspan=2>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100% colspan=2>
<P align="left"><FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the
equivalent functions):</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability
to record, process, summarize, and report financial information; and</FONT></P>
  </TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>  <TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: August 6, 2007</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif"><U>/s/ Lawrence G. Altadonna &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">Lawrence G. Altadonna</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">Treasurer, Principal Financial &amp; Accounting Officer</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>

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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>15
<FILENAME>c49588_ex99-906cert.htm
<TEXT>

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   <TITLE>c48974_ex99-906cert.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<P align="right">
<B><FONT size=2 face="serif">Exhibit 99.906CERT</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United
States Code), each of the undersigned officers of PIMCO New York Municipal Income
Fund II (the
&#147;Registrant&#148;), do hereby certify, to such officer&#146;s knowledge,
that</FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(1)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">The Annual Report on the Form N-CSR for the period ended May 31, 2007 (the &#147;Form N- CSR&#148;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and</FONT></P>
  </TD>
</TR>
<tr>
<td>&nbsp;</td>
</tr>


<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(2)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: August 6, 2007</FONT> </P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">By <u>/s/ Brian S. Shlissel &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">Brian S. Shlissel</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">A signed original of this written statement required
by Section 906, or other document authenticating, acknowledging, or otherwise
adopting the signature that appears in typed form within the version of this
written statement required by Section 906, has been provided to PIMCO New York
Municipal Income Fund II and will be retained by PIMCO New York Municipal Income
Fund II and furnished to the Securities and Exchange Commission or its staff
upon request.</FONT><FONT face="serif"> </FONT></P>
<P align="left">
<FONT size=2 face="serif">This certification is being furnished solely pursuant to 18 U.S.C. ss 1350 and is not being filed as part of the Report or as a separate disclosure document.</FONT><FONT face="serif"> </FONT></P>

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

<P align="left">
<FONT size=2 face="serif">Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United
States Code), each of the undersigned officers of PIMCO New York Municipal Income
Fund
II (the
&#147;Registrant&#148;), do hereby certify, to such officer&#146;s knowledge, that</FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(3)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">The Annual Report on the Form N-CSR for the period ended May 31, 2007 (the &#147;Form N- CSR&#148;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and</FONT></P>
  </TD>
</TR>
<tr>
<td>&nbsp;</td>
</tr>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(4)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="justify"><FONT size=2 face="serif">The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</FONT></P>
  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Dated: August 6, 2007</FONT><FONT face="serif"> </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">By <u>/s/ Lawrence G. Altadonna &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
</TR>

<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">Lawrence G. Altadonna</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100%>
<FONT size=2 face="serif">Treasurer, Principal Financial and Accounting Officer</FONT>&nbsp;
  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">A signed original of this written statement required
by Section 906, or other document authenticating, acknowledging, or otherwise
adopting the signature that appears in typed form within the version of this
written statement required by Section 906, has been provided to PIMCO New York
Municipal Income Fund II and will be retained by PIMCO  New York Municipal Income
Fund
II and furnished to the Securities and Exchange Commission or its staff upon
request. This certification is being furnished solely pursuant to 18 U.S.C. ss
1350 and is not being filed as part of the Report or as a separate disclosure
document.</FONT></P>

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